發(fā)布時間：2018-05-03 09:47

  本文選題：私募基金 + 監(jiān)管��； 參考：《南京財經(jīng)大學(xué)》2011年碩士論文

【摘要】：私募基金發(fā)源于美國，它的出現(xiàn)符合了居民財富增長的宏觀經(jīng)濟(jì)背景，符合居民尋找增值途徑的要求。與公募基金相比，私募基金表現(xiàn)出明顯的優(yōu)勢，它運作靈活且適應(yīng)性強(qiáng)，有著廣闊的發(fā)展前景。如今，私募基金已然成為了國際資本市場中重要的一股力量，各國法律紛紛對私募基金加以規(guī)范調(diào)整。隨著我國私募基金的發(fā)展壯大，其對我國證券市場和實體經(jīng)濟(jì)的影響日益顯著。與此同時，私募基金潛在的且不斷累積的風(fēng)險也時時刻刻威脅著我國資本市場的穩(wěn)定。為此，我國應(yīng)當(dāng)汲取各國對私募基金監(jiān)管的經(jīng)驗，結(jié)合我國實際情況，提出建構(gòu)我國私募基金監(jiān)管法律制度的方案。 本文對私募基金的監(jiān)管法律制度的研究主要從以下四部分展開： 第一部分梳理了私募的法律含義、特征、分類，并在此基礎(chǔ)上與公募基金進(jìn)行了比較研究，提出私募基金具有諸多優(yōu)勢的同時，存在立法缺失、監(jiān)管不足、信息披露程度低以及資金流動性等問題。此外，對私募基金的法律性質(zhì)進(jìn)行了剖析，這部分的理論闡述為后文私募基金監(jiān)管法律制度的構(gòu)建提供了理論基礎(chǔ)。 第二部分介紹了美國、英國、日本以及我國臺灣地區(qū)的私募基金監(jiān)管法律制度，并總結(jié)了自律性監(jiān)管模式、嚴(yán)格的政府監(jiān)管模式與折中型監(jiān)管制度的優(yōu)缺點，為我國私募基金的監(jiān)管提供了參考。 第三部分闡述了我國私募基金產(chǎn)生原因、發(fā)展歷程，，并從法律層面、監(jiān)管層面、私募基金具體運作層面分析了我國私募基金存在的主要問題。此外，盡管我國至今尚未對私募基金予以明確的界定，但通過考察我國私募基金的法律環(huán)境，在我國現(xiàn)行法律法規(guī)體系中私募基金的運作還是有章可循的。 第四部分明確了我國私募基金保護(hù)投資者、保護(hù)市場的公平、效率、透明和降低系統(tǒng)性風(fēng)險的監(jiān)管目標(biāo)以及提出適度、公平正義和發(fā)展三項監(jiān)管原則。在此基礎(chǔ)上，提出我國私募基金應(yīng)當(dāng)采用以市場化的自律管理為主，適度的政府監(jiān)管為輔的監(jiān)管體制，并從私募基金監(jiān)管的主體和內(nèi)容兩方面對私募基金具體監(jiān)管制度進(jìn)行了建構(gòu)。
[Abstract]:Private equity funds originated in the United States, its emergence in line with the macro-economic background of wealth growth, in line with the requirements of residents to find ways to add value. Compared with the public offering fund, the private equity fund has obvious advantages, it is flexible and adaptable, and has a broad development prospect. Nowadays, private equity has become an important force in the international capital market. With the development of private fund in China, its influence on securities market and real economy is becoming more and more obvious. At the same time, the potential and accumulated risks of private funds are threatening the stability of our capital market all the time. Therefore, our country should draw on the experience of other countries in the supervision of private equity funds, combined with the actual situation in our country, and put forward a scheme to construct the legal system of private equity fund supervision in our country. In this paper, the legal system of the supervision of private equity funds from the following four parts: The first part combs the legal meaning, the characteristic, the classification of the private placement, and on this basis has carried on the comparative research with the public offering fund, proposed that the private equity fund has many advantages at the same time, has the legislation flaw, the supervision insufficiency, Low level of information disclosure and liquidity and other issues. In addition, the author analyzes the legal nature of private equity fund, which provides a theoretical basis for the later construction of private equity fund supervision legal system. The second part introduces the legal system of private equity fund supervision in the United States, Britain, Japan and Taiwan, and summarizes the advantages and disadvantages of self-regulatory model, strict government supervision model and folding medium-sized supervision system. It provides a reference for the supervision of private equity fund in our country. The third part describes the reasons for the emergence of private funds in China, the development of the process, and from the legal level, regulatory level, private equity fund specific operation level to analyze the main problems of private equity funds in China. In addition, although China has not yet given a clear definition of private equity funds, by examining the legal environment of private equity funds in China, there are still rules to follow in the current legal and regulatory system of private equity funds. The fourth part defines the regulatory objectives of protecting investors, protecting market fairness, efficiency, transparency and reducing systemic risk, and puts forward three regulatory principles: moderation, fairness and justice, and development. On this basis, the author puts forward that China's private equity fund should adopt a regulatory system with market-oriented self-discipline management, supplemented by moderate government supervision. And from the main body and content of the supervision of private funds, the specific supervision system of private equity funds has been constructed.
【學(xué)位授予單位】：南京財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D996.2;D922.287

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本文編號：1838008