本文關(guān)鍵詞： 私募股權(quán) 退出機制 經(jīng)濟法　出處：《天津財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：私募股權(quán)基金是定向募集,投資于非公眾公司股權(quán)的基金運作模式,是一種現(xiàn)代金融工具和投資制度安排,其在現(xiàn)代資本幣場中募集資金助推企業(yè)成長的作用不容忽視。從其誕生之初,私募股權(quán)基金一直被認為是小眾的精英游戲,其隱秘性無不伴隨募集、投資,管理、退出的各個環(huán)節(jié),而基于商業(yè)秘密保護或投資過程中的保密需要則使得這樣的一種金融工具略帶神秘色彩。但即便是定向募集,私募股權(quán)基金在退出環(huán)節(jié)為了實現(xiàn)溢價的需要也要尋求公開市場的退出,在各種退出途徑中與公眾發(fā)生聯(lián)系。這樣就使得本來十分小眾的資本運作具備了公開性,進入了經(jīng)濟法的調(diào)整視野。 然而由于行業(yè)自身的特殊性和發(fā)展不成熟等原因,我國私募股權(quán)投資基金行業(yè)在退出機制中頻現(xiàn)“市場失靈”和“政府失靈”現(xiàn)象。針對“幣場失靈”現(xiàn)象,如果僅憑單純私法理念去對市場進行調(diào)節(jié),難以達到買質(zhì)社會公平,如果僅憑公法理念去加大政府對市場的管理,則有可能過分抑制私募股權(quán)投資幣場的發(fā)展活力,因此,需要在經(jīng)濟法的視野下在現(xiàn)有法律框架下通過加強相關(guān)法律、制度的構(gòu)建,加強相關(guān)退出機制和退出形式的立法監(jiān)管工作,并通過以政府監(jiān)管為主的作用手段,適度、合理地對私募股權(quán)投資基金行業(yè)進行約束和監(jiān)管；在政府的積極干預下,輔以私募股權(quán)基金行業(yè)自律,合理搭建行業(yè)協(xié)會的組織架構(gòu),建立行業(yè)規(guī)章和行為規(guī)范體系,并以其為依據(jù),對市場主體及其行為進行有效的約束和激勵。 所以,只有通過“看得見的手”和“看不見的手”有機結(jié)合,既加強宏觀調(diào)控,又完善相關(guān)市場制度建設,加強行業(yè)自律,才能在保證私募股權(quán)退出機制的合法有序的前提下促進私募股權(quán)基金行業(yè)的蓬勃發(fā)展,充分發(fā)揮私募股權(quán)投資資源整合實現(xiàn)價值增值的功能,才能市私募股權(quán)基金行業(yè)最終服務于中國經(jīng)濟的發(fā)展。
[Abstract]:Private equity fund is a kind of modern financial instrument and investment system arrangement, which is a kind of fund operation mode in which private equity fund is raised and invested in non-public company equity. From the beginning of its birth, private equity fund has been regarded as a niche elite game, its secrecy is accompanied by fund-raising, investment, management, Every step of the exit, based on the need for confidentiality in the protection of trade secrets or in the investment process, makes such a financial instrument a little more mysterious. In order to realize the premium, private equity funds also have to seek an exit from the open market in order to achieve the premium. They have to connect with the public in all kinds of exit channels. This has made the capital operation of a very small number of people open to the public. Has entered the economic law adjustment vision. However, due to the particularity and immature development of the industry itself, the phenomenon of "market failure" and "government failure" occurs frequently in the private equity investment fund industry in China. If we only rely on the idea of private law to regulate the market, it is difficult to achieve the social equity of buying quality. If we only rely on the idea of public law to increase the management of the market by the government, we may over-restrain the vitality of the development of the private equity investment currency market. In the view of economic law, we should strengthen the construction of relevant laws and systems, strengthen the relevant withdrawal mechanism and the legislative supervision of withdrawal form under the existing legal framework, and take government supervision as the main role means, moderate. Under the active intervention of the government, the private equity fund industry should be supported by the self-discipline of the private equity fund industry, the organization structure of the trade association should be set up reasonably, and the system of industry regulations and behavior standard should be established. On the basis of it, the market subject and its behavior are effectively restricted and encouraged. Therefore, only through the organic combination of "visible hands" and "invisible hands" can we strengthen macroeconomic regulation and control, improve the construction of relevant market systems, and strengthen industry self-discipline. In order to ensure the legal and orderly private equity withdrawal mechanism under the premise of promoting the development of private equity fund industry, the full play of private equity investment resources integration to achieve value added function, Ability city private equity fund industry serves the development of Chinese economy finally.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D922.28;D922.291.91;F832.51

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