） 专 业：经济法学 研究方向：国际金融法 作者姓名：齐鹏帅 指导教师：冷静 私募股权投资兴起于二十世纪四十年代的美国，是一种常见的融资方式，适 用优先股制度防范私募股权投资的风险，也一直都是国外资本市场中的不二选 择。自从私募股权投资被引入我国之后，凭借其对资金高效灵活的运用，私募股 权投资迅速成为我国资本市场体系中不可或缺的一部分。然而，由于我国优先股 制度在立法上的滞后，目前私募股权投资过程中对于投资协议的优先权条款的效 力仍然存在不确定性。同时，适用优先股制度的私募股权投资，因为对目标企业 控制权的弱化，使得在其保障投资收益时，相对普通股股东处于弱势地位。 本文通过对我国私募股权投资的风险特点进行分析入手，在投资所面临的众 多风险中分辨出在适用优先股制度后可以有效防范的风险；之后再进一步分析我 国优先股制度在实践立法中的特征，阐述我国优先股制度的发展现状；再之后通 过理论意义和案例分析两个层面，对优先股制度适用于私募股权投资进行风险防 范的可行性进行论述；同时，由于立法和实践的不足，优先股制度在私募股权投 资的适用过程中还存在着一些不足和缺陷，针对这些不足和缺陷，基于保护优先 股股东和综合评价的两个原则，从立法、具体保护和配套措施三个角度，对适用 的过程提出了优化的建议。 本文共划分为五个章节，各个章节的简要内容如下： 第一章为我国私募股权投资风险与防范，本章从私募股权投资的定义入手， 依据外延分类、内涵属性和核心价值的逻辑顺序，解构私募股权投资的风险。在 阐述具体风险的同时，结合我国私募股权投资的特点，在众多风险中分辨出适用 优先股制度可以进行防范的风险。1 第二章为我国优先股制度的内涵与特征，本章通过分析优先股的定义、分类、 内涵等方面，从纵向和横向两个方面阐述优先股股东的权利，即纵向的权力特征 和横向的权利内涵。 第三章为优先股制度引入私募股权投资的实效分析，本章结合我国私募股权 投资的风险和优先股制度的特性，从意义和案例两个层面进行分析。实效意义包 括降低投资成本、协调利益冲突和缓解信息不对称风险三个方面；案例主要包括 我国私募股权投资中适用优先股制度的四个案例。 第四章为优先股制度适用于私募股权投资的风险，本章将适用风险分为投资 契约优先权条款的法律风险和优先股制度的立法风险。通过优先分红权、优先清 算权和优先认购权三个层面分析投资契约条款的法律风险；通过对比外国优先股 制度的立法经验与我国优先股制度的立法现状，阐述我国优先股制度的立法风 险。 第五章为我国私募股权投资中优先股制度适用的优化，通过上述文章的分 析，基于在私募股权投资适用优先股制度过程中，优先股股东相对弱势的地位， 以纵向和横向两个标准为原则对适用进行优化。具体的优化措施分为三个层面： 填补法律空白、增强对优先股股东的保护和改进优先股配套措施的实施。 关键词：优先股制度；私募股权投资；风险防范；权利保护1 A Study on Feasibility of Preferred Share Application in Private Equity Investment （Abstract） Major：Economic Law Research area：International Financial Law Author：Pengshuai Qi Advisor：Jing Leng Private equity investment originated from the United States in the 1940s, which is a common financing method. And the preferred share is always the best choice to guard the risks of private equity investment in overseas market. Since being introduced, private equity investment quickly becomes an important part of capital market in China depending on its flexible and efficient method in connection with capital. However, the priority terms in investment agreement of private equity investment has not been deemed as valid terms yet because of the lack of legislation related to preferred share. Meanwhile, private equity investment, which applies preferred share, is vulnerable with respect to common share holder for its control of the object company being weakened. In this paper, through analysis of private equity investment’s risks in China, distinguishing the risks among so much risks of private equity investment that can be guarded after preferred share being applied. Then discussing the development of preferred share in China in accordance with the specific features of preferred share’s legislation and practice in China. The analysis of feasibility of guarding private equity investment’s risk by applying preferred share is based on two aspects, one is theoretical significance and the other is practice. At the same time, there are insufficient and defects in application for the insufficient and defects of legislation and practice. Respect to the insufficient and defects, this paper make suggestions on2 optimization for the application from three levels: legislation, specific protection and supporting measures in the basis of two principles: inclined protection and comprehensive assessment. This paper is divided into five parts, the structure and content of each part are as follows: Chapter one: risks and precaution of private equity investment in China. This chapter analyses the risks of private equity investment from the definition of private equity investment in accordance with the consecution of classification, nature and core value and distinguishes the risks among many risks that can be guarded by applying preferred share in the basis of the features of private equity investment in China. Chapter two: nature and features of preferred share in China. This chapter discusses the rights of preferred share holder from two aspects: vertical features and horizontal nature in the basis of analysis of preferred share’s definition, classification and nature. Chapter three: analysis of effect of preferred share’s application in private equity investment. This chapter analyses from two levels: theoretical significance and practice in accordance with the risks of private equity investment and features of preferred share. The theoretical significance includes reducing investment cost, coordinating the conflicts of interest and mitigating the risk of asymmetric information. The practice includes four cases of preferred share’s application in private equity investment in China. Chapter four: risks of preferred share’s application in private equity investment. This chapter divides the application risks into two aspects: legal risks of investment agreement’s priority terms and legislation risk of preferred share. Discussing the legal risks of investment agreement’s priority terms from dividends preference, liquidation preference and pre-emption right. Analyzing the legislation risk of preferred share in China in the basis of comparison between the current development in China and the experience