中国私募基金规制研究
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摘要
私募基金是社会经济发展到一定阶段的必然产物。目前,私募基金在国外发展的非常迅速,尤其是在美国,其私募基金的资产规模和数量每年都以20%的速度增长。随着我国经济的快速发展,个人金融资产规模迅速扩大,我国的私募摹金也有了巨大的发展。根据有关调查资料显示,截止2007年底我国私募基金的资产总额接近17000亿元。但是,目前我国私募基金还没有一个明确的法律地位,由于法律规制的缺失,其运作不规范、不透明,在实践中产生了很多问题,给我国的资本市场带来大量的负面影响。私募基金合法化、市场化是我国资本市场未来发展的必然趋势,可以说私募基金在我国迅猛发展的时代已经来临,如何对私募基金进行有效合理的法律规制就显得尤为迫切和必要。
由于社会经济和资本市场的迅速发展,目前我国已有大量的私募基金存在。我们不能将其完全取缔更不能视而不见,而是需要通过更加深入地研究,引导其合理发展。规制作为一种制度安排,确定了企业参与市场活动的行为边界,对企业行为起着约束和激励作用。从政府的角度看,规制是政府干预经济生活的手段；从企业的角度看,规制构成了企业运行的外部制度环境,是由政府确定的企业参与经济活动的基本博弈规则,通过影响企业的博弈行为和博弈策略影响特定产业的市场结构和经济绩效。由于规制具有显著的制度特征,因此规制必须有一定的稳定性,以便企业能够产生稳定的预期以进行理性的投资和经营活动。由于市场机制不完善及存在市场失灵,如自然垄断、外部性等,因此政府应对企业活动进行规制,在确保资源配置效率情况下保证其他经济主体和公共利益不受损害。然而,因为我国对私募基金的规制一直处于空白状态,私募基金监管无法可依,导致了政府无法对私募基金进行必要的监管,带来的后果是私募基金市场良莠不齐,基金规模偏小,有的私募基金甚至暗地里面向中小投资者作大量的扩大宣传和不良劝诱,这给我国的社会和经济生活埋下了巨大的隐患。因此,从理论上深入研究我国私募基金的规制问题,探讨适合我国私募基金发展的组织形式具有重要的理论与实践意义。
私募基金是指不经严格的注册核准程序、通过非公开募集的方式,向有特定人数限定的机构投资者和有实力的个人投资者,募集资金(基金份额)并由投资者共享收益、风险共担而设立的投资基金。根据私募基金组织形式的不同,私募基金可以分为契约型私募基金、公司型私募基金和有限合伙型私募基金；根据投资方向的不同,私募基金可以分为私募产业投资基金、私募股权投资基金和私募证券投资基金。我们通常所理解的私募基金大多是指私募证券投资基金,这也是本文的主要研究对象。
研究认为,私募基金仅是相对于公募基金而言的概念,其法律关系实质上仍是一种信托法律关系。我国私募基金的存在弥补了我国目前合法存在的公募证券投资基金的种种不足,是我国资本市场发展到一定阶段的必然产物,因而对我国的私募基金不能一律禁止,资本市场应遵循市场规律,尊重市场需求,压抑或遏制市场的自发需求和金融创新只能使市场产生越来越多的地下活动或违规违法现象。但是,也不能对金融产品创新放任自流,为了更好的发展私募基金就必须规范私募基金,堵疏并举。
我国私募基金的规制是对其合法性的追认,是对市场选择的尊重,规制的目的正是要充分发挥它的积极作用,限制其消极影响,这将有利于资本市场稳定发展,促进资本市场制度的不断成熟和完善。应尽快建立既符合我国国情、又符合国际惯例的私募基金规制制度,具体来说,政府通过在法律上划分私募与公募的界限,建立适当的市场准入监管机制,确定统一的监管部门建立相应的规制制度和政策体系；采取有限合伙制组织形式；规范私募基金的运作方式,加紧制定和完善与私募基金有关的法律、法规和政策,使其有一个明确和恰如其分的法律身份,再配之以严格的规制环境和监督制约,这样既可以顺应市场发展的大趋势减少交易成本,又有利于私募基金的规范运作。
私募基金已经成为资本市场中最重要的机构投资者之一,对资本市场的发展发挥着越来越重要的作用。不断发生的私募基金黑幕等事件,使理论界和实业界都对私募基金如何规制进行了深入反思。现有对私募基金规制的研究绝大多数着眼于私募基金治理结构、具体的治理机制等方面。本文从理论上系统地分析了私募基金的经济法律性质,探讨了私募基金规制的理论基础。总体上看,本文对私募基金规制的理论基础和必要性,组织形式的规制选择及运行方式的规制进行了一些探索性的思考。
本文除导论外共分六章,结构安排与主要内容如下：
导论阐述了本文的选题背景、研究对象、研究方法、研究思路,概括了各章的主要内容和基本观点。
第一章首先针对国内学者对私募基金的概念众说纷纭的情况,通过参考国外对私募基金的界定方法,并结合我国的实际发展情况,对私募基金做一个比较明确的界定。根据私募基金募集方式、募集对象的不同而作出公募基金和私募基金的分类,从而将本文所讨论的私募基金定位在私募证券投资基金,并以公募证券投资基金作为比较对象,分析了私募基金的比较优势。在此基础上,就私募基金和我国市场上存在的与其相关的概念如“代客理财”、“非法集资”的区别作了一些分析和比较,认为私募基金是一种特殊的信托法律关系。通过分析与私募基金规制相关的基础理论,运用委托代理理论分析信息不对称条件下,私募基金所面临的道德风险及存在的委托代理利益冲突问题,并对私募基金规制的必要性进行具体分析。
第二章通过对国外私募基金不同模式的规制实践进行比较考察,借鉴国外的实践经验,分析其对我国目.前私募基金进行规制的启示。
第三章在对我国私募基金的产生原因、发展阶段与特点、表现形式、存在的合理性和作用进行考察的基础上,揭示了在我国目前《证券投资基金法》等相关法律没有就私募基金做出明确规定的情况下,私募基金不规范发展所存在的主要问题及法律风险,并对我国私募基金规制目前已有制度进行了客观的评价。
第四章通过引入国家需要干预与适度干预理论,对我国私募基金规制贯彻适度干预原则的困难及路径选择进行思考,指出了我国私募基金规制的现实意义,提出了我国私募基金规制的指导思想和基本原则。
第五章在对不同组织形式的私募基金当事人之间法律关系和对私募基金组织形式进行有限合伙制度设置的优越性展开分析的基础上,提出了我国私募基金规制采用有限合伙组织形式的选择建议。
第六章从私募基金市场准入、募集方式、监管、信息披露制度、利益分配的规制等方面探讨我国私募基金运行方式规制的具体对策。
本文在借鉴、吸收国内外已有研究成果的基础上,通过分析我国目前私募基金的规制状况,比较国外私募基金的成功经验,从组织形式的选择,利益主体的市场准入条件、资金募集方式、投资收益分配等方面对私募基金组织形式和运行方式规制的可行性进行了探索性研究：
第一,私募基金是我国资本市场中既普遍又重要的一种投资资金,它的出现相对较晚,是资本市场发展到一定程度才有的。我国对私募基金组织形式制度的理论研究还处于起步阶段,研究的内容缺乏系统性,并且很不深入,对私募基金规制问题还众说纷纭,没有统一的意见。本文对我国私募基金规制中的理论和现实问题进行较为系统的深入研究,力图对我国私募基金的发展模式提出自己的见解。
第二,针对目前私募基金在我国发展的现状,本文从委托代理理论的角度系统分析了私募基金规制的必要性和有限合伙型私募基金组织形式的制度优势及规制中所要解决的问题,而国内的相关文献对此只是泛泛而谈。
第三,运用对比分析的方法,以国家适度干预的理论为基础,系统研究了我国私募基金应如何规制和组织形式的优化选择问题。
拘囿于本人的理论素养、知识水平以及工作阅历,本文尚存在着诸多的缺陷与不足,主要有以下两个方面：
第一,对私募基金的经济学分析还比较薄弱,在广度和深度上都有待于进一步加强。
第二,由于我国私募基金尚未取得合法地位,数据收集非常困难。因此,限制了现代经济学分析工具尤其是计量研究方法的使用,文中一些观点的正确性还有待实证的检验。
