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由于創(chuàng)業(yè)投資基金主要按公司和有限合伙形式設(shè)立，而新修訂的《公司法》和《合伙企業(yè)法》已經(jīng)基本滿足公司型與有限合伙型創(chuàng)業(yè)投資基金在組織結(jié)構(gòu)上的需要，新修訂的《證券法》也為創(chuàng)業(yè)投資基金的私募（即非公開發(fā)行）提供了法律依據(jù)，因此，中國創(chuàng)業(yè)投資基金發(fā)展的基本法律應(yīng)該說已經(jīng)比較完備。特別是《創(chuàng)業(yè)投資企業(yè)管理暫行辦法》（以下簡稱《辦法》），還為公司型創(chuàng)業(yè)投資基金的設(shè)立與運作提供了九個方面的特別法律保護。

Since venture capital (VC) fund is established in the forms of company and limited partnership, the newly-amended Company Law and Partnership Law have basically met the demands of VC fund that is featured by company and limited partnership basis and the newly-revised Securities Law has also served as a legal basis for the private placement of VC fund (i.e. private issue). In this sense, it is fair to say that the fundamental laws concerning the development of VC fund in China are relatively full-fledged. In particular, Provisional Regulations on the Administration of Venture Capital Enterprises (hereinafter referred to as the Regulations) has provided a special legal protection in nine aspects when it comes to the establishment and operation of VC fund in the form of company.

例如，為了給創(chuàng)業(yè)投資企業(yè)的資本私募提供具有可操作性的規(guī)定，確保在資本私募過程中僅涉及具有高風(fēng)險鑒別能力和高風(fēng)險承受能力的投資者，《辦法》在規(guī)定創(chuàng)業(yè)投資企業(yè)的投資者人數(shù)不超過200人的同時，還特別規(guī)定“單個投資者對創(chuàng)業(yè)投資企業(yè)的投資金額不得低于100萬元”。這樣，創(chuàng)業(yè)投資企業(yè)在資本私募過程中就較難涉及公眾投資者。

For instance, as part of the efforts to provide rules with maneuverability for the private equity investment of VC enterprises and to ensure that the private equity investment only involves investors who are highly capable of identifying and resisting risks, the Regulations stipulates that the number of investors engaging in a VC enterprise shall be no more than 200 and that the contribution from an individual investor to a VC enterprise shall be no less than RMB1 million. In doing so, it is relatively hard for the VC enterprise to engage with public investors in its private equity investment.

再如，為解決創(chuàng)業(yè)投資企業(yè)在運作過程中因資金大量閑置而而造成浪費，《辦法》遵循“既不違背《公司法》，又適應(yīng)創(chuàng)業(yè)投資基金特點”的原則，對創(chuàng)業(yè)投資企業(yè)的承諾出資制度作出了創(chuàng)新性規(guī)定，即明確“實收資本不低于3000萬元人民幣，或者首期實收資本不低于1000萬元人民幣且全體投資者承諾在注冊后的5年內(nèi)補足不低于3000萬元人民幣實收資本”。這樣，創(chuàng)業(yè)投資企業(yè)就可以以較大規(guī)模承諾資本和一定規(guī)模實收資本先期成立，待成立后再根據(jù)承諾協(xié)議和投資需要，逐步追加資本。由于每追加一次資本，就相應(yīng)地更改一次注冊資本額，因此并不與《公司法》相抵觸。按照這一規(guī)定，同樣是設(shè)立一個10億元規(guī)模的創(chuàng)業(yè)投資基金，首期到位資本只需1000萬元，其余的9億9千萬元可以按《承諾出資協(xié)議》，在注冊后的5年內(nèi)逐步補足。

Another case in point is that in order to address the waste in capital in the operation of VC enterprises as a result of idle fund, the Regulations has put forward an innovation rule for the system of committed contribution for the VC enterprise in light of the principle of “abiding by Company Law and adapting to the features of VC fund”, that is, “paid-up capital shall be no less than RMB30 million, or the initial paid-up capital shall be no less than RMB10 million and all investors undertake to reinforce the paid-up capital to RMB30 million in the coming five years after the registration of the enterprise”. In this connection, VC enterprises could be established in the first place by a large scale of committed capital and a certain amount of paid-up capital. After establishment, funds could be added to the paid-up capital according to the commitment agreement and investment needs. Every increase in the capital amount will lead to the change in the registered capital, so it doesn’t run counter to Company Law. According to the rule, when it comes to establishing a RMB1 billion VC fund, only RMB10 million in capital investment is needed in the first stage and the remaining RMB990 million could be supplied in the next five years after the company is founded according to Committed Contribution Agreement.

本文由北京翻譯公司品格翻譯提供，未經(jīng)允許，不得轉(zhuǎn)載。