| Finance, as a significant part of world economy, plays a more and more important role in economic development. In order to accelerate our country's entry into the market and joint track with international market system, meanwhile aims to set up and complete our own finance market theoretical system, this thesis, which discusses development process of our country's private fund, its main participant pattern and problems in development, illustrates the theory outline of private fund. Private fund, during its early stage, had an uneven road due to immature securities business of China. While with China's securities business improved, business supervision continuously strengthened and business investment transferred, the investment conception changed greatly. Private fund, therefore, is booming. In details, this thesis mainly includes following aspects:1. Current situation and problems of China's private fundThis Chapter mainly discusses the current situation and problems of China's private fund. Article One analyses its development process and points out that China's highly booming economy better promotes the development of private equity fund; Article Two illustrates main participants of China's private fund and analyses their features in different periods; Article Three discusses main patterns of China's private fund. Trustee investment management plan, trust investment plan released by trust investment corporation, own fund managed by investment corporation and some nongovernmental private funds which has no legal status are also discussed in this Article. Meanwhile, in China's private fund market, active and the most attractive funds named'Traditional real-deal style private fund'and the'Trustee corporation investment plan'which emerges in recently two years are analyzed.2. Causes of China's private fund developmentThis Chapter mainly analyzes the causes of China's private fund development through following aspects:1) Since the Open up policy of China, the booming economy has provided an extended market for private equity fund.2) Well macro economy and rapid growth of corporations which are listed overseas create rich profits.3) Capital market is presented a historical opportunity. It's predictable that in the next twenty years the market will, though twists will be there, boom up. The equity disposition reform testing, started China Securities Regulatory, has an important effect. The solution of equity disposition improves the securities business system and listing corporation management style, and helpful to a long-term stable development;4) Maximize the investment value through creating a reasonable prompting system to improve business performance. After the engagement of private equities fund, the transference of running system and the strengthening of management, corporations usually have a promoting ground.5) The new"Law of Partnership Enterprise"was implemented on June 1st, 2007, in which fund manger's promotion was included. Moreover, it means more freedom and provides a better improvement for private equities fund.3. Opportunities, significance and risks of private fund developmentThis Chapter is the key part of this thesis. Institutional investors become more and more during the development of securities business. New problems, however, are presented as well. Thus it is necessary to analyze the advantages and disadvantages of private fund's development.Article One starts with the practical opportunities. Both private fund market and law regulations provide opportunities. Firstly, it is embodied in private fund market. Secondly, the demands of non-governmental private fund are soaring up. Besides, New Contract Law provides limited partnership private fund with a rare chance to expand. Moreover, moving along the private investment fund serves the development of both equity market and national economy. Article Two discusses the significance of private fund, which not only improve the standardization but also is helpful to growing up of the private fund field. Article Three pays more attention on the risk of running private fund so as to guide and standardize its development.4. Internationalization of China's private fundThis Chapter discusses the evolution of internationalization of China's private fund. Article One analyzes the private fund transferring to the venture investment. Article Two states the expectation of internationalization. In recent years, some new phenomenon emerges in international capital market, named firstly the booming of private fund and its well performance make itself widely accepted by some big investors and the focus of market as well; secondly, hedge fund, the highest level of private fund, overwhelmed the public fund such as common fund in revenue level. The new trend in private fund field as mentioned above shall be recognized so as to make adjustment and then choose the suitable profit gaining pattern. Article Three, through discussing the factors which affect private fund, mainly mentions the legal status, supervision pattern and its system of private fund. Social stability issue, insider trading, market operating risks, over-speculation of derived products and state-owned enterprises engaging in the private equities investment, which could probably cause capital lose and morality risk, deserve a concern, during the development of private fund. Proposals and suggestions are also put forwarded.5. Proposals and suggestions on private fund developmentThis Chapter is the conclusion of whole thesis. Some proposals and suggestions are provided in this Chapter to standardize the development of private fund and optimize China's capital market environment. Firstly, make clear the legal status of private fund. Secondly, use overseas private fund supervision experience for reference to confirm private fund pattern. Thirdly, strengthen irregularity supervision and establish series service and system. Fourthly, through encouraging the set up of private fund capital system, pay more attention to the research of internationalization.With the booming up of China's securities market, social wealth soaring up,especially the polarization of investors, people get more mature on investment. Some investors pose a requirement that market could provide them a personalized investment managing service. All these serve as the cornerstone in developing private fund. It is believed that, with economy rising, China's private fund promises a well expectation.Conclusion:China's private fund is booming with the springing up of capital market. The internationalization of private fund transfers from the simple pattern to venture capital and hedge ones. Thus it is important to further the research of China's private fund, which, moreover, will bring improvement to enterprises'merger and acquisition, small and medium-sized enterprises listing financing and venture environment. With the perfect system of China's capital market, set up of venture and OTC plates, private fund's withdrawal channel will getting more and more perfect. Through the analysis and comparison between international capital market and national one, it could be found that hedge fund, as a higher level of private fund, is helpful to the reinforcement of risk management and hedge of capital flow, which has great significance to the inflation caused by RMB appreciation. |
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