Limited Partnership Association Equity Fund Legal And Regulatory Research

As a means of investment and financing, private equity can collect socialidle funds to invest in the real economy, at the same time it is veryconcerned about the growth of the enterprise, and have a strong function ofvalue discovery and promotion. Relying on expert financing and consulting,private equity can provide intellectual support for the company'organization structure, business direction, financial management andimportant strategy. The development of private equity has importantmeaning in the establishment and improvement of the multi-level capitalmarkets, technological innovation and upgrading the industry structure ofChina.The limited partnership is one of the organization forms of private equity,which currently hold a dominant position in the private equity market.80percent of U.S. private equity fund adopt limited partnership form.Partnership Enterprise Law, amended in2007, set a special chapter aboutlimited partnership to provide a legal basis for limited partnership privateequity, which greatly promoted the development of it.However, the Partnership Enterprise Law only provide legal premise forthe development of limited partnership private equity, and did not meettheir system requirements. Because of the externalities and informationasymmetry of limited partnership private equity, we need to takeappropriate legal regulation on it, in order to protect investors' interests andguard against systemic risk. This paper, with the perspective of legalregulation of limited partnership private equity, mainly analyze theconstruction of legal regulation of China's limited partnership privateequity, in terms of regulation objectives, principles and main elements.This article is divided into a total of four parts. The first part introduces thebasic concepts and characteristics of the limited partnership private equityand the theoretical basis of its legal regulation from the perspective of economics and law. The second part reviews the course of developmentand legislation overview of limited partnership private equity in China, andanalyzes the lack of current legal regulation system from the perspective ofpractical needs. The third part mainly analyzes the legal regulation of themost-developed market of the U.S., in order to seek common points whilereserving differences and take example of the U.S. market. The fourth partis the focus of the full text, which propose the conceive of the legalregulation on the basis of the three parts above, including regulationobjectives, regulation principles and key elements.