| Venture Capital, or VC, has attracted more and more attention in China's capital market. The organization form of VC imposes significant influence on the management and operation of the VC, thus affecting the profit of the VC investors. Currently, China's VC generally adopts 3 types of form: trust, corporation and limited partnership. This thesis, from the legal perspective and combined with the characteristics of VC, analyses 3 types of VC based on the national situation and the existing laws and regulations of China and puts forward the suggestion to the establishment of VC.The thesis consists of five chapters.The first chapter is the summary of VC, covering the definitions of VC adopted by different countries and regions, the distinction of the relevant confusing concepts concerning VC, the main characteristics of VC, the history and status quo of VC and different types of VC at home and abroad.The second chapter mainly introduces the legislation with respect to VC in China, which covers three regulations.The third chapter mainly introduces 3 types of organization forms generally adopted by VC, namely, trust, corporation and limited partnership. It begins with the brief introduction to the definitions and characters of 3 kinds of organization form and ends with how the organization forms are combined with VC. This chapter focuses on the advantages and disadvantages of 3 types of organization forms, specifying the influence of organization form adopted by VC on the management and operation of VC, including the risk management, limited liability, performance and investment yields. In the end, the author summarizes the impact of 3 kinds of organization form on the VC in terms of operation cost, agent cost and incentive systems.The last chapter wraps up the thesis with the conclusion and suggestion to the selection of organization forms of VC, including the suggestions to the legislation perfection in our country so as to facilitate the development of VC in China. |
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