ֻ41जֻ1௹ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ),୍1ᄅJournalofZhejiangUniversity(HumanitiesandSocialSciences): 骏 于 野(ᆄࡾն࿐ܻم࿐ჽ,ᆄࡾݳᇜ310008)[ᅋ ေ]ෛሢᇏݓࣜ࠶֥ؿᅚࠣᇏݓఒြሸކൌ৯֥ᄹ఼,ᇏݓఒြࣉྛݚຓሧ֥҄قರၭࡆॹbᄝᇏݓఒြҕა֞ಆ౯Ӂြࣩᆚ֥ࣉӱᇏ,ଟܢಃႋࠒࠞವೆఃᇏbଟܢಃ҂ࣇ൞ఒြݚຓሧ֥၂ᇕႏ০ٚൔ,္൞ఒြݚຓሧ֥ࣁವྟѩܓ൭؍bଟܢಃऎႵܼ֥ܱٗ༢ຩ,ॖࠆ֤ധҪྐ༏b֥ࢺೆॖ֎߄ݓࡅґ,ຉॺವሧ౻֡,ิۚఒြѩܓି৯bՎຓ,ଟܢಃॖ০Ⴈఃپڶ֥ࣜဒაದҌԥСູѩܓิ܂ᆦӻbଟܢಃࠎࣁॖ๙ݖؿߨఃႪ൝ᇹ৯ᇏݓఒြݚຓሧ,္ॖି۳ఒြջট၂קڄགbଢభ,ݓଟܢಃᄝԔࠢaᄎቔaԛ֩ߌࢫ૫ਢࢠն֥مੰᅰθbູԉٳؿߨଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥ቔႨ,ݓႋࡆॹཌྷܱᇅ؇ࡹഡ,ؓଟܢಃࣉྛႵིࡓܵၛٝٓڄག,ൡ֒ࣉۗۆ൬ܓၛປವሧࣥ,ࡆॹࡹ৫؟ҪՑሧЧ൧ӆ,Ⴊ߄ԛࠏᇅ,ѩ۳Ⴭൡ֒ඥ൬Ⴊ߲ა۷ݺ֥ڛༀb[ܱՍ]ଟܢಃࠎࣁ;ݚຓሧ;ڄག;ࡓܵRolesandFunctionsofPrivateEquityFundsinChineseEnterprisespOverseasInvestmentsZhaoJun YuYe(GuanghuaLawSchool,ZhejiangUniversity,Hangzhou310008,China)Abstract:WiththedevelopmentofChinapseconomyandthestrengtheningoftheenterprisespcomprehensivestrength,,,,,[൬۠ರ௹]20100929 [Ч़ຩᆶ#ᄝཌᄖᆽ]
104ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ)ֻ41जenterprisespoverseasinvestments,,therearerelativelysignificantlegalhindrancefordevelopingprivateequityatthestageoffundspformation,,ourcountryshouldacceleraterelevantinstitution-building,effectivelyregulateprivateequitytoguardagainsttherisks,appropriatelypushforleveragedacquisitionstobroadentheirfinancingchannels,acceleratetheestablishmentofmult-ilayercapitalmarketsforprivateequitytoexit,:privateequityfunds;overseasinvestments;risks;regulation一a我国企业海外投资的现状及私募股权基金在我国的态势(၂)ݓఒြݚຓሧ֥གྷሑᇏݓࣜ࠶֥ᗌఏၛࠣᇏݓఒြሸކൌ৯֥ᄹ఼,ູᇏݓఒြ/ሼԛಀ0ิ܂ਔ఼ն֥৯,ݓఒြіགྷԛವೆݓ࠽൧ӆ఼֥ਛླ,ѩषᄝಆ౯ٓຶଽࣉྛሧ¹bႭః൞ࣁವາࠏ۷ࡆࠗఏᇏݓఒြګݚຓ࿙ऎႵᅞྟၛࠣࡎᆴФ֮ܙ֥ఒြࠇሧӁºbᄝࣜ࠶ಆ౯߄ބሧሱႮ߄֥Мࣟ༯,ݓఒြࣉྛݚຓሧऎႵᇗն֥ၩၬ:ֻ၂,ॖၛຉᅚ൧ӆ,ঔնԛ१౻,֡ѩܿхರၭۚᇽ֥સၞуৈ;ֻؽ,࿙ݓଽླေ֥ሧჷ,۷ݺֹൌགྷᇏݓ֥Ӊჹᅞଢѓ;ֻ,ࣉྛᅞሧӁሧ,ࠆ֤ݓຓ֥༵ࣉඌބஇ;ֻඹ,࿐༝ݓຓ༵ࣉ֥ܵၛࠣሧЧᄎቔٚم;ֻ,՜ࣉસၞޙ,ᆃᄝݓસၞඨҵݖնၛࠣຓ߸ԥСԉ»֥֒ࣂऎႵࠞఃᇗေ֥ၩၬ;ֻੂ,ᆃ္൞ݓఒြҕაݓ࠽ࣩᆚaषᅚݓ࠽߄ࣜႏ֥ᇗေਫ਼ࣥbᄝࣂު၂؍ൈࡗଽ,ࠆ౼ඌaࣜဒaஇၛࠣࢆ֮ӮЧ֩ಯࡼ൞ᇏݓఒြݚຓሧࠃ֥ᇶေၹ¼bॖၛყ֥൞,ෛሢᇏݓఒြؿᅚӱ؇aܿଆ֥҂؎ิۚ,ᇏݓؓሱಖሧჷჟটჟ఼ਛ֥ླ,ၛࠣರၭۚᇽ֥સၞуৈ,ᇏݓఒြࣉྛݚຓሧॖିࡼ۷؟ֹܱᇿႿࡹ৫ॴݓ܄ඳၛࠣࠆ౼ݓଽ؋ಌ֥ሱಖሧჷ,ѩቋնӱ؇ֹܿхસၞуৈ,ᆇᆞൌགྷᇏݓఒြ֥ಆ౯߄ᅞbᇏݓఒြؓႿݓ࠽ሧЧ൧ӆ֥҂ਔࢳၛࠣॴݓეa໓߄aمੰᇅ؇֥ҵၳ,ᄝ၂קӱ؇ഈቅθਔᇏݓఒြ/ሼԛಀ0֥҄ق,മᇀ֝ᇁ၂ུఒြ᫉ვط݂½,ၹՎ,නॉೂޅᇹ৯ᇏݓఒြ/ሼԛಀ0Ӯູ၂۱ᇗေطགྷൌ֥໙ีb୍࣍টྖఏ֥ଟܢಃࠎࣁ(privateequityfunds,ࡥӫPEF)ॖ¹ऎุඔऌҕ
