【作者】 魏炜；

【导师】 李国安；

【作者基本信息】 厦门大学 ， 国际法学， 2009， 硕士

【摘要】 本文主要从监管的视角对私募股权投资基金加以分析。私募股权投资基金通过私募形式对私有企业,即非上市企业进行权益类投资,在交易实施过程中附带考虑了将来的退出机制,即通过上市、并购、管理层收购等方式,出售持股获利。本文在对私募股权投资基金自身特征分析的基础上,对其内部控制制度进行探讨,比较分析私募股权投资基金发展较为成熟的英美两国私募股权投资行业协会的自律监管和政府机构的监管制度,对我国私募股权投资基金的法律监管提出一些建议,认为应从有限合伙制度、行业自律监管、投资人数量和资格限制等方面完善我国对私募股权投资基金的监管制度,从而使其有法可依,在保护投资者,维护我国资本市场稳定的同时,促进我国私募股权投资行业的发展。全文共分为四章:第一章从私募股权投资基金的概念和特征着笔,进而介绍了私募股权投资基金的组织形式,并对其商业模式的运作加以介绍。第二章从有限合伙制度的组织形式、基金管理人的薪酬设计及基金与被投资企业之间的合同安排来阐述私募股权投资基金自身的内部控制制度。第三章以英美两国为例,从政府机构和行业协会两个方面对私募股权投资基金的外部监管法律制度进行分析。第四章介绍了我国私募股权投资基金的发展现状,分析了我国私募股权投资基金监管制度存在的问题,并试图对我国监管制度的完善提出一些建议,以期促进我国私募股权投资基金监管制度的发展。更多还原

【Abstract】 This thesis mainly demonstrates the private equity fund from the perspective of supervision.Private equity is finance provided in return for an equity stake in non-public corporations.However,instead of going to the stock market and selling shares to raise capital,private equity firms raise funds from sources such as pension funds,endowments,and high net worth individuals by private placement.In the private equity transactions included the implementation process,private equity funds take account of future exit mechanisms,such as initial public offering,merger and acquisition and Management Buy-out,and therefore they make a great profit by the sale of their equity.The thesis sets forth on the analysis of the characters of private equity funds,exploring the funds’ own internal control systems,comparing the UK and US’s self-regulations of the private equity industry and the legislations whose private equity industries are more mature,and puts forward several suggestion of our own regulation system of private equity.In order to consummate Chinese private equity funds’ regulation system,the suggestions are provided as follows: consummate the relevant law concerning the limit partnership,the industrial self-regulation,the limits of the private equity investors,so that we can protect the private equity investors,maintain the stability of our capital market as well as promote the development of our own private equity industry.The first chapter discusses the concept of private equity,analyses its principle features,and introduces the organizational forms of private equity and its business model.The second chapter illustrates the internal control systems of private equity from the aspects of the adoption of limit partnership,the manager’s compensation arrangement and the contract arrangements between the private equity fund and the portfolio companies.The third chapter analyses the legal system for the supervision of private equity from the aspects of UK and US’s governmental supervision and private equity’s industrial self-regulation.The forth chapter introduces the development of our own private equity fund,analyses the existing problems of our own regulation system,and tries to make some suggestions to improve the regulation system and promote the development of our own private equity industry.更多还原