我国风险投资基金立法若干问题思考

Thoughts on Several Problems of Venture Capital Fund Legislation of Our Country

对我国风险投资基金的定义、设立、运作和管理体制等问题提出了初步的立法构想 ,认为我国的风险投资基金应按公司型而不能按契约型设立 ,采取公募方式而不能采用私募方式 ,采取以可转换优先股和可转换债券为主的投资方式 ,并通过投资合同来管理和监督风险企业 ,为风险投资基金提供第二板市场上市等多种退出机制 ;应由证监会下设投资基金管理委员会作为风险投资基金的行政管理机构 ,同时必须加强风险投资基金行业的自律性管理。

The paper puts forward preliminary legislative ideas about the definition, setting up, operation and management system of venture capital fund of our country. Venture capital fund of our country should not be set up by the contract type but should do by the corporate type, should not adopt the private placement way but should do the public offering way, and should mainly take the investment way of convertible preferred stock and convertible bond. We should manage and supervise the venture enterprise through investment contract, offer many kinds of withdrawal mechanism for venture capital fund including second board, set up the committee of investment fund supervising as the administrative management organization of venture investment fund, and must strengthen autonomic management of venture investment fund trade.