ֻ1௹ᅵ ल Ⴟ ့:ંଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥࢘აቔႨ105ၛູᇏݓఒြݚຓሧิ܂၂่ྍ֥ᅞਫ਼ࣥ,ᄝᇏݓఒြ/ሼԛಀ0֥ݖӱᇏϲဆᇗေ࢘bଟܢಃࠎࣁ൞ᆷၛ٤܄ष֥ٚൔཟഒඔࠏܒሧᆀࠇ۱ದଟࠢሧࣁ,ᇶေཟໃഈ൧ఒြࣉྛ֥ಃၭྟሧ,ቋᇔ๙ݖФሧఒြഈ൧aѩܓࠇܵҪ߭ܓ֩ٚൔԛطࠆ০֥၂োሧ¹bЧ໓෮ӫଟܢಃ,҂ࣇᆷభඍಃၭྟሧЧ,ൈ္ᆷູФሧఒြิ܂ܵࠣఃᄹᆴڛༀ,ၛ௹๙ݖԛࠏᇅطൌགྷሧЧᄹᆴ֥ሧЧᄎቔݖӱºb(ؽ)ଟܢಃࠎࣁᄝݓ֥൝ຓሧPEFࣉೆᇏݓࢠӾ,طݓ֥ଟܢಃࠎࣁؿᅚࢠݓຓط္ཌྷؓࢠພ»bᇏݓࣜ࠶֥ॹؿᅚբളਔ၂նऎႵሧమ৯֥ӮӉఒြ,ຓሧPEFᄝᇏݓषࠃᄁఏটbݖಀ୍ࠫᇏ,ᇏݓၘࣜӮູᇝؓPEFቋऎ་ႄ৯ֹ֥ᆭ၂¼b࣐ܵPEFଢభᄝᇏݓࠆ֤ਔ၂ק֥Ӯࠛ,ӮӉ؇္ࢠॹ,ಯ൞၂۱ྍྖ֥ྛြ,ᄝᆜ۱ᇏݓࣜ࠶ᇏ෮ᅝ֥бᇗߎࢠཬ,2008୍PEFᄝᇏݓն֥ሧࣇᅝݓଽളӁሹᆴ֥%,Ֆݓຓ֥ཌྷܱؿᅚࣜဒ½ট,ुॖၛყҩᆃ၂б২ࡼ࿃ᄹӉ,ߎႵࢠն֥ᄹӉॢࡗb୍࣍ট,ෛሢЧPEF֥ᗌఏࠣຓሧPEF֥҂؎Ⴄೆ,PEFᄝᇏݓ႒টਔ၂۱ྍ֥ؿᅚࢨ؍bᄝ۲۱Ӂြ֥ႪᇉఒြМ,ުᄀটᄀֹَԛགྷଟܢಃࠎࣁࠃ֥ദ႕bPEFᄝ࿙ሱദ০ၭቋն߄֥ൈ,ؓᇏݓ֥ࣜ࠶aӁြၛࠣఒြ֥ؿᅚ߶Ӂളᇗն႕ཙbՖޡܴҪ૫,ुPEF҂ࣇ൞ᇏݓ/ሼԛಀ0ᅞ֥ླေ,္൞Էྍࣜ࠶aࡆॹӁြࢲܒശ֥ࠩᇹఖ,ఃವሧۿି္ॖၛᄹ఼ᇏݓࣜ࠶ᄹӉ֥ଽᄝ৯bՖັܴҪ૫,ुPEFႵ০Ⴟປఒြವሧࢲܒაຉॺఒြವሧ౻֡[1-3]b二a私募股权基金在我国企业海外投资中的角色ᄝᇏݓఒြҕაಆ౯Ӂြࣩᆚ֥ࣉӱᇏ,PEFቔູ၂ᇕྍ֥ᅞႋ֒ࠒֹࠞವೆఃᇏ,PEFᄝݓఒြݚຓሧࠃᇏᇶေϲဆၛ༯ਆᇕ࢘:1.ఒြݚຓሧ֥၂ᇕႏ০ٚൔPEFՖ൙֥ሧࠃၛႏ০ູଢ,֥ၹՎ,ఒြॖၛ๙ݖؓPEF֥ሧ(ӮູPEF֥ܢתࠇކࠄದ)ࣉطࡗࢤࣉྛݚຓሧطࠆ֤০bՖݓຓࣜဒটु,PEF֥൬ၭੱཌྷбఃሧٚൔ۷ࡆऎႵႪ൝bႮႿPEFऎႵ఼֥ࠞህြྟၛࠣپڶ֥ሧࣜဒ,ఃሧ൬ၭੱສສࢠۚbᄝݓႵऍحຓ߸ԥСطຓ߸ԥСሧ൬ၭੱ֮༯֥Мࣟ༯,ሧࣁԉღ֥ᇏݓఒြ,ၛࠣഠЌࠎ¹ଟܢಃࠎࣁބఃۀᆭࡗ֥ٳབྷ:ሻᑈ5ଟܢಃࠎࣁ֥ଟࠢაᄎቔ6,(Кࣘ)مੰԛϱഠ2009୍ϱ,ֻ3်;,dTheRegulationofPrivateEquity,HedgeFunds,andStateFunds,dAmericanJournalofComparativeLaw,(2010),-321bºؓႿଟܢಃۀ֥ӂބหᆘ֥ख़߂,བྷെტќ5ᇏݓଟܢಃವሧაԷြϰഈ൧ൌༀҠቔᆷଲ6,(Кࣘ)مੰԛϱഠ2009୍ϱ,ֻ18်b»1995୍ᇀ2004୍൞ຓሧPEFࣉೆᇏݓ֥Ԛࢨ؍,ఃᇏၛڄགሧູᇶbطᇏݓЧPEF֥ؿᅚӱ൞Ֆᆟکູᇶ֥֝ڄགሧष֥,ఏ҄ࢨ؍൞ᄝ1986)1996୍bҕሻᑈ5ଟܢಃࠎࣁ֥ଟࠢაᄎቔ6,(Кࣘ)مੰԛϱഠ2009୍ϱ,ֻ7-9်b¼ᄝ2000୍ᇀ2007୍ಆ౯ࣜ࠶ঔᅦ֥ۚڂ௹,ᄝᇏݓؿള֥ଟܢಃࠎࣁࢌၞၛ45%୍֥گކᄹӉੱॹᄹӉbᆃ၂఼࣑൝ӻ࿃ᇀ2009୍ഈ϶୍,ࢌၞحղ֞72ၡૅჭ,ࠫެა2008୍ᇏݓಆ୍֥ࢌၞحӻbఃᆷѓ္іૼଟܢಃࠎࣁࡼࠆ֤ӻ࿃֥ۚᄹӉbҕEuropeanUnionChamberofCommerceinChinaandBain&Company,Inc.,dTheSocialandEconomicImpactofPrivateEquityinChina-2009Survey,d2009-12-15,
106ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ)ֻ41जࣁaఒြ୍ࣁaЌགࣁ֩ࠏܒሧᆀႋ֒۷ࡆܱᇿPEFᄝఃሧቆކᇏ֥࢘¹,ࢹᇹPEFᄝݓଽࠣಆ౯ٓຶଽ֥ህြሧ,ࠆ౼۷֥ۚ߭Бb2.ఒြݚຓѩܓ֥ࣁವྟѩܓ൭؍ቔູࣁವྟѩܓ൭؍֥PEFაᅞྟѩܓཌྷбऎႵၛ༯ਆٚ૫֥ཁᇷห:ֻׄ၂,ିܔࣉྛۗۆ൬ܓ,ࢆ֮൬ܓӮЧ,ປሧЧࢲܒbࣉྛᅞྟѩܓສສླေఒြሱ࠭ࣉྛವሧ,ಖطఒြሱദ֥ವሧି৯ສສࢠႵཋ,ᆃсಖ߶ቅθޓ؟ఒြࣉྛݚຓѩܓ֥ࣉӱ,Վൈఒြॖၛॉ੮ࢹᇹPEFࣉྛۗۆ൬ܓbۗۆ൬ܓ൞ᆷѩܓٚ๙ݖཟၿྛࢹᅏࠇնਈؿྛۚڄག০ੱᅏಊ֥ٚൔԔࠢѩܓ෮ླ֥ሧࣁ,ѩၛଢѓ܄ඳ֥ሧӁࠇࡼট֥གྷࣁ൬ೆӊߎభඍᅏༀ֥ѩܓ[3]110bPEF֥ࢺೆॖၛႵིิശఒြ֥ವሧି৯,ࣉطิۚఒြ֥ѩܓି৯bՎຓ,ۚۗۆ൬ܓॖၛؿߨ/ඥ؛ིႋ0,ჰၹ൞ᅏༀᇏ֥০༏ᄝବඥൈॖַ२,طܢ০ಏ҂ି[4],ၹՎ,ۚۗۆವሧॖၛ۷؟֥ࣜႏ൬ၭੀ֞ܢಃሧᆀ൭ᇏºbֻؽ,Ⴕ০Ⴟປѩܓު܄ඳ֥ᇍࢲܒ,ᄹ఼܄ඳᇍି৯bᅓ೦ᄝ5ഈ൧܄ඳ֥කઋ6၂໓ᇏӂૼਔഈ൧܄ඳࡼဆэӮۗۆ൬ܓࢲܒ,ၹູھࢲܒିܔࢆ֮սӮЧՖط۷ࣅૡֹࡼ෮Ⴕᆀބܵᆀ֥০ၭ৵Ӯ၂ุ[5]bਸ਼၂ٚ૫,ᄹࡆ֥ᅏༀᄹնਔܵᆀ֥৯,ૌ۷Ⴕ৯ڿఒြ֥ြࠛ,ၹູఒြӁ߶֝ᇁૌ֥ದ৯ሧЧࡎᆴބБԏ༯ࢆbՖᆃ۱࢘؇টඪ,ۗۆ൬ܓఏ֞ਔᅏༀჿඏ(debt-bonding)֥ቔႨ,ჿඏܵᆀၛૌ֥ྛژކ෮Ⴕܢת֥০ၭ[6]26bۗۆ൬ܓܢתх૧ਔིੱ֥ሧྛູބሧჷশٮࠃ,ᄹ఼ਔ܄ඳᇍି৯[7]256-257bطPEF֥ࢺೆ္Ⴕ০Ⴟປ܄ඳ֥ᇍࢲܒ,ࣉطᄹ఼܄ඳ֥ᇍି৯bPEFᄝѩܓӮۿު߶ࢺೆѩܓު܄ඳ֥ܵ,๙ӈ߶ཟФѩܓ܄ඳஊሁ൙ࠇՖຓ҆ႄࣉ৫൙,ᆃဢ҂ࣇॖၛປѩܓު܄ඳ֥ᇍࢲܒ,ط္ॖၛ০Ⴈఃഠ߶ሧЧaࣜႏࣜဒࠣܵದҌ,ᄹ఼ѩܓު܄ඳ֥ᇍି৯»b 三a私募股权基金在我国企业海外投资中的作用ᇏݓఒြᄝࣉྛݚຓሧaѩܓݖӱᇏ๙ӈ߶૫ؓၛ༯ڄག:࿊ᄴ൬ܓؓའ֥थҦڄགaᆟᇍڄགaҍༀڄགaᆜކڄག֩bPEF֥ࢺೆ߶ࢆ֮ࠇᆀႵི߄ࢳഈඍڄག֥թᄝ,ऎุط,PEFᄝЧఒြݚຓሧᇏॖၛؿߨၛ༯ࠫٚ૫֥ቔႨ:ऎႵܼ֥ܱٗ༢ބྐ༏ຩ,ॖၛࠆ֤ധҪྐ༏,ࢆ֮࿊ᄴ൬ܓଢѓ֥थҦڄགؓႿၩࣉྛॴݓѩܓ֥ᇏݓఒြ,࿊ᄴაሱദ֥ؿᅚླࠣᅞଢѓཌྷ֥ݚຓ൬ܓଢѓ,൞ࣉྛѩܓֻ֥၂҄bطଢѓ܄ඳॖିթᄝগࠍሧӁaႅྟᅏༀ֩మᄝ֥ڄགބႅߑ,ႮႿྐ༏҂ؓӫ,ѩܓٚສສၛؓଢѓ܄ඳࣉྛሙಒܙ,ࣉطᄹնఒြ࿊ᄴ൬ܓଢѓ֥थҦڄགbಖط,PEFॖၛԉٳؿߨఃᄝཌྷܱӁြࢸၛࠣ۲նᇏࢺࠏܒ֥ܼܱٗ༢ބྐ༏ຩ,Ϻᇹ൬ܓٚࠆ֤۷ധҪၛࠣమᄝ֥ྐ༏[8]bႭః൞ପུᄝଢѓ܄ඳת֡ݓႵݖሧࣜဒѩაֹ֥֒ᇏࢺࠏܒႵݖކቔܱ༢֥PEF֥ҕა,ࡼ߶ննࢆ֮൬ܓٚ࿊ᄴ൬ܓଢѓ֥थҦڄགb¹η֣ົक़ཟሧᆀؿ҃ਔఃؓႿଟܢಃ൧ӆ֥ቋྍܙࢲݔ,ھБۡᆷԛ,ଟܢಃሧࡼᄝࠏܒሧᆀ֥ሧቆކᇏϲဆರၭᇗေ֥࢘bऎุҕաཫ5ሧᆀླࠒࠞܵPEሧ6,ᄛ5ഈݚࣁವБ62009୍6ᄅ16ರ,ֻA06ϱbºႋ֒ᇿၩ֥൞,ႮႿ/ሧЧ߄0߶ോݓࡅ֥ඥࠎ,ଢభ۲ᇶေؿղݓࡅၘࣜᇅקਔّ/ሧЧ߄0֥ܿᄵ,ᇏݓ܄ඳᄝ൫০Ⴈۚۗۆವሧࣉྛхඥൈႋ֒Ⴭၛᇿၩb۲ᇶေؿղݓࡅ/ّሧЧ߄0֥ܿᄵॖҕࣉaਾႥफaഫૼ5ሧЧ߄֥ݓ࠽бࢠࠣ႕ཙ༅6,ᄛ5ടຓඥༀ62003୍ֻ7௹,ֻ41-44်b»3iଟࠎࣁᄝཬ٧ရӮۿࣉೆݓ࠽൧ӆᆭު,ࣼ০Ⴈఃᄝݓ࠽Ҕႂྛြ/֥ܱ༢0,ູཬ٧ရႄࣉਔਆᄝݓ࠽Ҕႂ৵෭ྛြऎႵپڶࣜဒ֥৫൙)))ड़֣ࠎཐۖ܄ඳྛᆟሹҊބૅݓݱЍ֥భሹҊbҕaቍaமົې5ݚຓѩܓ֥ࢮࣥ)))ᅟᄝଟሧЧ֥࡚ഈ6,ᄛ5Кնഅြ6ં2008୍ֻ9௹,ֻ99်b
