Research On The Supervision Of The Access Of Private Equity Funds

Private equity funds have gone through decades of development in China.In recent years,with the increase of government support and the improvement of capital market,its scale is expanding.At present,the private equity industry in China is developing rapidly,stepping into the era of "big private equity" of 12 trillion yuan,and playing an increasingly important role in the multi-level capital market.However,a series events such as Fuxing's controlling shareholder has fled,Fund Investors converged on custodians Bank of Shanghai to demand repayment caused the public to question the development and the supervision of the PE market.These incidents exposed the problems of market participants such as private equity investors,managers,trustees,intermediary service agencies in access supervision,which deserve collective consideration by all parties.In this time of the vigorous development of private equity funds under the development of chaos,taking the parties involved in private equity fund as the entry point,this paper studies the access supervision of private equity fund.There are 6 parts in this paper and more than 30000 words.Under the background of the vigorous development of private equity funds,but also the development chaos,this paper studies the access supervision of private equity funds by taking all parties involved in private equity funds as the entry point.There are more than 30,000 words in the full text,which is divided into six chapters,as follows:The first chapter is the introduction.In this part,the author introduces the background,significance,research status at home and abroad,as well as research ideas,methods and difficulties.Under the background of the vigorous but disorder development of private equity funds,this paper,based on the existing research results,through the methods of literature research,historical analysis,comparative analysis,empirical research and other research methods,makes a study and discussion on the access supervision of private equity funds,arousing the academic circles and the public pay more attention in this field.The second chapter is the basic theory of private equity fund access supervision.On the basis of concept of private equity fund,it puts forward four characteristics of private equity fund and carries out the advantages and disadvantages of three common organizational forms of private equity fund.At the same time,this paper systematically combs the historical evolution of private equity funds in China.On this basis,the author elaborates and analyses the concept,necessity and common modes of private equity fund access supervision.The third chapter is the realistic reflection on the supervision of private equity fund access in China.In this part,the author points out that there are problems such as unreasonable admission criteria for qualified investors,the strict restrictions on special types of investors,unclear qualification criteria for managers,formalized and formulaic registration on the review of managers,unclear boundaries of responsibilities and insufficient independence of Trustees in the supervision of fund entrance,the lack of eligibility criteria and the ambiguity of legal liability of intermediary service agencies in access supervision.The fourth chapter is a comparative study of foreign private equity fund access supervision.Based on the analysis and comparison of the regulatory model of "ex ante administrative license exemption + ex post judicial relief" applied in the United States and the regulatory model of "self-regulation" applied in the United Kingdom,as well as the accession system for fund investors and managers,the author puts forward some suggestions on the regulatory model and its supporting system that should be applied in China.The fifth chapter is the suggestion to improve the supervision of private equity fund access in China.This part of the author is on the basis of specific reflection on the problems existing in the regulation of private equity fund access in Chapter 3 above,drawing lessons from the effective measures of developed countries such as Britain and the United States,basing on our national conditions,and putting forward corresponding improvement suggestions from different perspectives such as fund investors,fund managers,fund trustees,intermediary service agencies,in order to achieve this goal.Purifying the source and purifying the market.The sixth chapter is the conclusion.In this part,the author mainly puts forward the prospect for the future development of China's private equity funds,expecting its development to break away from the barbaric growth stage and enter a new stage of value investment,specialization and refinement,so as to provide more high-quality power for the transformation,upgrading and progressive development of China's economy.