Research On Private Equity Fund Industry In China

Private equity fund industry is a special part in the financial industry,special is mainly reflected in two aspects,the first is compared with other financial institutions,a large number of social impact is deep and wide;second is that most companies in the private equity industry in small scale,more focused on investment and poor operation.These characteristics lead to greater reliance on private equity fund management agencies for third party agencies.since 2014 promulgated the "Interim Measures" supervision and management of private equity funds,China began to implement real levels of regulation of private fund industry,relevant laws and regulations promulgated not only involves the content of private equity fund management institutions,there are also many terms involving the third party private equity fund industry service organization.This directly led to the law firms,accounting firms,securities companies,banks,information systems outsourcing companies and other third party service providers play an important role in the regulation of the private sector.Under this background,this thesis launches the research from the following aspects: firstly,based on the related literature at home and abroad,the theoretical knowledge of financial supervision and the summary of the existing evolutionary game theory;secondly,contact the actual situation of private industry supervision put forward based private equity industry supervision evolutionary game model;third,in a series of comparison realistic assumptions,the evolutionary game model of regulatory authorities to establish private equity,private equity fund managers and private sector services group third groups,to obtain the local equilibrium point;fourth,further analysis of stability of the local equilibrium point,then draws the conclusion: the game results of private sector supervision,supervision departments and the private sector the efficiency of private industry,third party service organizations and the private equity fund management institutions to excess returns And they are closely related to the penalty coefficient.This paper has two innovations: first,according to the characteristics of the private equity industry,the private sector third party service mechanism into the analysis of industry supervision efficiency,makes the analysis more close to reality;second,the three party for the first time to use evolutionary game model to study the private equity fund industry regulatory problems.