Font Size: a A A

The Law Research On The Regulation Of Issuing Limited Partnership Private Equity Fund

Posted on:2018-11-09Degree:MasterType:Thesis
Country:ChinaCandidate:X Y LiFull Text:PDF
GTID:2346330518478401Subject:legal
Abstract/Summary:PDF Full Text Request
Limited partnership private equity fund refers to the kind of fund established as limited partnership,general partner signing the partnership agreement with a specific agency or people as limited partner.They raise fund in a non-public way,invest in projects which has a profitable return or enterprises which have a bright future and exit through IPO,mergers and acquisitions,or repurchase.This kind of fund has several advantages: no need to pay corporate income taxes;highly autonomy due to its nature of the contract;convenient and easy establishment procedure;less strict demand on information revealing;constraint mechanism which avoid moral risks.For the flexibility and special structure advantage,limited partnership private equity fund soon becomes the most popular fund form.However,compared to the mature fund market of the U.S.A.,our country is more like at an early stage,and we still have plenty of problems considering regulations.As the origination part,regulations on issuing the fund has important effects on protecting investors and the normal running of this industry.Therefore,it's necessary to do more research on the regulations on this kind of private equity fund by learning the experience from abroad.The limited partnership system is a partnership enterprise form,in the distribution phase there are two major issuers,investors and managers,mapped to the partnership,corresponding to limited partners and general partners.In the regulatory system at the stage of issuance,there is the qualification of the subject,the specification of the establishment of the fund,and other legal provisions,among which the author thinks that the appropriate regulatory system for the two major issuers is the most important.Throughout the case of many illegal fund-raising cases,the root of the oversight lies in the identification of the subjectivity of the issuer.Illegal fund raising is often carried out at the beginning,and there is little change in the operation and exit stages.However,there are still many problems of private partnership funds in China,especially on the supervision system of the two major issuers.First of all,the legislation on limited partnership private equity funds is still in a state of blank,especially on the two major issuers of the regulatory system is imperfect.Second,the loopholes in the qualifying investor system make it difficult for the auditors to review,and the systems of qualified investors' penetration audits are in conflict.Finally,the fund managers access and issuance of the filing system is imperfect led to the fund market manager qualification uneven,reverse selection of fund managers information asymmetry problems frequently,damage the interests of investors.In order to improve the issuance of the supervision system of China's limited partnership private equity fund,we should take the following measures: learn from the experience of American supervision and establish a more stringent information disclosure mechanism;unify the legislative caliber,improve the legal rank;improve the qualified investor system,Evaluation institutions,the establishment of investor education mechanism to ensure that investors from the funds to the professional knowledge and participate in the qualification of private equity to match;improve the fund manager constraints mechanism,strict qualification of fund managers to determine the conditions,strengthen the fund manager's legal responsibility,The Self-discipline of Industry Association.
Keywords/Search Tags:Limited partnership, private equity fund, law regulations, issue system
PDF Full Text Request
Related items