Study On Chinese PE Fund Regulation

As the establishment of growth enterprise market and boosting capital market revolution, private equity fund has rapidly developed which affects both economic activity and financial system. On the other hand, co-existing risks derived from fast development, such as defrauding investors, unstandardized operation, inefficient risk management, illegal financing and disrupting economic order. Hence, standardization and oversight is necessary for the purpose of balanced and orderly development. But, Systematic research on should and how to regulate PE is incomplete due to recently research, and the theoretical research on aim/principle/content etc. of PE regulatory systems is unsubstantial. This dissertation focuses on regulatory theory analysis and institutional improvement of PE fund.Six chapters are included in this paper. With brief introduction of contents and method, Chapter one discusses the necessity of PE fund regulation and also presents the project’s background and significance. Chapter two analyzes the current situation of PE, points out the problems of PE such as the lack of regulatory system and investor protection, system risk concentration, government dislocation and lack of self-discipline, demonstrates the necessity to improve the regulation of PE. On the basis of Analysis the PE features such as financial intermediation features, information asymmetry and negative externalities, Chapter three elaborates theoretical research on PE fund regulation from the view of efficiency and fairness, and analyzes the moderation of PE regulation. In comparison to other countries and regions, such as US/UK/H.K./Japan, Chapter four analyzes the system background and transformation process of each regulatory system, points out the internal advantages and disadvantages of each system and the lessons in our construction of PE regulatory system. Chapter five provides suggestions on institutional construction and demonstrates regulatory objectives, principal and contents. The last chapter puts forward several proposals from the perspective of practice.