The Research Of Development Models Of Privat Placements Securities Investment Funds In China

Private Placements Fund, as one sort of fund operation method, refers to the kind of collective investment system raises funds from some specific investors by means of non-public method. Since1990s, informal Private Placements Fund, represented by the Private Placements securities investment funds, develops quickly. A substantial part of companies first made venture capital transfer to Private Placements securities investment funds.In China, private placements securities investment funds, as an important force of private investment, along with the gradual maturity of China’s securities market, has become increasingly strong, although its legal status has not been fully established, and indeed there are kinds of problems, such as improper investment way and tendency, supervisor improperly, etc.. It plays an irreplaceable role on the capital market as well as the development of the national economy, thus must be regulated and guided. This paper aims to study the development model of private placements securities investment funds, learn experiences abroad and try to find a mode with Chinese characteristics and make a healthy and stable development.This paper studies the development model; from three aspects including organizational mode, profit-distribution system and government regulation. Based on the discussion of the present private placements securities investment funds in China and the mature experience abroad, the paper makes a detailed analysis on the distribution of benefits and organizational pattern through the establishment of economic theoretical model and the use of repeated game theory and raise reasonable suggestions.The first section defines the properties and basic characteristics of private placements securities investment funds, analyses the cause、development model and the comparison of related concepts, firstly illustrates a brief introduction,.The second section introduces the emergence, present situation, existed problems and the causes, and the development goals.The third section analyses the development model of private placements securities investment funds in U.S., Britain, Japan, H.K. from three aspects:the distribution of benefits, organizational mode and government regulation, gives some enlightenment from our experience.The fourth section constructs models of economic theory using the repeated games theory, analyses the mode of interest distribution and organization, and point out the conclusions of the research:a framework of profit-sharing system and an improved limited partnership of organization should be good choice for China’s private placements funds.The fifth part, from the legal position, regulatory system and the external environment, put forward some reasonable proposals on development model selection of the private placements securities investment funds.Part Ⅵ is the conclusion and outlook of the paper.The article’s innovation spot lie in the following areas:1) analyzes organizational mode selection on private placements funds from the perspective of repeated game theory and improves mode of the existing limited partnership theoretically, and further safeguard the interests of investors.2) puts forward reasonable suggestions from the following aspects:improving the legal system, completing monitoring system as well as improving the external environment, and discuss specific aspects in detail.