我国私募股权基金制度供给研究

运用金融抑制理论解释我国私募股权基金兴起的现实和制度原因。政府管制利率,严控信贷方向和信贷规模,设置严格的准入标准,使得在国民积累的财富缺乏投资渠道的同时,中小企业却面临融资难问题。私募股权基金兴起并迅速发展壮大,正是对金融抑制的理性回应。私募股权基金对我国经济社会发展具有重大意义,然而我国私募股权基金仍处于初生阶段,法律地位模糊不清,相关制度不够完善。当前,应在适度监管的原则下完善私募股权基金主体制度及其运行规则,确保其健康发展。

Research on institutional supply of private equity fund in China

The theory of financial repression is applied to explain the realistic and institutional reasons of the rise of private equity fund in China. The regulation of interest rate, the strict control of direction and scale of credit, and the strict setting of admittance standard by the government lead both to the lack of investment channel of the wealth accumulated by citizens and at the same time to the financing difficulties of small and medium-sized enterprises. The rise and rapid development and expansion of private equity fund are just the rational response to financial repression. Private equity fund has great significance to the development of Chinese economy and society, while it is still at primary stage in China, whose legal status is obscure and regulation is not perfect. The subject institution and operation rule of private equity fund should now be perfected under principle of proper supervision, so as to ensure its healthy development.