【作者】 苏立娣；

【导师】 陈中泽；

【作者基本信息】 武汉理工大学 ， 经济法， 2008， 硕士

【摘要】 私募基金是以非公开发行的方式向特定投资对象募集的投资基金。它能满足资本市场上不同投资者个性化的投资需求,同时还具备金融中介和稳定证券市场的功能,因此具有不可或缺的市场地位。但在我国,私募基金却没有明确的法律地位,其合法性得不到法律的认可,其发展缺乏持续的制度支持,其监管也没有明确的基本原则。所以,完善立法,确立我国私募基金的监管原则刻不容缓。本文第一章明确了研究的主要问题和基本思路。第二章是我国私募基金立法的现实图景。论文阐述了我国私募基金产生、发展的历史过程,揭示了其与证券市场的密切联系,并将其发展现状概括为“两类三型”。我国的私募基金可以分为私募证券投资基金和私募股权投资基金,它们主要采用契约式、公司制和有限合伙制进行基金运作。依托这些规范的组织形式,私募基金得以获准进入资本市场,但却面临发展的困境,如:法律地位不明确、监管同质化和制度供给不足。第三章是针对我国私募基金法律地位问题展开的讨论——阳光化抑或合法化。阳光化是私募基金运作的公开化,它要求私募基金承担法定的公开义务,成为能够为投资人和监管层所辨识的市场主体。合法化是指立法追认私募基金的合法性,明确私募基金的法律地位,不仅为私募基金设置市场准入规则,还对基金的运作实施监管。合法化是规范我国私募基金发展最有效的途径。第四章是对英、美私募基金立法的考察与借鉴。英、美两国都是私募基金立法较为完善的国家,两国都将“非公开发行”和“有资格买家”的界定,作为立法的重点,利用一系列的基金发起人和管理人准入制度来规范私募基金的设立。我国可以借鉴英、美私募基金立法的经验,将“非公开发行”和“合格投资者”作为私募基金的构成要件,重点完善这两个标准的法律规定,并且为私募基金发起人和管理人设置准入条件。第五章是对我国私募基金监管原则的探讨。论文分析了法律不完备性理论、制度变迁理论、和基金当事人地位平等理论,确立了我国私募基金监管的基本原则:全面监管原则、适度监管原则、分类监管原则和自律与监管相结合的原则。更多还原

【Abstract】 Private placement fund refers to the kind of investment fund that is colleted from specific investors by means of non-public method. It can meet personalized investment demand of different investors on capital market, play a financial intermediation and stabilize the securities market. So it is an integral part of our capital market. But in China, private placement fund has no clear legal status. The law hasn’t admitted it legitimacy, nor gave system supply. And the monitoring hasn’t clear principles. Therefore, it is without delay to improve the legislation and establish regulatory principles of the private placement fund.Firstly, this article clearly the major issues and basic ideas in charter one.Secondly, this article expounded the history of the development process of China’s private placement funds, revealed its close ties with the securities market and generalized it as "two categories and there organizations". That is to say, the private placement fund in china includes private securities fund and private equity fund. And they usually operate by the trust agreement, the limited partnership and the corporation. Relying on these standardized forms of organization, private placement fund is allowed to enter the capital market. But it is facing the problems as following: an unequivocal legal status, the homogenous regulation and the lack of system supply.Thirdly, the paper focuses on discussing legal status of private placement funds------making laws openly or legalization. Making laws openly means makingprivate placement fund laws into the open, and it requests setting private placement funds through the methods admitted by laws, becoming the subject of market that can be identified by investors. The limitations of making laws openly is that making laws openly is innovatively collective invest system adapting to hysteretic law system, and becomes methods of circumventing laws by some private placement funds .Although private placement funds can get the admission temporarily, they become capital market potential safety hazards because of lacking of constant institution guarantee. Legalization means that laws admit the legalization of private placement funds, acknowledge the legal status of private placement funds, and not only set the market admission rules, but also supervise the operation. Fourthly, the paper focuses on exploring and mirroring the private placement fund laws of America and England. Both America and England are developed countries with excellent private placement fund markets, and they take defining the definition of private placement and qualified buyers as core of legislation, meanwhile, legislation also uses a series of fund Sponsors and administrators admission system to regulate the foundation of private placement funds. The private placement fund legislation of China should mirror successful experience of American and English legislations, taking the private placement and qualified buyers as an element of private placement funds, perfecting the related laws of these two systems and setting admission qualifications for the fund Sponsors and administrators.At last, the paper focuses on research of private placement fund supervision principles of China. The paper has analyzed the guiding effect of law imperfect theory, regulation transition theory and client equality theory, and settled the private placement fund supervision basic principles of China: Supervision fully principle, supervision moderately principle, classification supervision principle, combining self-discipline with regulation principle.更多还原