中國(guó)私募證券轉(zhuǎn)售法律制度研究
發(fā)布時(shí)間：2018-09-03 18:35
【摘要】：中國(guó)現(xiàn)行法律法規(guī)已經(jīng)初步確立了證券私募發(fā)行的制度框架，但私募發(fā)行的轉(zhuǎn)售制度由于存在重大漏洞導(dǎo)致發(fā)行人很容易與關(guān)系人或其他投資者共謀以私募證券轉(zhuǎn)售為手段實(shí)現(xiàn)違法公開發(fā)行證券的目的，監(jiān)管缺失往往會(huì)使廣大投資者的利益受到損害，并且私募證券發(fā)行人濫用私募發(fā)行豁免也會(huì)沖擊正常的證券市場(chǎng)秩序，故需要對(duì)私募證券的轉(zhuǎn)售問(wèn)題進(jìn)行規(guī)制。同時(shí)我們也應(yīng)當(dāng)認(rèn)識(shí)到限制私募轉(zhuǎn)售必定會(huì)影響到私募證券的流通，在私募證券流通不暢，風(fēng)險(xiǎn)不能轉(zhuǎn)移的情況下勢(shì)必會(huì)打擊投資者的熱情，這對(duì)于私募的發(fā)展是極其不利的。因此，我們必須要在保證私募證券流通及限制私募轉(zhuǎn)售之間尋找平衡，使私募證券的發(fā)行既能便利籌資又能保護(hù)投資者利益。本文在遵循上述宗旨的前提下，分析總結(jié)了中國(guó)私募證券轉(zhuǎn)售現(xiàn)狀，參考美國(guó)私募證券轉(zhuǎn)售的先進(jìn)經(jīng)驗(yàn)，從交易市場(chǎng)建設(shè)、法律制度完善及責(zé)任追究三個(gè)方面提出建議，，以期完善中國(guó)的私募證券轉(zhuǎn)售制度。 本文共包括引言、正文與結(jié)語(yǔ)三個(gè)部分，其中正文分為四章： 第一章介紹了中國(guó)及美國(guó)對(duì)私募證券的界定，并從公平價(jià)值和效率價(jià)值兩個(gè)角度評(píng)析了私募證券轉(zhuǎn)售限制的意義。 第二章是中國(guó)私募證券的現(xiàn)狀及缺陷。本章將私募證券分成私募股票、私募債券和私募基金三大類，并根據(jù)不同類別梳理中國(guó)現(xiàn)行法律法規(guī)對(duì)私募證券轉(zhuǎn)售的規(guī)制，在此基礎(chǔ)上指出目前中國(guó)私募轉(zhuǎn)售制度存在的問(wèn)題。 第三章是美國(guó)私募證券轉(zhuǎn)售經(jīng)驗(yàn)的借鑒。本章介紹了美國(guó)私募證券轉(zhuǎn)售制度的演變，對(duì)私募轉(zhuǎn)售規(guī)則144及規(guī)則144A進(jìn)行評(píng)析，分析總結(jié)美國(guó)私募轉(zhuǎn)售制度的借鑒價(jià)值。 第四章是中國(guó)私募證券轉(zhuǎn)售制度的完善。首先，筆者建議將轉(zhuǎn)售場(chǎng)所分為一般轉(zhuǎn)售場(chǎng)所和特別轉(zhuǎn)售場(chǎng)所，建立私募證券轉(zhuǎn)售流通平臺(tái)；其次，在法律制度層面上，筆者建議對(duì)不同的交易場(chǎng)所設(shè)置不同的轉(zhuǎn)售規(guī)則，并對(duì)私募基金份額轉(zhuǎn)售及非自愿性情形下導(dǎo)致的轉(zhuǎn)售作了不同的法律制度設(shè)計(jì)，逐步完善中國(guó)的私募證券轉(zhuǎn)售制度，推進(jìn)私募證券市場(chǎng)的發(fā)展；最后，完善違法轉(zhuǎn)售私募證券的責(zé)任追究制度，統(tǒng)一立法，并明確違法轉(zhuǎn)售私募證券發(fā)行人及轉(zhuǎn)售人的法律責(zé)任。
[Abstract]:China's current laws and regulations have preliminarily established the institutional framework for the private placement of securities. However, due to the existence of major loopholes in the resale system of private equity issuance, it is easy for the issuer to conspire with related parties or other investors to use private equity resale as a means to achieve the purpose of illegal public offering of securities. The lack of supervision often impairs the interests of investors, and the abuse of private equity issuers' exemption from private equity issuance will also impact the normal order of the securities market, so it is necessary to regulate the resale of private equity securities. At the same time, we should also realize that restricting private equity resale will definitely affect the circulation of private equity securities. If private equity circulation is not smooth and risk can not be transferred, it is bound to dampen the enthusiasm of investors, which is extremely unfavorable to the development of private equity. Therefore, we must find a balance between ensuring the circulation of private securities and restricting the resale of private equity, so that the issuance of private equity can not only facilitate the raising of funds but also protect the interests of investors. Under the premise of following the above purpose, this paper analyzes and summarizes the current situation of private equity resale in China, refers to the advanced experience of private equity resale in the United States, and puts forward some suggestions from three aspects: the construction of trading market, the perfection of legal system and the investigation of liability. In order to improve China's private equity resale system. This paper includes three parts: introduction, text and conclusion, in which the text is divided into four chapters: the first chapter introduces the definition of private equity in China and the United States. From the perspective of fair value and efficiency value, this paper analyzes the significance of private equity resale restriction. The second chapter is the current situation and defects of China's private equity securities. This chapter divides private securities into three categories: private equity, private equity and private equity, and combs the regulation of private equity resale according to different categories of Chinese laws and regulations. On this basis, it points out the problems existing in China's private placement resale system. The third chapter is the experience of private equity resale in the United States. This chapter introduces the evolution of the private equity resale system in the United States, analyzes the private equity resale rules 144 and 144A, and analyzes and summarizes the reference value of the private equity resale system in the United States. The fourth chapter is the perfection of China's private equity resale system. Firstly, the author suggests that the resale place should be divided into general resale place and special resale place to set up private equity resale circulation platform. Secondly, on the legal system level, the author suggests that different resale rules should be set up for different trading places. In addition, the author designs different legal systems of private equity resale and involuntary resale in order to perfect China's private equity resale system and promote the development of private equity market. Improve the liability investigation system of illegal resale of private securities, unify legislation, and clarify the legal responsibilities of the issuers and resellers of illegal resale of private securities.