| This dissertation includes introduction,text and conclusion. The text is divided into four parts, each of which has a brief summary. These four parts are closely arranged with a central idea, that is, stockjobbers participate in the venture capital business to get the biggest interest under the circumstance with financial security, and the systems in the article such as the limited partnership system, risk control, the establishment of GEM and so on , are all designed around this idea.The introduction explains the basis and the significance of the study on the laws of the risk investment of the stockjobbers. In the way of defining the risk investment of the stockjobbers, as it directly invest in the unlisted companies through the way of strategic investment, this dissertation clarifies the area of the laws of the risk investment of the stock jobbers applied to. And the general ways of study and the whole structure of the dissertation are also introduced.The first part briefly introduces the definition, character and the process of risk investment, as well as the character and importance of the stockjobbers participating in the risk investment. Secondly, the situations of the Chinese stockjobbers participating in the risk investment, and the evolution of Chinese governmental regulations on it are introduced. From all these introductions, differences between China and other countries on legal regulations towards the stockjobbers participating in the risk investment are clearly demonstrated.The second part points out two prominent legal issues and the countermeasures when stockjobbers start to launch theirs risk invest businesses. The first issue is the shortage of legal policy, which is a general problem exsiting in every stage. And the second one is that the Venture enterprise is facing difficulties espeacially limited partnership under the existing legal system of obstacles. By analyzing causes of these two legal issues I propose measures to resolve the above issues. First, it should rely on the supply of laws and policies. Second, by the design of scheme of limited partnership of risk invest enterprise,meanwhile,stockjobbers should broaden the range of business to enable it to be involved in the venture capital business. But under the circumstance of relatively insufficient supply of law, for the time being, stockjobbers can only choose the structure of entire money subsidiary company to participate in the risk venture.The third part raises the legal problems in process of stockjobbers tutoring risk enterprise. The first problem is the high risks which stockjobbers will be confronted with,not only financial risks and management risks,but also the risk of the changes of laws and policies,then further to carry out analysis of causes on these problems. Because stockjobbers' venture capital business is only a new thing in our country, regulatory authotities are lack of overseeing experience and practice.With regard to the problems mentioned above,I am trying to explore solutions. As for the issue of risk control,we can attempt to design risk contracts to standardize enterprise risk management, improve corresponding legal documents of venture investment,and establish an effective and stringent management and so on.Additionally, we can solve the supervising problem on the legislative level.In the last part,I put forward the necessary study of the legal regulation in the process of withdrawal of the risk investment.In their endenvour coming into the market,the stockjobbers play the role of intermediary as the partner and also the risk manager. Therefore they involve in many problems related to some specific regulations. How to successfully get into the market as the partner or risk manager? Do they have the ability to issue stocks? What about the lock arrangement after issuance of the stock? The lock arrangement may bring about financial risks and solutions. The author discusses thoroughly about the construction of the legal regulations related to direct investment. |
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