股權(quán)投資基金募集法律制度研究
發(fā)布時(shí)間：2018-07-28 16:39
【摘要】：股權(quán)投資是一種投資領(lǐng)域限于非公開交易企業(yè)股權(quán)的投資行為。股權(quán)投資在成功募集股權(quán)資本后,以盈利為目的,以未上市企業(yè)股權(quán)(包括上市公司非公開募集的股權(quán))為主要投資對(duì)象,由股權(quán)投資專門人才負(fù)責(zé)股權(quán)投資管理,在約定時(shí)間內(nèi)選擇適當(dāng)時(shí)機(jī)退出完成獲利。股權(quán)投資基金作為連結(jié)金融資本與實(shí)體企業(yè)的紐帶,是一種功能特殊的創(chuàng)新性投資工具,它能將具備投資需求的金融資本配置于最具潛力和生產(chǎn)效率的那部分實(shí)體企業(yè),從而有效解決企業(yè)融資比例不協(xié)調(diào)這一困境,促進(jìn)我國的資本市場(chǎng)的成熟,降低金融風(fēng)險(xiǎn)。 股權(quán)投資基金涉及的法律問題紛繁復(fù)雜,本文取其中與股權(quán)投資行業(yè)結(jié)合最為緊密的一環(huán),即基金募集法律問題進(jìn)行展開,其中涉及的法律問題至少包括基金組織形式、基金參與者的規(guī)制、基金不同募集方式面臨的不同法律監(jiān)管、基金稅收法律制度等重要問題。 股權(quán)投資(Private Equity)在中國存在若干種不同譯法,而最佳譯法應(yīng)為“股權(quán)投資”。股權(quán)投資是對(duì)“非公開交易企業(yè)股權(quán)”的投資行為,這也是它區(qū)別于其他投資基金的本質(zhì)特征。包括中國在內(nèi)的大陸法系國家的股權(quán)投資活動(dòng)是一種典型的商事委托代理法律關(guān)系。股權(quán)投資行為作為一種典型的商事代理行為,其除了具備民事代理一些主要特征之外,更多地體現(xiàn)了商事代理的特征。 本文從投資人安全和收益保障、投資人和管理人的角色定位、利潤(rùn)和虧損的承擔(dān)方式、組織結(jié)構(gòu)成本、適應(yīng)股權(quán)投資行業(yè)的行業(yè)規(guī)律、獲取資本的便捷程度等六個(gè)方面對(duì)四類基金組織形態(tài)即自我管理型公司制、委托管理型公司制、信托制與有限合伙制股權(quán)投資基金進(jìn)行了全面比較,并得出結(jié)論：在中國法律框架下,有限合伙制從總體上優(yōu)于公司制和信托制,它更好地解決了投資人安全和收益保障、投資人和管理人角色定位、管理人激勵(lì)約束、組織結(jié)構(gòu)成本最優(yōu)等一系列核心問題,更為符合股權(quán)投資基金行業(yè)的內(nèi)在需求；也正緣于此,有限合伙制得以在國際范圍內(nèi)成為股權(quán)投資基金的主流模式。 合格投資者和基金管理人是股權(quán)投資基金法律規(guī)制的關(guān)鍵。股權(quán)投資基金,尤其是私募股權(quán)投資基金問題的癥結(jié)就在于基金參與主體,或者說,把合格投資者以及基金管理人的法律規(guī)制做到科學(xué)合理,私募股權(quán)投資基金的大部分問題均可得到解決。合格投資者的立法思路,可以將投資者凈資產(chǎn)標(biāo)準(zhǔn)與資產(chǎn)規(guī)模相結(jié)合,并定期審視其資產(chǎn)變化情況作出動(dòng)態(tài)調(diào)整,放棄我國現(xiàn)有的靜態(tài)出資門檻制度。針對(duì)股權(quán)投資基金管理人的規(guī)制,本文認(rèn)為基金管理人應(yīng)當(dāng)擁有一定數(shù)量具有專業(yè)資質(zhì)的從業(yè)人員,并從必要條件與限制條件兩方面對(duì)基金管理人的從業(yè)人員進(jìn)行約束要求：將基金管理人的凈資產(chǎn)與其資產(chǎn)管理規(guī)模相掛鉤,保持風(fēng)險(xiǎn)可控,基金管理人還應(yīng)當(dāng)具備完善的內(nèi)部治理結(jié)構(gòu)。 私募股權(quán)投資基金具有非公開性、募集對(duì)象具有特定性等法律特征,私募股權(quán)投資基金的立法應(yīng)當(dāng)抓緊制定統(tǒng)一的《投資基金法》,抓住基金參與主體比強(qiáng)調(diào)基金投資方向更為重要,只要科學(xué)合理地規(guī)范好合格投資者與基金管理人,就可以解決私募股權(quán)投資基金的大部分問題,而基金投資方向,則可以放手交由市場(chǎng)自由約定。對(duì)于私募股權(quán)投資基金的募集,要嚴(yán)格限制私募基金的銷售渠道和銷售方式,應(yīng)規(guī)定私募對(duì)象必須是特定的,且為具備一定門檻要求的合格投資者,否則很容易使得投資風(fēng)險(xiǎn)向社會(huì)擴(kuò)散,影響社會(huì)經(jīng)濟(jì)秩序的穩(wěn)定。對(duì)于投資者人數(shù)的統(tǒng)計(jì)可采用累計(jì)制,以任意6個(gè)月為周期,限制基金發(fā)行對(duì)象的合并計(jì)算不得超過200人,法人或者依法成立的其他組織的投資者數(shù)量不受限制,同時(shí),加強(qiáng)對(duì)私募所得資金的監(jiān)管。 公開募集股權(quán)投資基金的出現(xiàn)代表了行業(yè)的最新趨勢(shì)。隨著黑石、KKR、凱雷等一批股權(quán)投資國際巨頭紛紛走向公開上市,公眾心目中的“私募”股權(quán)投資基金的傳統(tǒng)印象再一次被顛覆。公開募集股權(quán)投資基金的模式,至少包括基金上市、管理機(jī)構(gòu)上市以及基金與管理機(jī)構(gòu)混同上市三種類型。隨著全球范圍內(nèi)股權(quán)投資基金及管理機(jī)構(gòu)上市的規(guī)模化、常態(tài)化,最終促成了標(biāo)準(zhǔn)普爾上市PE股權(quán)指數(shù)的建立。由于各國企業(yè)組織形態(tài)立法不同,因此各國上市股權(quán)投資機(jī)構(gòu)組織形式選擇呈多元化態(tài)勢(shì),沒有表現(xiàn)出明顯的組織形式偏好。從上市動(dòng)機(jī)分析,股權(quán)投資機(jī)構(gòu)更多是為了應(yīng)對(duì)激烈競(jìng)爭(zhēng)、留住核心員工,完成高管套現(xiàn)、募集業(yè)務(wù)資金等商業(yè)目的。中國曾出現(xiàn)過股權(quán)投資機(jī)構(gòu)上市的雛形,但目前資本市場(chǎng)更傾向于新設(shè)子公司模式從事股權(quán)投資活動(dòng)。中國股權(quán)投資機(jī)構(gòu)上市面臨的法律問題有：合伙制股權(quán)投資企業(yè)不能成為上市公司；公司制普通合伙人不可直接作為上市主體；國有基金管理機(jī)構(gòu)不能成為普通合伙人；信息披露缺乏統(tǒng)一標(biāo)準(zhǔn)；現(xiàn)行會(huì)計(jì)計(jì)價(jià)方法會(huì)抑制早期企業(yè)投資。