ֻ1௹ᅵ ल Ⴟ ့:ંଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥࢘აቔႨ֥ࢺೆॖၛ֎߄ݓࡅґ,ࢆ֮ᆟᇍڄག҆ٳ༆ٚݓࡅ֥ሧബނࠏܒؓޅૹۋ֥ೆຓݓሧ߶ࣉྛബҰ¹,Ⴍః൞ؓაᇏݓᆟکႵܱ৳֥ఒြ෮ࣉྛ֥ሧ֥ബҰ۷ູࣈരb5ࣜ࠶࿐ದ6֥טҰБۡཁൕ,2004)2009୍,5000ຣૅჭၛഈ֥ݚຓѩܓࢌၞधն؟ඔ(81%)൞ႮݓႵఒြࣉྛ֥bБۡಪູᆃ൞ຓݓᆟکܱᇿᇏݓሧ֥၂۱ᇗေჰၹ,҂ࣇၹູޓ؟ࢌၞടࠣሱಖሧჷ֥॥ᇅ,္ၹູݓࡅ෮ႵಃؓФ൬ܓఒြႵ҂܄ࣩᆚ֥Ⴊ൝[9]4-5b৳ކPEF܋ҕაݚຓѩܓࡼ߶ննࢆ֮ᆃᇕᆟᇍڄག,֎߄ᇏݓఒြ(Ⴍః൞ݓႵఒြ)֥ѩܓᇶุ࢘ºbླေᇿၩ֥൞,ࠧ൞აଟܢಃࠎࣁࣉྛކቔಯಖႵޓն֥ാϧॖି,ྟᆃᄝູ൬ܓ3Com܄ඳσࡱഈॖ၂Ϫ»bၹՎ,ॖॉ੮ഡ࠹၂ᇕݓఒაPEFކቔ֥Ⴕིଆൔ,ၛܿхຓݓᆟکؓݓఒദٺ֥ബҰbᄝଆൔ࿊ᄴഈ,ॖၛࢹPublic-Private-Partnership(ࡥӫ/PPP0)ଆൔ,ᇏ໓๙ӈيၲ/ູ܄ކႏ0ࠇ/܄ކࠄ0bԮ֥PPPଆൔቔູᆟکิ܂གྷս߄aۚᇉਈ֥܄܋ڛༀ֥၂ᇕႵིҦ,ऎุ൞ᆷᆟکაႏഅదרӉ௹ླྀၰ,൱ಃႏഅսูᆟکࡹഡaᄎႏࠇܵ܄܋ࠎԤഡീѩཟ܄ᇙิ܂܄܋ڛༀ[10]10bھଆൔݤۂ؟ᇕνஆ,ೂކႏaหྸࣜႏaຓЇ֩bЧ໓ࡼPPPଆൔ֥ӈႨݣၬ,طࡼః٢ᄝਸ਼၂ᇕົ؇ᇏႨbЧ໓ഡ࠹֥ݓఒაPEFކቔ֥ଆൔ҂ᄜअཋႿؓ܄܋ࠎԤഡീ֥ሧܵ,ط൞ຓᇀݚຓሧ,ఃᇏPublicսіݓఒ,PrivateսіଟܢಃሧЧ,طPartnershipॖၛ൞ކቔܱ༢ࠇކࠄܱ༢bЧ໓ࡼ/ކቔܱ༢0ࢸקູݓఒၛܢת(܄ඳᇅࠎࣁ)ࠇႵཋކࠄದ(ކࠄᇅࠎࣁ)֥ദٺҕაPEF,ಖުᄜၛPEFູᇶุൌീѩܓ;/ކࠄܱ༢0൞ݓఒაPEF܋ԛሧቆࡹྍ֥ఒြ,๙ݖྍ֥ఒြൌീѩܓbႮႿഡ࠹ᆃᇕଆൔ֥Ԛᇓ൞ܿхຓݓᆟکؓݓఒദٺ്֥љࠇബҰ,෮ၛ۴ऌଢѓ܄ඳת֡ݓ֥مੰaم֥ܿ҂ေ,ᆃᇕଆൔ္ླေႵ෮э߄bת֡ݓمੰaمܿ҂ေPEFఃऎุሧᆀ,ॖၛҐ౼/ކቔܱ༢0ଆൔ,ݓఒႅҟႿPEFМު,ࣉطൌགྷࡗࢤ॥ᇅଢѓ܄ඳ֥ଢ֥bᆃᇕଆൔൌീ֥ӮЧཌྷؓࢠ֮,֒PEF൬ܓӮۿ,ުॖ๙ݖ൧ӆ൭؍ࡼଢѓ܄ඳԛ൲ࠇሇಞ۳ݓఒ;ת֡ݓمੰaمܿေऎุሧᆀൈ,ݓఒაPEFᄵႵсေ๙ݖ/ކࠄ0ٚൔഡ৫/ห൹ଢ֥܄ඳ0(SpecialPurposeVehicle),Ⴕൈമᇀླေഡ৫؟۱/ห൹ଢ֥܄ඳ0ࠣఃࢌၞഡ࠹ট࣐৯ႅҟݓఒᆇൌദٺ,ր൬ܓӮۿުᄜ๙ݖఃҠቔࡼ෮Ⴕಃࠇ॥ᇅಃሇ၍֞ݓఒ൭ᇏ֥ࢺೆॖၛຉॺವሧ౻,֡ิۚఒြѩܓି৯,ࢆ֮ҍༀڄག୍࣐ܵ࣍টݓఒြࣉྛݚຓሧ֥ವሧ౻֡ӯགྷ؟ჭ߄൝¼,ଢభࠫެ80%֥ᇏݓఒ¹ၛૅݓູ২,20075୍ήक़೦-ڠઅύྩᆞσ6(TheExon-FlorioAmendmenttotheDefenseProductionAct)֥ྩרܿק,ؓႿ൳֞ຓݓᆟک॥ᇅ֥ఒြᄝૅՖ൙ѩܓࢌၞ,ೂݔ൬ܓଢѓ൞ؓૅݓݓࡅνಆႵ႕ཙ֥ఒြ,ૅݓຓݓሧჴ߶(TheCommitteeonForeignInvestmentintheUnitedStates)ႵಃബҰఃࢌၞbਸ਼ຓ,ھمσڮჍૅݓሹቅᆸᆃᇕѩܓ֥ಃ৯bº2005୍,ᇏݚႲѩܓૅݓႪୄ॓ݖӱᇏ,ૅݓᆟکࠣჄંᇏّ֥ؓᆀಪູᇏݚႲ൞ᇏݓݓႵ॥ܢఒြ,ఃఒြྛູМުႅҟሢݓࡅᅞଢ֥;ਸ਼ຓ,ᇏݚႲ҆ٳ൬ܓሧࣁটሱᇏݓᆟک֥֮༏ࠇ༏վॻ,ཌྷ֒ႿᆟکҀ์,උႿ҂܄ࣩᆚbҕޅ৯5ᇏݓݚຓሧᅞაمੰؓҦ6,(Кࣘ)ؓຓࣜ࠶સၞն࿐ԛϱഠ2009୍ϱ,ֻ106-107်b»2007୍9ᄅ,3Com࿆҃ࢤ൳НضሧЧ֥൬ܓБࡎ,ࢌၞഡ࠹ᇏ,္ູࡼ൬ܓ3Com֥ഒඔܢٺ,ა3Comࡹ৫അြބᅞކቔࠄϴܱ༢bಖط,ૅݓ҆ٳၰჴބᆟکܲჴքྏՎࢌၞࡼ֝ᇁູࠆ֤ૅݓૹۋफ൙ඌ,ѩေૅݓᆟکቅᆸՎ൬ܓbႮႿمཨԢࡓ֥ܵ҆ܤ੮,3ComaНضሧЧაູႿ2008୍2ᄅФ௧Ӝ߭ਔཟૅݓຓݓሧჴ߶ิࢌ֥ࢌၞബҰണ౨bऎุҕو5НضሧЧࡼᇔᆸ3Com൬ܓླྀၰູݚຓѩܓმկ6,2008୍3ᄅ21ರ,
108ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ)ֻ41जြթᄝЧࣁ҂ቀ֥གྷའ[11]bႭః൞ؓႿᇏཬఒြၛࠣႏఒြط,ವሧ۷൞,ᆃུವሧٚൔ֥ӱࢠگᄖaིੱࢠ,֮ၛൡႋॹ֥ݓ࠽൧ӆэ߄ྙ൝bؓႿሧࣁཨݻࢠն֥ॴݓѩܓࠃ,ఒြॖၛࢹᇹPEF෮ႚႵ֥ሧЧބವሧ౻֡Ⴊ൝টࡨఒြሱദ֥ሧࣁ৯¹bࢹᇹଟሧЧ,ѩܓఒြ۷ၞࠆ֤ၿྛವሧ,മᇀॖၛࣉྛۗۆ൬ܓ(֒ಖ,ۗۆ൬ܓ္թᄝ၂ק֥ڄག,ު໓ࡼؓۗۆ൬ܓ֥ڄགቔࡥေٳ༅),ࣉطิۚሧ߭Бੱॖၛ০ႨఃࣜဒބದҌԥСູѩܓิ܂ऎุ֥ඌᆦӻ,ࢆ֮ᆜކڄག5ࣜ࠶࿐ದ6֥טҰཁൕ:82%֥ᇏݓۚܵಪູ,ಌكຓሧࣜဒၛࠣܵି൞ᇏݓ܄ඳݚຓ൬ܓ૫ਢ֥ቋն็ᅞ,ᆺႵ39%֥൳٠ᆀіൕૌᆩ֡ೂޅؓݚຓ൬ܓؓའࣉྛᆜކ[9]18bPEFऎႵپڶ֥ѩܓᆜކࣜဒބದҌԥС,ିູ൬ܓٚิ܂ऎุ֥ඌᆦӻ,ഒሼຕਫ਼,ࡆѩܓbൗࢸᇷܵሦ࿘܄ඳಪູ,ॴݓѩܓުсྶᄝ໓߄Ҫ૫aܵ༢აग़Ҫ૫۱ٚ૫ࡆၛᆜކ[12]88b๙ӈ౦ঃ༯,ѩܓު֥ᆜކҌ൞थקѩܓିڎᆇᆞ౼֤Ӯۿ֥ܱbᆜކି৯֥ಌك൞ᇏݓఒြݚຓѩܓᇏ֥၂۱/ೈ0ºbᄝᇏݓఒြն؟