韩国私募投资SPC:制度创新及借鉴意义

South Korea Private Equity Investment SPC: System Innovation and Referential Value

私募股权基金的制度创新,可以为企业提供多元化的融资模式,是优化营商环境的重要课题。相比海外成熟市场,我国私募股权基金起步较晚。近期,由于受到《关于规范金融机构资产管理业务的指导意见》等的影响,令以往的诸多运行架构不再可行,以致我国私募股权基金的发展更具有不确定性。韩国私募投资SPC制度,于2004年引入韩国资本市场中,其法律形态系“有限责任股东(LP)+无限责任股东(GP)”的特殊合资公司形态,为韩国避免外资基金的过度渗透和影响,对改善韩企的公司治理结构,促进韩国产业结构调整,均发挥了重要作用。如何借鉴海外的制度创新,促进我国金融市场建设,持续优化股权投资和营商环境,最大限度释放创新创造活力,具有深远意义。

The system innovation of private equity fund can provide diversified financing modes for enterprises and it is important for optimizing the business environment. Compared with overseas mature market,China's private equity fund started later. Recently,due to the influence of Guiding Opinions on Regulating Asset Management Business of Financial Institutions”,many previous frameworks are no longer in work,and the development of private equity funds in China is becoming more uncertain. South Korea private equity investment SPC system was introduced into the South Korean capital market in 2004. Its legal form is a special joint venture company of Limited Partners (LP)+ General Partners (GP)”,which avoids excessive penetration and influence of foreign funds in Korea. It plays an important role in improving the corporate governance structure of Korean companies and promoting the adjustment of Korean industrial structure. It has far-reaching significance in learning from overseas institutional innovation,promoting the construction of China's financial market,continuously optimizing equity investment and business environment,and maximizing the innovation and creation.