本文選題：外資PE + 私募股權　； 參考：《上海社會科學院》2012年碩士論文

【摘要】：中小企業(yè)是推動我國經(jīng)濟社會發(fā)展的堅實力量,我國的中小企業(yè)對于促進技術創(chuàng)新、優(yōu)化產(chǎn)業(yè)結構、維護社會穩(wěn)定等方面都有著十分積極的意義。然而,長期以來融資難的問題一直困擾著中小企業(yè),成為制約其發(fā)展的瓶頸。中小企業(yè)迫切要求拓展新的融資渠道,私募股權投資基金就是解決中小企業(yè)融資難問題的一項創(chuàng)新性制度安排。 中國本土私募市場還處于發(fā)展的初級階段,外資私募股權投資基金資本雄厚、經(jīng)驗豐富、管理先進、投資規(guī)模龐大,對我國資本市場的發(fā)展有十分積極的意義。因此,做好外資私募股權投資基金的引導和監(jiān)管工作,借力外資私募股權投資基金培育本土私募股權投資基金,繁榮我國的資本市場是一個值得研究的課題。 近十幾年來,我國已經(jīng)有越來越多的行業(yè)向外資私募股權投資基金開放,并且在一定程度上擴大了外資私募股權投資基金在華設立投資機構的范圍；拓寬了外資私募股權投資基金的制度空間。但總體而言,外資私募股權投資基金在中國的發(fā)展環(huán)境還有待改善,比如外資私募股權投資基金的設立、募資和退出環(huán)節(jié),就缺乏統(tǒng)一的法律法規(guī),退出法規(guī)也相對滯后。退出是私募股權投資的最終目標,退出法規(guī)的滯后和退出渠道的不順暢直接給外資私募股權投資基金進入中國造成了阻礙。 本文以外資私募股權投資基金在華投資現(xiàn)狀為基本出發(fā)點,以制度經(jīng)濟學的交易費用理論(交易成本理論)為理論基礎,以私募股權融資的制度性需求和私募股權投資基金的制度性設計為主線,對相關制度環(huán)境、退出機制與市場進行較深入的分析,對外資私募股權投資基金投資法律法規(guī)和制度環(huán)境得缺陷和問題進行歸納整理,并對如何改進對外資私募股權投資基金的監(jiān)管、以便更好的促進本土私募股權投資基金的發(fā)展和我國資本市場的發(fā)展提出了建設性的建議。
[Abstract]:Small and medium-sized enterprises are the solid force to promote the economic and social development of our country. The small and medium-sized enterprises in our country have a very positive significance in promoting technological innovation, optimizing the industrial structure, maintaining social stability and so on. However, for a long time, the problem of financing difficulties has been puzzling small and medium-sized enterprises, which has become the bottleneck restricting their development. The small and medium-sized enterprises urgently request to expand the new financing channel, the private equity investment fund is an innovative institutional arrangement to solve the financing difficulty of the small and medium-sized enterprises. China's local private equity market is still in the initial stage of development. Foreign private equity investment funds have abundant capital, rich experience, advanced management and huge investment scale, which has a very positive significance for the development of China's capital market. Therefore, it is worth studying how to guide and supervise the foreign private equity investment fund, to cultivate the local private equity investment fund and to prosper the capital market of our country. In recent years, more and more industries in China have opened to foreign private equity investment funds, and to a certain extent have expanded the scope of foreign private equity investment funds to set up investment institutions in China; It widens the institutional space of foreign private equity investment funds. But overall, the development environment of foreign private equity funds in China still needs to be improved. For example, the establishment of foreign private equity investment funds, fund-raising and withdrawal links, there is a lack of uniform laws and regulations, and exit regulations are lagging behind. Withdrawal is the ultimate goal of private equity investment. The lag of exit regulations and the unsmooth exit channels directly hinder the entry of foreign private equity funds into China. This paper takes the current situation of foreign private equity investment funds in China as the basic starting point and the transaction cost theory of institutional economics (transaction cost theory) as the theoretical basis. Taking the institutional demand of private equity financing and the institutional design of private equity investment fund as the main line, this paper makes a deep analysis of the relevant institutional environment, exit mechanism and market. The defects and problems of the investment laws, regulations and institutional environment of foreign private equity investment funds are summarized and sorted out, and how to improve the supervision of foreign private equity investment funds, In order to better promote the development of local private equity investment funds and the development of China's capital market put forward constructive suggestions.
【學位授予單位】：上海社會科學院
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.5

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本文編號：2062534