wholesale copper jewelry Private equity financing and disadvantages

Iris

November 23, 2022 at 7:45 am

wholesale fine jewelry miami First, the status and characteristics of my country's private equity funds
. The true inside of my country's private equity funds contains
The "private equity funds" in my country is not a private equity fund, and a considerable part of it is actually a "private fund". There are obvious differences between the two:
First, the organization method is different. The standardized private equity fund, whether it is a contract or a corporate type, its organizational form is legally independent legal person, and the fund holder conference is the highest authority of the organization. The private contract funds are not an independent legal person organization. It is just a business entrusted to invest. There is no power institution such as fund holders.
The second, the formation method is different. The formation of the formation of private equity funds is roughly: the initiator has drafted various legal documents about the private equity fund, such as the fund charter, fund contract, fund custody letters, etc., and then send investment invitations to specific investors and hold investor meetings. Determine their respective willingness, the number of investment, and decide through various legal documents. Investors will hand over the investment funds promised to the fund manager within the agreed period. Different from this, the formation of private contract funds is roughly: investors or managers seek each other through various channels (such as friends introduced, industry reputation, etc.), and discuss the conditions for investment entrusted by funds. Implement fund custody matters. Then, the investor and the manager directly signed a contract entrusted to invest in funds, and the investor and manager signed a fund custody contract with the custodian. In addition, the signing of the private equity fund contract is collectively carried out, and the number of investors usually reach dozens or even hundreds; the signing of private contract funds is that the manager and different investors are different. Time is carried out separately.
third, different capital relationships. The manager of the private equity fund is a fund trust relationship between the manager of the private equity fund. Therefore, the manager not only does not promise to ensure that investors have a fixed investment return, but also in accordance with the trust rules, regardless of operating profit or not, they must from the fund's net assets from the fund's net assets or not Extract the regulations for management fees. According to the differences, the investor and the manager of the private contract are a private commissioned investment relationship of funds, and most of the investors require managers to protect a certain fixed return rate.
It fourth, different operating consequences. Private equity funds are established in accordance with the law, and the documents signed are legal and specific. Therefore, from the actual situation of foreign countries, there are few disputes between investors and managers. Although the contracts signed by private contracts have certain binding power on the parties, but lack of legal effect, the specific terms of the contract are often unknown and specific, and the phenomenon of the phenomenon of the book of the book due to interests and disputes occurs. In particular, some fund managers are driven by interests and the minimum return levels. They often adopt operating strategies such as "sitting villages" and conspiracy, which seriously affects the normal operation of the stock market and even becomes an underground "gambling source".
Although the private fund is different from private equity funds, according to the habit, unless it is specifically explained, it still refers to it as a "private equity fund".
. The characteristics of my country's private equity funds
At present, there are many institutions that have carried out private equity funds in the world, including private banks, investment banks, asset management companies, investment consulting companies, etc., especially with the development of financial mixed internationally, almost all The well -known internationally renowned financial holding companies are engaged in private equity management business, and it has developed into one of the core businesses in the international financial service industry.
Compared with the existing public offering funds and the more standardized private equity funds in the West, my country's private equity funds have more characteristics:
(1) stronger targeted. Because private equity funds are facing a small number of specific investors, their investment goals are more targeted, and they can provide tailor -made investment service products according to the special needs of customers, realizing the diversification and differentiation of investment products. If the public fund is a "big pot" for the public, the private equity fund is a "small fried" for a few wealthy class and institutions. At present, the characteristics of public funds on the market are not obvious and the income is not prominent. For investors and institutions with certain economic strength and ability to resist risk, private equity funds who are pursuing high returns and bear high risks have satisfied them. need. Judging from the trend of the rise of the middle class in my country, the demand for this special financial services is very large.
(2) higher flexibility. There are fewer procedures and documents required for private equity funds, and they have less restrictions. At least they are actually blank at present. Therefore, the operation of private equity funds is very free, investment is more concealed, and investment portfolios are randomly strained, and the opportunity to obtain high returns is greater.
(3) better incentives. It is manifested in: in terms of income, only part of the fixed management fee for the manager to maintain expenses (even no management fee), and the income is extracted from the year -end fund dividend; in terms of risks, international fund managers generally hold Fund 3 % Of 5 % of the shares will be first used to pay when the loss occurs, but most of the domestic private equity funds are generally as high as 10 % and 30 %. These two aspects have made investors and managers highly consistent, and realize the compatibility of incentives between the two.
