中国私募基金合法化研究

doi:10.3863/j.issn.1674-5094.2009.05.013

西南石油大学学报(社会科学版) ›› 2009, Vol. 2 ›› Issue (5): 56-59.DOI: 10.3863/j.issn.1674-5094.2009.05.013

中国私募基金合法化研究

康玉¹ 陈怀世²

1.西南石油大学文法学院，四川成都610500；2.西南财经大学法学院，四川成都611130

收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2009-09-20 发布日期:2009-09-20

RESEARCH ON LEGALIZATION OF CHINA′S PRIVATE PLACEMENT FUND

KANG Yu¹ CHEN Huai-shi²

1.School of Law and Humanities，Southwest Petroleum University，Chengdu Sichuan 610500，China；2.Law School，Southwestern University of Finance and Economics，Chengdu Sichuan 611130，China

Received:1900-01-01 Revised:1900-01-01 Online:2009-09-20 Published:2009-09-20

摘要/Abstract

摘要：

自20世纪90年代至今，中国私募基金在迅速地隐秘膨胀，因其未能取得合法地位，政府亦无力监管，由此导致在私募基金运作中存在大量不规范操作以及为追求暴利而存在的内幕交易和投资意识扭曲等不良现象。海外国家和地区对于私募基金的监管运作模式对我国私募基金的合法化可以提供一定借鉴。当前应尽快着手进行私募基金的相关立法，并及时对既有法律予以修订，严格私募基金的市场准入条件，对私募基金的规模和发行方式加以规制，规范信息披露机制，合理引导利益分配方式，使对私募基金的监管做到合法合理、有法可依。

关键词: 私募基金, 内幕交易, 市场准入, 信息披露, 收益分配

Abstract:

Since 1990s′，private placement fund has expanded rapidly in China，while the government is unable to supervise private placement fund effectively.The two factors thus have resulted in some negative phenomena in the operation process of private placement fund，such as: non-standardized operation，insider dealing for profits and distortion of investment concept.The supervising mode of private placement fund in foreign countries and regions may provide some lessons for the legalization of China′s private placement fund management.The present paper holds that timely measures should be taken by the legislative branch of government to make and revise laws concerning private placement fund.The author also suggests that stricter requirements on market access and issuance of private placement fund，more standardized information disclosure mechanism，and more reasonable interest distribution will help to legalize government′s supervision on private placement fund.All the above undertakings are aimed to promote China′s capital market，restrain speculation and to achieve the transparency of private placement fund.

Key words: private placement fund, insider dealing, market access, information disclosure, interest distribution

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