私募基金机构投资者 论私募基金的合格投资者制度.doc

私募基金机构投资者 论私募基金的合格投资者制度1 论私募基金的合格投资者制度 On the accredited investors systemof private equity fund 作者姓名：魏凯 指导教师：韦忠语副教授 西南政法大学 Southwest University of Political Science and Law 摘要 本文以合格投资者制度的发展为主轴，从合格投资者制度的相关概念着手，考察了合格投资者制度研究的必要性。梳理了美英两国的合格投资者制度，以其发展历程为脉络进行比较分析，归纳总结出合格投资者的判断标准。对中国合格投资者制度发展至今的相关法律规范进行整理，结合美英两国资本市场的管理经验，有针对性的对我国合格投资者制度提出了完善建议。 全文共分三大部分。分别探讨了私募基金合格投资者制度的基本概念，美、英两国合格投资者制度的发展历程及制度构建，我国私募基金合格投资者制度的不足及完善建议。 第一部分从私募、基金、合格投资者、合格投资者制度这几个基本概念着手，明确了研究对象，构建了下文讨论的基础。接着探讨私募基金合格投资者制度的必要性，即在保护投资者权益和促进资本市场健康发展中，私募基金合格投资者制度都能起到不可或缺的重要作用。 第二部分选取了美国和英国的合格投资者制度为样本进行分析研究。以其发展的历史进程为线索，分别分析了美国、英国合格投资者制度。从中归纳出合格投资者的判断标准，指出美英两国制度构建中曾经存在的问题，并深入发掘其制度现状之所以如此构建的历史动因。 第三部分将理论研究与我国的具体实践相结合，详细考察我国合格投资者制度的立法现状，梳理了我国私募基金合格投资者制度的相关规定。在指出我国私募基金合格投资者制度发展的薄弱环节，通过吸取他国的经验教训，有针对性的给出相应的完善建议。 关键词：私募基金；合格投资者；制度构建 Abstract In this paper, the development of accredited investorlegal system is the main topic.It starts from the concepts related to accredited investors legal system. Then it begins to explore the need for accredited investor legal system. After that, accredited investor legal systemin the United States and Britain are the target for analysis. Summarize the comparative analysis with its course of development as a context, this paper pointed out the accredited investor criteria. China’s private funds accredited investor system development has to collate the relevant legal norms. Combined with relevant management experience in the U.S. and Britain, this paper have focused on China’s private funds accredited legal system and made some legal recommendations. This paper is divided into three parts. It respectively focus on private equity funds, discussed the basic concepts of the private funds accredited investor system; the United States and Britain private funds accredited legal system development process and system construction; China’s private equity fund accredited investor legal system, it institutional deficiencies and suggestions for improvement. The first part starts from private