在對(duì)股權(quán)投資企業(yè)上市問題有了全面深刻認(rèn)識(shí)之后,為更好發(fā)揮股權(quán)投資基金在促進(jìn)經(jīng)濟(jì)機(jī)構(gòu)調(diào)整、產(chǎn)業(yè)轉(zhuǎn)型升級(jí)方面的獨(dú)特作用,應(yīng)對(duì)現(xiàn)行相關(guān)法律制度做系統(tǒng)性的修改和調(diào)整。 稅收問題是在設(shè)立股權(quán)投資基金時(shí)必須要考慮的問題,根據(jù)美國的相關(guān)經(jīng)濟(jì)數(shù)據(jù),包括資本利得稅在內(nèi)的稅收政策的變化一直是影響股權(quán)投資的重要因素,本文從內(nèi)資公司制股權(quán)投資基金、內(nèi)資有限合伙制股權(quán)投資基金以及外資股權(quán)投資基金三大板塊詳細(xì)討論了中國當(dāng)前股權(quán)投資基金稅收制度,并提出了梳理股權(quán)投資行業(yè)稅政,加大對(duì)中早期創(chuàng)投基金稅收優(yōu)惠力度的立法建議。 完善我國股權(quán)投資募集法律制度,可以從以下幾方面入手：加快股權(quán)投資基金的立法步伐,酌情制定統(tǒng)一的《投資基金法》；對(duì)各類組織形式的基金盡可能給予同等法律待遇；建立合格投資者制度,注重對(duì)管理人規(guī)范和引導(dǎo)；允許股權(quán)投資基金通過公開渠道募集資金；梳理股權(quán)投資行業(yè)稅收政策,加大對(duì)中早期創(chuàng)投基金稅收優(yōu)惠力度。
[Abstract]:Equity investment is a kind of investment behavior that is limited to the equity of non publicly traded enterprises. After the equity investment is successfully raised, the equity investment is aimed at profit, and the non listed company shares (including the non publicly raised shares of the listed company) as the main investment object, the equity investment specialized personnel are responsible for the management of equity investment, and the agreement is agreed upon. The equity investment fund, as a link between financial capital and entity enterprises, is a special and innovative investment tool. It can allocate the financial capital with the investment demand to the most potential and productive part of the real enterprise, so as to effectively solve the proportion of enterprise financing. Coordinate this dilemma, promote the maturity of China's capital market and reduce financial risks.
The legal problems involved in the equity investment fund are complicated. This article takes one of the most closely integrated links with the equity investment industry, that is, the issue of the fund raising law. The legal issues involved include at least the form of the fund organization, the regulation of the fund participants, the different legal supervision of the fund raising ways, and the fund. The legal system of Taxation and other important issues.
Private Equity has a number of different translation methods in China, and the best translation method should be "equity investment". Equity investment is an investment behavior of "non public trading enterprise equity", which is also the essential feature that distinguishes it from other investment funds. The equity investment activities of the continental law countries, including China, are a kind of code. As a typical commercial agent, the behavior of equity investment, as a typical commercial agent, embodies the characteristics of commercial agent in addition to some main characteristics of civil agency.