Private placement fund or hedge fund called in the U.S. is the inevitable result of the development of society and economy. Currently hedge fund industry jas been developed rapidly in foreign countries especially in the U.S. As the fast growing of China's economy and rapid expansion of the size of individual's asset, the private placement fund in China has also developed a lot. According to related survey indicated, the private placement fund'asset under management reached 1.7 trillion RMB in China by the end of 2007. However, even at present, private placement fund in China does not have a clear legal status. Due to the lack of legal regulations, the operation of private placement fund is not standardized and transparent, resulting many problems in practice that have serious negative impact to China's capital markets. Legalization and marketization are the inevitable trendsof the development of China's capital market. It is fair to say the rapid growing period of private placement fund has arrived. How to place a reasonable and effective legal regulation on private placement fund becomes particularly urgent and necessary.
As a result of the rapid growing of the society and economy, Chinese capital markets already have a lot of private placement fund. We should not shut down all of them or ignore them, but should we guide and help them to develop reasonably by pursuing more in-depth research. Regulatory arrangement is a systematic arrangement that determining the conduct boundaries of how enterprise could participate market activities, playing restraint and incentive role on corporate behavior. From the Government's point of view, the regulatory system is the mean of intervention in economy; from the enterprise's point of view, the regulation constitutes the external environment to run business, is the basic game rule determined by the Government for enterprise to participate in economic activities of the enterprises to participate in economic activities. The government tries to affect a specific industry's market structure and return performance by influencing business Game rules. Because regulation has obvious and significant regulatory feature, it must be stabilized, so that enterprises can have a stable expectations for their investment and business activities.
Because of the imperfect market mechanism and the existence of market failures, such as natural monopolies, externalities, etc., the Government should regulate business activities to ensure other economic entities and public interests would not be impaired as long as there have efficient allocation of resources. However, because China lacks regulation on private placement fund, there is no legal basis for private placement funds, resulting the Government can not carry out the necessary supervision. The consequences are that the private placement fund market consists of funds with different level of credibility, and that funds are typically small-scaled. Some funds even make a lot of exaggerations on their advertisement to mislead investors. These phenomenons bring potential trouble to our social and economic life. Therefore, in theory, in-depth study of regulation issues of China's private placement fund, and explore suitable forms for China's private placement fund have important theoretical and practical meanings.
Private placement fund refers to the fund that does not have to go through strict registration approval process, and raises money privately from a specific number of qualified institutional investors and high-net worth individuals. All of the investors share the proceeds and risk. According to different forms of organization, private placement funds can be divided into contract-based private placement funds, corporate private placement funds and limited partnership private placement fund; according to the different direction of investment, private placement fund industry can be divided into private industry investment funds, private equity investment funds and private securities investment funds. We usually consider private placement fund as private securities investment fund, which is the main research subjects of this article.