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287
本文編號(hào)：2220821
[Abstract]:China's current laws and regulations have preliminarily established the institutional framework for the private placement of securities. However, due to the existence of major loopholes in the resale system of private equity issuance, it is easy for the issuer to conspire with related parties or other investors to use private equity resale as a means to achieve the purpose of illegal public offering of securities. The lack of supervision often impairs the interests of investors, and the abuse of private equity issuers' exemption from private equity issuance will also impact the normal order of the securities market, so it is necessary to regulate the resale of private equity securities. At the same time, we should also realize that restricting private equity resale will definitely affect the circulation of private equity securities. If private equity circulation is not smooth and risk can not be transferred, it is bound to dampen the enthusiasm of investors, which is extremely unfavorable to the development of private equity. Therefore, we must find a balance between ensuring the circulation of private securities and restricting the resale of private equity, so that the issuance of private equity can not only facilitate the raising of funds but also protect the interests of investors. Under the premise of following the above purpose, this paper analyzes and summarizes the current situation of private equity resale in China, refers to the advanced experience of private equity resale in the United States, and puts forward some suggestions from three aspects: the construction of trading market, the perfection of legal system and the investigation of liability. In order to improve China's private equity resale system. This paper includes three parts: introduction, text and conclusion, in which the text is divided into four chapters: the first chapter introduces the definition of private equity in China and the United States. From the perspective of fair value and efficiency value, this paper analyzes the significance of private equity resale restriction. The second chapter is the current situation and defects of China's private equity securities. This chapter divides private securities into three categories: private equity, private equity and private equity, and combs the regulation of private equity resale according to different categories of Chinese laws and regulations. On this basis, it points out the problems existing in China's private placement resale system. The third chapter is the experience of private equity resale in the United States. This chapter introduces the evolution of the private equity resale system in the United States, analyzes the private equity resale rules 144 and 144A, and analyzes and summarizes the reference value of the private equity resale system in the United States. The fourth chapter is the perfection of China's private equity resale system. Firstly, the author suggests that the resale place should be divided into general resale place and special resale place to set up private equity resale circulation platform. Secondly, on the legal system level, the author suggests that different resale rules should be set up for different trading places. In addition, the author designs different legal systems of private equity resale and involuntary resale in order to perfect China's private equity resale system and promote the development of private equity market. Improve the liability investigation system of illegal resale of private securities, unify legislation, and clarify the legal responsibilities of the issuers and resellers of illegal resale of private securities.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287
【參考文獻(xiàn)】
相關(guān)博士學(xué)位論文 前1條
1 楊柏國(guó);中國(guó)私募證券法律規(guī)制研究[D];華東政法大學(xué);2011年
本文編號(hào)：2220821
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