Research On The Fund Management Of Private Equity Fund In China

The private fund industry in China developed rapidly from 2012 to 2016.By the end of 2016,there were 18,000 private fund companies,and the size of private fund products reached 10.2 trillion yuan.Private equity industry capital controls exist obvious problems due to lacking supervision by regulations,low level specialization of professional fund managers and immature of the control system.There is an obvious difference in capital controls between private equity firms have and ordinary corporation.In terms of capital structure,private equity firms mainly manage the entrusted funds,and their own capital account is much smaller than the general enterprise.In terms of capital supervision system,private fund companies have at least two sets of accounting systems and two relatively independent capital control systems,which are more difficult to control.In terms of capital risk management,private equity firms invest in other enterprises and unable to dispatch investment funds but can only supervise it,thus risk control is more difficult.The rise of private fund in China is late and literature about domestic study of private equity funds control is insufficient,this thesis mainly through the study of foreign literature and research of capital controls of domestic private equity,then put forward the optimization system of capital controls.This thesis is divided into five chapters,the first chapter elaborates the background and research significance of the topic.Chapter two summarizes the research literature and research status of the fund management of private equity funds.The third chapter is based on the development status of private equity fund,and analyzes the problems of WL company in capital supervision,custody and transfer.Chapter four based on the current situation of the development of private equity funds,puts forward the optimization system of capital controls and analysis capital controls in the seven stages,including the importance of risk control in the seven stages by quantitative analytic hierarchy process;The fifth chapter puts forward the deficiencies of this thesis and the prospect of private fund management.