Studies suggest that private placement fund is a conception that compare with Public Offering Fund. Its legal essence is still a trust. The existence of private placement funds in China supplements the shortcomings mutual funds in China that have legitimate legal status. It is also an inevitable outcome when China's capital market has developed to a certain stage. Hence private placement funds can not be prohibited without condition. The capital market should follow the laws of the market, respect for the market demand. Suppressing or restraining the spontaneous market demand and financial innovation will only generate more and more illegal underground activity or phenomenon. However, the innovation of financial products should not be laissez-faire. In order to make the development of private placement funds better, the government has to legislate, organize and regulate this industry simultaneously.
The regulation of private placement fund is the ratification of its legitimacy and the respect for market selection. The purpose of regulation is to give full play to its positive role and limit the negative impact. This will be conducive to the stable development of capital markets and promote capital market system to get more and more mature. It is hoped that the regulation system of private placement fund which conforms to not only the country reality but also the international customs could be established as soon as possible. Specifically, the Government should adopt legal instructions on the division of the private and public offering funds, establish appropriate threshold and regulatory mechanism, and appoint unified regulatory authorities to determine the corresponding regulation and policy system; accept the form of limited partnership; standardize the mode of the operation of private placement funds, speed up the constitution of related laws for private placement fund to make it has a clear and appropriate legal status, combining strict supervision environment. Making these efforts could not only follow the trend of market development, but also reduce transaction costs, and help better off the operation of private placement funds.
The private placement fund has become one of the most important institutional investors in the capital market, generating more and more important impact on the development capital market. Private placement fund business continues to occur insider trading, cheating and so on, so the theoretical and practical communities has been considering how to regulate the private placement fund. Most current research on this topic focus on the management structure and specific regulate structure of private placement fund and so on. This paper systemically analyzes its economical and legal nature, and discusses the theory base of private placement fund regulation. Generally, the author tries to make some explorement on the theory base and necessity of private placement fund regulation, as well as the regulation option of organized form and the operated mode.
This paper has been divided into six parts except introduction:
Introduction, illustrate the background of topic selection, research object, measure and reason of this paper, as well as summerizes the main content and basic ideas of each part.
First part made brief introduction on what is private placement fund. Because there's no legislation as to private placement fund and no clear legal definition can be found in foreign legislation, the definition in this paper is only based on the combine of foreign supervision experience and conditions of China. The author classified the securities investment fund into public placement fund and private placement fund according to the difference in ways and objects of collection. The private placement fund discussed therein is private placement fund of securities investment. Compared with those of public placement fund of securities investment, this paper made analysis on the compared advantages of private placement fund. On the base of it, we consider private placement fund is a special relationship of entrust law, as we make some compared analyze for the different of some relative ideas, such as "manage others'money as entrusted" and "illegal fund-raising". Through the introduction of basic theories of private placement fund regulation, using the information dissymmetry of theory analysis, the author points out the private placement fund is faced with moral risk and interest conflict of "manage others'money as entrusted", and discuss the necessary of analyzing the regulation of private placement fund.
In the second part, through compared reviewing of different mode of foreign private placement fund regulation practice, we should learn the foreign experience and analyze its inspiration to the regulation of private placement fund in China.
In the third part, based on the review of cause, characteristics, expressive form, the rationality and function of private placement fund, it opens out the main questions and legal risk of the private placement fund without nonstandard development in the situation of lack of clear rules of the private placement fund in the Law of Securities Investment Fund. And it also makes an impersonal judge to the present system of private placement fund.
In the fourth part, the author indicates the realistic significance, the guidance idea and basic principle of private placement fund regulation in China. All of it is based on the introduction of national intervention and moderate intervention theory, as well as thinking the difficulties and path choices of carrying out moderate intervention theory.
In the fifth part, the author suggests the private placement fund in China should adopt limited partnership organized form. It is based on analyzing the legal relationship of the parts in different organized form and the advantage of this system setting.
In the sixth part, the author points out detail suggestions about operation mode of the private placement fund, from market admittance, collect mode, supervision, information exposure system, benefit distribution and so on.
Based on absorbing existence research fruit from domestic and foreign studies, this paper explores the private placement fund's organizational form and the feasibility of regulating its operation by analyzing current regulation status, comparing foreign countries'regulation on hedge fund, and considering the selection of organizational form, threshold, fund-raising approach, and the allocation of investment income.
First, the private placement fund is a investment capital in Chinese securities market as normal and important. It appears rather late when the capital market develops to some extent. Our country has no uniform attitude to the regulation of private placement fund, and the research content is lack of systematic ness and depth. This paper makes a deep research to the theories and reality of private placement fund regulation. At the same time, it tries to rise up some own ideas to the develop mode of private placement fund in China.
Second, in allusion to the development of private placement fund in China, the author analyzes the necessary of private placement fund regulation and the unsolved problems in the limited partnership private placement fund. In the domestic literature it just talks in generalities.
Third, by the method of contract analysis, the author researches systemically how to regulate and optimize options of organization form in for the private placement fund.
As the lack of my theory attainment, knowledge level and work experience, this paper still has many shortcomings. As follows:
First, because the analysis to the Economics of private placement fund is so weak, it's need to further enhance in the extent and depth.
Second, it is difficult to collect related data because private placement fund has not been legitimated in China. Therefore the use of analytic tool especially econometric measure is restricted. Some ideas in this paper need empirical verification.
