私募股权基金监管模式的国际比较及中国选择  

International Comparison of Private Equity fund Supervision Mode and Choice of China

作　　者：庞跃华[1] 曾令华[1] 

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《财经理论与实践》2010年第5期48-51,共4页The Theory and Practice of Finance and Economics

摘　　要：美国PE业监管模式是法律约束下的自律模式,主要特征是注册豁免。英国PE的监管模式以行业自律为主,法律监管为辅。日本PE的监管模式以政府监管为主;政府设立证券局集中行使监管权,仅允许构建信托方式的组织形式.对投资资金的投资范围有严格规范。PE运作的失败不容易产生系统性风险,事后处理成本较低,所以PE业较适合于行业自律监管。我国应建立起政府监管和行业管理相结合的模式。要建立健全PE的法律体系;明确确定PE的监管主体,可将PE纳入证监会统筹管理;明确廓清PE的监管客体;支持设立PE的行业协会。The American regulation mode for the PE market is the self-regulation mode under legal restriction,which has the main characteristic of registration exemption.The main British regulation model is the industrial self-regulation while the assistant mode is the legal supervision.Japan＇s regulatory approach to PE base on government regulation;Security Council established by Government mainly focused on the right to exercise supervision only with trust form of organization.Range of investment funds investment has exacting standards.Generally speaking,since the failure of PE operation doesn＇t cause much systematic risk and the postprocessing cost is low,the PE industry is suitable for self-regulation.The PE market regulation in China should base on both the government governance and the industrial regulation.It is necessary to Establish the complete legal system for the PE industry,Clearly define the regulatory body,Clearly determine the regulatory object and Set up PE Industry Association.

关 键 词：PE 监管模式 自律监管 政府监管 

分 类 号：F830.91[经济管理—金融学]