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1 学校编码 :10384 分类号密级学号 : UDC 硕士学位论文论我国私募基金的立法监管 The Legislative Supervision of Chinese Privately Offered Fund 李良指导教师姓名 : 卢炯星教授专业名称 : 经济法论文提交日期 :2009 年 4 月论文答辩时间 :2009 年 6 月学位授予日期 :2009 年 7 月答辩委员会主席 : 评阅人 : 2010 年 4 月

3 厦门大学学位论文原创性声明本人呈交的学位论文是本人在导师指导下, 独立完成的研究成果本人在论文写作中参考其他个人或集体已经发表的研究成果, 均在文中以适当方式明确标明, 并符合法律规范和厦门大学研究生学术活动规范 ( 试行 ) 另外, 该学位论文为 ( ) 课题 ( 组 ) 的研究成果, 获得 ( ) 课题 ( 组 ) 经费或实验室的资助, 在 ( ) 实验室完成 ( 请在以上括号内填写课题或课题组负责人或实验室名称, 未有此项声明内容的, 可以不作特别声明 ) 声明人 ( 签名 ): 年月日

5 厦门大学学位论文著作权使用声明本人同意厦门大学根据中华人民共和国学位条例暂行实施办法等规定保留和使用此学位论文, 并向主管部门或其指定机构送交学位论文 ( 包括纸质版和电子版 ), 允许学位论文进入厦门大学图书馆及其数据库被查阅借阅本人同意厦门大学将学位论文加入全国博士硕士学位论文共建单位数据库进行检索, 将学位论文的标题和摘要汇编出版, 采用影印缩印或者其它方式合理复制学位论文本学位论文属于 : ( )1. 经厦门大学保密委员会审查核定的保密学位论文, 于 2013 年 12 月 1 日解密, 解密后适用上述授权 ( )2. 不保密, 适用上述授权 ( 请在以上相应括号内打或填上相应内容保密学位论文应是已经厦门大学保密委员会审定过的学位论文, 未经厦门大学保密委员会审定的学位论文均为公开学位论文此声明栏不填写的, 默认为公开学位论文, 均适用上述授权 ) 声明人 ( 签名 ): 年月日

7 内容摘要内容摘要私募基金的出现是市场经济发展到一定程度伴随着社会经济需求自发产生的搞活经济多元化发展符合市场经济发展规律私募基金以独特的自身优势满足了特定投资者经济发展需求给投资和融资开辟了新的渠道在这种情况下, 如果法律法规给以正确引导, 必将成为金融市场中一股不可低估的力量, 反之会危害金融市场的稳定和正常秩序由于现有法律法规很多方面都不适合私募基金发展, 也发挥不了规范和约束作用笔者认为应该制定出具体有针对性的规范标准立法, 引导私募基金朝着正确健康的道路运行, 为经济建设服务就私募基金立法监管, 本文分四章来进行阐述 : 第一章, 私募基金立法监管概述主要从私募基金概念特征分类及发展过程进行分析, 归纳出比较适合私募基金特性的定义, 叙述了私募基金与公募基金的区别及立法监管的原则意义第二章, 国外和香港特别行政区私募基金的立法监管及经验借鉴本章重点对美国英国我国香港特别行政区私募基金立法监管模式进行剖析, 寻求发展我国私募基金有益的启示第三章, 我国私募基金立法监管现状及存在的问题本章主要从现有法律法规层面与私募基金的关系入手进行分析, 希望找出规范私募基金的方法, 但都无果私募基金现在仍然存在很多问题, 这都需要尽快完善立法进行监管第四章, 我国私募基金立法监管制度构建的基本设想这章从创新角度出发, 对私募基金立法监管原则和私募基金市场准入制度提出立法监管设想对私募基金存在的形式信息披露风险管理等提出初步完善意见, 尤其是未来建立诚实守信的人文环境提出见解, 希望尽快解决私募基金立法监管问题关键词 : 私募基金存在问题立法监管 I