由于社会经济和资本市场的迅速发展,目前我国已有大量的私募基金存在。我们不能将其完全取缔更不能视而不见,而是需要通过更加深入地研究,引导其合理发展。规制作为一种制度安排,确定了企业参与市场活动的行为边界,对企业行为起着约束和激励作用。从政府的角度看,规制是政府干预经济生活的手段；从企业的角度看,规制构成了企业运行的外部制度环境,是由政府确定的企业参与经济活动的基本博弈规则,通过影响企业的博弈行为和博弈策略影响特定产业的市场结构和经济绩效。由于规制具有显著的制度特征,因此规制必须有一定的稳定性,以便企业能够产生稳定的预期以进行理性的投资和经营活动。由于市场机制不完善及存在市场失灵,如自然垄断、外部性等,因此政府应对企业活动进行规制,在确保资源配置效率情况下保证其他经济主体和公共利益不受损害。然而,因为我国对私募基金的规制一直处于空白状态,私募基金监管无法可依,导致了政府无法对私募基金进行必要的监管,带来的后果是私募基金市场良莠不齐,基金规模偏小,有的私募基金甚至暗地里面向中小投资者作大量的扩大宣传和不良劝诱,这给我国的社会和经济生活埋下了巨大的隐患。因此,从理论上深入研究我国私募基金的规制问题,探讨适合我国私募基金发展的组织形式具有重要的理论与实践意义。
私募基金是指不经严格的注册核准程序、通过非公开募集的方式,向有特定人数限定的机构投资者和有实力的个人投资者,募集资金(基金份额)并由投资者共享收益、风险共担而设立的投资基金。根据私募基金组织形式的不同,私募基金可以分为契约型私募基金、公司型私募基金和有限合伙型私募基金；根据投资方向的不同,私募基金可以分为私募产业投资基金、私募股权投资基金和私募证券投资基金。我们通常所理解的私募基金大多是指私募证券投资基金,这也是本文的主要研究对象。
研究认为,私募基金仅是相对于公募基金而言的概念,其法律关系实质上仍是一种信托法律关系。我国私募基金的存在弥补了我国目前合法存在的公募证券投资基金的种种不足,是我国资本市场发展到一定阶段的必然产物,因而对我国的私募基金不能一律禁止,资本市场应遵循市场规律,尊重市场需求,压抑或遏制市场的自发需求和金融创新只能使市场产生越来越多的地下活动或违规违法现象。但是,也不能对金融产品创新放任自流,为了更好的发展私募基金就必须规范私募基金,堵疏并举。
我国私募基金的规制是对其合法性的追认,是对市场选择的尊重,规制的目的正是要充分发挥它的积极作用,限制其消极影响,这将有利于资本市场稳定发展,促进资本市场制度的不断成熟和完善。应尽快建立既符合我国国情、又符合国际惯例的私募基金规制制度,具体来说,政府通过在法律上划分私募与公募的界限,建立适当的市场准入监管机制,确定统一的监管部门建立相应的规制制度和政策体系；采取有限合伙制组织形式；规范私募基金的运作方式,加紧制定和完善与私募基金有关的法律、法规和政策,使其有一个明确和恰如其分的法律身份,再配之以严格的规制环境和监督制约,这样既可以顺应市场发展的大趋势减少交易成本,又有利于私募基金的规范运作。
私募基金已经成为资本市场中最重要的机构投资者之一,对资本市场的发展发挥着越来越重要的作用。不断发生的私募基金黑幕等事件,使理论界和实业界都对私募基金如何规制进行了深入反思。现有对私募基金规制的研究绝大多数着眼于私募基金治理结构、具体的治理机制等方面。本文从理论上系统地分析了私募基金的经济法律性质,探讨了私募基金规制的理论基础。总体上看,本文对私募基金规制的理论基础和必要性,组织形式的规制选择及运行方式的规制进行了一些探索性的思考。
本文除导论外共分六章,结构安排与主要内容如下：
导论阐述了本文的选题背景、研究对象、研究方法、研究思路,概括了各章的主要内容和基本观点。
第一章首先针对国内学者对私募基金的概念众说纷纭的情况,通过参考国外对私募基金的界定方法,并结合我国的实际发展情况,对私募基金做一个比较明确的界定。根据私募基金募集方式、募集对象的不同而作出公募基金和私募基金的分类,从而将本文所讨论的私募基金定位在私募证券投资基金,并以公募证券投资基金作为比较对象,分析了私募基金的比较优势。在此基础上,就私募基金和我国市场上存在的与其相关的概念如“代客理财”、“非法集资”的区别作了一些分析和比较,认为私募基金是一种特殊的信托法律关系。通过分析与私募基金规制相关的基础理论,运用委托代理理论分析信息不对称条件下,私募基金所面临的道德风险及存在的委托代理利益冲突问题,并对私募基金规制的必要性进行具体分析。
第二章通过对国外私募基金不同模式的规制实践进行比较考察,借鉴国外的实践经验,分析其对我国目.前私募基金进行规制的启示。
第三章在对我国私募基金的产生原因、发展阶段与特点、表现形式、存在的合理性和作用进行考察的基础上,揭示了在我国目前《证券投资基金法》等相关法律没有就私募基金做出明确规定的情况下,私募基金不规范发展所存在的主要问题及法律风险,并对我国私募基金规制目前已有制度进行了客观的评价。
第四章通过引入国家需要干预与适度干预理论,对我国私募基金规制贯彻适度干预原则的困难及路径选择进行思考,指出了我国私募基金规制的现实意义,提出了我国私募基金规制的指导思想和基本原则。
第五章在对不同组织形式的私募基金当事人之间法律关系和对私募基金组织形式进行有限合伙制度设置的优越性展开分析的基础上,提出了我国私募基金规制采用有限合伙组织形式的选择建议。
第六章从私募基金市场准入、募集方式、监管、信息披露制度、利益分配的规制等方面探讨我国私募基金运行方式规制的具体对策。
本文在借鉴、吸收国内外已有研究成果的基础上,通过分析我国目前私募基金的规制状况,比较国外私募基金的成功经验,从组织形式的选择,利益主体的市场准入条件、资金募集方式、投资收益分配等方面对私募基金组织形式和运行方式规制的可行性进行了探索性研究：
第一,私募基金是我国资本市场中既普遍又重要的一种投资资金,它的出现相对较晚,是资本市场发展到一定程度才有的。我国对私募基金组织形式制度的理论研究还处于起步阶段,研究的内容缺乏系统性,并且很不深入,对私募基金规制问题还众说纷纭,没有统一的意见。本文对我国私募基金规制中的理论和现实问题进行较为系统的深入研究,力图对我国私募基金的发展模式提出自己的见解。
第二,针对目前私募基金在我国发展的现状,本文从委托代理理论的角度系统分析了私募基金规制的必要性和有限合伙型私募基金组织形式的制度优势及规制中所要解决的问题,而国内的相关文献对此只是泛泛而谈。
第三,运用对比分析的方法,以国家适度干预的理论为基础,系统研究了我国私募基金应如何规制和组织形式的优化选择问题。
拘囿于本人的理论素养、知识水平以及工作阅历,本文尚存在着诸多的缺陷与不足,主要有以下两个方面：
第一,对私募基金的经济学分析还比较薄弱,在广度和深度上都有待于进一步加强。
第二,由于我国私募基金尚未取得合法地位,数据收集非常困难。因此,限制了现代经济学分析工具尤其是计量研究方法的使用,文中一些观点的正确性还有待实证的检验。
Private placement fund or hedge fund called in the U.S. is the inevitable result of the development of society and economy. Currently hedge fund industry jas been developed rapidly in foreign countries especially in the U.S. As the fast growing of China's economy and rapid expansion of the size of individual's asset, the private placement fund in China has also developed a lot. According to related survey indicated, the private placement fund'asset under management reached 1.7 trillion RMB in China by the end of 2007. However, even at present, private placement fund in China does not have a clear legal status. Due to the lack of legal regulations, the operation of private placement fund is not standardized and transparent, resulting many problems in practice that have serious negative impact to China's capital markets. Legalization and marketization are the inevitable trendsof the development of China's capital market. It is fair to say the rapid growing period of private placement fund has arrived. How to place a reasonable and effective legal regulation on private placement fund becomes particularly urgent and necessary.
