| 摘要: |
| 摘要：随着我国资本市场发展，私募基金在服务实体经济、优化资源配置方面作用显著，但合格投资者认定机制仍存在不足。2024年私募基金管理人受处罚案例中，合格投资者认定方面的违规占比高达34%。梳理中美合格投资者认定制度的演进，展示我国不同监管规定下合格投资者的认定标准，并通过对我国合格投资者认定的实践案例进行研究。揭示现行认定机制存在的主要问题，包括：制度性割裂与标准静态化的矛盾，资产核验面临技术性与合规性的双重困境，风险测评机制存在系统性失真风险。针对这些问题，文章提出修正建议，包括：统一私募基金与私募资管认定标准，引入动态调整机制管理风险，多渠道加强资产和收入证明核验有效性的管理，提升投资者风险测评的有效性等。 |
| 关键词: 关键词：私募基金；合格投资者；认定问题 |
| DOI： |
| 分类号:D922.287 |
| 基金项目: |
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| Accreditation of Accredited Investors in Private Funds of China:Evolution， Practical Issues,and Solutions |
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FU Jing-jing1，GUO Jie-qun21,2
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1.(1.Tsinghua University PBCSF;2.Ningbo China Institute for Supply Chain Innovation)
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| Abstract: |
| Abstract：With the development of China’s capital market,private equity funds have played a significant role in serving the real economy and optimizing resource allocation,but there are still shortcomings in the mechanism for identifying accredited investors.In the cases of wrongdoings of private fund managers in 2024,the mishandling of the identification of accredited investors accounted for 34%.This article reviews the evolution of accreditation of accredited investor in China and the United States,demonstrates the accreditation standards for accredited investors under different regulatory requirements in China,and conducts research on the practice of accreditation of accredited investor in China.The article reveals the main problems with the current accreditation system,including the contradiction between institutional fragmentation and static process,the dual dilemma of technical and compliance in asset verification,and the risk of systematic distortion in the risk assessment mechanism.In response to these issues,the article proposes suggestions,including:unifying the accreditation standards for private equity funds and private equity asset management,introducing dynamic adjustment processes to manage risks,strengthening the management of the effectiveness of asset and income verification through multiple channels,and enhancing the effectiveness of investor risk assessment. |
| Key words: Key words：Private Funds;Accredited Investors;Accreditation Issues |