From the six aspects of the investor's security and income security, the role of investors and managers, the way of profit and loss, the organizational structure cost, the industry law of the equity investment industry and the convenience of obtaining the capital, the four types of fund organization, namely, self-management company system, entrustment management company system, trust system, etc. This paper makes a comprehensive comparison with the limited partnership equity investment fund, and draws a conclusion that under the Chinese legal framework, the limited partnership system is better than the company system and the trust system in general. It can better solve the investor's security and benefit guarantee, the investor and the manager's role positioning, the management of human motivation and the organization structure cost. The core issues are more in line with the internal demand of the equity investment fund industry, which is why the limited partnership has become the mainstream of the equity investment fund in the international scope.
The key to the legal regulation of the equity investment fund is the qualified investor and the fund manager. The crux of the equity investment fund, especially the private equity investment fund, lies in the participation of the fund, or the legal regulation of the qualified investors and the fund managers is scientific and reasonable, and most of the problems of the private equity fund are all It can be solved. The legislative ideas of qualified investors can combine the standard of net assets of investors with the scale of assets, and regularly examine the dynamic adjustment of their assets change and give up the existing static investment threshold system in our country. In view of the regulation of the manager of equity investment fund, this paper thinks that the fund manager should have a certain number. The practitioners with professional qualifications are required to restrict the employees of fund managers from the two aspects of necessary conditions and restrictions: linking the net assets of the fund manager to the scale of the asset management, keeping the risk controllable, and the fund manager should also have the internal governance structure of the complete good.
The private equity fund has the characteristics of non - disclosure, the object of the collection is specific and other legal characteristics. The legislation of private equity fund should make the unified < investment fund law >. It is more important to seize the participation of the fund than to emphasize the investment direction of the fund. As long as it is scientific and reasonable to standardize the qualified investors and fund managers, In order to solve most of the problems of private equity fund, and the direction of investment in the fund, we can give the market free agreement. For the collection of private equity funds, we should strictly limit the marketing channels and sales methods of private equity funds. Otherwise, it is easy to make the investment risk spread to the society and affect the stability of the social and economic order. The statistics of the number of investors can be used in the cumulative system of the number of investors for any 6 months, and the combined calculation of the subject of the limitation of the fund shall not exceed 200, and the number of investors in the legal person or other organizations established by law is not limited, at the same time, Strengthen the supervision of private equity funds.