. The risk and countermeasures of my country's private equity funds
In our current situation, the main risks of private equity funds are:
. Legal risk
(1) The tendency of policy. Li Yining, the leader of the leading group of the Investment Fund Law, recently proposed that the securities investment fund will be mainly public offering, and the entrepreneurial investment fund and industrial investment fund are mainly private equity. Professor Cao Fengqi, deputy leader of the Investment Fund Law Work Group, also believes that the current private equity funds should be mainly invested in the industry and should not invest directly to the stock market. Many people in the theoretical circles hold this view. If the "Investment Fund Law" is formulated in accordance with this idea, it will undoubtedly be a heavy blow to private equity funds currently focusing on investment stocks, and a large number of private equity funds will be forced to exit.
(2) The main qualification identification of the fund manager. This is actually a "market access" problem. The current views are "wide" and "strict". The "wide" person believes that private equity managers may include securities companies, trust investment companies, insurance companies, and securities investment consulting companies and asset management companies, etc.; Institutions, etc. For private equity fund managers, market access and qualification certification must be implemented.
(3) The capital of the fund manager. The amount of private equity managers has something to do with its ability to resist risks. It is certain that in the future, it will inevitably adopt a model similar to the international "asset -liability proportion management" model. Judging from the content disclosed by the latest draft of the law, the assets of the fund's management are required to correspond to their strength, and the total amount of funds raised by the fund shall not be less than 20 million yuan. This means that many small private equity funds will be blocked outside the threshold. If you want to meet the standard, you must "increase capital and expand" or merge and unite as soon as possible.
(4) Regulations on the operation method of fund. The "Draft" cancels the requirements of the minimum return on funds, but to ensure the security of the principal. Therefore, the client must fully take into account the issue of investment risks alone, and the manager must implement the principle of caution in the operation of the stock market to avoid irregular operations or high risk losses caused by excessive pursuit of high income. For fundraising methods, public publicity is prohibited, and the contract must be formatted. This challenges many private equity funds's "guarantee division" methods, so it is necessary to adopt other ways to attract customers, especially to establish a high degree of credit.
(5) Regulations for investors. The net assets of natural persons should not be less than 1 million yuan, and the amount of investment per time is not less than 200,000 yuan; the net assets of institutional investors shall not be less than 10 million yuan, and the amount of investment per time is not less than 1 million yuan; the source of funds must be required by the source of funds; Just to be strictly controlled the funds raised by listed companies; investors require certain investment experience and financial knowledge. It is foreseeable that some funds that do not meet the requirements in the future will be cleaned out.
. Policy risks
First, although the underground activity of private equity funds is large, after all, the state has not officially recognized its legal status. It is not impossible to ban or close certain private equity funds. The asset management methods mainly based on ages are in full swing in some securities companies, but due to the lack of legal protection, this business has always been awkward. my country's existing laws restrict the only legal model for securities companies to participate in asset management are the establishment and management of funds. Article 142 of the Securities Law pointed out that "the securities company handles the brokerage business and does not accept the full commission of customers to determine the securities trading, choose the type of securities, and decide the number of buying and selling or the price." Article 194 states that "If the securities company is under the brokerage business and accepts the full authority of the customer's commissioned trading securities, or the income of the customer's sale of securities or the losses of the sale of the securities sale Femites. The Securities Law requires the "agency relationship" in the name of customer names to manage the "trust relationship" of the "Trust Law" in the name of the Trust Law. The embarrassing situation is still difficult.
Secondly, many business activities of private equity funds are often difficult to withstand strict inspections, especially their loopholes with imperfect market supervision and irregular information disclosure, and large gray components in the income. In the future, with the increasingly stricter and improvement of supervision, the space for the manipulation of the private equity fund to manipulates the market will be further reduced, and the punishment of illegal regulations will also be more serious. He is fined 400 million yuan and will be held criminally responsible for the person responsible in the future.