overseas. Chapter five: optimization of preferred share’s application in private equity3 investment in China. This chapter makes optimization suggestions in accordance with two principles from three aspects: filling lack of legislation, enhancing the protection of preferred share holder and improving the performance of supporting measures. [Key words]: Preferred Share; Private equity Investment; Risk Prevention; Protection of Rights1 目 录 导 言.........................................................................................................1 一、选题背景及价值............................................................................................1 二、研究现状........................................................................................................2 （一）国外相关研究现状............................................................................2 （二）国内相关研究现状............................................................................5 （三）国内外研究现状评述........................................................................9 三、研究路径与方法..........................................................................................10 （一）研究路径..........................................................................................10 （二）研究方法..........................................................................................11 （三）创新与不足......................................................................................11 第一章 我国私募股权投资风险与防范 ................................................13 一、私募股权投资的法律解构与风险分析......................................................13 （一）法律解构..........................................................................................13 （二）风险分析..........................................................................................14 二、优先股制度防范私募股权投资风险的分析..............................................18 （一）投资工具的选择..............................................................................18 （二）投资契约条款的选择......................................................................19 第二章 我国优先股制度的内涵与特征 ................................................21 一、优先股及股东权利的内涵..........................................................................21 （一）优先股..............................................................................................21 （二）优先股股东权利..............................................................................22 二、优先股股东权利的分类..............................................................................22 （一）股息分配请求权..............................................................................22 （二）剩余财产分配请求权......................................................................23 （三）有限表决权......................................................................................23 （四）股份回购请求权..............................................................................231 三、优先股股东权利的属性..............................................................................24 （一）股权债权混合属性..........................................................................24 （二）契约属性..........................................................................................25 （三）期权属性..........................................................................................25 第三章 优先股制度引入私募股权投资的实效分析............................27 一、优先股制度适用于私募股权投资的实效意义..........................................27 （一）降低私募股权投资的投资成本......................................................27 （二）协调投资中各主体间利益冲突......................................................28 （三）缓解投资中信息不对称的风险......................................................29 二、私募股权投资中适用优先股制度相关案例分析......................................29 第四章 优先股制度适用于私募股权投资的风险................................31 一、投资契约条款的法律风险..........................................................................31 （一）优先分红权......................................................................................31 （二）优先清算权......................................................................................32 （三）优先认购权......................................................................................33 二、我国优先股制度的立法分析......................................................................33 （一）国外优先股制度的立法经验..........................................................33 （二）我国优先股制度的立法现状..........................................................36 第五章 我国私募股权投资中优先股制度适用的优化........................39 一、我国私募股权投资中优先股制度适用的优化原则..................................39 （一）纵向层面适度保护私募股权投资..................................................39 （二）横向层面应用多重判断标准..........................................................40 二、我国私募股权投资中优先股制度适用的优化路径..................................41 （一）填补法律适用的空白......................................................................41 （二）增强对优先股股东的保护..............................................................42 （三）改进优先股配套措施的实施..........................................................44 结 语.......................................................................................................46