私募股权投资基金退出机制法律完善研究——以防范系统性金融风险为视角

金融科技的高速发展、行业竞争加剧以及私募特性下的监管缺失是私募股权投资基金集聚金融风险的主要原因。我国的私募股权投资基金退出机制原有的体系、机制经过多次改进,效率、能级的提升已基本走到尽头。为了提升我国私募股权投资基金退出机制的国际竞争力,防止类似集资诈骗犯罪的涌现,防范可能出现的系统性金融风险,维护社会稳定、国家稳定,维护中国特色社会主义发展建设,需要对我国证券市场进行全面系统的金融改革。应制定《私募股权投资基金投资法》规范退出机制、完善证券市场各板块的法律定位与转板责任追究法律机制,完善对集资诈骗等不法金融行为的法律规制。

Study on the Exit Mechanism of Private Equity Funds and Its Legal Improvement: Based on Keeping a Lookout for Systematic Financial Risks

The rapid development of financial science and technology, the intensification of industry competition and the lack of supervision under the characteristics of private equity are the main reasons for the financial risks of private equity investment funds. The original system and mechanism of private equity fund exit mechanism in China have been improved many times, and the improvement of efficiency and energy level has basically come to an end. In order to enhance the international competitiveness of China’s private equity investment fund exit mechanism, prevent the emergence of similar fund-raising fraud crimes, guard against possible systemic financial risks, maintain social stability and national stability, and safeguard the development and construction of socialism with Chinese characteristics, we need to carry out a comprehensive and systematic financial reform of China’s securities market. The specific improvement suggestions put forward in this paper include formulating the "Private Equity Investment Fund Investment Law" to regulate the withdrawal mechanism, improving the legal positioning of the various sectors of the securities market and the legal mechanism of investigating the responsibility of the transfer board, and improving the legal regulation of illegal financial acts such as fund-raising fraud.