third, the investors of private equity funds are mainly listed companies, state -owned enterprises, private enterprises and individual rich people. Once standardized, a large part of the gray investment will be forced to withdraw, especially listed companies and state -owned Enterprise funds will be constrained. my country's current underground private equity funds are not just "rich people games", a large part of which is state -owned assets, and the proportion is increasing. According to the Shenzhen Stock Exchange's review of 516 listed companies in 2000, there are 6G companies entrusted to financial management, accounting for 13.37 % of the total number of listed companies, and the total amount of financial management funds reached 6.72 billion yuan, accounting for 11. 62 %, accounting for 5.73 %. In fact, through research reports, it can be found that the number of listed companies secretly crossed Chencang with various hidden channels to commission financial management. From the huge differences between the actual income of entrusted financial management and the income of reporting, it can be found that a large number of income is illegally occupied by the main leaders of the enterprise. The process of legalization of private equity funds is the process of illegal income from some investors, which will affect the enthusiasm of commissioned financial management. At the same time, regulations on regulating the funds raised by listed companies have also been promulgated one after another.
3. Market risks
In recent years, the reason why private equity funds have sprung up like a bamboo mushroom, which is largely due to the good economic trend in China in recent years, the development speed of the securities market is relatively fast, and private equity funds As a result, higher returns have been obtained, and the growth is relatively better. However, when the market consolidates or falls, due to the lack of risk aversion tools for index futures, the income is difficult to guarantee, and the default will occur. Showing, it is likely to cause a chain reaction, leading to a large financial risk in the country. The "China Science and Technology Department" is a prominent example. In addition, the liquidity of private equity funds is poor, and it cannot be avoided, and it is difficult to avoid risks. Even internationally, the ups and downs of private equity funds are common.
4. Credit risk
The operating mechanism of private equity funds, on the one hand, by the manager must hold a higher shares (10 % 30 %) to bind interests, on the other hand, it is a good individual of managers. Credit and profit records. But the environment is constantly changing. Any contract is incomplete and insufficient, and any credit is limited. Because there is no formal status in law, the contract signed by the private equity fund and the customer cannot be protected by the law. Strictly speaking, it is an invalid contract. If one of the client and the manager does not follow the contract, it will cause losses to the other party. The damaged party lacks effective protection methods, which may solve irregular problems in an irregularity. Some managers establish a "mouse warehouse" in private, which will cause conflicts with investors. Although the collapse of the "China Science and Technology Department" is because the capital chain has broken, but a large number of "mouse warehouses" established by individual collaborators are also an important reason.
. The choice of the form of private equity funds in my country
The "Investment Fund Law" (draft for comments) has clearly clarified that investment funds can have two basic forms: corporate and contract type. At present, there are many organizational forms of private equity funds. According to various forms of sponsor and operation, it can be divided into three categories: corporate, contractual and virtual types (or trustworthiness). When the virtual type (trust) fund is established and expanded, it is apparently signed a commission financial agreement with each customer, but these entrusted financial accounts are jointly operated by the fund, and when buying and redeeming the fund unit , Clear according to the net value of the fund. This approach does not meet the provisions of future laws and must be adjusted or changed.
1. Company -style
company funds are investment funds established in accordance with the "Company Law". Investors purchase company shares to become shareholders. The shareholders' meeting selects directors and supervisors, and then the directors and supervisors will vote for an investment management company. Management company's assets, managers charge funds management fees and benefit incentive fees. The sale of this fund shares is generally commissioned by special sales companies. According to the limits of the law, the number of general shareholders is not large, but the amount of capital contribution is relatively large, which not only guarantees the nature of private equity, but also has a large scale of capital.
The company funds can adopt two forms of open or closed types to decide on negotiation of people and investors. The registered capital of an open company registered once a certain time at a specific time to conduct nominal capital increase and shareholding or reducing capital reduction. If necessary, the investor can invest in a certain point of time. Once back, investors can be transferred between investors at other times or transactions on the counter. Closed companies generally need to close their operations for a long time. During this time, the investor and the fund manager did not conduct the purchase and sale of the fund unit. In fact, the openness of the fund can be flexibly changed. For example, the fund constitution stipulates that when the scale of the fund is effective in operating by the fund manager, the fund can be closed for a period of time and no longer expand the fund, but allows redemption. Company -type private equity funds have a complete corporate structure. The capital account has a fixed financial institution custody. The company's trading platform and fund allocation platform separate each other to prevent internal control.
has a disadvantage of corporate private equity funds, that is, double taxation. At present, the feasible way to overcome the shortcomings is: (1) register the company as a high -tech enterprise (you can enjoy many discounts, but you may require the identification of relevant government departments) and register in places where taxes are relatively favorable; (2) United or acquisition of a family Enterprises that can enjoy tax discounts (preferably non -listed companies to avoid excessive information disclosure); (3) cooperate with foreign fund management companies. After the world, foreign capital can gradually enter the fund field. You can also help your strength. However, on the one hand, the initiator has a greater influence. On the other hand, the approval process may be more complicated.
