本文關(guān)鍵詞： 美國證券法 私募發(fā)行 注冊豁免　出處：《華東政法大學(xué)》2010年碩士論文　論文類型：學(xué)位論文

【摘要】：證券私募發(fā)行是一種以非公開方式、針對特定對象,并且由特定的法律規(guī)則加以規(guī)范,與證券公開發(fā)行相對應(yīng)的證券發(fā)行方式。而私募發(fā)行法律制度是指對私募發(fā)行的審核制度、發(fā)行對象、信息披露、發(fā)行方式、轉(zhuǎn)售限制等進(jìn)行規(guī)制的法律規(guī)則的總稱。證券的私募發(fā)行減少了發(fā)行方與投資者的交易成本、提高了交易效率,其所具有的保密性與靈活性恰恰滿足了資本市場在快速融資方面的需求。但證券私募發(fā)行的非公開發(fā)行方式,僅針對特定對象,且私募證券的本身流動性差的特點也會帶來一定風(fēng)險,尤其是對投資者而言。因此,對于私募發(fā)行必須建立系統(tǒng)而完備的法律規(guī)制體系。 美國作為證券私募發(fā)行法律制度的發(fā)源地,其私募發(fā)行法律制度經(jīng)過了多年的發(fā)展與變革,始終以市場為導(dǎo)向,已形成了較為完善與穩(wěn)定的體系。美國證券監(jiān)督管理委員會SEC對于證券私募發(fā)行采取的是注冊豁免制,相比于證券的公開發(fā)行,注冊豁免制度給予了證券私募在交易便利、交易成本、管理成本方面更大的優(yōu)勢。 私募發(fā)行的效率優(yōu)勢,正是現(xiàn)階段中國經(jīng)濟(jì)發(fā)展所迫切需要的,我國目前資本調(diào)撥上也已大量出現(xiàn)了私募發(fā)行的現(xiàn)象。然而,中國私募發(fā)行法律制度卻明顯落后于現(xiàn)今經(jīng)濟(jì)發(fā)展?fàn)顩r,法律上對私募發(fā)行的界定模糊,缺乏系統(tǒng)而完整的法律體系。新《證券法》對非公開發(fā)行制度進(jìn)行了規(guī)定,但對該制度的界定標(biāo)準(zhǔn)卻未制定詳細(xì)明確的規(guī)則,而實踐中的具體操作規(guī)則也仍需進(jìn)一步地完善與確立。正因為相較于中國私募發(fā)行法律制度正處于起步階段,美國私募發(fā)行法律制度卻已相當(dāng)成熟。本文將重點關(guān)注美國私募發(fā)行法律制度,努力分析美國證券法中值得中國立法借鑒之處,從而提出建立完善中國私募發(fā)行法律制度的幾點建議。 本文第一部分介紹了美國證券法中私募發(fā)行及其相關(guān)概念。第二部分系統(tǒng)地分析了1933年《證券法》第4(2)條項下的私募發(fā)行法律界定。第三部分介紹了D條例下的私募發(fā)行安全港規(guī)則。第四部分對美國證券私募發(fā)行法律制度作出了簡要的評析。第五部分是對我國臺灣地區(qū)的證券私募發(fā)行法律制度的介紹與評析。第六部分介紹了中國現(xiàn)階段私募發(fā)行法律制度,及實踐中中國私募發(fā)行的發(fā)展現(xiàn)狀,指出我國現(xiàn)階段私募發(fā)行法律制度對私募發(fā)行的界定模糊、缺乏系統(tǒng)而完整的體系,而我國私募發(fā)行卻已萌芽,兩者發(fā)展的不對稱,為現(xiàn)階段的資本市場發(fā)展帶來了諸多問題。第七部分在總結(jié)歸納了美國證券法私募發(fā)行法律制度以及我國私募發(fā)行法律規(guī)定及實踐現(xiàn)狀的基礎(chǔ)上,進(jìn)而提出了建立完善中國私募發(fā)行法律制度的幾點建議。
[Abstract]:Private placement of securities is a kind of non-public, targeted at specific objects, and regulated by specific legal rules. The legal system of private equity issuance refers to the auditing system, the object of issue, the disclosure of information and the mode of issuance of private equity. The general name of the legal rules and regulations governing resale restrictions. Private placement of securities reduces transaction costs between issuers and investors and improves transaction efficiency. Its confidentiality and flexibility precisely meet the needs of the capital market in terms of rapid financing. The characteristics of illiquidity of private equity also bring some risks, especially to investors. Therefore, it is necessary to establish a systematic and complete legal regulation system for private equity issuance. The United States, as the birthplace of the legal system of private equity issuance, has always been market-oriented after years of development and reform. The Securities Regulatory Commission (SEC) has adopted a registered exemption system for the private placement of securities. Compared with the public issuance of securities, the registration exemption system gives the securities private equity trading convenience. Transaction costs, management costs in terms of greater advantage. The efficiency advantage of private placement is the urgent need of China's economic development at the present stage, and the phenomenon of private placement has appeared in large numbers in our country at present on the transfer of capital. However, the legal system of private placement in China lags behind the current economic development, and the legal definition of private placement is vague and lacks a systematic and complete legal system. However, the definition standard of this system has not been formulated in detail, and the concrete operating rules in practice still need to be further improved and established. It is precisely because the legal system of private equity issuance in China is in its infancy. The legal system of private equity issuance in the United States is quite mature. This paper will focus on the legal system of private equity issuance in the United States, and try to analyze the aspects of the securities laws of the United States that are worthy of reference by Chinese legislation. Some suggestions on how to establish and perfect the legal system of private placement in China are put forward. The first part of this paper introduces the private placement and its related concepts in the securities law of the United states. The second part systematically analyzes the definition of private equity issuance under section 4 of the securities law of 1933. The third part introduces the definition of private placement under section d of the securities law of 1933. Part 4th gives a brief comment on the legal system of private equity issuance in the United states. Part 5th introduces and comments on the legal system of private equity issuance in Taiwan. 6th. It introduces the current legal system of private equity issuance in China. This paper points out that the legal system of private placement in China is vague and lacks a systematic and complete system, while private placement in China has sprouted, and the development of the two is asymmetrical. The 7th part summarizes the legal system of private equity issuance in the United States securities law, as well as the legal provisions and practice status quo of private equity issuance in China. Furthermore, several suggestions are put forward to establish and perfect the legal system of private equity issuance in China.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：D971.2;DD912.28

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王艷;私募股權(quán)基金投資者保護(hù)制度之完善研究[D];華東政法大學(xué);2012年

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本文編號：1527463