As a result of the rapid growing of the society and economy, Chinese capital markets already have a lot of private placement fund. We should not shut down all of them or ignore them, but should we guide and help them to develop reasonably by pursuing more in-depth research. Regulatory arrangement is a systematic arrangement that determining the conduct boundaries of how enterprise could participate market activities, playing restraint and incentive role on corporate behavior. From the Government's point of view, the regulatory system is the mean of intervention in economy; from the enterprise's point of view, the regulation constitutes the external environment to run business, is the basic game rule determined by the Government for enterprise to participate in economic activities of the enterprises to participate in economic activities. The government tries to affect a specific industry's market structure and return performance by influencing business Game rules. Because regulation has obvious and significant regulatory feature, it must be stabilized, so that enterprises can have a stable expectations for their investment and business activities.
Because of the imperfect market mechanism and the existence of market failures, such as natural monopolies, externalities, etc., the Government should regulate business activities to ensure other economic entities and public interests would not be impaired as long as there have efficient allocation of resources. However, because China lacks regulation on private placement fund, there is no legal basis for private placement funds, resulting the Government can not carry out the necessary supervision. The consequences are that the private placement fund market consists of funds with different level of credibility, and that funds are typically small-scaled. Some funds even make a lot of exaggerations on their advertisement to mislead investors. These phenomenons bring potential trouble to our social and economic life. Therefore, in theory, in-depth study of regulation issues of China's private placement fund, and explore suitable forms for China's private placement fund have important theoretical and practical meanings.
Private placement fund refers to the fund that does not have to go through strict registration approval process, and raises money privately from a specific number of qualified institutional investors and high-net worth individuals. All of the investors share the proceeds and risk. According to different forms of organization, private placement funds can be divided into contract-based private placement funds, corporate private placement funds and limited partnership private placement fund; according to the different direction of investment, private placement fund industry can be divided into private industry investment funds, private equity investment funds and private securities investment funds. We usually consider private placement fund as private securities investment fund, which is the main research subjects of this article.
Studies suggest that private placement fund is a conception that compare with Public Offering Fund. Its legal essence is still a trust. The existence of private placement funds in China supplements the shortcomings mutual funds in China that have legitimate legal status. It is also an inevitable outcome when China's capital market has developed to a certain stage. Hence private placement funds can not be prohibited without condition. The capital market should follow the laws of the market, respect for the market demand. Suppressing or restraining the spontaneous market demand and financial innovation will only generate more and more illegal underground activity or phenomenon. However, the innovation of financial products should not be laissez-faire. In order to make the development of private placement funds better, the government has to legislate, organize and regulate this industry simultaneously.
The regulation of private placement fund is the ratification of its legitimacy and the respect for market selection. The purpose of regulation is to give full play to its positive role and limit the negative impact. This will be conducive to the stable development of capital markets and promote capital market system to get more and more mature. It is hoped that the regulation system of private placement fund which conforms to not only the country reality but also the international customs could be established as soon as possible. Specifically, the Government should adopt legal instructions on the division of the private and public offering funds, establish appropriate threshold and regulatory mechanism, and appoint unified regulatory authorities to determine the corresponding regulation and policy system; accept the form of limited partnership; standardize the mode of the operation of private placement funds, speed up the constitution of related laws for private placement fund to make it has a clear and appropriate legal status, combining strict supervision environment. Making these efforts could not only follow the trend of market development, but also reduce transaction costs, and help better off the operation of private placement funds.