. Contract -type
The contract fund is a collection investment system established based on trust relations. The tribute of the fund manager uses the fund's property according to the contract according to the contract. Responsible for custody of trust property, while investors (beneficiaries) are enjoyed by investors. The "Regulations on the Management of Securities Investment Fund" mainly regulates contract -type funds. The organizational structure of contract funds is relatively simple.
The specific operation method is: (1) The sponsor as the manager of the fund, select a bank (not the business department of the broker) as its custodian; Once it is open for a while, the net value of the fund holders will announce a net worth of the fund and handle a fund redemption; (3) the fund manager charges a certain amount of management fees based on performance. In order to attract fund investors, the handling fee should be reduced.
of course, if the supervision of the "Investment Fund Law" in the future is relatively loose, the form of change can be adopted. Accounts; (2) Fund holders jointly invested together to form a main account; (3) Securities company as the fund manager of the fund, uniformly manage each account, and uniformly calculate the net value of the fund unit of all accounts; The actual market value is equal to the market value calculated based on the net value of the fund unit. If the two are not equal, the capital difference between the main account and the sub -account will be transferred to balance during redemption. The advantage is that the securities management department can avoid the approval and supervision of the establishment and operation of the fund, set up flexible establishment, and avoid double taxation.
3. Combination
is to combine the company -style and contract to make full use of the potential of the fund manager and give full play to the advantages of scale. However, it is necessary to ensure that the company and contract funds open their accounts separately, strictly supervise, and prevent administrators from using contract funds to make profit -based funds (because managers are often also shareholders of corporate funds) to ensure that they between the two Establish a "firewall"

1 thought on “wholesale copper jewelry Private equity financing and disadvantages”

Iris
November 23, 2022 at 7:45 am

wholesale fine jewelry miami First, the status and characteristics of my country's private equity funds
. The true inside of my country's private equity funds contains
The "private equity funds" in my country is not a private equity fund, and a considerable part of it is actually a "private fund". There are obvious differences between the two:
First, the organization method is different. The standardized private equity fund, whether it is a contract or a corporate type, its organizational form is legally independent legal person, and the fund holder conference is the highest authority of the organization. The private contract funds are not an independent legal person organization. It is just a business entrusted to invest. There is no power institution such as fund holders.
The second, the formation method is different. The formation of the formation of private equity funds is roughly: the initiator has drafted various legal documents about the private equity fund, such as the fund charter, fund contract, fund custody letters, etc., and then send investment invitations to specific investors and hold investor meetings. Determine their respective willingness, the number of investment, and decide through various legal documents. Investors will hand over the investment funds promised to the fund manager within the agreed period. Different from this, the formation of private contract funds is roughly: investors or managers seek each other through various channels (such as friends introduced, industry reputation, etc.), and discuss the conditions for investment entrusted by funds. Implement fund custody matters. Then, the investor and the manager directly signed a contract entrusted to invest in funds, and the investor and manager signed a fund custody contract with the custodian. In addition, the signing of the private equity fund contract is collectively carried out, and the number of investors usually reach dozens or even hundreds; the signing of private contract funds is that the manager and different investors are different. Time is carried out separately.
third, different capital relationships. The manager of the private equity fund is a fund trust relationship between the manager of the private equity fund. Therefore, the manager not only does not promise to ensure that investors have a fixed investment return, but also in accordance with the trust rules, regardless of operating profit or not, they must from the fund's net assets from the fund's net assets or not Extract the regulations for management fees. According to the differences, the investor and the manager of the private contract are a private commissioned investment relationship of funds, and most of the investors require managers to protect a certain fixed return rate.