The emergence of public equity investment funds represents the latest trend in the industry. With Blackstone, KKR, Carlyle, and other international giants, the traditional impression of private equity investment funds in the public is once again subverted. There are three types of listing of management institutions and mutual listing of funds and management institutions. With the scale and normalization of equity investment funds and management institutions listed on the global scale, the PE stock index of standard & Poor's listing is finally established. From the market motivation analysis, the equity investment institutions are more to cope with the fierce competition, retain the core staff, complete the executive cash and raise business funds and other commercial purposes. China has appeared the embryonic form of equity investment institutions, but the current capital market is more inclined. The legal problems facing the listing of Chinese equity investment institutions are: partnership equity investment enterprises can not become listed companies; the general partners of the company system can not be directly listed as the main body; the state-owned fund management agencies can not become ordinary partners; information disclosure is lack of unified standard. The current accounting valuation method will inhibit the early enterprise investment. After a comprehensive and profound understanding of the issue of equity investment enterprise listing, the unique role of the equity investment fund in promoting the adjustment of economic institutions and upgrading the industrial transformation should be made better, and systematic revision and adjustment should be made to the current relevant legal system.
The issue of tax is a matter to be considered when setting up an equity investment fund. According to the related economic data of the United States, the change of tax policy, including the capital gains tax, has been an important factor affecting the equity investment. This article from the domestic capital company ownership investment fund, the Limited partnership equity investment fund and the foreign capital stock. The three major sectors of the investment fund discussed the current tax system of China's equity investment fund in detail, and put forward the legislative proposals for combing the tax administration of the equity investment industry and increasing the tax preferences of the early venture capital fund.
To improve the legal system of equity investment raising in China, we can start from the following aspects: speed up the legislative steps of the equity investment fund, formulate a unified "investment fund law" as appropriate, give equal legal treatment to the funds of all kinds of organizational forms, establish a system of qualified investors, pay attention to the regulation and guidance of the managers, and allow the stock right. Investment funds raise funds through open channels, comb the tax policy of equity investment industry, and increase tax preferences for early and medium venture capital funds.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287
本文編號(hào)：2150910
[Abstract]:Equity investment is a kind of investment behavior that is limited to the equity of non publicly traded enterprises. After the equity investment is successfully raised, the equity investment is aimed at profit, and the non listed company shares (including the non publicly raised shares of the listed company) as the main investment object, the equity investment specialized personnel are responsible for the management of equity investment, and the agreement is agreed upon. The equity investment fund, as a link between financial capital and entity enterprises, is a special and innovative investment tool. It can allocate the financial capital with the investment demand to the most potential and productive part of the real enterprise, so as to effectively solve the proportion of enterprise financing. Coordinate this dilemma, promote the maturity of China's capital market and reduce financial risks.
The legal problems involved in the equity investment fund are complicated. This article takes one of the most closely integrated links with the equity investment industry, that is, the issue of the fund raising law. The legal issues involved include at least the form of the fund organization, the regulation of the fund participants, the different legal supervision of the fund raising ways, and the fund. The legal system of Taxation and other important issues.
Private Equity has a number of different translation methods in China, and the best translation method should be "equity investment". Equity investment is an investment behavior of "non public trading enterprise equity", which is also the essential feature that distinguishes it from other investment funds. The equity investment activities of the continental law countries, including China, are a kind of code. As a typical commercial agent, the behavior of equity investment, as a typical commercial agent, embodies the characteristics of commercial agent in addition to some main characteristics of civil agency.
From the six aspects of the investor's security and income security, the role of investors and managers, the way of profit and loss, the organizational structure cost, the industry law of the equity investment industry and the convenience of obtaining the capital, the four types of fund organization, namely, self-management company system, entrustment management company system, trust system, etc. This paper makes a comprehensive comparison with the limited partnership equity investment fund, and draws a conclusion that under the Chinese legal framework, the limited partnership system is better than the company system and the trust system in general. It can better solve the investor's security and benefit guarantee, the investor and the manager's role positioning, the management of human motivation and the organization structure cost. The core issues are more in line with the internal demand of the equity investment fund industry, which is why the limited partnership has become the mainstream of the equity investment fund in the international scope.
