On The Legal Regulation Of General Partners In China’s Private Equity Funds

Limited partnership private equity funds in China,"there is law according to" based on the new 2007 "partnership law",the new "partnership law" chapter provides a "limited partnership",laid the establishment of a limited partnership The Legal Basis of Private Equity Funds.In the limited partnership private equity fund,the general partner,as a fund manager,performs a partnership business with absolute control over the funds,comparing the limited rights of a limited partner in a limited partnership private equity fund,that is,a general partner Will rely on its rights,information and other status advantages for their own interests and at the expense of the Fund and the limited partners of the legitimate rights,will seriously affect the entire economic order is not conducive to the new normal economic system development.At present,there are few legal norms on limited partnership private equity funds,and better regulation of general partners is of great significance to the development of funds and maintenance of the legitimate interests of limited partner.This article is divided into four chapters:The first chapter is the introduction,which is divided into four sections.Firstly,it introduces the background and significance of the topic.The old "partnership law" does not have the relevant provisions on the limited partnership.The initial limited partnership private equity fund lacks legal basis,Which there are many legal issues are not effectively regulated,the introduction of the new "partnership law" for its development of a new space for development.Followed by the literature review,mainly on the relevant literature in recent years to sort out;again is the research methods,including literature research,case analysis,comparative analysis,etc.;the last is innovation and shortcomings.The second chapter is about the analysis of the basic situation of China’s limited partnership private equity fund,mainly describes the development situation and advantages of the limited partnership private equity fund in China,and summarizesthe legal regulation of the general partner in the regulation of private equity funds The In recent years,the private equity fund industry has developed rapidly,the development trend is good,for China’s economic development has injected new energy,and China’s private equity funds on the law is also increasingly perfect,in the continuous exploration of problems,solve the problem.Chapter 3 analyzes the specific legal issues that exist in the private equity fund.1,the general partner rights are too large,and limited partners on the general partner constraints,the right imbalance easily lead to contradictions;2,the existence of principal-agent relationship arising from the information asymmetry has brought adverse selection and moral hazard two aspects;3,through the relevant case analysis of ordinary partners there is a credit crisis,including the general partner registration is unknown,lack of confidence,illegal crime occurs,and the reasons for the credit crisis In addition to the general partner good and bad lack of experience,lack of general partnership in China Human credit rating system,the most important reason is the lack of fiduciary duty.The fourth chapter is to perfect the legal regulation of ordinary partners of private equity funds in our country.First,we should follow the theoretical basis(the game of unity of rights and obligations,the game of fairness and efficiency)in perfecting the corresponding legal regulation;the second is the concrete measures,The corresponding management rights of the partners to protect their right to know and the right to supervise the protection of ordinary partners to implement the information disclosure system to prevent the risk of information asymmetry,from the provisions of the general partner qualification restrictions,the establishment of loyalty obligations,effective incentives Mechanism and so on to enhance the credit of ordinary partners,so as to strengthen the legal regulation of ordinary partners;the last is to improve the legal supervision system,from the supervision of the law,the regulatory agencies to cooperate with each other,self-discipline organizations to play a role in three areas to better regulate General partner.