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华中科技大学硕士学位论文风险投资法律制度研究——以美国法为例的考察姓名：陈琼娣申请学位级别：硕士专业：经济法学指导教师：蓝寿荣20060401I1998InitialPublicOfferingIPOIIAbstractAsaspecialkindofinvestmentinageofknowledgeeconomy,venturecapitalisthemainpowertotransformingscienceandtechnologyintoproductivity.Thedevelopmentoftechnology&thetransformationfromtechnologicalfruittoproductivityarethekeyfactorstoimproveourgeneralnationalpowerandcompetitivepower.Inourcountry,thedevelopmentofventurecapitalarerestrictedbymanykindsoflimitingfactors,themostimportantfactorofthemislackoflegalnorms.Thedevelopmentofventurecapitaloverseasshowsthatthegovernmentalpromotionisofnecessity,andthebestwaytopromotingitsdevelopmentistolegislateperfectlawandnorms.Since1998,theventurecapitalhasbecameoneofthehotissueinthefinanceareainChina,theresearchabouttheventurecapitalalsodevelopedrapidly.Butthereisfewstudiesonitbasedonlawandpolicy.Therefore,inthethesis,focusingonthelawandpolicyinUSA,weoverallintroducedandstudiedthelegislationwhichtopromotedevelopmentofventurecapital,lawandpolicyaboutLimitedLiabilityPartnershipandlegalnormsintheexitmechanism.Atthesametime,weanalyzedtheactualsituationofventurecapitallawandpolicyinChinaaswellasthemainshortageinthem.Finally,proposalsaremadeinthisthesisonhowtoconstructthesystemoflawandpolicyofventurecapital.CombiningtheresultsinthesestudiesandtheactualsituationinChina,somelegalsuggestiononprotectingthewealthdevelopmentofventurecapitalweregivenasfollow:Firstly,weneedtolegislateLimitedLiabilityPartnershipLawandtoimprovetheauthority&universalismofthisformwhichismostpopularandproventobeverysuccessfulbytheventurecapitalpracticesinUSA.Secondly,toprotectingtheventurecapitalexitingfromthehigh-techenterprisesuccessfully,weshouldamendthecorrelationcourseincorporationlawinorderthatIIIventurecapitalcanexitthroughInitialPublicOffering(IPO);andwealsoneedtolegislateM&Alaw.Finally,itisnecessarytoprefectthecorrelationlawandpolicy,includinglegalnormsabouttax,intellectualpropertyandgorvernmentalacquisitionetc.Keywords:VentureCapitalLegalNormsLimitedLiabilityPartnershipExitMechanism11020042002P82004102311.11NVCA231983OECD241996OECDMBOMBI4DouglasGreenwoody54101199823411.22040119982000199942000-09-3051902M-M36NASDAQ201.3BygraveTimmons1992123455Berlin(1998)196719973012949%1969197028%19781979719801981198119861996Friedman(1989)196929%49%19691.7119750.01197849%28%19809198120%198445Murray1994198392%153420009822.152.1.120401946J.H.WhiteyVentureCapital6AmericanResearch&DevelopmentCorpARDARDARD1946619577DEC77%14ARD3.5550002.1.2ARD1958200399SmallBusinessInvestmentCompaniesSBICSBICSBICSBIC14195856294.64473.5ARD13740SBIC1958SBICSBICSBICSBIC700SBIC70IPOSmallBusinessAdministrationSBA1800SBASBIC1989SBIC2.1.31969196929%49%SBICARDSeeGompersAandLernerJTheDetermeinantsofCorporateVentureCapitalSuccessOrganizationalStructureIncentivesandComplementaritiesNBERWorkingPaper1998No67p2510SIBC19691.711969~1975293.76801970~19931993402.1.419931990199478199612411920001049105920014034062.2112.2.1195725%29%196949%19691.7119750.0112242.5197849%28%198120%198660%40%19972.2.21958SIBCSIBCSBASIBCSBASIBC1979(Prudentman)1980SIBC19401982SBASIBCSBA12SIBCSBA10%2.2.3199325%1954196219882040~6012815%206050%206030%2050~602.2.4194080%13198110199750089%199840%10%199985%Sahlman2.2.511005007.520801983WorldIntellectualPropertyOrganizationWIPO198414199319961220702070199741533.13.1.1()(generalpartner)(limitedpartner)(TheNationalConferceofCommissionersofUniformStateLaws)1916(UniformLimitedPartnershipActULPA)1976(RevisedUniformLimitedPartnershipActRULPA-1976)1985(RULPA)2001[UniformLimitedPartnershipActULPA(2001)]1976(RULPA----1976)1985(RULPA)RULPA(UniformPartnershipActUPA)2003P52DanielSKleinbergerAgencypartnershipsandLLCs()2003P401(personallyliable)34RULPA403(b)173.1.31RULPA(would-be)(1)(2)(3)(4)RULPA20014RULPA1014;RULPA902RULPA204(a)(1)7-102-4RULPA201(a)WTO2001P751821%~3%20%32299%1%RULPA305RULPA1001-10042001P28319(givewrittennotice)90RULPA801(4)20UPA3.2ARD205060SIBC70103.2.12002P952112(1%3%)3.2.2(20%)222210425%~33%3.2.31%3%20%80%15252005P143~P1452344.10100001001004.1.1244.1.2OPONasdaq4.24.2.1IPOIPOIPO19841996827%2561971NASDAQ19901997NASDAQ891%336%199912NASDAQ4829IPO1979198820%4.274IPOIPO2002P1782000P1692000P9.2000926IPOIPO4.2.225%4.71.7%4.2.32725%3.72.123%9%6%12342001P161BygraveW.andTimmons.1992VentureCapitalatCrossroads284.2.42030%60%5%10%1033200030003——32%64%124.32000220001294.3.1NasdaqNasdaqNasdaq4-14-14004000752501050110100300400035300400~80020001223..2001.P153Nasdaq4000Nasdaq10Nasdaq304.3.24.3.32/3103031330903255.15.1.11985()200124625405.2620021126941200210365.1.2(2002)2002P911132002Zero2ipo2003P27827933198531991361996101199850%20001020011125;34262001918200520%350020%223514731355000300010%20055.25.2.12001199720051993152200550365.2.22005142114385865%47485%2%3313730%5%2%30%135.2.311994199615%230%15%217%13%17%13%38315%5.2.45.35.3.11392633%25.3.21IPO40Nasdaq1432415.3.31WTO219863422001643102002P94445[1]2000[2]2000[3]1998[4]2001[5]2001[6]2005[7][]WDJA2001[8]2003[9]2002[10]2002[11]2001[12]2003[13]2000[14]2001[15]20015[1