Legal Construction On The Mechanism Of Exit Of Private Equity Fund

Since private equity fund appeared in china in the 1990s, its scale is growing. Especially recent two years, with the increasing needs of the smes' financing and the Starting of the second board, it has developed rapidly. However, in actual operation of the effects, our private equity fund has played a far less role on the economic growth and industrial restructuring than developed countries. The reason is largely related to the lack of the mechanical exit fund. Therefore, the priority of the private equity fund is to improve laws and set the capital market system and exit mechanism. To research the exit mechanism of private equity fund on the legal aspect has great value not only in the theory but also in the practice.The article falls into five chapters. The first chapter is to introduce the concept and traits of private equity fund. The second chapter is to introduce the concept of the exit mechanism, and make a comparative analysis of the advantages and disadvantages on the four exiting way------IPO, Mergers and acquisitions, stock-repurchase, liquidation. The third chapter is to introduce the private equity fund exit mechanism of America, German, and Taiwan Province. And then the fourth chapter is to introduce the status quo of exit mechanism, and to analyze the obstacles. At last the fifth chapter is to propose my own suggests on this problem.