The private placement fund has become one of the most important institutional investors in the capital market, generating more and more important impact on the development capital market. Private placement fund business continues to occur insider trading, cheating and so on, so the theoretical and practical communities has been considering how to regulate the private placement fund. Most current research on this topic focus on the management structure and specific regulate structure of private placement fund and so on. This paper systemically analyzes its economical and legal nature, and discusses the theory base of private placement fund regulation. Generally, the author tries to make some explorement on the theory base and necessity of private placement fund regulation, as well as the regulation option of organized form and the operated mode.
This paper has been divided into six parts except introduction:
Introduction, illustrate the background of topic selection, research object, measure and reason of this paper, as well as summerizes the main content and basic ideas of each part.
First part made brief introduction on what is private placement fund. Because there's no legislation as to private placement fund and no clear legal definition can be found in foreign legislation, the definition in this paper is only based on the combine of foreign supervision experience and conditions of China. The author classified the securities investment fund into public placement fund and private placement fund according to the difference in ways and objects of collection. The private placement fund discussed therein is private placement fund of securities investment. Compared with those of public placement fund of securities investment, this paper made analysis on the compared advantages of private placement fund. On the base of it, we consider private placement fund is a special relationship of entrust law, as we make some compared analyze for the different of some relative ideas, such as "manage others'money as entrusted" and "illegal fund-raising". Through the introduction of basic theories of private placement fund regulation, using the information dissymmetry of theory analysis, the author points out the private placement fund is faced with moral risk and interest conflict of "manage others'money as entrusted", and discuss the necessary of analyzing the regulation of private placement fund.
In the second part, through compared reviewing of different mode of foreign private placement fund regulation practice, we should learn the foreign experience and analyze its inspiration to the regulation of private placement fund in China.
In the third part, based on the review of cause, characteristics, expressive form, the rationality and function of private placement fund, it opens out the main questions and legal risk of the private placement fund without nonstandard development in the situation of lack of clear rules of the private placement fund in the Law of Securities Investment Fund. And it also makes an impersonal judge to the present system of private placement fund.
In the fourth part, the author indicates the realistic significance, the guidance idea and basic principle of private placement fund regulation in China. All of it is based on the introduction of national intervention and moderate intervention theory, as well as thinking the difficulties and path choices of carrying out moderate intervention theory.
In the fifth part, the author suggests the private placement fund in China should adopt limited partnership organized form. It is based on analyzing the legal relationship of the parts in different organized form and the advantage of this system setting.
In the sixth part, the author points out detail suggestions about operation mode of the private placement fund, from market admittance, collect mode, supervision, information exposure system, benefit distribution and so on.
Based on absorbing existence research fruit from domestic and foreign studies, this paper explores the private placement fund's organizational form and the feasibility of regulating its operation by analyzing current regulation status, comparing foreign countries'regulation on hedge fund, and considering the selection of organizational form, threshold, fund-raising approach, and the allocation of investment income.
First, the private placement fund is a investment capital in Chinese securities market as normal and important. It appears rather late when the capital market develops to some extent. Our country has no uniform attitude to the regulation of private placement fund, and the research content is lack of systematic ness and depth. This paper makes a deep research to the theories and reality of private placement fund regulation. At the same time, it tries to rise up some own ideas to the develop mode of private placement fund in China.
Second, in allusion to the development of private placement fund in China, the author analyzes the necessary of private placement fund regulation and the unsolved problems in the limited partnership private placement fund. In the domestic literature it just talks in generalities.
Third, by the method of contract analysis, the author researches systemically how to regulate and optimize options of organization form in for the private placement fund.
As the lack of my theory attainment, knowledge level and work experience, this paper still has many shortcomings. As follows:
First, because the analysis to the Economics of private placement fund is so weak, it's need to further enhance in the extent and depth.
Second, it is difficult to collect related data because private placement fund has not been legitimated in China. Therefore the use of analytic tool especially econometric measure is restricted. Some ideas in this paper need empirical verification.
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27.张永春,2002年：《我国私募基金存在的问题与对策》,《经济师》,第7期。
28.胡茄坷,2008年：《我国发展私募基金的有关讨论》,《现代商业》,第5期。
29.薛大力,2008年：《论私募股权基金与我国金融体系效率的改善》,《经济 论坛》,第2期。
30.李志国,亚军,2008年：《关于我国私募基金业的思考》,《经济理论研究》,第5期。
31.吴晓求：《证券投资学》,中国人民大学出版社,2000年1月出版。
32.于旭刚：《美国私募发行制度研究》,中国政法大学出版社,2000年版。
33.厉以宁：《对私募基金若干问题的思考》,经济科学出版社,2001年7月版。
34.夏斌、刘文林：《非法金融业务活动案例分析》,中国金融出版社,2000年12月版。
35.欧阳卫民：《海外基金法规》,中国国际广播出版社,1995年1月版。
36.张蕾：《证券投资基金法律制度》,学苑出版社,2004年7月。
37.吴弘、贾希凌、程胜：《信托法论—中国信托市场发育发展的法律调整》,立信会计出版社,2003年8月版。
38.陈大纲：《中国信托法与信托制度创新》,立信会计出版社,2004年3月版。
39.谢在全：《民法物权论》,中国政法大学出版社,1999年1月版。
40.王苏生：《证券投资基金管理人的责任》,北京大学出版社,2001年10月版。
41.周玉华：《投资信托基金法律应用》,人民法院出版社,2000年1月版。
42.于莹：《证券法中的民事责任》,中国法制出版社,2004年9月版。
43.李朝晖：《证券市场法律监管比较研究》,人民出版社,2000年12月版。
44.曾欣：《中国证券市场道德风险研究》,西南财经大学出版社,2003年7月版。
45.朱少平：《<证券投资基金法)解读》,中国金融出版社,2004年1月版。
46.[美]威廉·J·克里兰著,陈健译：《对冲基金投资指南》,经济科学出版社,2000年6月版。
47.李惠：《走进私募基金》,经济科学出版社,2001年7月版。
48.潘道义、何长领：《私募基金：理论、实务与投资》,机械工业出版社,2002年9月版。
49.柳志伟：《基金业立法和发展：比较与借鉴》,中国政法大学出版社,2003 年4月版。
50. Henry Campbell Black,Black Law Dictionary, West publishing CO.,Sixth edition,1990.
51.李辉：《对冲基金运作模式以及对我国的借鉴意义》,中国社会科学院网站,http://www.cass.net.cn/chinese/s03_cms/gb/lib/luwen3.htm.
