A Research On Legal Issues Of Regulation To Private Equity Fund In China

Private equity funds (hereinafter"PE Funds") in China started in the 1980s. After all these years, PE Funds have already developed into an important financing method for enterprises, and promoted the prosperity of the market economy. However, in the development of China's PE Funds, there lacked a complete set of relevant laws, there were no related measures, no specific methods for management and implementation, and in real operation, there appeared legal vacuum once and again. To some extent, all these disadvantages become constraints for the development of PE Funds and even the whole market. Compared to the rapid development of the industry, the regulation system of China's PE Funds and its corresponding institutional building lag behind. Therefore, the legal construction—how to build up and gradually optimize the regulatory system of PE Funds by learning from foreign experiences and considering the specific situation of China is, of course, of great significance theoretically and practically.This thesis has the foreign and domestic research results about PE Funds as a basis, and is started by introducing the meaning, the features, and other basic situation of the PE Funds; after a brief study of the development situation of domestic and foreign PE Funds, the necessity of regulating the PE Funds is analyzed. Then, problems existed in the regulation of China's PE Funds are analyzed in particular, and the author brings out some ideas about the legislation of PE Funds'regulation. Finally, a comparative analysis of the regulation systems for PE Funds in U.S., UK and Japan and other developed countries is made. Considering the new trend of PE Funds regulation since the U.S. financial crisis, the thesis raised the basic principles and the market direction for China's PE Funds regulation currently, and proposed a number of specific suggestions for the optimization of China's PE Funds regulation. Some conclusions are drawn from the analysis in this thesis. It is thought that relevant legislation should be carried out as soon as possible from the aspects of market access, investors'qualification, fund managers qualification, information disclosure, etc., and a regulatory system for PE Funds with legal validity in line with China's national conditions and current reality should be established. The ultimate goal is to include the PE Funds in a legal system and to better regulate the operation of PE Funds, so as to protect the interests of investors and maintain the stability of China's capital market, while promoting the development of PE Funds in China.