Research On The Corporate Governance Of Private Placement Of Securities Investment Fund In China

Private placement of securities investment fund is a form of fund directed to qualified investors to raise money in a non-public offering way,and raise funds to invest in two level stock market,such as stock and futures market.With the rapid development of Chinese economy,the domestic private funds industry has made a rapid development,as of the end of 2017,private funds management scale beyond the public fund,reached 11 trillion and 100 billion yuan,become a backbone of wealth management and capital market in China,plays an increasingly important role in Chinese capital market.However,due to the late development of the funds industry in our country,the theory and practice of private fund of corporate governance,including organizational form,governance structure and governance model are far f-rom perfect,The healthy development of our country to protect the interests of-private equity funds and investors are affected seriously.The outbreak of major illegal cases such as Sui Fu investment,Ze Xi assets,Die Cai assets and other private funds has made it urgent to solve the governance problem of privately-offered securities investment funds companies in China.Firstly,this paper introduces the background and significance of studying the governance of private equity investment fund in China,reviews the relevant research on private equity funds at home and abroad,summarizes the existing research results of foreign and foreign scholars on the governance of private fund companies,and lays a theoretical foundation for the research and discussion of this article.Secondly,it analyzes the objectives.Under the situation of the development and governance of private equity fund in our country,this paper puts forward the thesis of the research on the governance of private equity investment fund in China.Then through interviews with private placement institutions in Shanghai,Shenzhen,Hangzhou and Fujian,eight representative private institutions are selected to sum up the investment of private securities in China.The existing problems in the management of the fund company are discussed,and the reasons behind these problems are explored deeply.Then,taking W private fund company as an example,this paper analyzes the problems and causes in the management of the company.Finally,puts forward the corresponding countermeasures,hoping to be help improving the governance of the private equity investment fund company in China.Through the research,the following conclusions can be drawn:First,the internal governance of private placement investment fund companies are still not perfect in China.The problems of the independent director system,the failure of effective supervision of the board of supervisors and the incompletion of the internal control system are outstanding serious.Second,the lack of external supervision of private equity investment funds in China,the serious behavior of the fund holders,the weak supervision of the custodian,the insufficient supervision of the government,and the insignificant effect of the supervision and evaluation of the industry association and the rating agencies are existent.Third,improving the management level of private fund companies in China should be carried out at the same time from the two aspects of internal governance and external governance.Improve the internal governance structure,establish a comprehensive incentive and restraint mechanism for fund managers,improve the external governance environment and supervision system of private fund,and enrich the organizational form of private fund.To improve the financial level of private equity fund companies in China,to ensure the efficient operation of private funds,to protect the interests of investors,and to promote the healthy development of the private fund market in China.