私募发行

本文的主题为中国证券私募发行法律问题研究。

The theme of this article is " Research of legal issues regarding the securities private placement in China " .

证券私募发行是当今世界资本市场的重要组成部分，其已成为各国经济发展进程中不可或缺的投融资方式，在经济领域中发挥着越来越重要的作用。

Securities Private placement is the principal element in world capital market and has become an indispensable investment and financing way in economic development process of every country . It has played more and more important roles in the economic field .

证券私募发行有其独特的优势与价值。

Private offering of securities has its special advantages and value .

论我国证券私募发行法律制度的完善

On the Legal System 's Improvement of Securities Private Placement in China

第一章，美国证券私募发行法律制度分析。

Chapter ⅰ, Analysis of USA 's legal system of securities private placement .

美国私募发行证券的转售问题研究&兼论我国非公开发行证券转售制度的构建

Resale of Privately Placed Securities in the US

第三节是证券私募发行信息披露制度。

Section Three is an analysis on the information disclosure system for private offerings .

因此，非金融企业私募发行债券的相关制度应运而生。

Therefore , private equity issue bonds of non-financial enterprises related system came into being .

在我国，有关私募发行制度一直是一个立法空白。

There is always a gap in the legislation of Private Placement System in our country .

第五部分是对我国台湾地区的证券私募发行法律制度的介绍与评析。

Part V introduces and comments on the legal system of private offerings in Taiwan , China .

然后总结了我国证券私募发行及转售的相关规范和现状。

Then summed up the relevant norms and the status of the securities private offering and resale .

第三章的主要内容是通过借鉴国外的相关制度来建立中国的私募发行制度。

Chapter Three discusses the establishment of the Chinese private offerings system by referring to relative systems abroad .

美国对证券私募发行制度的研究，可以说是成果丰富。

The study of securities private offering system in the United States , can be said to be rich achievements .

历史研究方法主要运用于本文第一章对美国证券私募发行法律制度立法演变历程的分析与第二章对中国私募实践的分析中。

Historical study has mainly been applied in analyzing the evolution of USA 's legal systems of securities private placement in chapter I.

证券私募发行与证券公开发行存在着诸多的不同，信息披露制度就是其中的一大看点。

There are lots of differences between private placement and public offering , and information disclosure is one of the high spots .

其次，笔者从私募发行所应具备的要素着手，分别从多方面进行具体构想，提出一定规范建议。

Secondly , starting with the legal elements should be possessed by Private Placement , the writer Puts forward many regulations advices .

在这一部分，作者选择了美国与我国台湾地区的私募发行法律制度作为借鉴对象。

In this chapter , the writer selects Securities Private Placement in America and Taiwan Region of China to be the referent object .

主体部分从四个方面来阐述：第一部分，为证券私募发行制度概述。

The main part from four aspects : The first part , an overview of the distribution system for the securities private offering .

第四章是我国证券私募发行制度的构建，本章也是本文的核心部分。

Chapter 4 is about the structure of the legal system for Chinese private securities offerings , which is the core of the paper .

美国关于注册豁免制度，为我国完善证券私募发行监管行为，提供了一个有利的参考模板。

Us about the registration system of exemption , for our country to perfect securities private offering behavior , provides a useful reference template .

实证研究的方法则主要运用于本文第三章中国建立证券私募发行制度之必要性与迫切性的分析中。

Empirical Study has mainly been applied in analyzing the necessity and urgency of establishing China 's securities private placement law in chapter ⅲ .

这些内容应当包括：私募发行认定、合格投资者、转售限制、基金管理人和申报及备案。

The content shall include : the recognition of private offering , qualified investors , re-sale limitation , fund manager , and declare and registration .

通过对我国私募发行制度的分析，我们得出如下结论：我国证券私募市场存在着严重的信息不对称和行业自律缺失问题。

We have got the conclusion from the paper that information asymmetry and independent management lacking were the biggest problems of our private placement market .

其次；对美国私募发行制度进行讨论，并就我国的立法现状提出立法建议。

Secondly , the author discusses the system of private placement in the Unites states and further puts forward some advices to our present law .

本文的目的是构建中国私募发行法律制度，并从拓宽我国直接融资的角度对相关的法律问题进行研究。

The dissertation is aimed at the structuring the Chinese legal system for private securities offerings , and studying legal issues concerning direct financing in China .

希伯软件公司提交给美国证交会的一份档案显示，该公司去年10月通过一次私募发行募集了4800万美元，几乎使它的总资金增长了一倍。

In October the company raised $ 48 million in a private offering , according to a filing with the SEC , roughly doubling its total funding .

英国的相关监管法律主要体现在有资格买家和传播广告方式两个方面，日本则主要集中于对私募发行对象的限制。

UK regulatory law mainly in qualified buyers and advertising are two aspects of communication , and Japan focused on the restrictions on the private placement of objects .

其中，正文分为四章。第一章为证券私募发行信息披露制度的理论基础。

The main body can also be divided into four sections as follows : Chapter one discusses the basic theories of information disclosure system of securities private placement .

第三部分介绍了D条例下的私募发行安全港规则。第四部分对美国证券私募发行法律制度作出了简要的评析。

Part III introduces the safe harbor of private offerings under Regulation D. Part IV makes some comments on the legal system of private offerings in the United States .

证券私募发行国际化趋同是电子网络和全球经济发展的必然结果，其将全球证券市场推向了同一辆高速列车。

International convergence of securities private offering is the consequence of development of electronic network and global economy , which has lead the global securities markets to the same high-speed train .