Study for Protection System of Rights and Interests of Private Equity Investments

【摘要 (中文/英文)】 作为一种特殊的制度安排,私募股权投资在经济发展发挥着越来越大的作用,同时其在投资过程中也面临着巨大的风险。因而对其投资权益保护机制进行系统研究具有重要的意义。为深化投资权益保护机制的专题性研究,本文在对私募股权投资进行概述的基础上,主要运用经济学理论结合公司法相关理论,探讨了私募股权投资权益保护机制的作用、构成等。经分析研究,作者提出了有效防范和规避风险的四类组织架构模式(包括有限合伙企业模式、信托模式等)、十种优先权的创设(包括分配优先权、表决优先权等)以及股东代表诉讼等四种救济方式,并通过两个不同案例对比实证分析了该制度安排的实际运做。作者认为在高风险的环境中,私募股权投资的组织架构模式、优先权利的特别保护及相应的救济方式,构成了该制度安排保护机制的核心内容,其中组织架构是基础,优先权利设置是重点,救济方式是保障,私募股权投资权益保护机制即是三者的相互作用的过程。最后,作者以前述分析成果考察了我国现行私募股权投资的制度性缺陷,在对其存在的问题进行分析的基础上,对改善该制度安排提出了合理化建议。

 As a special institutional arrangement, private equity investment plays a more and more important role in economic development. Meanwhile, it also faces tremendous risks in its investment. So, it is of great importance to research systematically on the protection mechanism of its rights and interests. For further special study on protection mechanism of investment rights and interests, this article probes into functions and constituents of protection mechanism of investment rights and interests of PE by combining theories of economics and theories of company law on the basis of a brief introduction to PE investment. Upon analysis and study, the writer proposes four organizational structures that can effectively prevent and evade risks (including LLP, trust etc.), ten rights of priority (eg. Priority to distribution, priority to voting) and four remedies (including derivative litigation of shareholders), and delivers a demonstration analysis to the actual operation of such institutional arrangement by two cases. The writer concludes that in the highly risky environment, PE organizational framework, special protection to right of priority and related remedies constitute core of the protection mechanism, among which, organizational framework is the basis, right of priority is keystone and remedies are safeguard. The protection mechanism for PE investment is the interactions among these 3 elements. Finally, the writer puts forward his rationalization to the enhancement of this mechanism by analyzing the institutional defects of existing PE mechanism and analyzing existing problems.

【关键词 (中文/英文)】 私募股权投资; 权益; 保护机制; 研究

Private Equity Investments; Rights and Interests; Protection System; Study