私募股权基金法律规制及其完善研究

华中科技大学硕士学位论文私募股权基金法律规制及其完善研究姓名：张小玉申请学位级别：硕士专业：法律硕士指导教师：王天习2010-05-16IIIAbstractThedevelopmentofChineseprivateequityistheresultofrequirementforcapitalmarket.Asthedevelopmentoftheenterprises,thefamily-membersandthefriendsofinitiatorscannotofferenoughmoneyfortheenterprises.But,theenterprisesarenotpowerfulenoughtoloanmoneyfromthebank,orsatisfytherequirementofthestoremarkettogetfinancialaid.Atthethismoment,thenewfinancialprogramwasborntoresolvetheproblem——thePrivateEquityFund(PE).Asthecostofthefinance,theenterprisesofferpartofequitiestotheinvestor.Aftertheenterprisesgrowingpowerful,theinvestorsseiltheequitiestogetthemoneyback.Afterthemovementofthefund,theenterprisesobtainthemoneytodevelopment,theinvestorsalsoreceivethedividendoftheredundantmoney,whichisgoodforthetwoparties.So,PEismoreandmorepopularforthemiddleandsmellenterprises.AlotofenterprisescollectmoneythroughPE.Butinourcountry,therearenotanylegislationstostandardizePE,theinvestorsareusuallyregulaedbythecompanylaw,thecontractlaw,thetrusteeshiplawandotherlaws.ThelagginglegislationofPEmaketheprogremisverydangerous.Soitisveryimportantforourcountry’slegislationonPE.ThispapersetsfourpartonthelegislationanalysisofdevelopmentofPEinChina.Inthefirstpart,thepaperintroducttheconnotationofPEanditscharacters.ThenthepaperdistinguishesPEfrompublicfundandtheprivatesecuritiesfund.ThedevelopmentofPEarealsonarratedinthispart.Inthesecondpart,thepaperanalysisesthethecompanylaw,thecontractlaw,thetrusteeshiplawandotherlawsintheprogremofPE.Atthethirdpartofthepaper,wecomparethelegalregulationofPEwithothercountry.wecanfindsomeexcellentexperienceswhichhavebeenaccumulatedbytheforeigngovernment.Basedontheexperienceofmatureforeignlegislationsandcon1biningourownnationalsustiatlonitmakesadesignforourcountry'slegalregulatedsystemofprivatelyofferedfund.InordertoperfecttheChineseprivateequityfundsregulationsystem,legislativesuggestionsareprovidedasfollow:perfectrelevantlawconcerning,theorganizationforms,investor’squalificationandplacementmethodofprivateequityfundsassoonaspossiblesothatwecanmeetthechallengefrominternationalcapital.Keywords:PrivateEquityFundLegislationThestudyofperfect□□“√”1211.11.1.11PEPrivateEquityFund131.1.2123442500%40031.21.2.112341.2.2220079432007842007251.35520044766671.41.4.11985:79150019948088019967::1919.5--2005.1220063128:200218981996131997()1999692741999920001.4.2WTO2007200717712937.2%128.18129.73920089GDP0.5%,4%5%101020081022.12.1.11150%2.1.2112004471112131412187131418712151617IPO1516.国权资国17.国权资国132.22.2.1200799%80%1%20%18182008142.2.2501919152.32.3.12001202007212.3.222232019121200822[D].2316241010102524200825200891733.119331933193419401940195819901974263.1.1SECv.SalstonPurinaCo,,:(1)23452719403c710010%19403c7500100281933421982D1990144A193342SECDD5023.1.226200627.,2000.23328--,20073:521819402a51A15253423.1.3SEC19333.21986200020012001()2000FSA193.2.12000,,,2000,,2001()293.2.22001()30238(1)238(1)(1)(2)()(3)(12)(4)56(7)(8)(9)(10)(11)(12)2930SimonFirth,AlixPrentice.Legalandregulatoryprotectionsforhedgefundinvestors.JournalofFinancialRegulationandCompliance,2002(10):45.20(1)(2)(3)(1)(2)(3)(4)(5)3.2.3,3.3501502331505050123231..:,2001,10232..:,2001,1222144.1333433SeeCynthiaFutterandAnneE.WellsWhatToExpectFromHedgeFundsTodayandintheFuture:AnOverviewandInsolvencyPerspectiveCaliforniaBankruptcyJournal2007Page216.3420224.235352008332336362003411244.34.3.14.3.2373720063442513823438200242264.3.312,,394.3.439452740405128302930[1]....2008[2]....2008[3]....2008[4]....2008[5]....2008[6]....2006[7]....2006[8]....2007[9]....2009[10]....2008[11]....2007[12]...:.2004[13]....2002[14]....2004[15]....2003[16]....2004[17]....2003[18]....200331[19]....2000[20]....2005[21]....2007[22]....2007[23]...2007[24]....2003[25]....2004[26]....2002[27]..,2001,(8):7-13[28]..,2005,(5):101[29]..,2001,(12):47-48[30]..,2004,(12):29[31].,[32]..,2003,(3):60-61[33]..,2001,(03):8-9[34],..,2002,(5):38-40[35].,,20063[36]..2005,(4):18-20[37]..2007,(3),3-4[38]..,2003,(2):18-19[39]..,2001,(6):23[40]..,2002,(3):12-1532[41]..,2007,(3):5[42]..(),2002,(1):27[43]..,2001,(4):28-30[44]..,2005,(5):103[45]..,2006,(6):19[46],..-(),2002,(3):37-38[47].,[48],.[49].,,20069[50].,[51]SECv.RalstonPurinaCo.346U.S.119.1953.[52]DavidL.Ratner.SecuritiesRegulation,1998,(10):8[53]NeilA.Chriss.IntroductiontoHedgeFunds.BankingandFinance,Harvard:TheHarvardUniv.Press,December1998,20-28[54]LouisLoss.FundamentalsofSecuritiesRegulation.London:BrownandCompany,1983:356-363.[55]SimonFirth,AlixPrentice.Legalandregulatoryprotectionsforhedgefundinvestors.JournalofFinancialRegulationandCompliance,2002(10):45.[56]BlejerM.I.,S.B.Sagari.SequencingtheLiberalizationofFinancialMarkets.FinanceandDevelopment.Journaloffunds,1998,(3):18-20[57]Fry,MaxwellJ.Money,InterestRatesandBankinginEconomicDevelopment.TheJohnsHopkinsUniv.Press,1998,25~2633[58]HARBECK.P.STEPHEN.StockbrokerBankruptcy.TheRoleoftheDistrictCourtaBankruptcyCourtUndertheSecuritiesInvestorProtectionAct,AmericanBankruptcJournal,Summer,1982,(56).[59]daliamarciukaityte,rajvarma,investoroveropimismand