Constructing The Legal System Of Angel Investment In China

Angel investment originates from America. It takes place in mainland China from1990s. Now a number of excellent angels and angel investments associations have appeared. Angel investment is the best way of SEMs’s finance. It also helps the transform of scientific and technological achievements. Moreover, it can guild the investment in private capital market and play a significant role for constructing multi-level of capital market. However, the research of legal system of angel investment has not been focused yet. This thesis talks about the theory of angel investment and the current situation of capital market in China in order to construct the legal system of angel investment in China.Chapter one is about the theory of angel investment. The concept and feature, operate programme of angel investment, and the characteristics of angel are introduced. The legal characteristics of angel investment are discussed as well.Chapter two talked about the current situation of angel investment in China. What is more, through analyzing the difficult of SEMs’s financing and the chaos in the capital market in China, this part explained angel investment plays important role to improving SEMs’s financing, guiding the private investment correctly, and establishing multi-ieval capital market.At last, the problems of angel investment legal system are analyzed in this part. In chapter three, the measures of perfecting the legal system of angel invest are designed., such as completing the access system of the angels, perfecting the project selection of angel investment, building the legal System of angel investment,and perfecting the exit mechanism of angel invest. This paper took all the current situations in consideration, put forward that China should develop angel invest associations and angel invest funds in order to perfect the angels access system, and for searching valuable projects, the importance of government guide funds should be taken seriously. What is more, the agency share transfer system and proper-rights exchange system should be established for exit mechanism of angel investments.As the research about angel investment still absent, the information and materials about this field are limited. These all make the paper writing difficult. However, angel investment means a lot to Chinese capital market. The research should be conducted. This paper intends to attract the experts’ attention for angel investment, and hope there will be more research about legal system of angel investment.