中国私募法律制度研究

发布时间：2018-05-04 18:34

本文选题：私募 + 特定对象　；参考：《吉林大学》2011年硕士论文

【摘要】：私募作为资本市场中的一种重要的融资渠道,随着我国经济的迅速发展,在我国已经得到了一定的发展。然而,证券私募制度的相关规定在我国仍然没有形成完整健全的法律体系,为了我国证券市场的有序健康发展,我国有必要为私募制定一种规范、系统的运作制度和规则,使投资者保护与促进融资便利达到平衡。本文试图通过对美国私募发行制度进行梳理,在借鉴美国立法经验的基础之上,结合我国实际,提出构建我国的证券私募发行法律制度的设想。本文拟从以下四个方面进行探讨。第一部分,证券私募制度的基本理论。首先界定了证券私募发行的概念,并对证券私募发行与相关概念如非公开发行、非法集资、私募股权基金等进行了区分,然后从私募的起源和优势入手,分析私募的意义。第二部分,美国私募法律制度简介。美国的证券市场发展较早,经过长期的发展,美国已成为一个证券市场高度发达的国家。高度发达的证券市场意味着拥有相当完备的证券法律制度；同时,也正是因为拥有比较完备的证券法律制度,美国的证券市场才能够迅速发展。证券私募发行制度可以说是是美国证券中最为重要的一项制度。现今的美国证券私募发行法律制度相当完备,由国会立法、SEC立法、联邦高等法院判例及各州立法有机组成。为此,笔者从美国私募发行的界定标准、美国私募对发行对象的界定、美国私募发行的信息披露制度及美国私募发行的转售限制制度四个方面,结合美国1933年《证券法》第4(2)条、1982年颁布的RegulationD、1974年颁布的Rule 144和1990年颁布的Rule 144A,对美国证券私募制度进行解读。第三部分,我国私募证券制度现状考察。随着我国经济的迅猛发展,融资需求日益增大,我国部分行业中开始逐渐出现了对真正意义上的私募制度的初步探索。本部分笔者首先通过我国对资本市场上存在的诸多类私募现象出台的相关法律规范进行列举分析。笔者发现我国证券私募法律制度中具有普遍效力的《证券法》、《公司法》规定不足,使私募制度缺少有力有据的规范,而各个金融部门又各自为战,很难协调统一。第四部分,关于完善我国证券私募制度的思考。在构建我国私募制度时,我们借鉴的美国经验,要侧重于立法理念的学习和理解。本部分笔者首先确立了构建我国证券私募制度的两个基本原则,即兼顾效率与公平原则及借鉴国外立法经验与我国实际相结合的原则。笔者在坚持上述两个原则的基础之上,借鉴美国私募制度的相关设计提出对完善我国私募制度的构想。笔者认为,在建立健全我国私募制度的法律体系时,要以我国《公司法》和《证券法》的规定为根本指导,这样的法律规定不会因经济和证券市场的发展而轻易改变；同时,规定私募具体操作规则的规章可因社会经济和证券市场的发展而及时改变,用以保证证券私募法律制度的不断完善和发展。
[Abstract]:As an important financing channel in the capital market, private placement has been developed in our country with the rapid development of our country's economy. However, the relevant regulations of the securities private placement system still have not formed a complete and sound legal system in our country. In order to develop the securities market orderly and healthy, it is necessary for our country to be private. Making a standard, system operation system and rules to make the investor protect and promote the balance of financing convenience. This article tries to put forward the idea of constructing the legal system of private placement in China on the basis of the American private placement system and on the basis of the experience of the United States and combining the reality of our country. The next four aspects are discussed.
The first part is the basic theory of the securities private placement system. First, it defines the concept of securities private placement, and makes a distinction between private placement and related concepts such as non public issue, illegal fund-raising, private equity fund and so on. Then it analyzes the significance of private placement from the origin and advantages of private placement.
The second part, the introduction of the United States private legal system. The American securities market has developed early, after a long period of development, the United States has become a highly developed country in the securities market. The highly developed securities market means a fairly complete securities legal system; at the same time, it is because of the relatively complete securities legal system, the United States The securities market of the country can develop rapidly. The system of securities private placement can be said to be the most important system in American securities. The current legal system of private placement of securities in the United States is quite complete, which consists of Congress legislation, SEC legislation, the judicial precedents of the Federal High Court and the legislations of all States. The standard is the definition of the private placement in the United States, the information disclosure system of private placement in the United States and the four aspects of the resale restriction system in the United States, combined with the 1933 Securities Law of the United States, the fourth (2), the RegulationD issued in 1982, the Rule 144 and the Rule issued in 1990 in 1974, to the United States securities private placement system. Read.
The third part, the current situation of private securities system in China. With the rapid development of China's economy and the increasing demand for financing, the initial exploration of the real sense of private equity system has gradually emerged in some sectors of our country. The author first introduced the relevant laws of many types of private equity in the capital market in our country. The law norms are enumerated and analyzed. The author finds that the legal system of securities private equity in our country has the common effect of "Securities Law >", "the company law" is insufficient to make the private system lack the standard of strong evidence, and the various financial departments are fighting each other, it is difficult to coordinate and harmonize.
The fourth part, thinking about perfecting the system of securities private placement in our country. In the construction of the private placement system in China, the American experience we use for reference should focus on the learning and understanding of the legislative idea. The author first established the two basic principles of establishing the system of securities private equity in our country, that is, the principle of efficiency and fairness and the reference of foreign legislation. On the basis of adhering to the above two principles, the author puts forward the idea of perfecting the private placement system in our country on the basis of the above two principles and the relevant design of the private placement system in the United States. The author believes that, when establishing and perfecting the legal system of private equity system in our country, we should guide the basic guidance of the provisions of the "public judicature" and the securities law in China. The regulations of the law will not be easily changed because of the development of the economy and the securities market. At the same time, the regulations on the specific rules of private placement can be changed in time because of the development of the social economy and the securities market, so as to ensure the continuous improvement and development of the legal system of securities private placement.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

【引证文献】