On the legal organizational form of venture capital institutions
|School||China University of Political Science|
|Keywords||Risk investment institutions Legal form of organization Venture Capital Company Limited partnership Organization Innovation China 's venture capital industry Venture capital firms Risk Investment Organization Company Law Foreign venture capital|
In China, with the practical needs of the \However, the development of the venture capital industry needs a good development environment, you need a system supporting all aspects of finance, taxation, intellectual property, market intermediaries, labor market works. Legal form of organization to risk investment institutions from a legal perspective, innovation as the starting point for analysis of risk investment institutions functioning legal environment, and learn from the advanced experience of developed countries, the risk of investment institutions innovation based on proposed institutional innovation of China's venture capital organization legal strategies in order to benefit the development of China's venture capital industry. This paper is divided into three chapters discusses: Chapter venture capital organizations mode and specific forms of organization, is divided into two parts, the first part discusses the legal concept of venture capital and its support system. Many scholars, experts, doing all sorts of explanations about the meaning of risk investment, but in general the risk of investment is different from the general financial investment with high-risk, high-yield and a longer period of equity investments, to all pioneering and innovative economic activities in the field of investment. Entire risk investment system by venture capital institutions, the three elements of risk companies, venture capital market, the core element is the risk of investment institutions, venture capital institutions are connected to funding sources and uses of funds and financial intermediaries, investment risk The most direct participants and practical, but also the most direct risk to share the gains the party. The second part of the world's venture capital organizations mode and three specific forms of organization, analysis of the merits of Trust Fund system, limited partnership, the company made venture capital institutions. All countries in the implementation of the venture capital organizations according to their own characteristics, system and organizational forms, from an economic point of view, in the form of venture capital organizations and institutional arrangements mainly address three basic questions, and that operating costs, agents risks and incentive problems, the Trust Fund system and limited partnership venture capital institutions more effective control of operating costs, reduce the risk of agents, incentives and more flexible. In contrast to companies in these areas have obvious flaws, but the company made its strong financing capability and stability of the organization and incomparable favorable conditions. Legal obstacles in the forms of organization and running of the second chapter of the Chinese venture capital institutions, divided into two parts, the first part of a brief risk investment institutions existing legal forms of organization. As can be seen from the development of the situation and the status quo of China's venture capital industry, the government too much involved in the formation of the career system with Chinese characteristics of venture capital organizations mode at the same time limit due to the laws and regulations of the Companies Act, the Partnership Enterprise Law \WP = 4 gt; system, risk investment institutions, the organization can only be in the form of a general partnership, a limited liability company, joint stock company three forms. The second part of the analysis of the institutional barriers in the Chinese venture capital institutions running. Mainly from the government as the main drawbacks of venture capital institutions, lack of legal organizational form of venture capital institutions, four aspects of the mandatory provisions of the basic legal restrictions, foreign venture capital companies' operations in the legal barriers, analysis of risk investment institutions has obvious state-owned nature of the operation and management of its internal unable to form an effective incentive and restraint mechanisms, and substantive constraints of the Partnership Enterprise Law \Finally, foreign venture capital institutions established in the company conditions and exchange controls are too many limitations, the impact of foreign venture capital into China. The existence of these problems so that China's venture capital industry development difficult. Chapter venture capital institutions, legal forms of organization innovation and laws designed, in three parts, mainly discusses how venture capital institutions legal form of organization innovation and laws designed to break through institutional barriers for the development of the venture capital industry. The first part is to clarify misconceptions about the investment fund legislation. Currently, the countries of the world are not given to the public fund of venture capital funds as higher status, but only by the promoters under the laws of the Companies Act, Partnership Act, Trust Act and the Investment Law, the establishment into the company or partnership system of the enterprise. Development of the Trust Fund for Venture Capital Organization, can provide legal support in the development of investment law and perfect trust law on the basis of its functioning. The second part is to learn from Taiwan's legislative experience and improve the laws and regulations of China's venture capital company. Special legislation to achieve risk investment firm institutional innovation, from the following aspects to provide a legal basis for the establishment and operation of the Company Venture Capital Organization and legal norms: \investment in the investment company through special voting rights of ordinary shares, convertible preference shares \investment companies can implement the authorized capital system, which through the contribution system of innovation solve the problem of capital idle; require venture capital firms can implement delegated administration; clear entrepreneurial investment managers or entrepreneurial investment advisors get merit pay; provisions of venture capital firms can The establishment of duration; using tax and other policies to achieve government support directly funded in Venture Capital Venture Capital changes \At the same time, the amendments to the Companies Act so that the operation of the venture capital company is not in conflict with the basic legal, and establish and improve the exit mechanism for venture capital and a more stringent regulatory regime. Finally, the operation of foreign venture capital company Legal Countermeasures. Section 3 to explore the establishment of the limited partnership venture capital institutions. Row, to adapt to the characteristics of the high-tech industry development as the main form of organization of the venture capital market - the formation and development of the limited partnership is in the process of technological innovation and financial innovation interaction gradually formed a system security lt; WP = 5 gt; a strong impetus to the development of the U.S. high-tech industry and the economy. The risk investment in our country just emerging, institutionally and in practice to explore the unique governance structure of the limited partnership, is of great significance to the development of China's venture capital industry. This section from the origin of a limited partnership, the need to establish a limited partnership to start, to learn from the American experience in the development of a limited partnership, production conceived and put forward a legislative proposal on the establishment of a limited partnership. Conclusion Ministry?