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China Private Equity Investment Fund Legal Form Of Organization Studies

Posted on:2010-09-16Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhaoFull Text:PDF
GTID:2206360272993716Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
To give full play to the function of private equity fund requires a legal organizing form compatible with its characteristics. This thesis, in the light of legal and financial climate of China, on the basis of the characteristics of private equity fund, in accordance with the theory of legal organizing form and the principles of institutional economics, with positive analysis and comparative analysis as its approach, renders a discussion of a legal organizing form most compatible with the characteristics of private equity fund.This thesis includes three parts, namely introduction, main body of the thesis and conclusion. The introductory part expounds on how the issues of this article has been raised and on the thoughts of reasoning.The main body of the thesis is divided into four parts:The first part defines the concepts of private equity fund and legal organizing form and analyses their correlation. Besides this, a specific explanation is made on the concept and system of legal organizing form. This part lays down the theoretical basis for the following parts to discuss how to make a rational choice among different legal organizing forms.The second part goes through the current situation of legal organizing forms of private equity fund of China. This part, with positive analysis as its approach, through combing and analyzing relevant existing laws, administrative regulations, administrative rules, other normative documents and positive materials, renders a comprehensive analysis of three kinds of private equity fund in the forms of trust, partnership and company in terms of their jurisprudential basis, operating structure, legal basis and practical situation.The third part points out the current dilemma faced by private equity fund of China. In combination of the general theory of legal organizing form and the characteristics of private equity fund, this thesis holds the viewpoint that current situation of legal organizing form of private equity fund is in a dilemma, namely the systematic difficulty of legal organizing form and the difficulty in realizing the function of private equity fund. The forms of trust and company do not fit in with the characteristics of private equity fund, and cannot be made as the appropriate forms for the development of private equity fund.The fourth part is concerned with how to choose rationally among different legal organizing forms. Drawing on overseas experience and the advantages of limited partnership, this thesis points out that limited partnership is the form most compatible with the characteristics of private equity fund. In addition, the thesis puts forwards solutions regarding some theoretical and practical issues faced by private equity fund in the form of limited partnership, such as subject qualification, incentive mechanism and tax.On the basis of the above-mentioned reasoning, the following conclusion has been drawn: compared with company and trust, limited partnership is the form most compatible with the characteristics of private equity fund, and most conducive to the realization of its function. At present, as limited partnership has been statutorily recognized, the next step is to remove the theoretical and practical barriers in the development of limited partnership so as to give full play to its institutional advantage and make it the rational choice of private equity investors.
Keywords/Search Tags:Private equity fund, Trust, Limited partnership, Company
PDF Full Text Request
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