论私募股权投资基金的政府差异性监管路径

An Analysis on Different Government Supervisor Regulation of Private Equity Fund

发达资本市场国家的监管经验表明,不同类型私募股权投资基金的外部性差异,导致了不同的监管模式和准入机制。从推动融资便捷考虑,为确保私募股权投资基金富有竞争力,立法不妨采纳限制型监管理念。面对不同类型的私募股权投资基金,立法者可以考虑不同特质的区别性制度设计。基于域外监管经验并结合本土融资监管惯例,应确立私募股权投资基金差异性监管原则,鼓励发展未上市中小企业股权投资基金,被动监管并购基金和成熟期企业股权投资,主动监管私募证券投资基金。

The experience of capital market supervision in developed country shows that the external difference of different kind of PE founds leads to different supervisor mode and entrance mechanism. From the aspect of promoting finance facility and the competitiveness of PE funds, legislation may follow the path of limitation supervision. Legislatures may design different regulation to regulate different types of PE funds. Based on foreign experience and national legislation, we should insist on different supervisor regulation to different types of PE funds, which includes encouraging SME equity investment fund, passively supervising M＆A fund, actively supervising private equity securities investment fund.