8 Abstract Abstract The emergence of Privately Offered Fund arise spontaneously that follows the social economy demands when Market Economy develops to a certain extent. Invigorate the economy and diversify development accord with market economy rules. Privately Offered Fund take its own unique advantages to meet the specific needs of investors in economic development. To investment and financing opened up new channels. In this case, if the laws and regulations give correct guidance,it would become the strength that should not be underestimated in financial markets or on the contrary would endanger the stability of financial markets and the normal order. As the existing laws and regulations are not suitable for the development of Privately Offered Fund in many areas, and can t play the role of norms and constraints. I think we should develop specific and directed normative standards to guide Privately Offered Fund moving in the right and healthy way to serve for economic construction. Legislative Supervision of Privately Offered Fund, this paper carried out in four chapters expounding: Chapter1: An overview of Privately Offered Fund Legislative Supervision. Mainly analysis from the Privately Offered Fund concept, characteristics, classification and development process, generalize the suitable definition of the Privately Offered Fund, describe the differences between the Privately Offered Fund and the Public Offering Fund and the principles and the significance of the Legislative Supervision. Chapter2: Foreign and Hong Kong SAR Privately Offered Fund Legislative Supervision system and experience. This chapter focuses analyzing on the United States, Britain, Hong Kong SAR Privately Offered Fund Legislative Supervision pattern,approach to seek the useful development inspiration of Chinese Privately Offered Fund. Chapter3: Chinese Privately Offered Fund Legislative Supervision existing status and problems. This chapter mainly analyzes the relationship between existing law, regulations and Privately Offered Fund, hope to find the normative way of Privately Offered Fund, but without result. Privately Offered Fund are still many problems now, it needs to improve legislation as soon as possible to supervise. II

9 Abstract Chapter4: Chinese Privately Offered Fund Legislative Supervision system construction of the basic ideas. This chapter from the innovation point of view, put forward suggestions about Privately Offered Fund legislative principles and market access system. Propose preliminary views about Privately Offered Fund existing form, risk management and information disclosure, especially establishing honesty humanistic environment, hope for Privately Offered Fund as soon as possible to resolve the problems of Privately Offered Fund Legislative Supervision. Key words: Privately Offered Fund Existing problem Legislative Supervision III

10 目录目录内容摘要 I Abstract II 目录 IV CONTENTS VI 引言 1 第一章私募基金立法监管概述 3 第一节私募基金概念特征分类及发展过程 3 一私募基金的概念 3 二私募基金的特征 4 三私募基金的分类 5 四私募基金的发展过程 6 第二节私募基金与公募基金的联系与区别 8 一私募基金和公募基金的主要联系 8 二私募基金和公募基金的主要区别 8 第三节私募基金的立法监管 9 一私募基金的立法监管含义 9 二私募基金立法监管的意义 10 第二章国外和香港特别行政区私募基金的立法监管及经验借鉴 11 第一节美国私募基金的立法监管制度 11 一美国私募基金的市场准入条件监管 11 二美国私募基金的组织形式 12 三美国私募基金的利益分配方式 13 四美国私募基金的立法监管体制 13 五美国私募基金法律制度的特点 14 IV

11 目录六美国私募基金的风险控制 14 第二节英国私募基金的立法监管制度 15 一英国私募基金在立法监管方面的法律法规 15 二英国私募基金的立法监管体制 16 三对私募基金发布广告的监管 17 第三节我国香港特别行政区私募基金立法监管制度 19 一香港特别行政区私募基金立法监管体制 19 二香港特别行政区私募基金的特点 19 三香港特别行政区私募基金的传播范围和方式 20 第四节国外私募基金立法监管的经验借鉴 20 一国外私募基金主体资格与募集方面 21 二国外私募基金组织形式与信息披露方面 21 三国外私募基金的立法监管体制方面 22 四国外私募基金风险管理方面 23 第三章我国私募基金立法监管现状及存在的问题 24 第一节我国私募基金立法监管的现状 24 一法律层面对私募基金的立法监管 24 二法规层面对私募基金的立法监管 26 第二节我国私募基金现有立法监管存在的问题 28 一私募基金主体资格和募集资金方面的问题 29 二私募基金组织形式方面的问题 29 三监管过程中存在的问题 30 四风险防范控制中出现的问题 30 第四章我国私募基金立法监管制度构建的基本设想 32 第一节我国私募基金立法监管的基本原则 32 一保护投资者利益原则 32 二基金财产独立原则 33 三控制系统风险原则 33 四充分发挥私募基金优势原则 34 V

12 目录第二节建立和完善私募基金立法监管的建议 35 一私募基金设立条件的确定 36 二私募基金组织形式的法律安排和信息披露制度的确立 45 三私募基金立法监管部门的确立与监管范围 48 四私募基金的风险防范和诚实守信人文环境的建立 51 结束语 54 参考文献 55 后记 59 VI

