我国风险投资组织形式立法分析--有限合伙制风险投资机构浅析

风险投资业涉及到三方当事人,风险资金的提供者、风险投资机构和风险企业.其中风险投资机构的作用非常重要.当今世界风险投资业发达的国家大多采用有限合伙制和公司制的风险投资机构组织形式,尤以前者为主.我国的风险投资业自20世纪80年代兴起发展至今,风险投资机构主要有事业型和公司型两种形式,合伙型的风险投资机构没有得到立法支持;公司型的风险投资机构由于受我国公司法的制约,在实践中的发展也不尽人意.本文拟从法律制度的角度,分析合伙型和公司型风险投资机构的特点,并结合我国现有法律规范,对我国今后的风险投资立法提出建议.

Legislation Analysis of Venture Investment Organization Forms in China --A Brief Analysis of the Limited Partnership Form

Venture investment normally involves three parties: capital provider, investment undertaking organ (IUO), and invested enterprise. Among them, IUO plays the key role. At present, the IUOs, in the countries highly experienced in venture investment, are mostly taking the limited partnership form (LPF) and company form (CF), and the LPF is preferred. However, China started venture investment in 1980s, and the IUOs are mainly in institution form and CF. Obviously, LPF does not get the support of legislation. In the practice, CF is playing far from satisfaction due to the restriction of Company Law. We are trying to analyze the features of LPF and CF from the perspective of law, and finally conclude, referring to the existing law and regulations, with some suggestions to the legislation of venture investment in China in future.