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A Study On The Private Equity Trust Fund

Posted on:2013-12-17Degree:MasterType:Thesis
Country:ChinaCandidate:Y WangFull Text:PDF
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Private Equity Funds originated in the middle of the20th century, it is a direct capital investment to the high growth potential companies by the way of receive equities, pursuing high capital value and enterprise value grows. To promote the rising industry, especially the development of high-tech industry has un-substitutive functions, help to realize our country solve the predicament of the economic structure transforming and cultivate new economic growth point.At present, China private equity fund industry is in the prosperous development of the period, however the unavoidable is, as private equity fund industry lack of complete legal standard system, supervising actuality chaos, the development of the industry is not standard, exit mechanism of investments depends on IPOs, property right trading mechanism not established ecosystem, unceasingly highlighting contradictions and problems. On the other hand, and severe reality is relatively the law to the progress of the slow progress, the short term is not visible through the legislation to perfect the system of building once to dawn. In the long run, private equity fund industry can’t through the internal wit dispelling the negative factors, can lead to the development of the market mechanism deformity; affect China’s financial system perfect, hard in the face of the fierce international competition. In view of this, the author hope to try through the dialysis private equity funds in this life and the domestic and foreign development present situation and the experience, grope for some help to improve the current situation of a solution method.By analysis, author discovered that the Private Equity Trust Funds based on advanced trust legislation basis and matures trust company industry practice foundation, to face the difficulties of China private equity business can play a positive role, is flexible solution method. First of all, our Trust Law system transplanted from relatively mature developed western countries, trust type private equity funds can rely on in a complete set of the trust law and related legal system and relatively mature trust company industry bases, help protect the legal rights and interests of the parties in private equity legal relationship, and control financial risks. Secondly, the trust of private equity funds because of the particularity of the trust system, compared with the company with limited partnership type of private equity funds have strong ability to liability for the trust property, high safety and raise capital and investment flexible mode of operation, and cost efficiency advantage. And, from the fund raising and operating efficiency perspective, the trust has no other type of both the strengths. In addition, the investors from point of view, the trust in the exit of the convenience of type path on the strength of the supervision, receive and business normative, investors take the tax burden are better than the other options. More important is, with the trust type based on private equity funds of the legislation and industry system perfect minimum cost, and also the most reliable.Based on the above reasons, I thought, private equity trust funds types of business model in the adaptive to solve the difficult problem of private equity industry is facing the most appropriate, the cost of the realization of the minimum cost, is complete the relevant legislation before modification, able to use the existing legal system to solve the problem of one of the path, it is worth in practice to try. Then, the author summarized China private equity trust funds existing problems in practice currently. Author tried to put forward opinions and the suggestions in legislative, administrative and regulatory mechanism supporting system construction and so on.
Keywords/Search Tags:Private Equity Fund, Private Equity Trust Fund, Private EquityFund Limited Partnership, the Withdrawal Mechanism of Investment, Private EquitySupervision System
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