The key to the legal regulation of the equity investment fund is the qualified investor and the fund manager. The crux of the equity investment fund, especially the private equity investment fund, lies in the participation of the fund, or the legal regulation of the qualified investors and the fund managers is scientific and reasonable, and most of the problems of the private equity fund are all It can be solved. The legislative ideas of qualified investors can combine the standard of net assets of investors with the scale of assets, and regularly examine the dynamic adjustment of their assets change and give up the existing static investment threshold system in our country. In view of the regulation of the manager of equity investment fund, this paper thinks that the fund manager should have a certain number. The practitioners with professional qualifications are required to restrict the employees of fund managers from the two aspects of necessary conditions and restrictions: linking the net assets of the fund manager to the scale of the asset management, keeping the risk controllable, and the fund manager should also have the internal governance structure of the complete good.
The private equity fund has the characteristics of non - disclosure, the object of the collection is specific and other legal characteristics. The legislation of private equity fund should make the unified < investment fund law >. It is more important to seize the participation of the fund than to emphasize the investment direction of the fund. As long as it is scientific and reasonable to standardize the qualified investors and fund managers, In order to solve most of the problems of private equity fund, and the direction of investment in the fund, we can give the market free agreement. For the collection of private equity funds, we should strictly limit the marketing channels and sales methods of private equity funds. Otherwise, it is easy to make the investment risk spread to the society and affect the stability of the social and economic order. The statistics of the number of investors can be used in the cumulative system of the number of investors for any 6 months, and the combined calculation of the subject of the limitation of the fund shall not exceed 200, and the number of investors in the legal person or other organizations established by law is not limited, at the same time, Strengthen the supervision of private equity funds.
The emergence of public equity investment funds represents the latest trend in the industry. With Blackstone, KKR, Carlyle, and other international giants, the traditional impression of private equity investment funds in the public is once again subverted. There are three types of listing of management institutions and mutual listing of funds and management institutions. With the scale and normalization of equity investment funds and management institutions listed on the global scale, the PE stock index of standard & Poor's listing is finally established. From the market motivation analysis, the equity investment institutions are more to cope with the fierce competition, retain the core staff, complete the executive cash and raise business funds and other commercial purposes. China has appeared the embryonic form of equity investment institutions, but the current capital market is more inclined. The legal problems facing the listing of Chinese equity investment institutions are: partnership equity investment enterprises can not become listed companies; the general partners of the company system can not be directly listed as the main body; the state-owned fund management agencies can not become ordinary partners; information disclosure is lack of unified standard. The current accounting valuation method will inhibit the early enterprise investment. After a comprehensive and profound understanding of the issue of equity investment enterprise listing, the unique role of the equity investment fund in promoting the adjustment of economic institutions and upgrading the industrial transformation should be made better, and systematic revision and adjustment should be made to the current relevant legal system.
The issue of tax is a matter to be considered when setting up an equity investment fund. According to the related economic data of the United States, the change of tax policy, including the capital gains tax, has been an important factor affecting the equity investment. This article from the domestic capital company ownership investment fund, the Limited partnership equity investment fund and the foreign capital stock. The three major sectors of the investment fund discussed the current tax system of China's equity investment fund in detail, and put forward the legislative proposals for combing the tax administration of the equity investment industry and increasing the tax preferences of the early venture capital fund.
To improve the legal system of equity investment raising in China, we can start from the following aspects: speed up the legislative steps of the equity investment fund, formulate a unified "investment fund law" as appropriate, give equal legal treatment to the funds of all kinds of organizational forms, establish a system of qualified investors, pay attention to the regulation and guidance of the managers, and allow the stock right. Investment funds raise funds through open channels, comb the tax policy of equity investment industry, and increase tax preferences for early and medium venture capital funds.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287
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相關(guān)博士學(xué)位論文 前2條
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2 趙玉;我國私募股權(quán)投資基金法律制度研究[D];吉林大學(xué);2010年
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