52.马国旭、李秀斌：《国外风险投资运作主体模式及借鉴》,国智网http://www.cnwise.net/trzx/gwfx.htm.。
53.陈岱松：《论证券发行审核制度》,中国法律信息网http://www.law-star.com/pshowtxt?dbn=lwk&fn=021-2004-12-20.txt.
54.曹凤岐：《私募基金不宜直接投向股市》,中国证券网。
55.林志远：《私募基金立法有难点》,中国创业投资网,http://www.wineast.com/monograph/hedgefund/hedgefund004.htm。
56.人民网http://www.people.com.cn。
57.中国社会科学院网站http://www.cass.net.cn。
58.中国民商法律网http://www.civillaw.com.cn。
59.中国法律信息网http://www.law—star.com。
60.和讯网http://www.hexun.com。
61.国智网http://www.cnwise.net。
62.中国法学会商学会研究会网站http://cn-commerciallaw.org。
63.中国证券网http://www.stocknews.com.cn。
64.全景网络http://www.p5w.net。
65.中国创业投资网http://www.wineast.co
2冯兵：《有限合伙型私募股权投资基金》,2007-11-01:http://blog.sina.com.cn/。
1巴曙松：2007年,《真实的私募基金》,《人大经济论坛》(http://www.pinggu.org),第2期.
1夏斌、刘文林主编：《非法金融业务活动案例分析》,中国金融出版社,2000年12月版,第19页。
1参见谢科范、周黎、潘纪刚：《从委托—代理角度看私募基金》,载于《科技进步与对策》,2002年3月号,第122页。
2卢映西：《契约型投资基金法律关系评析》,载于《南京经济学院学报》,2003年第2期,第87页.
3方嘉麟：《信托法之理论与实务》,中国政法大学出版社,2004年1月第l版,第53页。
1和平：《投资基金的信托法研究》,《商法研究》第三辑,2001年1月第1版,第329至332页.
1马云泽：《规制经济学》,经济管理出版社,2008年版,第11页。
2郑奇宝：《从垄断到竞争》,人民邮电出版社,2005年版,第19页。
3丹尼尔F.史普博：《管制与市场》(中译本),上海三联书店,1999年版,第87页。
1钟伟：《对私募基金合法化的一些思考》,载于《证券市场导报》,2007年6月,第12页.
1袁学君：《让私募基金合法化》,载于《中国改革》,2008年第4期,第47页。
1李东方：《证券监管法律制度研究》,北京大学出版社,2002年6月第1版,第45页。
1张蕾：《证券投资基金法律制度》,学苑出版社,2004年7月,第39页。
1卢映西：《契约型投资基金法律关系评析》,载《南京经济学院学报》,2003年第2期,第88页。
2周玉华：《投资信托基金法律应用》,人民法院出版社,2000年1月版,第342页。
3卢映西：《契约型投资基金法律关系评析),载于《南京经济学院学报》,2003年第2期,第90页。
1杜景林、卢湛译：《德国商法典》,中国政法大学出版社,2001年1月版。
1 OWLEY, (thenodem law of partnership》1916, pal,23,56,转引自Robert. W.Hamilton(The law of business organizations》,第42页,Bates of limited partnership(886) 15-21,转引Robert.w.Hamilton 《The law of business organizations》,第43-44页)
2贺卫方、高鸿钧译：《美国大百科全书》,哈罗德·J·伯尔曼著,1993年9月版,第429页.
3张志铭、夏勇译：《法律与革命—西方法律传统的形成》,中国政法大学出版社,2006年6月版.第430页.
1宋永新：《美国非公司型企业法》,社会科学文献出版社,2000年11月版,第113页.
1孟长康：《美国合伙制与风险投资运作框架的法律设计》,《证券市场导报》,2008年第3期。
1所谓“豁免注册登记制度”是指监管机关为了平衡保护投资者与便利筹资者之间的利益冲突,对于安全度可以保证的证券之发行减轻或免于审核的法律制度.
2周晓刚：《美国证券发行注册豁免制度研究》,载于《证券市场导报》,2007年4月,第42页。
1黄佳：《关于私募与公募基金的共生性和互斥性分析》,载于《经济前沿》,2002年第07期，第44页.
