《投资基金法》修订若干问题的探讨  

A study of the Securities Investment Funds Law and its amendment

作　　者：刘健钧[1] 

机构地区：[1]北京大学创业投资研究中心,北京100871

出　　处：《证券市场导报》2009年第12期4-10,共7页Securities Market Herald

摘　　要：本文通过对投资基金立法和修法所必然涉及到的若干重大理论进行探讨,得出了以下九点重要结论:首届投资基金立法调整范围的确定是根据当时对证券投资基金的理解所得出的逻辑结果;应准确理解公司型、合伙型、信托型等三类投资基金的不同法律关系,而不能拘泥于以"信托"范式来狭隘地认识所谓"投资基金";投资基金就其本质而言,是"集合投资制度",而非简单的"资金集合";由于公募投资基金与私募投资基金在风险属性上具有完全不同的特点,故在立法和监管上应充分考虑其差异性;解决私募投资基金乱集资问题的根本途径是修订《证券法》,而非修订《投资基金法》;消除投资基金运作的各类政策法律障碍不能仅寄希望于修订《投资基金法》,而应通过完善相关法律体系来逐步实现;投资基金的税收政策应向创业投资基金倾斜,而不是继续对证券投资基金实行超优惠税收政策;促进股权和创业投资基金发展的更现实思路是为之单独立法,而非与证券投资基金统一立法;如果非要统一立法,还需充分认识股权和创业投资基金的特点,并适应其特点作出特别规定。This article examines most of the key principles with respect to China＇ s investment funds legislation as well as the amendments. Here are the conclusions： （i） rather than an unintended result, the current Securities Investment Funds Law is in fact a natural and logical product of the Chinese legislature＇ s initial legislative intent; （ii） it is crucial to understand the differences among the three organizational forms of investment funds-companies, partnerships and unit trusts-and to avoid a narrow understanding that investment funds are all adopting the form of unit trusts; （iii） an investment fund is per sea ＂collective investment scheme＂ rather than a simple ＂pool of capital＂ ; （iv） any legislation and supervision should fully take into account the fundamental difference in risks posed by public offering and private placement investment funds respectively; （v） in order to regulate illegal fundraising activities, it is more effective to amend the Securities Law rather than the Securities Investment Funds Law; （vi） the elimination of various policy and regulatory obstacles impairing the development of investment funds should be achieved by improving the relevant legal system, rather than relying solely on amendments to the Securities Investment Funds Law; （vii） tax incentives should be accorded to venture capital funds instead of securities investment funds （which have already received outsized tax holidays）; （viii） to promote private equity and venture capital investments, a more realistic approach would be to formulate specific legislation to govern this sort of activities, rather than using uniform legislation to cover all types of funds even though they are of fundamentally different natures; and （ix） even if uniform legislation is eventualiy called for, the legislature should take into consideration differences between private equity/venture capital fund and security investment fund and formulate laws accordingly.

关 键 词：投资基金 基金立法 投资基金法 创业投资基金 

分 类 号：DF438[政治法律—经济法学]