It fourth, different operating consequences. Private equity funds are established in accordance with the law, and the documents signed are legal and specific. Therefore, from the actual situation of foreign countries, there are few disputes between investors and managers. Although the contracts signed by private contracts have certain binding power on the parties, but lack of legal effect, the specific terms of the contract are often unknown and specific, and the phenomenon of the phenomenon of the book of the book due to interests and disputes occurs. In particular, some fund managers are driven by interests and the minimum return levels. They often adopt operating strategies such as "sitting villages" and conspiracy, which seriously affects the normal operation of the stock market and even becomes an underground "gambling source".
Although the private fund is different from private equity funds, according to the habit, unless it is specifically explained, it still refers to it as a "private equity fund".
. The characteristics of my country's private equity funds
At present, there are many institutions that have carried out private equity funds in the world, including private banks, investment banks, asset management companies, investment consulting companies, etc., especially with the development of financial mixed internationally, almost all The well -known internationally renowned financial holding companies are engaged in private equity management business, and it has developed into one of the core businesses in the international financial service industry.
Compared with the existing public offering funds and the more standardized private equity funds in the West, my country's private equity funds have more characteristics:
(1) stronger targeted. Because private equity funds are facing a small number of specific investors, their investment goals are more targeted, and they can provide tailor -made investment service products according to the special needs of customers, realizing the diversification and differentiation of investment products. If the public fund is a "big pot" for the public, the private equity fund is a "small fried" for a few wealthy class and institutions. At present, the characteristics of public funds on the market are not obvious and the income is not prominent. For investors and institutions with certain economic strength and ability to resist risk, private equity funds who are pursuing high returns and bear high risks have satisfied them. need. Judging from the trend of the rise of the middle class in my country, the demand for this special financial services is very large.
(2) higher flexibility. There are fewer procedures and documents required for private equity funds, and they have less restrictions. At least they are actually blank at present. Therefore, the operation of private equity funds is very free, investment is more concealed, and investment portfolios are randomly strained, and the opportunity to obtain high returns is greater.
(3) better incentives. It is manifested in: in terms of income, only part of the fixed management fee for the manager to maintain expenses (even no management fee), and the income is extracted from the year -end fund dividend; in terms of risks, international fund managers generally hold Fund 3 % Of 5 % of the shares will be first used to pay when the loss occurs, but most of the domestic private equity funds are generally as high as 10 % and 30 %. These two aspects have made investors and managers highly consistent, and realize the compatibility of incentives between the two.
. The risk and countermeasures of my country's private equity funds
In our current situation, the main risks of private equity funds are:
. Legal risk
(1) The tendency of policy. Li Yining, the leader of the leading group of the Investment Fund Law, recently proposed that the securities investment fund will be mainly public offering, and the entrepreneurial investment fund and industrial investment fund are mainly private equity. Professor Cao Fengqi, deputy leader of the Investment Fund Law Work Group, also believes that the current private equity funds should be mainly invested in the industry and should not invest directly to the stock market. Many people in the theoretical circles hold this view. If the "Investment Fund Law" is formulated in accordance with this idea, it will undoubtedly be a heavy blow to private equity funds currently focusing on investment stocks, and a large number of private equity funds will be forced to exit.
(2) The main qualification identification of the fund manager. This is actually a "market access" problem. The current views are "wide" and "strict". The "wide" person believes that private equity managers may include securities companies, trust investment companies, insurance companies, and securities investment consulting companies and asset management companies, etc.; Institutions, etc. For private equity fund managers, market access and qualification certification must be implemented.
(3) The capital of the fund manager. The amount of private equity managers has something to do with its ability to resist risks. It is certain that in the future, it will inevitably adopt a model similar to the international "asset -liability proportion management" model. Judging from the content disclosed by the latest draft of the law, the assets of the fund's management are required to correspond to their strength, and the total amount of funds raised by the fund shall not be less than 20 million yuan. This means that many small private equity funds will be blocked outside the threshold. If you want to meet the standard, you must "increase capital and expand" or merge and unite as soon as possible.
(4) Regulations on the operation method of fund. The "Draft" cancels the requirements of the minimum return on funds, but to ensure the security of the principal. Therefore, the client must fully take into account the issue of investment risks alone, and the manager must implement the principle of caution in the operation of the stock market to avoid irregular operations or high risk losses caused by excessive pursuit of high income. For fundraising methods, public publicity is prohibited, and the contract must be formatted. This challenges many private equity funds's "guarantee division" methods, so it is necessary to adopt other ways to attract customers, especially to establish a high degree of credit.
