契约型私募基金强制清算的现实困境与制度优化

The Realistic Dilemma and Institutional Optimization of Compulsory Liquidation of Contractual Private Equity Funds

私募基金过度依赖IPO的退出模式导致了“退出难”问题,探索私募基金的强制清算制度有助于优化资源的市场化配置,保障私募基金投资人权益。但是目前契约型私募基金的强制清算存在着缺少法定强制清算情形、清算主体义务规定不明、清算程序执行缺乏监督、清算组工作机制不畅的现实困境。因此,从启动到治理,再到清算后的事务处理,需要建构起完善的制度流程。首先,完善强制清算的启动程序,明确基金管理人为清算义务主体;其次,完善清算组内部治理机制,明确清算小组的成员组成和更换机制,建立健全有效的工作机制和监督机制;再次,选择性地引入司法鉴定程序;最后,完善清算后的职责体系,确保契约型私募基金的强制清算合法合规,使契约型私募基金强制清算制度的构建沿着法治化轨道有序展开。

The excessive reliance of private equity funds on the exit mode of IPO has led to the problem of'difficult exit',and the exploration of the mandatory liquidation system of private equity funds can help optimize the market allocation of resources and protect the rights and interests of private equity fund investors.However,the current mandatory liquidation of contractual private equity funds is plagued by the lack of statutory circumstances for mandatory liquidation,unclear provisions on the obligations of the main body of liquidation,lack of supervision over the implementation of liquidation procedures,and poor working mechanism of the liquidation group.Therefore,it is necessary to construct a perfect institutional process from initiation to governance to the handling of affairs after liquidation.Firstly,the commencement procedure of compulsory liquidation should be improved,and the fund manager should be clearly defined as the subject of the liquidation obligation;secondly,the internal governance mechanism of the liquidation group should be improved,the composition and replacement mechanism of the members of the liquidation group should be clarified,and a sound and effective working and supervisory mechanism should be established;then,the judicial appraisal procedure is selectively introduced;finally,the post-liquidation duty system is improved to ensure that the compulsory liquidation of contractual private equity funds is lawful and compliant,so that the construction of the compulsory liquidation system for contractual private equity funds is carried out in an orderly manner along the track of the rule of law.