Our Country Private Solicits The Fund Development Countermeasure Research

Private solicits the fund is the international global sharing currency resources which one kind will flow. It had ten several years history in our country's existence, its scale achieves 800,000,000,000 Yuan many. It had several year history in our country's existence, its scale achieves 800,000,000,000 Yuan many. The thing always one divides into two, private solicits the fund to have many kinds of positive role at the same time, also has not allow to neglect certain shortcomings and the question. In order to cause private to solicit the fund to overcome the shortcoming to step onto the standard, the healthy development track, played a more vital role in the state economy development, this article to private solicits the fund division is four parts has conducted the research, drew the final conclusion in this research work foundation.The first part mainly introduced private solicits the reason which, the function and the characteristic the fund the concept, the content, produce. So-called private solicits the fund (Privately Offered Fund) is refers to through the non-public way, or the institutional investor and so on specific object collects the investment fund which face minority individual the fund sets up. Our country private solicits the fund the content to be possible to divide into approximately private solicits the stockholder's rights fund and private solicits the negotiable securities fund two broad headings. Private solicits the stockholder's rights fund is the investment which manages by the expert in the enterprise stockholder's rights fund, again income which manages in the gain enterprise. Private solicits the negotiable securities fund is one kind by the non-public way investment in the going on the market negotiable securities fund, again in gain negotiable securities market income. Our country private solicits the fund the production is and supplies two aspects by the demand the reasons to facilitate. Private solicits the fund the leading role is supports enterprise financing the demand, the fuel economic growth, increases the national tax revenue, to meet different level investor's many kinds of needs, the promotion negotiable securities service overall quality to enhance, the extension bull market duration and so on, between simultaneously private solicits the fund also to have such as the organization to be situated between with is legitimately illegal, collects, the expert to the minority specific object to manage finances the high risk and high benefit coexisting and so on some characteristics.The second part mainly studied and summarized the developed country and the area private solicits the fund development characteristic and the supervision method. In the world private solicits the fund most developed area in North America and Europe, in 2004 the world private solicited the stockholder's rights to invest most first 4 countries respectively is the US, Britain, Japan and France. International private solicits the stockholder's rights investment to have the following four main features; First, private solicits the stockholder's rights investment to concentrate in the economical scale big country and the area; Second, private solicits the stockholder's rights investment to regard the economical swift growth the country and the area; Third, private solicits the stockholder's rights investment to converge in the consummation degree high multi-level capital market; Fourth, private solicits the stockholder's rights investment to flow to the stock market active country and the area. Because each national(regional) policy and the legal regime differ from, therefore to private solicits the fund the supervision content and the method also has certain difference. The US legal rule private solicits the fund when attracts the customer not to use any communication media to make the advertisement; The investor many to have certain risk bearing capacity, property scale big individual or the institutional investor. Britain is right"private solicits the fund"the supervision principle mainly to manifest in: Has in the qualifications buyer and the dissemination, the advertisement way. Hong Kong in "Unit trust And Reciprocal benefit Fund Rules" stipulated that by private solicits the way to carry on without the approval set capital spending plan, do not publish the advertisement invitation public in Hong Kong to invest. Taiwan area"private solicits the fund"is mainly"the undertaking investment fund", this fund cannot go on the market the circulation. Started from July, 2000, Taiwan area has permitted the contract"private solicited the fund"the existence.The third part mainly analyzed our country private to solicit the question which the fund origin developed and exists. Our country private solicits the stockholder's rights fund the history is starts from the foreign capital intake, its development experiences five stages: The first stage from the early-1980s to the late 80s, mainly concentrated in the coastal special zone enterprise uses the foreign capital. The second stage from the late-1980s to the early-1990s, mainly manifested in the Three Funds Enterprises aspect. The third stage was the mid-1990s, Chinese-invested enterprise overseas going on the market, absorbed and uses the overseas fund. The fourth stage was the network economical time