ಌكܵಆ౯ྟ܄ඳ֥ࣜဒބದҌ֥౦ঃ༯,ᇏݓఒြॖၛࡼሱദ֥ӮӉaؿᅚࣜဒPEF֥ѩܓᆜކࣜဒཌྷࢲކ,ൈ္ॖၛ๙ݖPEF֥ྐ༏ຩႪྮ֥ܵದҌb四a私募股权可能带来的风险ቔູࣁವ۽ऎ֥၂ᇕ,PEFႱೂ၂Ϝචಫࡴ,Ⴈ֤֒նႵ᮸ၭ,ಖطؓႿପུؓPEF֥০рഉധೆࢳ֥ఒြࡅط,ໃԩݺӁြሧЧބࣁವሧЧ֥ཌྷವކ,္ޓႵॖିູఒြջট၂ק֥మᄝڄགb1.ۗۆ൬ܓᇏڵᅏбੱݖۚ,ࡆնӊߎڄགႮႿPEFࠆ֤ۚ൬ၭ֥భิᆭ၂൞ିܔၛࢠ֥֮ӮЧࠆ֤ࢠۚб২֥ۗۆವሧ,෮ၛPEF۷ౠཟႿۚڵᅏбੱ֥ۗۆವሧbऌႇݓࣁವࡓܵअ(FinancialServiceAuthority)ᄝ2006୍ؓ҆ٳၿྛ֥၂ཛטҰཁൕ,ᆃུၿྛҕა֥ۗۆ൬ܓᇏ,൬ܓཛଢ֥नڵᅏбੱࠞۚ[13]7,طᆃུվॻᄝႵུ౦ঃ༯ѩ҂൞ປಆᇆ֥bႮႿۗۆ൬ܓ൞൬ܓӮۿު০ႨФ൬ܓ܄ඳ֥০ބགྷࣁੀౢӊڵᅏ,ၹՎ,ᄝೂՎ֥ۚڵᅏбੱ༯,Ф൬ܓ܄ඳླေӵքऍح֥০༏bᆃ҂ࣇ߶Ф൬ܓ܄ඳི֥ၭ൳֞႕ཙ,္߶ննᄹࡆఴվॻ֥ॖି,ྟ۷ູᇗ֥൞ॖି߶ႄఏФ൬ܓ܄ඳ֥ྐႨି৯༯ࢆ,ࣉط֝ᇁѩܓ֥ٚ൬ܓଢѓمൌགྷbਸ਼ຓ,ᄝۗۆವሧ֥ݖӱᇏ,վॻ֥ᇛ௹ྟࢠӉ,ҕაᆀᇙ؟,ࢌၞࢲܒگᄖ,Ⴕൈߎ߶Ⴈᅏಊ֩ࣁವစള۽ऎbၹՎ,֒ᅏༀఴؿളൈ,ජ൞ാ֥ӵքᆀ٤ӈၛಒקbᆃུ҂ಒק֥ၹ္߶႕ཙᆜ۱ࢌၞࢲܒ,ࢆ֮ࢌၞིੱ,٢նڄག[14]89b2008୍ࣜ࠶າࠏᆭ,ުPEFವሧࢲܒ֥р؊ၛࠣڄགष҂؎Вԛট,ૅؿղݓࡅ֥ࡓܵ҆ၘࣜषؓᆃᇕವሧٚൔࣉྛّන,ᆃᇕವሧࢲܒᄝࣂުࡼ߶൳֞၂ק֥็ᅞ[15]510-513b2.ଽଞࢌၞ֣ࠣ֡ڄགᄝѩܓٚაPEFࢤԨ֥ݖӱᇏ,ࢌၞҕა۲ٚࡼࠆ༑႕ཙܢௐࡎ֥۬նਈૹۋྐ༏,ᆃࣼಸ¹ᄝ৳མ൬ܓIBM֥PCြༀᇏ,৳མაಆ౯նದܢಃሧ܄ඳTexasPacificGroupaGeneralAtlanticၛࠣNewbridgeCapitalLLCղӮླྀၰ,܄ඳཟ৳མࠢิ܂ၡૅჭ֥ᅞሧbҕᇛ໓ਟ5৳མ࿆҃ࠆಆ౯3նದሧ܄ඳၡૅჭሧ6,2005୍3ᄅ31ರ,
ֻ1௹ᅵ ल Ⴟ ့:ંଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥࢘აቔႨ109ၞ֝ᇁଽଞࢌၞ֥ؿളbᆜ۱PEFሧ֥ࢌၞࢲܒರၭگᄖ,ҕაٚᇙ؟,ᆃ္ᄹࡆਔଽଞࢌၞྛູؿള֥ॖିྟbႮႿࣜ࠶০ၭ֥౺,ሧҕაٚႵॖିࡼଽଞྐ༏۳ఃದ,ࠇᆀሱ࠭০Ⴈଽଞྐ༏କ০,ᆃննᄹࡆਔ֣֡ڄགؿള֥ॖିྟb၂֊ཨ༏ঔࡼॖିѩܓٚ૫ਢູࠞФ֥अ૫ၛࠣᇗն֥ࣜ࠶ാb3./ਜл౺ᇯਅл0֥ڄག/֒ਜл౺ᇯਅл0¹ᆃ၂ࣜ࠶࿐קੰႋႨႿؓሧᆀ֥ࡎൈ,Վൈ/ਅл0൞ᆷᅞሧᆀ,ط/ਜл0ᄵ൞࿙؋௹߭Б֥ҍༀྟሧᆀ[16]bPEFऎႵ/؋௹ྟ0(ః/ਜл0ྟ֥ᇶေіགྷ),ࠧၛሔ؋௹০ބॹࠆ০ູଢ֥bაᅞሧᆀ҂,ႮႿࠎࣁऎႵჿק֥௹ཋၛࠣ௹ཋଽູሧᆀ߭Б০ၭ֥৯,ၹՎ,PEFѩ҂ౠཟႿࣉྛӉ௹ሧ,طສສᄝࢠ؋֥௹ཋଽ๙ݖ၂ק֥ԛࠏᇅطࡼܢಃྙሇ߄ູሧࣁྙطࠆ০bᆃᇕགྷའॖି֝ᇁѩܓٚ൬ܓଢѓمൌགྷ,മᇀॖିᇗ႕ཙ൬ܓఒြሱദ֥ؿᅚbPEFሧྛູ֥؋௹ྟॖି֝ᇁ/൧ӆ0(MarketforLºemons)֥Ӂള,ࠧ൧ӆഈࡼॖିᇯࡶԉԇ/ਜл0طࠪ/ਅл0֥ളթॢࡗbՖྐ༏ࣜ࠶࿐֥࢘؇ु,/ਜл0ᆭ෮ၛିܔ౺ᇯ/ਅл0,ޓնӱ؇ഈ൞ࠎႿྐ༏҂ؓӫࠎԤഈႄؿ֥֣֡ڄགބࠏ߶ᇶၬྛູ[17]490-499bၹՎ,ૼ֥ྐ༏൞ᇅჿᆃུྛູ֥ᇗေٚمbఒြᄝაPEFކቔ֥ݖӱᇏԢਔေ๙ݖఃህြࠏܒؓଢѓ܄ඳࣉྛࣈര༥ᇁ֥࣐ᆯטҰ,ߎႋေPEFؓཌྷܱྐ༏ࣉྛ,ᄝཌྷܱྐ༏֥ࠎԤഈቔԛ؎,్҂ॖଢྐPEFb4.