本文關(guān)鍵詞：問題與完善：我國私募證券投資基金立法規(guī)制研究　出處：《山東大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

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【摘要】：私募證券投資基金指以非公開的方式向特定對象募集并投資于債券、股票等金融類別產(chǎn)品之投資基金。與之對應(yīng)的私募股權(quán)投資基金的概念是指用不公開的方式向特定的對象募集并投資于非上市企業(yè)股權(quán)的投資基金。兩者的區(qū)分點(diǎn)在于投資方向的不同,而私募證券投資基金就是本文所要著重研究的。文章主要分為三個(gè)部分：第一部分首先通過對私募證券投資基金的基本概念進(jìn)行闡述,然后再介紹其基本特征的方式,使私募證券投資基金的基礎(chǔ)特性呈現(xiàn)出來。然后,介紹它的典型代表讓其主要類型更清楚的展示。通過與公募基金和私募股權(quán)基金相比較,使私募證券投資基金與這兩個(gè)概念的區(qū)別之處概括出來。最后,以闡述效率價(jià)值、公平價(jià)值與秩序價(jià)值的方式來對其立法之理論基礎(chǔ)進(jìn)行分析,佐證私募證券投資基金存在的價(jià)值基礎(chǔ)。第二部分通過對私募證券投資基金的立法概況進(jìn)行梳理和介紹,反應(yīng)其立法方面的主要內(nèi)容,為下一節(jié)發(fā)現(xiàn)問題來做一鋪墊。因?yàn)橹挥惺煜は嚓P(guān)立法的內(nèi)容,才能發(fā)現(xiàn)該投資基金立法所存在的紕漏和不足之處,因而也將成為本文所探討的重點(diǎn)。通過總結(jié),本文提出了七個(gè)問題,即我國私募證券投資基金管理人、托管人、組織形式、合格投資者資金準(zhǔn)入門檻、保底條款效力、既往法律效力、激勵(lì)機(jī)制、投資人利益欠缺保護(hù)的問題,這七個(gè)問題充分顯示出我國私募證券投資基金制度仍然很不完善,并且本文都一一將所出現(xiàn)的問題作出了闡明。對于第二部分所反映的私募證券投資基金立法存在的問題,第三部分從現(xiàn)實(shí)出發(fā),一一提出了解決的建議,即通過對管理人實(shí)行統(tǒng)一監(jiān)管、明確托管人的保管和監(jiān)督職能、完善相關(guān)法律責(zé)任制度、認(rèn)定保底條款無效和做好既往規(guī)范的清理工作等方法來解決目前其立法存在的問題。但是,如果要讓私募證券投資基金的相關(guān)立法更加健全與完善,以至于更加成熟,不能光靠堵缺口的方法來實(shí)現(xiàn)。美國的私募證券投資基金制度已經(jīng)發(fā)展近百年,可以對其進(jìn)行比較借鑒,對我國的私募證券投資基金相關(guān)制度進(jìn)行整體的梳理,早做補(bǔ)充完善。本文試圖通過完善我國私募發(fā)行制度、合格投資者制度、轉(zhuǎn)售限制制度、信息披露制度來實(shí)現(xiàn)這一目標(biāo)。
[Abstract]:The private securities investment fund refers to the non public way targeted raising and investing in bonds, investment funds, stocks and other financial products. The categories and the corresponding concept of private equity investment fund is an open the way to the specific object raising and investment in unlisted equity investment fund. Their distinguishing point in the different direction of investment, and the private securities investment fund of this paper is to focus on research. The article is divided into three parts: the first part through the basic concepts of private securities investment fund is expounded, and then introduces the basic characteristics of the way, the basic characteristics of the private securities investment fund and then emerged. The typical representative of it, so that the main types of clearer display. By comparing with the raised funds and private equity funds, the private securities investment fund and the two The concept of difference summed up. Finally, to illustrate the efficiency value, fair value and order value method to analyze the theoretical basis of legislation, evidence of the basic value of the private securities investment fund. In the second part, through the review and introduction of private securities investment fund legislation survey, the main content of the legislative response hand, to do a foreshadowing for the next day found the problem. Because only familiar with the contents of the legislation, in order to find the existing investment fund legislation flaws and inadequacies, which will also become the focus of discussion. Finally, this paper puts forward seven problems, namely our country Private Securities Investment Fund manager, custodian, organization, qualified investors access threshold, the validity ofminimum guarantee clause, the previous legal effect, incentive mechanism, the lack of protection of the interests of the investors, the seven. The fully shows that China's private equity investment fund system is still not perfect, and this one will be the problems made clear. To reflect the second part of the private securities investment fund legislation, the third part from the reality, one puts forward the solving suggestions, through the supervision of management people clearly custodian custody and supervision, improve the relevant legal liability system, finds the minimum guarantee clause invalid and do the work of clearing methods such as the previous standard to solve the current problems existing in the legislation. However, if related to the legislation of the private securities investment fund is more perfect, that is more mature, can not rely on the method of plugging the gap is achieved. The U.S. private securities investment fund system has been developed for nearly a hundred years, compared to its reference to, for private equity investment securities in China The related system of fund fund is sorted out and perfected. This paper tries to achieve this goal by perfecting our private placement system, qualified investor system, resale restriction system and information disclosure system.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：D922.287

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