私募股权退出机制的经济法视角探析

The Analysis of Private Equity Exit Mechanism from the Perspective of Economic Law

私募股权基金是定向募集,投资于非公众公司股权的基金运作模式,是一种现代金融工具和投资制度安排,其在现代资本市场中募集资金助推企业成长的作用不容忽视。从诞生之初,私募股权基金就一直被认为是小众的精英游戏,其隐秘性无不伴随募集、投资、管理、退出的各个环节,而基于商业秘密保护或投资过程中的保密需要则使得这样的一种金融工具略带神秘色彩。但即便是定向募集,私募股权基金在退出环节为了实现溢价的需要也要寻求公开市场的退出,在各种退出途径中与公众发生联系。这样就使得本来十分小众的资本运作具备了公开性,进入了经济法的调整视野。

Private equity fund, as a modern financial instrument and investment arrangement, refers to a mode of private placement whereby funds raised privately are invested in non-public companies＇ equity. Its fund-raising role in boosting business growth in the capital market can not be ignored. Ever since its birth, private equity has always been considered as an elite game, raising, investment, management and exit, while the need to with secrecy accompanying various links of fund protect commercial secrets or to keep investment confidential makes such a financial instrument slightly mysterious. However, to secure premium in the course of exit, private equity fund, even private placement, still needs to withdraw in the public market and thus remains connected with the public in various exit channels. Therefore, the original minority of private capital operation is made public, and thus it will be adjusted by economic law.