中国私募股权基金法律规制研究

首都经济贸易大学硕士学位论文中国私募股权基金法律规制研究姓名：苏锡滨申请学位级别：硕士专业：经济法指导教师：王雨本20100301IIIIVAbstractWithapproximatetwentyyears’developmentPEfundinChinaimpressedpeoplewithitsgreatinfluenceinabsorbingextrasocialcapitalrelievingthefundshortageofcorporationimprovingcompany’smanagementandupgradingindustrialstructureTobedifferentwithprivateplacementinvestmentfundPEfundinvestsinequityandparticipatingthemanagementofinvestmentobjectwhichisgoodforrealeconomyandisdeeplyimpressedbygovernorsscholarsandsoonThearticleintroducesthesituationofPEfunddomesticandoverseasitsconceptandthenecessityoflegalregulationinPEfundUsingtheexperiencesofPEfund’regulationinUSUKJPthearticleanalysesthemainproblemofChinesePEfundandpointsoutthatweshouldregulatethebodyofPEfundtheorganizationthedivestmentmodeonthebasisofCompanyLawofthePRCthetemperatureRegulationofVC-backedCompanyPartnershipBusinessLawofthePRCandtheRegulationofTrustCompanyinGatheringFunandMastertrustSchemesOnlybytakingthesubstanceinprotestingtheinterestsofinvestorspromotingthePEfundandperfectthesupportingmeasuresofPEfundsupervisioncanPEfundbedevelopedwellKeyWordsPEfundLegalRegulationBodyofFundMethodofExitII14520081220092009262009-20092009200920092009200920082008-200820082009200420042003245345120701976KKR1KKR20032912705220075000IPOGDP4%5%31.145(VentureCapitalFund)(GrowthOrientedFund)(Buyin/outFund)1WalterKiechelPrivateEquitysLongViewHarvardBusinessReview2007220066320098514200892535200821944567891062008530719981041820071492009611102009514154510011+121.2112008461220095216451.374513VC1.41.4.1132002584519981994199714149451.4.21520501985162080NVCA()EVCA1.4.31715200511162001617500PE2120085104518182009527114522.112005122980006000700019208000900021()30%35%22223192006620200215219000200610222005723200845312452.224242007270-95134525200825200614452.320083.759083.746090.410353.335752008478444200719.3%12008%47844419.316438613.522150325.721788526.332004917.912857112.316416020.2200820520117972655433217372008978466581545789233729711315238141820042008217885200920081000301120091000326%97%2622004-20082007-2008GDP58.5%50.2%75%75%66%262009331164582%27272007-20082008174533.128/153.1.120407019461958207080142080198228CodeofFederalRegulationsBanksandBankingChapterXV-DepartmentofTheTreasurySubchapterAGeneralProvisionsPart1500MerchantBankingInvestments(12CodeofFederalRegulations1500.4)18453.1.229100203050030500313.1.3IPOOTCNADSAQNASDAQOTCBBPinksheets322920055930RegulationDof1933Act31200182132BLACKGILSONDoesventurecapitalneedanactivestockmarket?JournalofAppliedCorporate19453.220801983199419953.2.120803370%10003.2.23.319631972199450%1998Finance19993320019120453.4IPO214544.14.1.1198519851997198511985919921995199820031998319992004200720041020062006129771302005102245200620072009121835.79181333.34.1.24.1.2.1343420072345354.1.2.220076136373520091213620061137200516224453820072738[]ChristopherLaneDavis20052225454.1.2.326454.24.2.1IPO4.2.22745IPOIPO4.2.328454.2.4IPO339392007891294555.120064040KayJohnThetruthaboutMarketsWhySomeNationsAreRichbutMostRemainPoorPenguin3045PEIGG415.2IPOBooks200441[]20081124831455.2.142100502001001002050100PE20084344422001543500PE2120085442004105832455.2.24546210045MandelbrotBenoitBRichardL.HudsonTheMisbehaviorofMarketsProfileBooks200846AmitRaphaelBrander&ZottWhyDoVentureCapitalFirmsExist?TheoryandCanadianEvidenceJournalofBusinessVenturing1998Vol12:441-46633455.35.3.15.3.23445QFII5.3.3235455.3.4471001.31-502-2002-503000100300010047PersaudAvinashDSendingtheHerdOfftheCliffEdgeTheDisturbingInteractionbetweenHerdingandMarketSensitiveRiskManagementPractiveseRisk.com200012364510050100200100203050707037455.4481IPOIPO49248[]20085160492006151-157384534505151.452IPOIPO535020041017951200438-39522007885-863945IPO20091028IPO200928IPO205420105320081554CHLeeKLeeFinancialliberalizationandeconomiccrisisAsianEconomicJournal20024045204145…4245[1]WalterKiechelPrivateEquitysLongViewHarvardBusinessReview2007[2]20066[3]2009851[4]20089253[5]2008219[6]2008530[7]19981041[8]200714[9]2009611[10]20095141[11]200846[12]2009521[13]20025[14][15]200511[16]20016[17]500PE2120085[18]2009527[19]20066[20]200215[21]9000200610[22]20057[23]2008453[24]2007270-95[25]2006[26]2009331[27]2007-20082008[28]CodeofFederalRegulationsBanksandBankingChapterXVDepartment4345ofTheTreasurySubchapterAGeneralProvisionsPart1500MerchantBankingInvestments(12CodeofFederalRegulations1500.4)[29]200559[30]RegulationDof1933Act[31]2001821[32]BLACKGILSONDoesventurecapitalneedanactivestockmarket?JournalofAppliedCorporateFinance1999[33]200191[34]2007[35]200611[36]2005162[37][]ChristopherLaneDavis200522[38]2007891[39]KayJohnThetruthaboutMarketsWhySomeNationsAreRichbutMostRemainPoorPenguinBooks2004[40][]200811248[41]20015[42]500PE2120085[43]20041058[44]MandelbrotBenoitBRichardL.HudsonTheMisbehaviorofMarketsProfileBooks2008[45]AmitRaphaelBrander&ZottWhyDoVentureCapitalFirmsExist?TheoryandCanadianEvidenceJournalofBusinessVenturing1998Vol12:441-466[46]PersaudAvinashDSendingtheHerdOfftheCliffEdgeTheDisturbingInteractionbetweenHerdingandMarketSensitiveRiskManagementPractiveseRisk.com2