CAJ | 학술논문

美国PE业监管模式是法律约束下的自律模式,主要特征是注册豁免。英国PE的监管模式以行业自律为主,法律监管为辅。日本PE的监管模式以政府监管为主;政府设立证券局集中行使监管权,仅允许构建信托方式的组织形式.对投资资金的投资范围有严格规范。PE运作的失败不容易产生系统性风险,事后处理成本较低,所以PE业较适合于行业自律监管。我国应建立起政府监管和行业管理相结合的模式。要建立健全PE的法律体系;明确确定PE的监管主体,可将PE纳入证监会统筹管理;明确廓清PE的监管客体;支持设立PE的行业协会。
미국PE업감관모식시법률약속하적자률모식,주요특정시주책활면。영국PE적감관모식이행업자률위주,법률감관위보。일본PE적감관모식이정부감관위주;정부설립증권국집중행사감관권,부윤허구건신탁방식적조직형식.대투자자금적투자범위유엄격규범。PE운작적실패불용역산생계통성풍험,사후처리성본교저,소이PE업교괄합우행업자률감관。아국응건립기정부감관화행업관리상결합적모식。요건립건전PE적법률체계;명학학정PE적감관주체,가장PE납입증감회통주관리;명학곽청PE적감관객체;지지설립PE적행업협회。
The American regulation mode for the PE market is the self-regulation mode under legal restriction,which has the main characteristic of registration exemption.The main British regulation model is the industrial self-regulation while the assistant mode is the legal supervision.Japan＇s regulatory approach to PE base on government regulation;Security Council established by Government mainly focused on the right to exercise supervision only with trust form of organization.Range of investment funds investment has exacting standards.Generally speaking,since the failure of PE operation doesn＇t cause much systematic risk and the postprocessing cost is low,the PE industry is suitable for self-regulation.The PE market regulation in China should base on both the government governance and the industrial regulation.It is necessary to Establish the complete legal system for the PE industry,Clearly define the regulatory body,Clearly determine the regulatory object and Set up PE Industry Association.