文档介绍：对外经济贸易大学
硕士学位论文
我国私募股权基金法律规制研究
姓名:杨锋
申请学位级别:硕士
专业:国际法学
指导教师:王晓川
20080401
中文摘要

近年来,中国经济持续高速的增长,中国市场吸引了全球私募股权基金的不
断涌入。私募股权基金,这一在我国基金市场上已经占据半壁江山的有效的投资
融资手段,仍游走在事实和规范之间。因为立法的缺位导致的操作不规范及运作
障碍甚至相关权利人的利益得不到保障等现象也日益明显。
本文首先对私募股权基金进行了概括性介绍,介绍了私募股权基金的起源、
国外发展状况以及在国内的发展状况。第 2 章介绍了私募股权基金定义及与产业
投资基金、证券投资基金等的区别,为接下来本文的重点部分进行了概念上的澄
清。第 3 章从私募股权基金产生的原因、重大意义以及存在的问题等方面进行了
分析,通过分析得出:我国私募股权基金是制度变迁以及经济发展的必然结果。
第 4 章通过对美国等国的私募股权基金立法以及监管的考察得出结论:立法为关
键,监管需适度。第 5 章为本文的核心部分。该部分从私募股权基金的法律定位、
投资主体、组织形式以及退出渠道等方面进行了深入分析,并对我国的私募股权
基金立法提出了针对性的建议并创造性地提出了私募股权投资信托的概念。
最后一章为框架性建议及结论部分,笔者创造性地提出我国私募股权基金的
立法应遵循“一体多翼”的模式,即尽快出台《产业投资基金管理办法》并以之
为主体,同时不断修改并完善《中华人民共和国保险法》等法律法规,为私募股
权基金的资金募集、组织形式及市场退出等方面提供便利,形成私募股权基金立
法的“多翼”。笔者希望本文对我国的私募股权基金立法有所裨益。

关键词:私募股权基金,有限合伙,私募股权投资信托,法律规制
I
Abstract
The economic of China is growing up continuously and with high-speed for many
years, which attracts global private equity fund (hereinafter referred to as “PE”)
largely swarming into the China’s market.
PE, which has taken upon important
position in China’s PE market, is still staying in the gray area between facts and
regulations. The phenomenon such as nonstandard practice, impediment of practice
and impinge of interests of relevant obliges etc has e more and more evident.
In the first chapter of this context, we generally introduce the private equity fund, such
as its origin, development in international market and development in domestic market.
In the Chapter 2 and 3, we introduce the definition of PE, differences between PE and
industrial investment fund and securities investment fund and so on, which makes
clarification of definitions for the next core parts of this context. Subject to the analysis
upon some international especially the American legislation and supervision of PE, we
make conclusion in Chapter 4 and 5 that the legislation of PE is necessary and the
supervision of PE shall be moderate.
In these Chapters, we deeply analyze the legal
identification