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The Study On Relevant Legal Issue Of Cultural Industry Venture Capital Fund

Posted on:2015-08-11Degree:MasterType:Thesis
Country:ChinaCandidate:L ChenFull Text:PDF
GTID:2296330467960484Subject:Scientific Socialism and the international communist movement
Abstract/Summary:PDF Full Text Request
Since the cultural industry is elevated to be a strategically crucial industry in economy by central government, it become a key issue how the cultural industry could be integrated closely with the financing sector, which would alleviate the plight of financial destitution of the cultural industry and tremendously facilitate its sustainable and stable development. in this regard, the cultural industry venture capital fund, sharing the generality of private equity fund and mainly focusing on the equity investment of non-listed cultural company, would inevitably become a indispensable intermediary financial institution that possibly integrate the cultural industry to the capital market. This paper focus on related legal issue of cultural industry investment capital fund arising from its process of marketization and mainly shed the light on how to cultivate the legal system that can facilitate the process of marketization of cultural investment capital fund. The author hope that this paper,through its substantial study and analysis,can contribute to the the improvement of legal system that can facilitate the process of marketization of cultural industry investment capital fundThis paper can be divided into six part, the first part reveals the purpose of the topic set by the paper is, by carrying out the comprehensive study in the construction and perfection of legal system that can facilitate the process of marketization of cultural industry investment fund, to analyze the the existing problems that hinder the market-orientated activities conducted by cultural industry investment fund and finally offer insight into how the legal system should be built and perfected to solve out these problems and facilitate the process of marketization of cultural industry investment fund. The author hope this paper would be conducive to the process of marketization and legalizaiton of cultural industry investment investment fund and contribute to the flourish of cultural industry in China.The second part, revolving around the construction and perfection of legal system regulating the operation of capital market in which the cultural industry investment fund conduct the market-orientated operation, the paper analyze the the fundamental function of capital market and the relationship between the cultural industry investment fund and capital market, on this basis, point out that the marketization of cultural industry investment fund hinge upon the full utilization of the fundamental function of capital market in which the cultural industry investment fund conduct its investment activities. The paper then elucidate the significance of building the legal of system of multi-level capital market which is crucial to enhance the function of capital market and facilitate the market-orientated operation of cultural industry investment fund. Finally, the paper offer the insight into how the legal system of multi-level capital market can be further perfected, that is to expedite the process of reform the transaction system in National Equities Exchange and Quotations(NEEQ) as well as press ahead with reform on verification system of stock public offering characterized by the construction of registration system of stock public offeringThe third part deal with the construction of legal system regulating the start-ups of cultural industry investment fund., at the beginning of this part, the paper give a brief introduction about the administrative examination and approval system as well as archival filing management system governing the start-ups of cultural industry investment fund, then, the paper discuss the shortcoming of the examination and approval system which impose the stringent administrative control over the start-up of cultural industry investment fund. On this basis, the paper offer the insight into the construction of legal system that regulate the start-up activities of cultural industry investment fund without irrational administrative control, that is to incorporate the start-up activities of cultural industry investment fund into the regulating system of the Law on Securities Investment Fund and let cultural industry investment fund subject to the supervision and regulation of it, in this regard, to ensure cultural industry investment fund become true market entities and conduct market-orientated operation. The fourth part elaborate on the improvement of legal system that regulate the cultural industry investment structure’s governance structure which is the essence of modern enterprise system. At the beginning of this part, the paper give a brief introduction about the legal provision that regulate the building of governance structure of cultural industry investment fund, then the paper analyze the problem arising from the the building of governance structure of cultural industry investment fund in practice, thiat is the imbalance of the power between the majority shareholder and minority shareholder in the governance structure of cultural industry investment fund started in the form of corporation as well as the imbalance between the rights and duties among the different type of partners in the governance structure of cultural industry investment fund started in the form of limited partnership. On this basis, the paper offer insight into how the existing governance structure should be transformed to solve out the problem, that is to form a AB dual equity structure in corporate cultural industry investment fund as well as a balancing governance structure of limited partnership characterized by the balance between rights and duties among the different type of partners in cultural industry investment fund. In this regard, the market-orientated performance of cultural industry investment fund can be guaranteed by the establishment of modern enterprise system.The fifth part mainly deal with the construction of legal system concerning the facilitation of equity investment conducted by cultural industry investment fund. At the beginning of this part, the paper give a brief introduction about the legal provision that is involved in the process of equity investment conducted by cultural industry investment fund, then the paper analyze the problem arising from equity investment activities conducted by cultural industry investment fund, that is the limitation on the cultural industry investment set by government; the possible impact resulting from the administrative regulation and supervision over the cultural industry; the lack of tax incentive policy giving a boost to cultural industry investment fund; the absence of legal system regulating the intermediary service provided by related agency for the purpose of assisting the cultural industry investment fund in the process of equity investment. On this basis, the paper offer the insight into how the legal system should be constructed and perfected for the sake of boosting the equity investment conducted by cultural industry investment fund, that is to build up a legal system that introduce a scientific way of regulation governing the process of production and dissemination of cultural industry; to provide more tax incentive that would boost the equity investment activities conducted by cultural industry investment fund; to construct a legal system that foster the development of intermediary agency which provide intermediary services for cultural industry investment fund, all of which can motivate the initiative of cultural industry investment fund and further facilitate its market-orientated operation.The sixth part mainly deal with the construction of legal system that is needed in the implementation of market-orientated investment exit strategy by cultural industry investment fund. At the beginning, the paper give a brief introduction about legal provision that is involved in the implementation of investment exit strategy by cultural industry investment fund, then the paper analyze the problem that exist in current legal system adversely impacting upon investment exit of cultural industry investment fund, that is the administrative verification system for stock public offering as well as agreement transaction system applied in NEEQ which restrict the full playing of fundamental function of capital market. The absence of legal system that provide the stipulation as to how to carry out the board transferring in the capital market make it difficult for different board in the capital market to integrate with each other, all of which adversely affect the implementation of market-orientated and multi-channel investment exit strategy by cultural industry investment fund. On this basis, the paper finally, offer the advice on how to improve the legal system that adversely affect the investment exit of cultural industry investment fund recently, that is to press ahead with the reform on verification system for stock public offering characterized by the construction of market-orientated registration system for stock public offering; to improve transaction system applied in NEEQ, information disclosure system for listed company in NEEQ as well as the qualified investor system for the investors in NEEQ; to improve a board transferring system in capital market, all of which would facilitate the implementation of market-orientated and multi-channel investment exit strategy by cultural industry investment fund as well as contribute to its process of marketization.
Keywords/Search Tags:cultural industry venture capital fund, market-orientated operation, construction of legalsystem
PDF Full Text Request
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