| Along with the gradual opening of capital market of China,the financial sectorwhich has potential development space is attracting more international investors toinvest in China in the21stcentury.As a representative of the new mode ofinvestment,private equity funds which are the main means of financial reform haveplayed a positive role in order to promote the development in the capital market ofChina.The purpose of this paper is that explore the problems and deficiencies of theregulatory reform of private equity funds in order to point out the direction ofsupervision reform of private equity funds by theory analysis,comparative analysis,thedialectical analysis and empirical analysis.According to the theory analysis,for examples,the private equity fundsconcept,exit mechanism,supervision model and risk control,paper analysi comparedfuther to private equity funds supervision in the United States,Britain and Japan afterthe finacial crisis.Before the financial crisis,the United States adherence to the way ofself-discipline supervision.The benefit of this supervision model is regulatoryflexibility,low cost of supervision,and the deficiency is the lack of regulationeffectiveness.The United States is gradually improving the supervision of thegovernment after the finacial crisis. Supervision model of Britain is self-disciplinesupplemented by legal supervision. This kind of supervision has perfect law but easyto produce the lag.Japan adherence to the government supervision strictly,althoughhigh safely,it is easy to make investors to reduce the enthusiasm of theinvestment.From regulatory concept,the three countries are on the supervision of theprivate equity funds to monitor the operation process in order to protect the interestsof the investors.We should learn the way of supervision from these countries with the actualdevelopment situation in our country,and insist on government regulationsupplemented by self-discipline supervision.At same times,we should supervise thefinancing of private equity and investment management as well as exit phaseseparately.In addition,our country should aslo focus on risk control of private equity funds,including,lower cost and punishment.We aslo need to emphasis on thesupervision on the small and medium private quity funds managementcompany.However,because private equity funds in our contry are in the stage ofdevelopment,it is a long term and arduous task for private equity fundssupervision.Finally,we should continue to improve the supervision mechanism andinvestment environment in capital market in China to promote the development ofprivate equity funds healthly and rapidly. |
