本文關(guān)鍵詞： 私募基金 合法化 法律制度　出處：《華南理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：私募基金是指基金發(fā)起人通過向具有特定資格的特定對(duì)象，非公開發(fā)行基金份額，募集資金，形成獨(dú)立的基金財(cái)產(chǎn)，由基金管理人管理、以資產(chǎn)組合方式進(jìn)行證券或其他投資項(xiàng)目的投資而設(shè)立的投資基金。目前，在我國(guó)私募基金仍獲得未能直接取得合法地位，雖然《證券投資基金法》在附則中寫入了“向特定對(duì)象募集資金或者接受特定對(duì)象財(cái)產(chǎn)委托從事證券投資活動(dòng)”的集合投資方式，其意與私募基金基本相同，但仍未給出具體的規(guī)定。在證券投資基金立法審議的過程中，私募基金合法化的問題越來越受到學(xué)界的普遍關(guān)注和研究，成為我國(guó)證券市場(chǎng)上最令人關(guān)注的問題之一。因此，借鑒域外發(fā)達(dá)國(guó)家或地區(qū)的私募制度構(gòu)建我國(guó)私募基金有關(guān)法律制度尤為必要。美國(guó)是證券私募法律制度的發(fā)源地且發(fā)展最為完善，越來越多的國(guó)家紛紛引為借鑒，其私募法律制度是一個(gè)由國(guó)會(huì)立法、SEC(證券交易委員會(huì))規(guī)章以及法院判例等組成的復(fù)雜規(guī)范體系，尤其是美國(guó)2010年頒布了最新的金融法案全稱為《2010年華爾街改革和消費(fèi)者保護(hù)法》（簡(jiǎn)稱為《多德-弗蘭克法案》）。該法案構(gòu)成美國(guó)最大規(guī)模的金融監(jiān)管改革，其第四部分專門針對(duì)私募基金建立了若干監(jiān)管規(guī)則，該部分又稱為《2010年私募基金投資顧問注冊(cè)法案》（簡(jiǎn)稱《注冊(cè)法案》）。嚴(yán)格了私募基金的注冊(cè)制度、信息報(bào)告制度、客戶賬戶托管制度等，補(bǔ)充完善了前述此前大法律欠缺之處。日本及我國(guó)臺(tái)灣地區(qū)在借鑒美國(guó)證券私募法律制度方面頗為成功，這為我國(guó)相關(guān)法律制度的發(fā)展提供了有益的經(jīng)驗(yàn)。 本文將著重研究私募基金的法律界定、合法化途徑和有效法律監(jiān)管等問題，借鑒國(guó)外法律制度，，探求我國(guó)私募基金法律框架。文章正文主要包括以下五個(gè)部分: 第一部分，就論文選題背景、文獻(xiàn)綜述、研究目標(biāo)、研究方法作分析、介紹； 第二部分，私募基金相關(guān)概念、發(fā)展情況及我國(guó)私募基金合法化的意義； 第三部分，境外（尤其是美國(guó)）私募基金法律制度； 第四部分，我國(guó)私募基金制度現(xiàn)狀及存在的問題分析； 第五部分，構(gòu)建符合我國(guó)國(guó)情的私募基金制度框架。本部分結(jié)合我國(guó)的具體國(guó)情，對(duì)未來我國(guó)的私募基金立法的立法路徑和法律制度核心問題進(jìn)行了剖析。
[Abstract]:Private equity fund refers to the fund sponsors who raise funds to form independent fund property by issuing fund shares to specific objects with specific qualifications, which are managed by fund managers. An investment fund established to invest in securities or other investment projects in the form of a portfolio. At present, private equity funds in China are still unable to obtain legal status directly. Although the "Securities Investment Fund Law" contains in the supplementary provisions "collecting funds from specific objects or accepting certain objects' property to engage in securities investment activities," the intent is basically the same as that of private equity funds. However, there are still no specific provisions. During the legislative review of securities investment funds, the legalization of private equity funds has been paid more and more attention and research by scholars, and has become one of the most concerned issues in the securities market of our country. It is particularly necessary to learn from the private placement system of overseas developed countries or regions to construct the relevant legal system of China's private placement fund. The United States is the birthplace of the private equity legal system and its development is the most perfect, and more and more countries have cited it for reference. Its private equity system is a complex regulatory system consisting of congressional legislation, the Securities and Exchange Commission (SEC) regulations and court jurisprudence. In particular, on 2010, the United States enacted the latest financial act, the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act for short), which constitutes the largest financial regulatory reform in the United States. Its 4th part has established several regulations specifically for private equity funds, this part is also called the Private Fund Investment adviser Registration Act of 2010 (referred to as the "Registration Act"). It strictly regulates the registration system and information reporting system of private equity funds. The customer account hosting system complements the deficiencies of the previous major laws. Japan and Taiwan have been quite successful in drawing lessons from the private equity legal system of the United States. This has provided the beneficial experience for the development of the relevant legal system of our country. This paper will focus on the legal definition, legalization approach and effective legal supervision of private equity funds, draw lessons from foreign legal systems, explore the legal framework of private equity funds in China. The text of the article mainly includes the following five parts:. In the first part, the background, literature review, research objectives and research methods of the thesis are analyzed and introduced. The second part, private equity fund related concept, the development situation and our country private placement fund legalization significance; The third part, the legal system of overseas private equity fund, especially the United States; Part 4th, the analysis of the current situation and existing problems of China's private equity fund system; In the 5th part, the author constructs the framework of the private equity fund system in accordance with the national conditions of our country. This part analyzes the legislative path and the core issues of the legal system of the future private equity fund legislation in our country combined with the specific situation of our country.
【學(xué)位授予單位】：華南理工大學(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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