Study On The Legal System Of Withdrawal Mechanism Of Private Equity Funds

Private Equity (private equity) develops from the United States, after half a century of development, private equity funds has become an enormous financial industry, become the stock market, bank credit and public finance financing outside the third-largest market.Private equity investment in China is of significance: first, it is good in helping the Chinese financial restructuring; second, help new industries; third, help to promote the adjustment of industrial structure in China and upgrades. Therefore, how to improve the government's private equity investment funds operating in all sectors of policy guidance and supervision of private equity industry to promote value realization and effective protection of the interests of private equity investors , has a great significance.The operation of private equity capital raising process is mainly divided into three stages. The exit stage has very important value. How to safeguard the realization of the goal to exit stage of the value of private equity industry, realization of the liquidity needs of capital markets and private equity investors, protection of investment interests, have a very important practical significance.This paper proposed the specific measures for the legal barriers, including improving relevant legislation in the field, enacting a private equity fund law specifically, building a multi-level capital market system, improving the quilting system for motherboard in order to make those who do not meet the listing standards of the listed company to exit timely, reducing the listing standards of SME board, giving full play to the role of the GEM, it is recommended that establishing the relevant rules to improve the transaction and supervision system and delisting system should be taken directly to withdraw from the market to prevent the business board to become the market fried shell. Develop properly equity trading market and OTC market. Build local or regional OTC market firstly and then integrate regional market into national capital market. Finally, improve the external environment including establishing relevant regulations and self-regulatory associations, and giving training for professionals.