Ф൬ܓఒြᇉਈ༯ࢆ֥ڄགႮႿPEFሧ؋௹ྟ֥ห,ྟఃೆᇶФ൬ܓ܄ඳުສສ҂൞ቋܱᇿఒြሱദ֥ӮӉ,ྟط๙ӈ൞๙ݖ၂༢ਙ֥ҍༀᄎቔࠇᄜՑࣉྛ൬ܓ࡙ѩaᇗቆaҊჴ֩ڿэ܄ඳ֥ᅬ૫ࡎᆴࠣᅬ૫൬ၭ,Ֆطࠆ֤Ⴊྮ֥ҍༀБі,ಖط܄ඳᇉਈಏॖିѩીႵൌᇉഈ֥ڿ»bਸ਼ຓ,PEF္ॖି๙ݖؿ٢ܢ০֥ྙൔภॢФ൬ܓ܄ඳ,ႮႿສສҐႨۗۆ൬ܓ֥൭؍,ః෮ࠆ֤֥ܢ০ॖିჹۚႿఃೆ֥Чࣁb五a私募股权基金发展的法律瓶颈及对我国相关制度的建议ෙಖPEFିܔᄝݓఒြݚຓሧᇏؿߨᇗေ֥ቔႨ,൞ଢభPEFᄝݓ֥ؿᅚ૫ਢࢠն֥مੰᅰθb༯໓ࡼ௩༅PEFؿᅚਫ਼ࣥᇏმ֥֞مੰ࣠,ѩཌྷႋֹࣼೂޅؓགྷႵمੰᇅ؇ჍၛԷྍაປิԛࡹၰ,ၛ௹ԉٳؿߨPEFᄝݓఒြݚຓሧᇏ֥ቔႨb(၂)PEFؿᅚ֥مੰ࣠1.ಌكૼಒ֥مੰֹ໊مੰֹ໊ބمੰ֥ܿٓಌാ൞ቅθݓPEFܿٓؿᅚ֥ނྏ໙ีbૼಒPEF֥مੰֹ໊൮༵ླေಪౢఃЧᇉbቔູ၂ᇕ৫֥مੰᇶุྙൔ,PEFЧᇉഈ൞၂ᇕ๙ݖ٤܄षٚൔଟࠢሧࣁ¹Վۀ૭ඍਔ၂ᇕགྷའ:֒൧ӆഈൈੀ๙ਜл(ॖႄണູ҂ݺ֥aࢠҵ֥)ބਅл(ॖႄണູݺ֥aᇉਈࢠ֥ۚ)ൈ,ਅл߶ᇯࡶԛ൧ӆ,ਜл߶ᇯࡶ౼սਅл໊֥ᇂbҕ,&,dTheTaleofGreshampsLaw,d2005-10-01,
110ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ)ֻ41ज/֥ࠢކሧᇅ؇0bಖط,ݓགྷႵمੰุ༢ၛؓఃࣉྛႵི֥ܿٓაЌ,གྷႵ֥5ᆣಊم6a5ކࠄఒြم6a5ކࠄఒြ֨࠺ܵϷم6ໃିࠣൈ۵ࣉb൮༵,ᄝمੰֹ໊ٚ૫,۴ऌ5ᆣಊم6֥ܿק¹,ଢభݓᆺᄍྸᇏݓ܄ބمದष৫ᆣಊᅬ,طၛྐກᇅބႵཋކࠄᇅྙൔթᄝ֥PEFႮႿ҂ऎС৫/مದ0ֹ໊طمष৫ᆣಊᅬࣉྛᆞӈ֥ሧࠃ,္ၛࡼᆣಊ൧ӆቔູԛ๙,֡ᆃࡼննཋᇅPEF֥ؿᅚbఃՑ,۽അᇿҨٚ૫,ෙಖ5ކࠄఒြم6ྩרުႄೆਔႵཋކࠄᇅ؇,ؓႿႵཋކࠄఒြଢభಯಖીႵྙӮಆݓٓຶଽ၂֥۽അᇿҨӱbఘࣂູᆸ,Ԣ฿ࣃaഈݚº֩ഒඔֹຓ,PEFഉၛൌགྷၛႵཋކࠄᇅྙൔࣉྛ֨࠺,ᆃննቅθਔPEFᄝಆݓٓຶଽ֥ؿᅚ[18]bၹՎ,сྶ๙ݖֆ֥ܿקڮჍPEF৫֥مੰֹ,໊๙ݖ၂קٚൔᄍྸఃष৫ᆣಊᅬՖطࣉྛ൧ӆሧࠃބൌགྷ൧ӆԛ,ᆃ္൞ଢభቋታրࢳथ֥໙ีbؓႿ۽അᇿҨ,ࡹၰ۽അ҆ࣉ၂҄ࠒࠞ৫م,Ֆمੰഈ۳ჍPEFކم߄ֹ֥,໊ѩႋ֒ࡆॹࡹ৫ಆݓ၂֥۽അᇿҨӱ,ၛൌགྷPEF֥ކمᇿҨ,Ֆطૼಒఃمੰֹ໊b2.ሧᇶุཋᇅݖႿ۬ႮႿPEFሧऎႵࢠ֥ۚڄག,ྟສສླေ၂؍ࢠӉൈࡗ/֥ٿо௹0,ᆃࣼေPEF֥ሧᇶุсྶऎႵࢠ఼֥ॆڄགྟaӉ௹ሧ֥ၛࠣԉቀ֥ሧЧbՖᆃུေु,ࠏܒሧᆀၐ൞ቋކൡ֥ሧᇶุbᄝݓ࠽൧ӆഈ,PEF֥ሧᇶ৯္ᇶေ൞ഠЌࠎࣁaၿྛaЌག֩ࠏܒሧᆀb۴ऌᇝଟაԷླྀ߶(EuropeanPrivateEquity&VentureCapitalAssociation)ؓ2003)2007୍ᇝPEFଟࠢሧࣁটჷ֥ࢲܒٳ༅,ၿྛোჿᅝ%,Ќག܄ඳჿᅝ%,အࠎࣁჿᅝ23%,ࠎࣁ֥ࠎࣁᅝ%[19]bطᄝݓ,࣐ܵഠЌࠎࣁၘࠆ֤ሧႿPEF֥ྸॖ,ླေ۱σഈБࡓܵ҆ബ,ബᇛ௹ࢠӉaӱَᄖ,طၿྛaЌགaྐກ܄ඳ֩ࣁವࠏܒ္൳֞ࢠ؟ཋᇅ[18]bၹՎ,ᄝࣂު֥ᇅ؇ഡ࠹ၛࠣᆟҦ࿊ᄴᇏ,ႋ֒ൡ֒پڶބ٢ॺؓҕაᇶุႭః൞ࠏܒሧᆀ֥ཋᇅ,ؓఃڄག॥ᇅॖၛ۷؟ֹ๙ݖࡓܵࣉྛb3.ຓሧކࠄఒြሧPEFթᄝمੰഈ֥҂ಒקྟ5ຓݓఒြࠇᆀ۱ದᄝᇏݓଽഡ৫ކࠄఒြܵϷم6(ၛ༯ࡥӫ5ܵϷم6)֥ԛູຓݓሧᆀᄝᇏݓഡ৫ႵཋކࠄᇅPEFิ܂ਔॖିྟ,൞ھ5ܵϷم6ؓႿຓሧሧᆀطಯಖթᄝ၂ུླေӳౢ֥໙ีb൮༵,ؓႿ٤ࠊлԛሧྙൔીႵૼಒܿק»;ఃՑ,ؓႿຓሧሧᆀ൞ڎॖၛӮູຓሧކࠄఒြ֥௴๙ކࠄದࠇᆀႵཋކࠄದીႵૼಒܿק;ᄜՑ,ؓႿၛሧູᇶေြༀ֥ຓሧކࠄఒြ൞ڎླေ֩րࣉ၂֥҄ܿקіඍ҂ౢ¼;ቋު,ܱႿކࠄఒြඥༀ൙ཛ,5ܵϷم6ܿקຓሧކࠄఒြཌྷܱඥༀ൙ཛႋοᅶཌྷܱඥمܿקᆳ,ྛଢభᄝඥༀഈಯթᄝޓ؟