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按照生命周期理论,企业发展要经历创业期、成长期、成熟期和衰退期等四个过程,以更低的代价更快的筹集企业发展所需的资金就成为企业发展所必须考虑的问题。伴随着中国经济的发展,民间融资渠道更加多样化,企业不再单单依靠银行借款、发行债券等手段进行融资,私募基金融资也成为企业的选择之一。近年来,中国的私募基金市场已成为亚洲最为活跃的私募投资市场,受到了广泛的关注。因此,规范发展私募基金有利于我国资本市场体系的完善以及经济发展结构的优化调整。本文在深入分析国内私募基金发展过程中面临的挑战与监管困境的基础上,提出对私募基金市场健康发展有指导意义的对策建议。
According to the theory of life cycle, the development of an enterprise needs to go through four stages: start-up period, growth period, maturity period and recession period. It is an issue that must be considered in enterprise development to raise funds needed for enterprise development faster at a lower cost. With the development of China’s economy, non-governmental financing channels have become more diversified. Enterprises no longer rely solely on bank borrowings and bond issuance to finance. Private equity fund-raising has also become one of the choices of enterprises. In recent years, China’s private equity market has become the most active private equity market in Asia and has drawn wide attention. Therefore, to regulate the development of private equity funds is conducive to the improvement of China’s capital market system and the optimization and adjustment of the economic development structure. Based on the analysis of the challenges and the regulatory difficulties in the development of domestic private equity funds, this paper puts forward some countermeasures and suggestions on the healthy development of private equity funds.