Legal Research On Private Equity Funds To Exit

In recent years, with the great development of China’s capital market, more and more private capital is used in the economy operation, which is related to the the capital market of our country authorities. At the national policy level, there are often some positive news to capital market development. PE in China has been an important part of the capital market.But the laws of the PE is relatively out of the reality. The operation process of PE is raise—establish—exit.Therefore,the exit is especially important part of the PE.This paper will analyse the legal problems of the exit of the PE.The first chapter mainly introduces the Concept of the PE and the mechanism. Four ways of exit of PE is: IPO Exit exit, Mrgers and Aquisitions, Sock repurchase exit and liquidation. There are three forms of organization, which include the company system, trust system and limited partnership system. The exit ways choices of the PE has made a theory upholstery for the following several charpters.The second chapter introduces the current situation of the PE and the legal problems, the development speed and scale of PE in recent years. There are also the impacts of the latest national policies and laws. Then the paper introduces the barriers to the exits of PE.The third chapter studies the legal system of PE in the United States and Germany. Through the compares between the US and Germany PE laws,we can find out some useful ideas to Chinese PE laws. United States has very powerful and perfect laws to make the PE exit conveniently. Germany is a typical country which belongs civil law system so that our country can study easily.The fourth chapter puts forward the Countermeasures for the development of PE. For example constructing multi- level capital market, changing the securities law and the company law, expending the conditions of IPO, giving some preferential tax to liquidation.