中国产业投资基金组织形式探讨

产业投资基金(也称私募股权基金或股权投资企业)已经成为全球资本市场的重要参与者,但在我国尚处于起步阶段.在我国现行法律制度下,产业投资基金可能采取的组织形式分别为公司制、有限合伙制及信托制.本文针对投资者权利、税收地位、激励机制、资金筹集、资本退出、承诺出资制度及监督机制等方而对三种产业投资基金进行了分析比较,认为公司制和有限合伙制提供了较为完备的制度规范和税收优势,应成为未来我国产业投资基金的主要组织形式.

Discussions on the Incorporation of Private Equity Funds in China

Private equity funds have been important participants of global capital markets, but they are still at early stage in China. Three feasible schemes for private equity funds under China's current law system are corporation, limited partnership and trust respectively. This paper compares them in respect of investor rights, tax status, incentive mechanism, fund raising, capital exit, capital commitment and supervising mechanism and finds out that corporation and limited partnership provides better systematic criterion and tax advantage. Therefore, corporation and limited partnership should become the major investment schemes for private equity funds of China in the future.