Research On The Governance And Supervision Of Private Equity Funds

Private equity funds are the products of modern financial innovation.After more than 70 years of development process,they have become kinds of new financial intermediaries,apart from commercial bank loans and listing on the stock market.In the context of China's economic transformation and divided operation and regulatory pattern in financial market,actively promoting the development of PE,to a large extent,can solve the difficulty and reduce the cost of SMEs' financing problems,which also has a great significance for promoting the escalation of China's current industry pattern and economic transformation.However,the development history of PE in China is quite short.How to regulate and guide PE's healthy and orderly development,is the question which government and market have to confront.In this regard,it should be recognized that the premise of effective regulation is to fully understand the legal attributes of PE.On this basis,through the analysis of the risks in PE operation,in the field where market regulation cannot operate,government should fully operate its regulatory function,to suit the remedy to the case as well as to save the cost of supervision,to build up an effective regulatory system.In consideration of China's slow progress in the current legislation on PE,it is necessary to associate with other legislative provisions related to PE,to perfect and to revise them so that they can be accompanied by the supervision of PE.The United States is the birthplace and the largest market of PE.Its development,governance and regulatory experiences are worthy of our reference.At the same time,it is also necessary to perfect PE regulatory system in line with China's specific national conditions during the transplant procedure.Based on this context,the main body of this thesis mainly includes five parts.The first part mainly elaborates PE's concept from the view of its characteristics,so as to have a more in-depth understanding of its legal connotation.The second part is the analysis of PE's legal attributes from two dimensions:interior and exterior.And to get the conclusion that PE is trust in the internal relations,while it also has security attribute from the external overall view.This part lay the legal foundation for the subsequent parts.The third part is the elaboration of the internal governance problems of PE.Based on its trust attribute,this thesis emphasizes the trust obligations of the fund managers as trust trustee,and takes limited partnership PE as an entry point to analyze the existing problems in the internal governance of PE and also to put forward the relevant suggestions.The fourth part analyzes the qualified investor system,the manager's information disclosure obligation,the industry self-discipline and the market supervision mechanism,from the perspective of the comparative law of China-US legislation and practice differences.The fifth part introduces the perfection of PE's supervision system with Chinese characteristics and puts forward the relevant suggestions.In short,PE is still in the development stage in China.Based on its trust and securities attributes,it is necessary to give clear guidelines on the orderly development of PE from two dimensions of internal governance and external supervision.