(5) Regulations for investors. The net assets of natural persons should not be less than 1 million yuan, and the amount of investment per time is not less than 200,000 yuan; the net assets of institutional investors shall not be less than 10 million yuan, and the amount of investment per time is not less than 1 million yuan; the source of funds must be required by the source of funds; Just to be strictly controlled the funds raised by listed companies; investors require certain investment experience and financial knowledge. It is foreseeable that some funds that do not meet the requirements in the future will be cleaned out.
. Policy risks
First, although the underground activity of private equity funds is large, after all, the state has not officially recognized its legal status. It is not impossible to ban or close certain private equity funds. The asset management methods mainly based on ages are in full swing in some securities companies, but due to the lack of legal protection, this business has always been awkward. my country's existing laws restrict the only legal model for securities companies to participate in asset management are the establishment and management of funds. Article 142 of the Securities Law pointed out that "the securities company handles the brokerage business and does not accept the full commission of customers to determine the securities trading, choose the type of securities, and decide the number of buying and selling or the price." Article 194 states that "If the securities company is under the brokerage business and accepts the full authority of the customer's commissioned trading securities, or the income of the customer's sale of securities or the losses of the sale of the securities sale Femites. The Securities Law requires the "agency relationship" in the name of customer names to manage the "trust relationship" of the "Trust Law" in the name of the Trust Law. The embarrassing situation is still difficult.
Secondly, many business activities of private equity funds are often difficult to withstand strict inspections, especially their loopholes with imperfect market supervision and irregular information disclosure, and large gray components in the income. In the future, with the increasingly stricter and improvement of supervision, the space for the manipulation of the private equity fund to manipulates the market will be further reduced, and the punishment of illegal regulations will also be more serious. He is fined 400 million yuan and will be held criminally responsible for the person responsible in the future.
third, the investors of private equity funds are mainly listed companies, state -owned enterprises, private enterprises and individual rich people. Once standardized, a large part of the gray investment will be forced to withdraw, especially listed companies and state -owned Enterprise funds will be constrained. my country's current underground private equity funds are not just "rich people games", a large part of which is state -owned assets, and the proportion is increasing. According to the Shenzhen Stock Exchange's review of 516 listed companies in 2000, there are 6G companies entrusted to financial management, accounting for 13.37 % of the total number of listed companies, and the total amount of financial management funds reached 6.72 billion yuan, accounting for 11. 62 %, accounting for 5.73 %. In fact, through research reports, it can be found that the number of listed companies secretly crossed Chencang with various hidden channels to commission financial management. From the huge differences between the actual income of entrusted financial management and the income of reporting, it can be found that a large number of income is illegally occupied by the main leaders of the enterprise. The process of legalization of private equity funds is the process of illegal income from some investors, which will affect the enthusiasm of commissioned financial management. At the same time, regulations on regulating the funds raised by listed companies have also been promulgated one after another.
3. Market risks
In recent years, the reason why private equity funds have sprung up like a bamboo mushroom, which is largely due to the good economic trend in China in recent years, the development speed of the securities market is relatively fast, and private equity funds As a result, higher returns have been obtained, and the growth is relatively better. However, when the market consolidates or falls, due to the lack of risk aversion tools for index futures, the income is difficult to guarantee, and the default will occur. Showing, it is likely to cause a chain reaction, leading to a large financial risk in the country. The "China Science and Technology Department" is a prominent example. In addition, the liquidity of private equity funds is poor, and it cannot be avoided, and it is difficult to avoid risks. Even internationally, the ups and downs of private equity funds are common.
4. Credit risk
The operating mechanism of private equity funds, on the one hand, by the manager must hold a higher shares (10 % 30 %) to bind interests, on the other hand, it is a good individual of managers. Credit and profit records. But the environment is constantly changing. Any contract is incomplete and insufficient, and any credit is limited. Because there is no formal status in law, the contract signed by the private equity fund and the customer cannot be protected by the law. Strictly speaking, it is an invalid contract. If one of the client and the manager does not follow the contract, it will cause losses to the other party. The damaged party lacks effective protection methods, which may solve irregular problems in an irregularity. Some managers establish a "mouse warehouse" in private, which will cause conflicts with investors. Although the collapse of the "China Science and Technology Department" is because the capital chain has broken, but a large number of "mouse warehouses" established by individual collaborators are also an important reason.
