The Study Of Private Equity Fund’s Access Supervision In China

As a very important investment source of capital market, private equity fund has developed greatly in China these years. The scale of private equity fund up to trillions Yuan, and it became an important investment and financing mode in China’s capital market. Private equity fund creates more financial products for the market and meets with investors’ increasingly diversified needs. Meanwhile, opening up more channels for small and medium enterprises to raise money. It’s capital injection will help enhance the competitiveness of the target company and promote the investment market’s healthy development. After the global financial happened in 2008, various countries changed their attitude of access supervision from loose to appropriate regulatory. As the first specialized legislation of private equity investment of our country, The Interim Measures for the Supervision and Administration on Private Investment Funds issued in 2014 after which Securities Industry Association issued a series of discipline rules about registration and internal guidelines of fund managers. As a matter of fact, legislation on private equity fund in China is still at an initial stage, fund managers and investors’ access standards broken by various ways which affect the healthy development of the private equity industry in China. This paper research on the issues previously mentioned with historical analysis and comparative analysis reveals the inner mechanism of supervision of the access of private equity fund and also provide solutions to the existing problems combined with the reality of our country.The paper consists of four parts. The first part clarifies the concepts related to private equity’s access supervision respectively, summarizing the legal characteristics of private equity, and analyze the rationality of access supervision. Part two research on the self-regulatory under the supervision of government of United States, self-regulatory of the United Kingdom, strict government regulatory of Japan from a perspective of comparative law, summarizing the mechanism behind to provide reference for our country’s regulatory system. Part three review the existing dilemma of our access supervision system, summarizing the specific problems. Part four proposed some ideas to improve the supervision of private equity’s access. Clearing the regulatory body and perfecting the rules for investors and fund managers.