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Legal Protection Of Private Equity Investors

Posted on:2020-08-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:J QinFull Text:PDF
GTID:1366330602457663Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
China's capital market is undergoing major changes.In the market regulatory ideas and policies of “deregulation,encourage innovation",It's objective needs of the market and the inevitable trend of development for the introduction of a large number of new and more complex financial products and services.With the development of China's capital market product innovation,the status of investors and securities firm is changing of the more demand for investors and less demand for securities firm which create new conflicts of interest and realistic requirement of legal protection of investors.There are many research in the field of theory home and abroad of fund raising,investment operation,development law and operation process of PE,but the maximum most popular research is only from the perspective of finance,economics or management and interdisciplinary.There are few of literature which discussing and constructing the legal system of PE purely is from the legal perspective.It can be considered that the research results of PE in China is not convincing enough to answer the questions concerned by the theoretical and practical circles,including but not limited to: how to give the exact definition and legal characteristics of PE?What is the particularity of legal protection for PE investors?What is the legal relationship of PE?What are the special legal protection needs of private investors?How is the existing law to protect private investors,whether it can effectively protect,what are the specific ways of protection?How to circle the qualified investors of PE?How to create a favorable situation for the rapid development of PE in terms of system,law and policy?How to effectively construct multi-level investor interest protection measures in terms of specific means and contents such as information disclosure,exit mechanism,and even overall regulatory system....These are all urgent problems which need to be solved.The first chapter is the research perspective of the legal protection of private equity investors.This chapter mainly introduces the legal protection of private equity investors from three aspects.First,focusing on the expression form of PE is PE fund,defining it's connotation and comparative analysis of private and public fund and then distinguishing the similarities and differences between private equity funds and other related species is to interpretation the three types of the private equity investment and sorting the private equity investment fundtypes;Secondly,it puts forward the value consideration of the legal protection of private equity investors under the background of the rule of law in China,which mainly focuses on the efficiency value embodiment under the exemption registration system,the fair value consideration under the restriction of issuing mode and the extension of the order value of the effective protection of investors.Finally,the paper summarizes the practical dilemma of legal protection for private equity investors,which is specifically manifested in the following aspects: the institutional defects of qualified investors,vague requirements for information disclosure in the investment process,multiple restrictions on various ways of investment withdrawal,and improper legal supervision.The second chapter is about the legislation strengthening the main status of private equity investors.This chapter mainly to discuss the private equity investor's main body standard of our country private equity recently which is proposed the consummation suggestion pertinently in four levels.Firstly,based on the legislative requirements of private investors,the legal principles which is should be adhered to are summarized in the formulation of investor legislation.Secondly,Through combing the admittance system which is satisfied with specific market conditions and examining the matching between investment objects and investors is to analyze the qualified investor system and investor appropriateness system in China.Thirdly,Though evaluating the status of legislation rules of private equity investors in China is to put forward the general legislation rules of investors and the scattered regulations of investor appropriateness.fourth,for the aforementioned analyze and put forward a macro-thinking on the improvement of the investor's appropriateness system.It is suggested that the private equity qualified investors can classify and standardize,and propose specific quantitative and qualitative criteria to propose the system design concept.The third chapter is to guarantees the classification of information disclosure of private equity investment.One of the main failure risks of private equity investment is the misjudgment of investment caused by information asymmetry.So the key part of private equity investor protection is information disclosure.Specifically,firstly,the failure existence mechanism of connotation construction of PE fund and demonstrates the value of PE fund information disclosure mechanism should be analyzed.Secondly,To evaluate on the information disclosure system of PE funds is by combing the practical problems of specific PE in information disclosure and by discussing the current criminal consequences of the PEinformation disclosure and the investor's interest relief.Finally,from the four aspects of comprehensively constructing differentiated information disclosure mechanism,coordinating the construction of information disclosure rules,the humidity disclosure exemption assumption under the efficiency dimension and the exemplary effect participation of the information management system,it is proposed the private equity information disclosure system compliance proposal to adopt legislative principles and the supplemented contractual freedom agreement.The fourth chapter is the regulates the multiple output of the exit mechanism of private equity investment.At present,the main problem is the investors' interests are damaged by China restricted remedy mechanism which is not flexible and lacks diversified exit ways,so that.Therefore,the exit way,especially PE in the case of non-listing which should be diversified and standardized so that investors can stop their losses in time.Specifically,firstly,it analyzes the relevant considerations of the choice of exit methods of PE,including the factors affecting the exit method and the basic situation of the four exit methods.Secondly,the focus of the legislative system under the four modes is separately organized,and The practical problems are sorted out,and the practical difficulties and problems under various modes are be analyzed.Finally,the legislative improvement suggestions are proposed for the above problems.The fifth chapter is to overall optimize the legal supervision of private equity investment.Regulatory system has always been the top priority of legal protection.The height of overall legal supervision should be stand on if to do a good job in the legal protection of private equity investors.The overall regulation not only focuses on the supervision and management activities of relevant departments,but also pays more attention to the updating of the regulatory concepts such as the regulatory objectives,regulatory principles and regulatory values of private equity investment.In order to solve the problem that no one is in charge and cross control in practice,it is necessary to clarify the correspondence and matching of the supervision subject and its supervision function of private equity fund.To be specific,firstly,the regulatory concept of protecting private equity investors is locked from three aspects:regulatory principles,regulatory objectives and regulatory values.Secondly,the current functional positioning of China's regulation,the emphasizing of corresponding powers and responsibilities and attaching importance to regulatory accountability is through sorting out the regulatory functions of regulatory administrative organs and self-regulatory organizations,and then put forward the suggestions of overall optimization and path realization for the power and responsibility adaptation of private placement supervision.Third,To put forward a perfect suggestion of the current legislation is to private equity investment fund access,information disclosure and other aspects of the overall regulatory legislation.
Keywords/Search Tags:private equity investment, qualified investor, Information disclosure, withdrawal mechanism, regulatory system
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