13 CONTENTS CONTENTS Preface 1 Chapter 1 Privately Offered Fund Legislative Supervision Overview3 Subchapter1 Privately Offered Fund concept, characteristics, classification and development process 3 Section1 Privately Offered Fund concept 3 Section2 Privately Offered Fund characteristics 4 Section3 Privately Offered Fund classification 5 Section4 Privately Offered Fund development process 6 Subchapter2 Privately Offered Fund and Public Offering Fund contact and distinction 8 Section1. Main contacts between Privately Offered Fund and Public Offering Fund 8 Section2.Main Distinctions between Privately Offered Fund and Public Offering Fund 8 Subchapter3 Privately Offered Fund Legislative Supervision 9 Section1 Privately Offered Fund Legislative Supervision meaning 9 Section2 Privately Offered Fund Legislative Supervision significance 10 Chapter2 Foreign and Hong Kong SAR Privately Offered Fund Legislative Supervision and experience 11 Subchapter1 U.S. Privately Offered Fund Legislative Supervision system 11 Section1 U.S. Privately Offered Fund market access supervision 11 Section2 U.S. Privately Offered Fund organization form 12 Section3 U.S. Privately Offered Fund benefits distribution mode 13 Section4 U.S. Privately Offered Fund Legislative Supervision system 13 Section5 U.S. Privately Offered Fund characteristics of legal system 14 VII

14 CONTENTS Section6 U.S. Privately Offered Fund risk control 4 Subchapter2 British Privately Offered Fund Legislative Supervision system 15 Section1 British Privately Offered Fund Legislative Supervision law 15 Section2 British Privately Offered Fund Legislative Supervision system 16 Section3 Supervision of Privately Offered Fund advertising 17 Subchapter3 Hong Kong SAR Privately Offered Fund Legislative Supervision system 19 Section1 Hong Kong SAR Privately Offered Fund Legislative Supervision system 19 Section2 Hong Kong SAR Privately Offered Fund characteristics 19 Section3 Hong Kong SAR Privately Offered Fund Extent and manner of communication 20 Subchapter4 Foreign Privately Offered Fund Legislative Supervision experience 20 Section1 Foreign Privately Offered Fund subject qualification and raise 21 Section2 Foreign Privately Offered Fund organizational forms and information disclosure 21 Section3 Foreign Privately Offered Fund Legislative Supervision system 22 Section4 Foreign Privately Offered Fund risk management 23 Chapter3 Chinese Privately Offered Fund Legislative Supervision existing status and problems 24 Subchapter1 Chinese Privately Offered Fund Legislative Supervision existing status 24 Section1 Legal aspects of the Privately Offered Fund Legislative Supervision24 Section1.Regulatory aspects of the Privately Offered Fund Legislative Supervision 26 Subchapter2 Chinese Privately Offered Fund existing Legislative Supervision problems 28 VIII

15 CONTENTS Section1 Privately Offered Fund subject qualification and raise funds problems 29 Section2 Privately Offered Fund form problems 29 Section3 Supervision process problems 30 Section4 Risk control problems 30 Chapter4 Chinese Privately Offered Fund Legislative Supervision system construction basic ideas 32 Subchapter1 Chinese Privately Offered Fund Legislative Supervision basic principles 32 Section1 Protect the interests of investors 32 Section2 Fund property Independent 33 Section3 Control system risk 33 Section4 Fully exert advantages of Privately Offered Fund 34 Subchapter2 Establish and improve Privately Offered Fund Legislative Supervision suggestion 35 Section1 Privately Offered Fund establishment of conditions 36 Section2 Privately Offered Fund in a form of legal arrangements and establishment of information disclosure system 45 Section3 Privately Offered Fund establishment of Legislative supervision department and supervisory scope 48 Section4 Privately Offered Fund risk control and establishment of honesty humanistic environment 51 Conclusion 54 Bibliography 55 Postscript 59 IX

17 Degree papers are in the Xiamen University Electronic Theses and Dissertations Database. Full texts are available in the following ways: 1. If your library is a CALIS member libraries, please log on and submit requests online, or consult the interlibrary loan department in your library. 2. For users of non-calis member libraries, please mail to etd@xmu.edu.cn for delivery details.

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