presented"the venture capital"at the beginning of the century. The fifth stage is starts from 2006 one large quantities of international private to solicit the fund until now to emerge China to be engaged in private solicits the stockholder's rights investment activity. Our country private solicited the negotiable securities fund start in 1993, its development experienced four stages roughly.The first stage is the beginning stage: 1993-1995 years, the big customer delivers the fund the negotiable securities company to start to carry on the proxy to entrust the investment. The second stage to form the stage: 1996-1998 years, to be listed will collect the fund extra fund to entrust the main credit corroborative in both urban and rural areas to carry on the investment, the numerous advisory service company becomes private solicits the fund to hold the plate. The third stage for blind development stage: 1999-2000 years, because the investment management company is greatly hot, the massive securities business outstanding person changes job, by reason of the skilled specialized knowledge, the perfect market marketing, has hundred responses to a single call, develops private solicits the fund. The fourth stage for adjustment stage: 2001 to the present, its operation strategy by suffers no loss of capital the service to transform to the centralism investment strategy, the operation technique from with Zhuang Zuogu to the fund impetus and the value discovered that unified the transformation. Our country private solicits the fund existence the subject matter to have the following several items: 1st, has not obtained the legal status; 2nd, brings in foreign capital method existence fraudulent; 3rd, becomes the bank credit capital contrary to pour into stock market's channel; 4th, the inside story transaction phenomenon is serious; 5th, operation stock transaction price; 6th, supervision vacancy; 7th, private solicits the fund supervisor short-term behavior to be serious; 8th, private solicits the fund origin to be complex; 9th, private solicits the stockholder's rights investment organization pattern not to be perfect; 10th, lacks private solicits the stockholder's rights trading market solely, the withdrawal way and so on..The fourth part mainly proposed our country private solicits the fund development countermeasure. Is divided three parts: (one) private solicits the fund the laws and regulations countermeasure. And contains 3 aspects the actual contents: 1st, the formulation and perfect and private solicits the fund related laws and regulations and the policy; 2nd, introduces private solicits the release to approve the exemption system; 3rd, the development specialization private solicits the investment fund. (two) private solicits the fund the supervision countermeasure, contains 3 aspects the actual contents: 1st, determination unified Supervisory department; 2nd, determination concrete supervision content; 3, stop contrary fund; 4th, the strengthened information discloses and the risk raises the revelation; 5th, the formulation benefit assigns the people rule of guidance; 6th, the limit makes the advertisement publicly. (three) private solicits the fund the market and the transaction countermeasure, contains 2 aspects the actual contents: 1st, establishes the multi-level capital transaction market; 2nd, develops private solicits the stockholder's rights and the securities trading.The conclusion aspect mainly contains four aspects the contents: First, an important financial service domain which after private solicits the fund is a national or the local economic system and the capital market structure tends mature, inevitably appears. Second, private solicits the fund is the international global sharing currency resources which one kind will flow. International private solicits the fund distribution to have the following four characteristics: First, concentrates in the economical scale big country and the area; Second, regards the economical swift growth the country and the area; Third, converges in the consummation degree high multi-level capital market; Fourth, flows to the stock market active degree high country and the area. Third, the present our country private solicits the fund existence to lack the legal basis, the sources of fund complex, to bring in foreign capital the method existence fraudulenty and so on some question at the same time, also has the support enterprise financing demand, to increase functions and so on national tax revenue, fuel economic growth. Fourth, regarding private solicits the international currency resources which fund this kind will flow to regard as"the pet"and"the national treasure"for in aspects and so on legal policy which, capital market structure will provide may multiply and grow"the hotbed"carries on as soon as possible gives favored treatment and fosters. Had this kind good"the ecological environment", not only our country native place"private will solicit the fund"not to exterminate or to flow to the overseas, instead also will meet the Chinese parasol tree to direct the phoenix private solicits other countries and the area the fund to draw on settles down, the multiplication will live. Then obtains the Chinese and foreign private to solicit fund confluence altogether Jinan, increases the national tax revenue, the satisfied enterprise financing demand, the fuel economic growth unusual effect.