҂ಒק֥൙ཛႵրࢳथb২ೂ,֒ຓሧކࠄఒြՖ൙ሧြༀൈ,൞ڎ߶ၹሧሧࣁط۳ຓݓކࠄದջট¹5ᇏದ܋ބݓᆣಊم6ֻ166่ܿק:/ሧᆀണ౨ष৫ᅬ,сྶӻႵᆣૼᇏݓ܄ദٺࠇᆀᇏݓمದሧ֥۬ކمᆣࡱbݓࡅਸ਼Ⴕܿק֥Ԣຓb0º฿ࣃ൧۽അअႿ2007୍11ᄅ16ರؿ҃ਔ5ܱႿଟܢಃሧࠎࣁaଟܢಃሧࠎࣁܵ܄ඳ(ఒြ)ࣉྛ۽അ֨࠺֥ၩ6,ູૼಒଟܢಃሧࠎࣁఒြ֥مੰֹ໊൮ष༵ފb2008୍8ᄅ11ರ,ഈݚ൧۽അअ৳ކഈݚ൧ࣁವϷaഈݚ൧ඥༀअ܋ؿ໓,ԛਔ5ܱႿЧ൧ܢಃሧఒြ۽അ֨࠺֩൙ཛ֥๙ᆩ6,ؓഡ৫ܢಃሧఒြ֥ੀӱჍၛૼಒb»5ܵϷم6ֻ4่ܿק:/ຓݓఒြࠇᆀ۱ದႨႿԛሧ֥ࠊлႋ֒൞ॖሱႮؑߐ֥ຓл,္ॖၛ൞၇مࠆ֤֥ದлb0¼5ܵϷم6ֻ14่ܿק:/ݓࡅؓຓݓఒြࠇᆀ۱ದᄝᇏݓଽഡ৫ၛሧູᇶေြༀ֥ކࠄఒြਸ਼Ⴕܿק֥,၇ᅶఃܿקb0ؓՎॖିӁള҂֥ࢳ:၂ᇕࢳ൞ሧᆀླေ࿃֩րࣉ၂֥҄ᆷ֝໓ࡱ,ؓഡ৫Ֆ൙ሧြༀ֥ຓሧކࠄఒြቔԛૼಒܿٓ,طᄝՎᆭభ,ഉ҂ᄍྸຓݓሧᆀഡ৫Վোຓሧކࠄఒြ;ਸ਼၂ᇕࢳᄵ൞ᄝીႵ࣌ᆸྟ֥ห൹ܿקԛᆭభ,ຓሧކࠄఒြࠧॖၛՖ൙ᆰࢤሧြༀbॉ੮֞ᇏݓն҆ٳᆟکࠏܱ֥໓ࡱࢳٚൔ,ഈඍު၂ᇕࢳॖି۷նӱ؇ഈ൞၂ᇕ௹ຬ,ط٤གྷൌॖ௴ђࢤ൳֥ԩٚمbऎุॖҕ,&,dForeignPartnershipRulesIssued,d2009-12-02,
ֻ1௹ᅵ ल Ⴟ ့:ંଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥࢘აቔႨ111ӈഡࠏܒ֥ڄག;ؓຓݓ௴๙ކࠄದࠆ֤/ེ֥ջ০ၭ0(carriedinterests¹)ೂޅᆘඥ֩bՎຓ,ؓೂޅࣼຓݓކࠄದՖކࠄఒြٳ֤֥০ᆘඥ္ѩໃປಆౢ༉ºbᇏݓඥༀࠏܱླေԛྍ֥مܿa໓ࡱؓᆃུ໙ีჍၛӳౢb(ؽ)ᇅ؇ປࠣᆟҦࡹၰ1.ࣉྛႵིࡓܵၛٝٓڄགݓଢభؓႿPEF֥ࡓܵགྷሑ൞ཌྷܱ҆ٳࡓܵ,ط၂֥ࡓܵᆀބࡓܵѓሙ,҆ٳPEFѩໃФବೆࡓܵٓԐbࠎႿؓݓྛᆟุᇅၛࠣڿ۪ӮЧ֥ॉ੮,ࡼটޓ๙ݖህ֥৫مؓPEFࣉྛࡓܵbطݓຓPEF֥ࡓܵࣜဒ္๙ӈીႵህ֥PEFࡓܵمܿ,ᄝᆃ၂ׄഈᇏݓॖିླေᄝޓնӱ؇ഈࢹݓຓ֥ࣜဒbؓႿPEF,ޓ؟ؿղݓࡅҐ౼ࠂ૧֥ٚൔ,ѩ҂ࡓܵPEF֥ሧڄགބྐ༏,ط൞ࡼࡓܵᇗׄ٢ᄝᇅקཌྷܱࠂ૧่ࡱၛࠣബҰཌྷܱଟࠎࣁ൞ڎژކࠂ૧่ࡱഈb၂֊ଖུࠎࣁ҂ژކཌྷܱ֥ࠂ૧่ࡱ,ᄵ҂ିࠆ֤ཌྷܱࠂ૧,ఃദٺࠧሇэູ௴๙֥٤ࠂ૧ࠢކሧӁ,сྶژކࠢކሧোӁ၂֥ࡓܵܿקb၂֊҂ژކཌྷܱࡓܵܿק,ᄵᄝھ၂֥ࡓܵॿࡏ༯Ⴭၛԩـ[20]b֒ಖ,၍ᆱمੰᇅ؇ླေაЧمੰࣉྛཌྷႋ֥༻ࢤ,ၛمੰაഠ߶གྷൌ໖ކbႮႿݓଢభPEFഉԩႿఏ҄ࢨ؍,ၹՎ҂ၒ֤ܵݖطᆭാಀࠃ৯bགྷࢨ؍ؓPEF֥ࡓܵಯႋົӻ۲ᆟک҆ٳࡓ,ܵᆃбࢠژކᇏݓଢభ֥ݓ౦ၛࠣمੰགྷሑb൞ᄝPEFؿᅚ֞၂קࢨ؍,ުෛሢ൧ӆҕაᆀaࡓܵᆀಪ്ഈ֥э߄ࠣمੰߌ֥ڿ,ॖॉ੮Ґ౼ݓຓ၂֥ࡓܵٚൔb2.ൡ֒ࣉۗۆ൬ܓ,ປPEFವሧࣥෙಖۗۆ൬ܓऎႵభ໓෮ਙई֥ᇭ؟ڄག,Ֆݓຓؿᅚࣜဒটु,ೂݔࡓ֤ܵ,֒ॖၛᄝ॥ᇅڄག֥భิ༯ؿߨః෮ऎႵ֥ᇙ؟Ⴊ൝b൞ۗۆವሧ෮၇ঠ֥ᅏಊ൧ӆ(Ⴍః൞/গࠍᅏಊ0»֥ؿྛ)aքЌᇅ؇֩ᄝݓߎթᄝᇭ؟րປᆭԩbᆃུཋᇅቅθਔЧPEFۗۆ൬ܓ֥ؿᅚ,ՖӉჹটु҂০ႿݓЧPEF֥ؿᅚၛࠣݓ࠽߄bၹՎ,ݓႋ֒ൡ֒ࣉۗۆ൬ܓ,ປPEF֥ವሧࣥ,ൡ؇٢ॺᅏಊ൧ӆؓPEF֥ཋᇅb൮༵ေൡ֒٢ॺᅏಊ֥ؿྛᇶุbPEFᄝݓଢభ֥مੰॿࡏ༯مቔູؿᅏᇶุࣉྛವሧ,ၹູᄝݓགྷࢨ؍ᅏಊ൧ӆ֥ವሧ۽ऎᇏ,Ԣࣁವᅏၛຓ֥ؿྛᇶุࣇཋႿളӁࣜႏྟఒြ[21]94-95bၹՎ,ᄝࣂު֥৫مၛࠣڿ۪ᇏႋ֒ڮჍPEFؿྛᅏಊ֥ᇶุሧ۬bఃՑ൞٢ॺವሧܿଆཋᇅbଢభݓఒြᅏႮؿڿಒקؿྛሹܿଆ¼,ط܄ඳᅏ½aॖሇߐ܄ඳᅏ¾ބ؋௹ವሧಊ¿Ⴕ࣪ሧӁ40%֥б২ཋᇅbၹՎ,ࠧᄍྸPEFؿྛᅏಊ,ႮႿؿᅏܿଆ൳ཋ္ၛଟࠢቀܔ֥¹/ེջ০ၭ0ࠧ၂ᇕѩ٤ࠎႿ௴๙ކࠄದሱദԛሧ෮Ӂള֥০,ط൞Ⴎఃሧࣁิ܂ᆀ(Ⴕཋކࠄದ)֥ԛሧ/ེջ0ট֥০bҕպၬ5֩Էြࣚപᆭဆэ:ଟܢಃۀඍ6,ᄛᇏݓ൬ܓ࡙ѩ࣮ᇏྏaת഼ٚۚሧܤ໙܄ඳщ5ᇏݓ,ླေଟܢಃሧࠎࣁગ6,(Кࣘ)ࣜ࠶ܵԛϱഠ2007୍ϱbº5ҍᆟ҆ݓࡅඥༀሹअܱႿކࠄఒြކࠄದ෮֤ඥ໙ี֥๙ᆩ6(ҍඥ[2008]159ݼ)ෙಖܿקఒြކࠄದႋ࢚ବఒြ෮֤ඥ,ؓຓݓఒြކࠄದೂޅ࠹ෘఃႋ࢚ඥࣁၛࠣඥުሧࣁ߸ԛຓ൞ڎಯླ࢚ඥ֩໙ีѩીႵಒ్֥ճσbऎุॖҕ,&,dForeignPartnershipRulesIssued,d2009-12-02,
