| China’s venture capital fund has developed in a relatively short period of time compared to developed countries such as European countries and the United States,but at the end of 2019,China has become the world’s largest countries in terms of the capacity of venture capital fund,and its booming development has been accompanied by a lot of chaos.Instead of adopting specific regulatory rules on venture capital fund,China has adopted legal documents governing private equity investment fund and private securities investment fund to conduct homogeneous supervision on venture capital fund.At home and abroad,the supervision of private equity fund is generally strengthened,and various detailed and strict supervisory regulations have been issued.Against the background of strict and tight financial regulation,Europe and US,however,have granted exemptions to venture capital fund in several acts,which impose differentiated regulation on venture capital fund and other private equity fund.The EU even issued the "The European Venture Capital Fund Regulation" in the field of supervision of venture capital fund.Since venture capital fund has the characteristics of low financial risks,great help to the scientific and innovative economy and low life-expectancy of investment objects,in order to avoid the strict regulatory directives of private equity investment fund and private securities investment fund from excessively restricting the development of venture capital fund,China can Learn from the regulatory legislation of European and American countries to insist differentiated supervisory spirit on venture capital fund.Furthermore,there are still existing the following chaos in the field of the supervision of venture capital fund: supervisory regulations are low-level and supervisory object is ambiguous;the subject of prior supervision focuses on fund investors,and the subject of supervision is not comprehensive;multiple supervisory authorities and insufficient coordination leads to supervisory arbitrage and supervision blind-spots;the autonomous function of the venture capital association failures to play;the incentive mechanism of supervision is incomplete.Regarding the above supervision issues,the supervisory authority should implement corresponding measures to improve them.However,it cannot be ignored that venture capital fund plays an important role in supporting small and medium-sized innovative enterprises,and venture capital fund is a panacea to cultivate and accelerate the development of innovative enterprises.Therefore,while monitoring venture capital funds,China should also improve the corresponding incentive mechanism to guide them develop orderly.This paper consists of four chapters in total,as follows.The first chapter presents the differences between the meanings and characteristics of venture capital fund and other private fund by showing chart,then discusses the dialectical relationship between venture capital fund and private fund,and summarizes the history of venture capital fund’s development.In addition,this paper analyzes the problems arising from the operation of venture capital fund,and accordingly points out the important role of supervision system for venture capital fund.The second chapter is that China has already introduced a preliminary supervision system for the problems showing in the operation of venture capital fund,and then this paper discusses the supervision dilemmas faced by venture capital fund from three levels: regulatory orientation,problems encountered in supervision process and post-supervision links.The third chapter is about the supervisory experiences and incentive mechanism of European and American countries.In this section,it firstly introduces the US venture capital fund’s supervision exemption and its changes,and then illustrates the separate law of European venture capital fund and the formation of an integrated venture capital market.Secondly,the author also notes that the European and American countries have granted various tax incentives for venture capital fund and adopted government financial supporting measures to encourage the development of venture capital fund.The fourth chapter is about suggestions on solving the supervision dilemmas of venture capital fund.It is divided into three sections and corresponds to them in content.The first section calls on the supervisory authority to insist appropriate supervisory principles and implement differentiated supervision for venture capital fund and private equity fund.In the second section,in response to the problems in the supervision process,it is proposed that the supervisory authority: produce the "Venture Investment Fund Regulatio";While expanding the scope of supervision,focus on the key subject;select the appropriate supervision model;mobilize self-regulation function of venture capital industry associations.In the end,the third section hopes that while implementing appropriate supervision of venture capital fund,it is also necessary to improve the investor protection mechanism and financial support policies,so as to made the supervision system of Chinese venture capital fund better. |
