| Abstract: | 在中國大陸的法律環境中，外商私募股權基金是較新的議題，它同時牽涉了「外商投資」與「私募股權投資」兩個領域。因此，就外商私募股權基金而言，其為中國大陸在國外法律繼受嬗變後，再於法律雙軌制下的二次嬗變。
外商私募股權基金，是指由外國投資者注資或者外國投資者管理的私募股權基金。因此，它的市場屬性為「外國直接投資」、「國際金融服務」。
由於中國大陸對外商採取「外資法群」進行規範，而並沒有一部外商法典做集中、統一的規定。因此，彼此間存在一定程度的分散、重複、衝突等問題。再加上中國大陸對外商、內資採取雙軌制立法，故法律規範雖有創新但也常有彼此扞格或不足之處。也因此造成運作上的幾個問題：外匯管制、投資待遇、雙軌制、地方政府隨意的政策、實務操作的衝突(投資協議、有限合夥)、及優先股的欠缺。
財經法律因應經濟市場而生，惟經濟市場逐年改變。外商私募股權基金既是經濟市場的產物，就無法透過行政力量加以限制，也無需透過偏頗政策揠苗助長。僅需創造一個平等的法治環境，讓市場自行運作。
本文探討中國大陸對外商私募股權基金相關法規的發展現狀、投資障礙與內外資衝突等議題。除對如何完善立法略盡棉薄之力外，並希冀能提供台灣投資者於前進中國大陸時有所參考。
In the legal environment of China, the foreign private equity fund is a relatively new issue, it involves two areas of "foreign investment" and "private equity investment” simultaneously. Therefore, with respect to the foreign private equity fund, it is subject to transmutation of foreign laws and subsequently the second transmutation under the dual system of laws in China.
The foreign private equity funds refer to the private equity funds injected by foreign investors or managed by foreign investors. Therefore, its market attribute to the "foreign direct investment", "international financial service."
Although China has adopted a series of laws to regulate foreign enterprises, there is not one foreign investment code as centralized and unified regulation. Thus, there exists a certain degree of dispersion, overlap, conflict problems among them. Along with the duel system of legislation adopted for foreign enterprises and domestic investments, there are often discrepancies or deficiencies between the legal requirements, although they have been innovated. This resulted in several operational problems: foreign exchange controls, investment treatments, duel system, arbitrary policies of local governments, conflict in practices (investment agreement, limited partnership), and the lack of preference shares.
Financial laws are established in response to the market economy, but the economic market changes every year. Since the foreign private equity funds are the production of the market economy, they cannot be restricted only by the administrative power, and they don’t need partial polices to pull up. They only require creating an equal legal environment to make the market operate under its own mechanism.
This paper discovers the issues with respect to the current development status of related regulations on the foreign private equity funds, foreign investment barriers and conflicts between domestic and foreign investment in China. In addition to make a little contribution to improve the legislation, it’s also expected to provide reference to Taiwan investors for developing business in China.
"第一章 緒論 1
第一節 動機與目的 1
第二節 初步文獻回顧 12
第三節 研究範圍與方法 13
第二章 私募股權基金概論 19
第一節 基本概念 19
第二節 私募股權基金的釐清 39
第三章 外商私募股權基金的界定 47
第一節 基本概念 47
第二節 市場屬性 54
第三節 法律作用 61
第四節 外商私募股權基金的釐清 63
第四章 外商私募股權基金的發展 67
第一節 1990-2000年，初始期 68
第二節 2000-2006年，紅籌時代 69
第三節 2006-2009年，調整期 73
第四節 2009年迄今，外商人民幣私募股權基金興起 79
第五章 外商私募股權基金在運作上的問題 95
第一節 外匯管制 95
第二節 投資待遇 102
第三節 雙軌制，以外商投資創業投資企業為例 106
第四節 地方政府隨意的優惠政策 115
第五節 市場操作的衝突 119
第六節 可轉換優先股制度的欠缺 124
第六章 完善立法之探討 129
第一節 統一准入立法 129
第二節 統一內外資公司主體 132
第三節 現有制度規範的改善 136
第四節 結論 140
參考文獻 141
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