. The choice of the form of private equity funds in my country
The "Investment Fund Law" (draft for comments) has clearly clarified that investment funds can have two basic forms: corporate and contract type. At present, there are many organizational forms of private equity funds. According to various forms of sponsor and operation, it can be divided into three categories: corporate, contractual and virtual types (or trustworthiness). When the virtual type (trust) fund is established and expanded, it is apparently signed a commission financial agreement with each customer, but these entrusted financial accounts are jointly operated by the fund, and when buying and redeeming the fund unit , Clear according to the net value of the fund. This approach does not meet the provisions of future laws and must be adjusted or changed.
1. Company -style
company funds are investment funds established in accordance with the "Company Law". Investors purchase company shares to become shareholders. The shareholders' meeting selects directors and supervisors, and then the directors and supervisors will vote for an investment management company. Management company's assets, managers charge funds management fees and benefit incentive fees. The sale of this fund shares is generally commissioned by special sales companies. According to the limits of the law, the number of general shareholders is not large, but the amount of capital contribution is relatively large, which not only guarantees the nature of private equity, but also has a large scale of capital.
The company funds can adopt two forms of open or closed types to decide on negotiation of people and investors. The registered capital of an open company registered once a certain time at a specific time to conduct nominal capital increase and shareholding or reducing capital reduction. If necessary, the investor can invest in a certain point of time. Once back, investors can be transferred between investors at other times or transactions on the counter. Closed companies generally need to close their operations for a long time. During this time, the investor and the fund manager did not conduct the purchase and sale of the fund unit. In fact, the openness of the fund can be flexibly changed. For example, the fund constitution stipulates that when the scale of the fund is effective in operating by the fund manager, the fund can be closed for a period of time and no longer expand the fund, but allows redemption. Company -type private equity funds have a complete corporate structure. The capital account has a fixed financial institution custody. The company's trading platform and fund allocation platform separate each other to prevent internal control.
has a disadvantage of corporate private equity funds, that is, double taxation. At present, the feasible way to overcome the shortcomings is: (1) register the company as a high -tech enterprise (you can enjoy many discounts, but you may require the identification of relevant government departments) and register in places where taxes are relatively favorable; (2) United or acquisition of a family Enterprises that can enjoy tax discounts (preferably non -listed companies to avoid excessive information disclosure); (3) cooperate with foreign fund management companies. After the world, foreign capital can gradually enter the fund field. You can also help your strength. However, on the one hand, the initiator has a greater influence. On the other hand, the approval process may be more complicated.
. Contract -type
The contract fund is a collection investment system established based on trust relations. The tribute of the fund manager uses the fund's property according to the contract according to the contract. Responsible for custody of trust property, while investors (beneficiaries) are enjoyed by investors. The "Regulations on the Management of Securities Investment Fund" mainly regulates contract -type funds. The organizational structure of contract funds is relatively simple.
The specific operation method is: (1) The sponsor as the manager of the fund, select a bank (not the business department of the broker) as its custodian; Once it is open for a while, the net value of the fund holders will announce a net worth of the fund and handle a fund redemption; (3) the fund manager charges a certain amount of management fees based on performance. In order to attract fund investors, the handling fee should be reduced.
of course, if the supervision of the "Investment Fund Law" in the future is relatively loose, the form of change can be adopted. Accounts; (2) Fund holders jointly invested together to form a main account; (3) Securities company as the fund manager of the fund, uniformly manage each account, and uniformly calculate the net value of the fund unit of all accounts; The actual market value is equal to the market value calculated based on the net value of the fund unit. If the two are not equal, the capital difference between the main account and the sub -account will be transferred to balance during redemption. The advantage is that the securities management department can avoid the approval and supervision of the establishment and operation of the fund, set up flexible establishment, and avoid double taxation.
3. Combination
is to combine the company -style and contract to make full use of the potential of the fund manager and give full play to the advantages of scale. However, it is necessary to ensure that the company and contract funds open their accounts separately, strictly supervise, and prevent administrators from using contract funds to make profit -based funds (because managers are often also shareholders of corporate funds) to ensure that they between the two Establish a "firewall"

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