The Research On The Supervision Of Institutional Investors' Investment In Private Equity Funds In China

The financing link is the premise and foundation of the follow-up investment,management and exit of private equity funds,and the severe fundraising dilemma of the primary market in recent years has become the constraint of the development of private equity funds and the access of small and medium-sized enterprises to finance,although the strict supervision policy of the recent supervision institutions has a certain impact on fund raising,But the root cause lies in the low participation of institutional investors in China's fund-raising structure and the unreasonable fund-raising structure.By investigating the relevant foreign investment legislation to reflect on the regulatory laws of Chinese institutional investors investing in private equity funds,we find that China's regulatory norms have a negative impact on investment by commercial banks,insurance companies,social security funds,and pension funds.There are many problems in the legality,investment ratio,method and scope of institutional investors.We conduct extraterritorial research on the earliest private equity fund development in the United States.Whether it is guiding or restricting investment,the United States has clear investment norms and a sound regulatory legal system,and is compatible with its economic development.China should also conduct legal supervision on institutional investors in light of actual conditions,and eliminate the gray area of investment laws,so that institutional investors can rely on laws when investing.At this stage,we should reshape the regulatory concept,comply with the macro-market orientation and private law autonomy in the field of institutional investment funds,and construct an investment supervision framework from the three aspects of formulating the basic investment law,changing the policy supervision method,and implementing the combination of functional supervision and institutional supervision.In order to improve the proportion of institutional investors ' investment in China and optimize the fundraising structure of private equity funds to clear the institutional obstacles,and promote the value-added preservation of institutional funds and the steady and orderly development of the private equity industry,the final improvement of the capital market operation system,and enhance the efficiency of equity investment.Provide long-term financial support for enterprise development and further solve the problem of enterprise financing.