1.吴士君,张永强,2002年：《透视我国私募基金的产生和发展—一个制度经济学的解释》,《上海经济研究》,第6期。
2.程信和、蒲夫生,2002年：《关于私募基金立法的几点建议》,《法商研究》,第3期。
3.夏斌,2001年：《中国私募基金报告》,《金融研究》,第8期。
4.谢科范、周黎、潘纪刚,2002年：《从委托代理角度看私募基金》,《科技进步与对策》,第3期。
5.卢映西,2003年：《契约型投资基金法律关系评析》,《南京经济学院学报》,第2期。
6.陈芳,1998年：《论证券投资基金管理人的义务》,《山东法学》,第3期。
7.周晓刚,2001年：《美国证券发行注册豁免制度研究》,《证券市场导报》,第4期。
8.钟伟,2001年：《对私募基金合法化的一些思考》,《证券市场导报》,第6期。
9.张永春,2002年：《我国私募基金存在的问题与对策》,《经济师》,第7期。
10.武汉大学课题组,2004年：《证券监管模式与我国证券监管体制创新》,《上海证券报》,第9期。
11.欧璟,2002年：《私募基金管理公司的规范运作与发展策略》,《湖南大学学报(社会科学版)》,第5期。
12.张东生、刘健钧,2000年：《中国创业投资基金组织结构与立法模式探讨》,《金融研究》,第6期。
13.黄佳,2002年：《关于私募与公募基金的共生性和互斥性分析》,《经济前沿》,第7期。
14.李安方,2001年：《美国私募基金运作机制及对我国的启示》,《现代经济探讨》,第4期。
15.何孝星,2001年：《我国私募基金存在的六大问题及规范化建议》,《经济理论与经济管理》,第10期。
16.易旭辉、吴红岩,2001年：《证券投资基金经理人与受益人利益的冲突与平衡》,《当代法学》,第1期。
17.戴清,2004年：’《我国私募基金监管体制初探》,《湖南社会科学》,第2期。
18.刘俊海,2000年：《论投资基金法律关系中的当事人》,《法学杂志》,第1期。
19.邵平,2001年：《十问私募基金》,《新财经》,第8期。
20.宋永辉,2008年：《中国私募基金的道德分析》,《经济理论研究》,第10期。
21.凌秀丽、陈浩、陈铀,2002年：《对我国私募基金的思考》,《中央财经大学学报》,第6期。
22.郑敏,2001年：《从监管者角度看我国私募基金的市场定位和风险承担》,《上海金融》,第10期。
23.董华春,2003年：《<证券投资基金法(草案)>主要特点评析及相关建议》,《金融法苑》,第54期。
24.苏浩、李雪,2004年：《民间私募基金“收益保底”约定初探》,《时代法学》,第4期。
25.王明洁,2001年：《投资基金法律关系若干问题的思考》,《财经问题研究》,第2期。
26.吴光荣、赵一平,2002年：《论我国契约性投资基金法律关系的性质》,《商业研究》,第12期。
27.张永春,2002年：《我国私募基金存在的问题与对策》,《经济师》,第7期。
28.胡茄坷,2008年：《我国发展私募基金的有关讨论》,《现代商业》,第5期。
29.薛大力,2008年：《论私募股权基金与我国金融体系效率的改善》,《经济 论坛》,第2期。
30.李志国,亚军,2008年：《关于我国私募基金业的思考》,《经济理论研究》,第5期。
31.吴晓求：《证券投资学》,中国人民大学出版社,2000年1月出版。
32.于旭刚：《美国私募发行制度研究》,中国政法大学出版社,2000年版。
33.厉以宁：《对私募基金若干问题的思考》,经济科学出版社,2001年7月版。
34.夏斌、刘文林：《非法金融业务活动案例分析》,中国金融出版社,2000年12月版。
35.欧阳卫民：《海外基金法规》,中国国际广播出版社,1995年1月版。
36.张蕾：《证券投资基金法律制度》,学苑出版社,2004年7月。
37.吴弘、贾希凌、程胜：《信托法论—中国信托市场发育发展的法律调整》,立信会计出版社,2003年8月版。
38.陈大纲：《中国信托法与信托制度创新》,立信会计出版社,2004年3月版。
39.谢在全：《民法物权论》,中国政法大学出版社,1999年1月版。
40.王苏生：《证券投资基金管理人的责任》,北京大学出版社,2001年10月版。
41.周玉华：《投资信托基金法律应用》,人民法院出版社,2000年1月版。
42.于莹：《证券法中的民事责任》,中国法制出版社,2004年9月版。
43.李朝晖：《证券市场法律监管比较研究》,人民出版社,2000年12月版。
44.曾欣：《中国证券市场道德风险研究》,西南财经大学出版社,2003年7月版。
45.朱少平：《<证券投资基金法)解读》,中国金融出版社,2004年1月版。
46.[美]威廉·J·克里兰著,陈健译：《对冲基金投资指南》,经济科学出版社,2000年6月版。
47.李惠：《走进私募基金》,经济科学出版社,2001年7月版。
48.潘道义、何长领：《私募基金：理论、实务与投资》,机械工业出版社,2002年9月版。
49.柳志伟：《基金业立法和发展：比较与借鉴》,中国政法大学出版社,2003 年4月版。
50. Henry Campbell Black,Black Law Dictionary, West publishing CO.,Sixth edition,1990.
51.李辉：《对冲基金运作模式以及对我国的借鉴意义》,中国社会科学院网站,http://www.cass.net.cn/chinese/s03_cms/gb/lib/luwen3.htm.
52.马国旭、李秀斌：《国外风险投资运作主体模式及借鉴》,国智网http://www.cnwise.net/trzx/gwfx.htm.。
53.陈岱松：《论证券发行审核制度》,中国法律信息网http://www.law-star.com/pshowtxt?dbn=lwk&fn=021-2004-12-20.txt.
54.曹凤岐：《私募基金不宜直接投向股市》,中国证券网。
55.林志远：《私募基金立法有难点》,中国创业投资网,http://www.wineast.com/monograph/hedgefund/hedgefund004.htm。
56.人民网http://www.people.com.cn。
57.中国社会科学院网站http://www.cass.net.cn。
58.中国民商法律网http://www.civillaw.com.cn。
59.中国法律信息网http://www.law—star.com。
60.和讯网http://www.hexun.com。
61.国智网http://www.cnwise.net。
62.中国法学会商学会研究会网站http://cn-commerciallaw.org。
63.中国证券网http://www.stocknews.com.cn。
64.全景网络http://www.p5w.net。
65.中国创业投资网http://www.wineast.co