本文關(guān)鍵詞：私募股權(quán)基金退出法律制度研究　出處：《華東政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：私募股權(quán)基金現(xiàn)已是資本市場(chǎng)的“新寵”，近年來(lái)發(fā)展迅速，已經(jīng)成為僅次于銀行貸款和公開(kāi)上市的第三大融資方式。私募股權(quán)投資基金的目的是順利退出獲得高額的投資收益，再進(jìn)入下一輪的投資，退出是最為重要的環(huán)節(jié)，可以說(shuō)，私募股權(quán)基金的退出機(jī)制決定了其最終的成敗。資本發(fā)達(dá)的國(guó)家都有暢通的退出渠道和相應(yīng)完善的法規(guī)，然而我國(guó)私募股權(quán)投資起步較晚，，有關(guān)私募股權(quán)基金的法律法規(guī)不夠完善，阻礙了私募股權(quán)的進(jìn)一步發(fā)展。鑒于此，本文在研究美、德、日三國(guó)證券市場(chǎng)及其私募股權(quán)投資法律法規(guī)的基礎(chǔ)上，嘗試分析我國(guó)私募股權(quán)基金退出面臨的各種法律障礙，并提出相關(guān)的建議，以期為改善我國(guó)私募股權(quán)基金退出的法律環(huán)境盡綿薄之力。 本文分為四個(gè)部分進(jìn)行研究: 第一章首先介紹了私募股權(quán)基金的內(nèi)涵和特點(diǎn)，簡(jiǎn)述私募股權(quán)基金退出的重要意義，并具體介紹了退出機(jī)制的四種方式:公開(kāi)上市、企業(yè)股權(quán)轉(zhuǎn)讓、股份回購(gòu)、清算退出。然后，綜合比較了這四種方式的優(yōu)缺點(diǎn)。 第二章介紹了美國(guó)和德國(guó)和日本這三個(gè)國(guó)家的私募股權(quán)基金退出的相關(guān)法律制度，美國(guó)私募股權(quán)投資最為發(fā)達(dá)，公開(kāi)上市是其主要退出方式。與美國(guó)相比德國(guó)和日本證券市場(chǎng)發(fā)展受限，私募股權(quán)投資大都以股權(quán)轉(zhuǎn)讓的方式退出。通過(guò)對(duì)三個(gè)國(guó)家退出機(jī)制的分析對(duì)比，引導(dǎo)我國(guó)私募股權(quán)投資的發(fā)展。 第三章簡(jiǎn)要介紹了我國(guó)私募股權(quán)基金退出的現(xiàn)狀，然后分別論述了私募股權(quán)基金在我國(guó)通過(guò)公開(kāi)上市、股權(quán)轉(zhuǎn)讓、股份回購(gòu)、清算實(shí)現(xiàn)退出所存在的法律障礙。 第四章針對(duì)私募股權(quán)基金退出存在的法律障礙，提出相關(guān)完善意見(jiàn)。
[Abstract]:Private equity funds are now the "new favorite" of the capital market and have developed rapidly in recent years. It has become the third largest financing method after bank loans and public listing. The purpose of private equity investment funds is to smoothly withdraw from the high investment income and enter the next round of investment. Withdrawal is the most important link, it can be said that the withdrawal mechanism of private equity funds determines its ultimate success or failure. However, China's private equity investment started late, the laws and regulations on private equity funds are not perfect, which hinders the further development of private equity. In view of this, this paper is studying the United States, Germany. On the basis of the laws and regulations of Japan's three countries' securities markets and their private equity investment, this paper tries to analyze the various legal obstacles faced by the withdrawal of private equity funds in China, and puts forward some relevant suggestions. In order to improve the legal environment of private equity fund withdrawal in China. This paper is divided into four parts: The first chapter introduces the connotation and characteristics of private equity fund, briefly describes the significance of private equity fund withdrawal, and specifically introduces the withdrawal mechanism of four ways: public listing, corporate equity transfer. Share repurchase, liquidation exit. Then, the advantages and disadvantages of these four ways are comprehensively compared. The second chapter introduces the relevant legal system of private equity fund withdrawal in the United States, Germany and Japan, the United States private equity investment is the most developed. Compared with the United States and the United States, the development of German and Japanese stock markets is restricted, and private equity investment is mostly withdrawn by the way of equity transfer. Through the analysis and comparison of the exit mechanism of the three countries. Guide the development of private equity investment in China. The third chapter briefly introduces the current situation of private equity fund withdrawal in China, and then discusses the private equity fund in China through public listing, equity transfer, share buyback. Legal obstacles to liquidation withdrawal. Chapter 4th puts forward relevant suggestions on the legal obstacles of private equity fund withdrawal.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.287;F832.51

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