私募股权投资中投资人几个特殊权利在中国法下的运用

在私募股权投资中,对投资人投资收益以及投资人顺利退出影响重大的投资人权利包括优先分红权、优先购买权、优先认股权、保护性条款、反稀释、清算优先权、领售权、参售权、知情权和检查权。本文结合中国的法律实践对其中特别重要的三项特殊权利,即优先认股权、清算优先权、领售权在中国法下的合法性及可能性进行了分析。

Enforceability and Effectiveness of Several Special Rights of Private Equity Investor under Laws of PRC

Private Equity Investors＇ rights which materially influence their earnings from investment and their exit include dividends preference,pre-emptive right of first refusal,pre-emptive right of first offer,protective provisions,anti-dilution,liquidation preference,tag-along right,dag-along right,information and observer right.Three special rights of the private equity investors are discussed and analyzed,namely,the pre-emptive right of first offer,liquidation preference,and dag-along right.