Legal Analysis Of Limited Partnership Venture Capital Fund

Venture capital fund,an investment way born in a relatively mature market economy, plays very important role in supporting the innovators to open their business,accelerating the productions of the science into the productive forces and promoting the industrialization of the high-tech.The form of venture capital is a very important part of the venture capital system;it is the premises that the system can work efficiently and effectively.The forms of venture capital can divide into the contract venture capital fund,the company venture capital fund and the limited partnership venture capital fund.The emphasis of this dissertation is the limited partnership venture capital.The topic of this dissertation stays with the pulse of the development of the risk investment industry in China,The research object of this dissertation is the limited partnership venture capital,which is relatively new in the venture capital market in China.The first part is the foundation of the dissertation.This part mainly discusses the relative definitions,the three forms of the venture capital funds and the differences among the forms. Firstly,the relative definitions like the fund,the investment fund and the risk investment fund are defined to reveal their meanings and properties and to foreshadow the following discussion.Based on these definitions,I explain the three forms of the venture capital funds and research on each form basing on the factors that have influences on the forms of venture capital funds.In the second part,I analyze the legal framework and the functions of the limited partnership venture capital funds with the example of the US.First of all,basic theory about the limited partnership,including the definition and the history of its evolution is introduced. After that,I take the US as an example and introduce the legal framework of the limited partnership venture capital fund and the reasons why this kind of fund is growing at a rapid speed.I discuss the value of the limited partnership form to the risk investment funds system, namely a framework with mixed liabilities,flexibility of the limited partnership agreement, providing a convenient exit for the venture capital and so on.Based on this,I carry out further discussion on the value of limited partnership to the venture capital funds considering other aspects like low running cost,effective controls on moral risk and flexible inspiration system.Part 3 analyzes the developing course and the status in quo of the limited partnership venture capital funds in China.The keystone of the dissertation is Part 4.In this part,I research on the problems raised from the legislation of the limited partnership venture capital funds and the practice situation. The regulations on the limited partnership are relatively rough in the "Partnership Law".The regulations on the staff member of the limited partnership enterprises,the financial contribution system,the rights and obligations of the limited partners are lack of operability. Thus,this dissertation proposes to promulgate "Limited Partnership Enforcement Regulation" to resolve the legislation problems.The fifth part of the dissertation proposes the suggestions on the perfection of supporting legal system of the limited partnership venture capital funds and the solutions to the problems in the relative legal environment in China.Besides its own legislation,the developments of the limited partnership venture capital funds require the perfection of relative legal environment like the taxes,the source and withdraw of the limited partnership venture capital funds,etc.This dissertation uses the theories in comparative jurisprudence,hermeneutic jurisprudence,sociology of law and law and the economics to carry out a survey on the issues in the legislation and the practice of the limited partnership venture capital funds with a research way constituting both normative study and comparative study.