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Thoughts on corporate restructuring funds


The right to participate in major decision-making, protect the interests of investors. (4) industrial investment fund with a legal status, can apply for loans to banks will help the company raise funds. (B) of the fund size. Because of its investment funds in different direction and mode of operation characteristics, fund size of the minimum amount of funds have special requirements. Corporate Restructuring Fund to restructure an industry, and industry, which through the scale of the investment behavior, as the imbalance of the industrial restructuring and integration of the industrial structure will be isomorphic to make an inventory of corporate assets, the relatively large size of the funds required . According to China's actual situation, and with reference to the experience of similar funds overseas, the size of a single corporate restructuring fund should be a minimum of 5 billion yuan. This is mainly to consider: In order to play a corporate restructuring fund several investment projects in the scheduling of funds, the general size of the fund industry, securities investment funds than the larger scale, the current minimum size of securities investment funds 3 billion: the size of U.S. venture capital funds generally $ 50,007 or more, the number of investee companies generally have more than 1O, in order to reduce the risks of investment focus. As corporate restructuring fund large capital investment projects, the scale of a 2O 1O million more appropriate. From a macro point of view,[link widoczny dla zalogowanych], the scale of foreign investment funds typically account for 10% of household financial assets to 30%. Proposed fund size of the pilot control of Primary Industries residents of financial assets in the country 1% of the total size of a 2%, or about 6o billion-120 billion. With the success of the pilot, a year and then expand 2O 5O million scale. (C) of the distribution methods. Fund raising methods are both public offering and private placement. Compared with the public offering to private equity fund is established between investors and fund managers, mutual understanding and trust and based on agreed upon principal-agent relations, fund environment is more relaxed, less subject to national regulatory authorities . United States, Japan and China Taiwan and other developed countries and regions to take a more private investment funds industry approach,[link widoczny dla zalogowanych], and provides a certain limit the number of sponsors, mainly to the domestic and foreign corporations and large investors to raise, which is higher by their level of economic development, developed capital markets, good fft ~ goNaflFffSg ~ good order and the financial market regulatory system decision. Moreover, China's situation is different, on the one hand, more than 90% of the relatively low level of public wealth accumulation, per capita savings of only 3,000 --- 5,000. Generally less promoters through private placement, if taken private, is not conducive to the mobilization of people in this industry long-term investment. On the other hand, China's financial market has been bad, not very sound financial regulation, investors are not mature enough. The use of a private placement,[link widoczny dla zalogowanych], it is very easy to form the illegal fund-raising, disrupt economic and financial order, to avoid state regulation, is not conducive to the operation of the Fund and ensure standardization of the interests of investors. Therefore,[link widoczny dla zalogowanych], I consider it appropriate to combine public offering and private placement, mainly in the form to public offering, the public can absorb idle funds to promote the transformation of savings to investment, and thus the formation of a standardized operation of the system, and contribute to the Fund's market. Fourth, give full play to the role of government in corporate mergers and acquisitions, industry restructuring process, in conformity with national industrial policy, the Fund can use this form of industrial investment and financing operations. Industry Investment Fund as a principal investment and financing business, the market principles and does not contradict the guiding role of the government. But the government should actively play the role of macroeconomic regulation and control necessary for the standardization of corporate restructuring funds to create a favorable policy environment. In the approval system, the industrial investment fund mainly for industrial projects for the long-term investment, the choice of investment funds have become the key to the success of the operation. National authorities participating in the approval or the approval process of industrial investment funds must be based on national industrial policy and regional policy, the basic requirements established by the Fund approved the Fund's fundamental investment restrictions and to play an essential guide. In tax,[link widoczny dla zalogowanych], you can set up to encourage the development of the industry to the state investment fund directed give some tax incentives. Therefore, the industrial investment fund industry in accordance with national development policies suited to their own investment strategies, increase the operability of the national industrial policy. Other incentives include financial support, deregulation, system supply, and government procurement initiatives. The supervision should be developed as soon as possible operation. Establishment of a unified and efficient investment fund industry regulatory organization, can be entrusted to the China Securities Regulatory Commission to operate a department. A cooperative economic and technological 2005.4x Park