112ᆄࡾն࿐࿐Б(ದ໓ഠ߶॓࿐ϱ)ֻ41जሧЧটડቀఒြሧЧླ[21]94bᄝࣂު֥৫مᇏ,ႋھؓႿPEFᆃোห൹֥ሧᄛุൡ؇٢ॺఃವሧܿଆ֥ཋᇅbቋު൞ᇯ҄٢षۚ൬ၭᅏಊbଢభݓఒြؿྛ֥ն؟ඔఒြᅏބॖሇ܄ඳᅏླေ၂ק֥քЌ,ᅏಊ൧ӆ֥၂ུࠏܒሧᆀ္ФေᆺିሧႿႵքЌ֥ᅏಊ[21]95bᆃུ֥۬ཋᇅ่ࡱࢆ֮ਔPEFՖնࠏܒವሧ֥ॖିྟbଢభ,ԛۚ൬ၭᅏಊ่֥ࡱၘࠎЧӮඃ,ॖൡ֒٢ष,ၛ۷ݺֹᆦӪۗۆ൬ܓ֥ವሧླေbᄝᆃ۱ݖӱᇏ,ཌྷܱ֥مੰᇅ؇ປაԷྍླေ҄۵ࣉ¹b3.ࡆॹࡹ৫؟ҪՑሧЧ൧ӆ,Ⴊ߄ԛࣥPEF֥หׄथקਔఃсྶᄝ၂ק௹ཋުԛଢѓ܄ඳ,ԛ֥ࣥ࿊ᄴᄝ၂קӱ؇ഈथקਔଟሧ֥Ӯϧbૅݓ֥ൌބնਈં࣮ᆣૼ,ປ֥؟ҪՑሧЧ൧ӆุ༢൞՜ࣉૅݓPEF൧ӆؿᅚ֥ࠎԤྟ൧ӆЌᆣbၹՎ,ݓᆟکႋࠒࠞࣉѩࡹ৫აݓఒြؿᅚࢨ؍ཌྷൡႋ֥؟ҪՑሧЧ൧ӆุ༢,ູݓPEF֥ؿᅚิ܂ࠎЧ൧ӆࠎԤb4.۳Ⴭൡ֥֒ඥ൬Ⴊ߲ა۷ݺ֥ڛༀቔູؓݓ֥ࢹ,ૅݓᆟکؓPEFቋն֥ࠗৣᄝႿԷᄯਔ၂۱ਅݺ֥ೈߌ,ᆃุགྷᄝඥ൬ٚ૫ºbݓॖၛॉ੮ؓࣉೆۚ॓aᅞྟ֩ྍྖӁြ֥PEFࡨ૧෮֤ඥbਸ਼ຓ,ᆟکߎႋ֒ܝৣਅݺ֥ܢಃሧ໓߄,ႄ֝PEFູФሧఒြิ܂۷؟֥ඌაᄹᆴڛༀbՎຓ,ݓߎႋປ߶࠹aሧྐࠩaҍༀܤ໙֩၂༢ਙ֥ᇏࢺڛༀ,ູPEFิ܂۷ݺ֥ڛༀbᇏݓఒြࣉྛݚຓሧaҕაಆ౯ࣜ࠶ࠃ֥൝൞҂ॖх૧֥,PEFࡼᄝᆃᇕ൝༯ϲဆರၭᇗေ֥࢘bᇏݓఒြᄝࣂު֥ݚຓሧࠃᇏၘᇯࡶषଃ෬ࢹଟܢಃࠎࣁ֥֡ਫ਼,ᆃ่֡ਫ਼ഈࡼ߶Ⴕڄགაఈᖯ,൞ᇏݓఒြ/ሼԛಀ0֥֡ਫ਼сಖ߶ᄀሼᄀॺbၹՎ,ݓႋ֒҂؎ປؓႿPEF֥مੰܿᇅ,ၛః۷ࡆԉٳႵֹིؿߨᄝݓఒြݚຓሧᇏ֥ቔႨbሹᆭ,ᄝଟሧЧ֥ᇹ৯༯,ᇏݓఒြ֥ಆ౯߄ᄎႏି৯ࡼࣉ၂֤҄ၛࡹ৫ބิശ,ૌ௹րᆞᄝᗌఏ֥ᇏݓఒြᄝݚຓሧ֥ࣩӆഈႵ۷ູԛ֥іགྷb[ҕ ॉ ໓ ང][1]ਾᜇ:5PEྛြؿᅚమ৯ն,ଟܢಃሧࠎࣁॖք֒ն6,5ࣜ࠶ರБ62009୍11ᄅ18ರ,ֻ6ϱb[LiuMing,dPEHasGreatPotentialandCanPlayaGreatRole,dEconomicDaily,2009-11-18,.][2]ࣁಅ:5ݓ࠽ଟ)))ఒြ๙ສݓ࠽ሧЧ൧ӆ֥ూਃა๋ϰ6,Кࣘ:ᇏྐԛϱഠ,2008୍b[XiaoJinquan,InternationalPrivateEquityinChina:EnterprisespBridgetoInternationalCapitalMarket,Beijing:ChinaCITICPress,2008.][3]&,dLeveragedBuyouts:TheEverChangingLandscape,dDePaulBusinessLawJournal,(2000-2001),-115.[4]&,dValuingtheDebtTaxShield,dJournalofAppliedCorporateFinance,,(2007),-59.[5],dEclipseofthePublicCorporation,dHarvardBusinessReview,,(1989),-74.¹бೂ,ૅݓᄝۗۆ൬ܓᇏޓ؟൞ၛໃট൬ೆቔູքЌ֥bᄝᆃٚ૫,࣐ܵݓ5֥ಃم6ֻ181่ܿקਔڜַ,္ࣇཋႿଢѓ܄ඳໃট൬ೆᇏ֥Ӂ҆ٳ,ః֥ᇭೂଢѓ܄ඳໃট֥ႋ൬ᅬॻaᆩ്Ӂಃᇏ֥ҍӁಃ֩ಃ০ໃቔԛܿק,ᆃࣼླေمੰቔԛཌྷႋ֥ҀԉܿקbºሧЧ০֤ඥ֥༯ט֤ૅݓൌീ֥ཬఒြሧ܄ඳ࠹߃ॿࡏ༯ଟ֥ࠢሧࣁႵਔ٦ᄁbܱႿھ໙ีॖҕ᮶Ќࣁaဗफ5ૅݓᆟکᄝڄགሧᇏ֥ቔႨࠣؓݓ֥ఓൕ6,ᄛ5ଲࣘ୪ြն࿐࿐Б(ഠ߶॓࿐ϱ)62006୍ֻ6௹,ֻ66်b
ֻ1௹ᅵ ल Ⴟ ့:ંଟܢಃࠎࣁᄝݓఒြݚຓሧᇏ֥࢘აቔႨ113[6],.&,dDebtasaBondingMechanism:EvidencefromtheRelationsbetweenEmployeeProductivity,CapitalStructure,andOutsideEmploymentOpportunities,d2007-10-16,
