The Treatise On The Form Of Private Equity Foud In China

In the 1980s, With large foreign private equity funds enter in China, the private-equity funds has been developed rapidly. Local private equity funds begin to produce. It is a field of most development prospects and the most attractive. For private equity funds concerned, organization form directly affects the fund's operating efficiency. From the world, private equity fund organization form can be divided into three categories:the partnership type, trust type and company type. Private-equity of every country is different.The condition is concerned with the country's economic, political, social system and so on. How to design a suitable form for China's private equity funds organization form becomes a major issue.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. Private equity fund is defined as "First,it raises funds of the public institution investors or personal funds.Then, these funds are invested in high riskand potentially high-yield project even involved in the invested enterprise management activity. Finally by listing, management buy-out such as equity transfer way realization capital appreciation, Its main features include a high-risk investment, high income, flexible, etc. Next we introduce the organization form of private equity funds.The second chapter analyzes the private equity funds of three kinds of organizational forms. This section first of three kinds of private equity fund exists in the form of legal basis for making a comprehensive analytical, Second investigation foreign private equity funds organization form of legal system, can discover, organization form with the related legal system and economic policy change constantly chance, modification and perfect, Finally, respectively of three kinds of organization form of the advantages and disadvantages are analyzed, the results show that limited partnership system in incentives, credit mechanism, operating costs, tax cost etc. trust and corporations, superior to trust partnership in tissue stability than corporations.The third chapter discusses China private equity fund forms of rational choice. This chapter in analyzes our country to private equity funds organization form after the legal environment, and points out that the company type, trust type and limited partnership type in China to exist, as long as the legal basis for laws, policies and supervision system arrangement to them in private-equity cast work in the market in China, three models are generality, Second through the three legal organization form in China's practice analysis, because Chinese market mechanism imperfect, the three kinds of organizational form in promotion process problems emerged, Finally, based on overseas foreign private equity funds legal organization form of change investigation combination of these domestic practice form, obtains limited partnership with private equity funds is China's private equity fund legal organization form of rational choice conclusion.The fourth chapter analyzes our country to limited partnership private equity funds organization form the dilemma facing the and puts forward some improvement Suggestions. Points out that China limited partnership type the development of private equity funds in the financing channels, tax regulations, bankruptcy system, exit mechanism are legal problems. Social environment problems mainly include the lack of qualified practitioners, effectively intermediaries and good credit environment, etc. The proposed solutions, such as modify the commercial bank law, "insurance law", etc, to relax the financing constraints, personal bankruptcy law, modify come as soon as possible to exit a mechanism of legal provisions and the sound of domestic credit system, training professional personnel.