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私募融资是相对公开融资而言,通过非公开市场募集资金的一种融资方式。与公开融资相比,私募融资手续相对简单。在美国,私募融资的法律程序受美国《1933年证券法》D条例(RegulationD)的规范与约束。私募融资不需要向美国证券管理机构(SEC)注册,只需事后向其备案。私募融资一般是公开融资的前奏,它涉及公司股权变化,对公司的长期发展产生深远影响。因此,私募融资应与企业的长期战略目标一致,而非单纯的流动资金筹集。中外私募融资手段相差较大,由于国内金融市场不发达,虚拟经济不受重视,公司应着眼于国外资金市场,从而打开公司的融资平台和战略调整。
Private financing is a relatively financing way of raising capital through the non-open market in terms of open financing. Compared with open financing, private financing procedures are relatively simple. In the United States, privately financed legal proceedings are governed by and subject to Regulation D of the Securities Act of 1933. Private equity does not need to be registered with the U.S. Securities and Exchange Commission (SEC), and only needs to be filed with the SEC. Private equity financing is generally a prelude to open financing, which involves changes in the company’s equity and has a profound impact on the long-term development of the company. Therefore, private equity financing should be consistent with the long-term strategic objectives of the enterprise, rather than a simple liquidity pooling. Due to the underdevelopment of domestic financial markets and the lack of attention to the fictitious economy, the Company should focus on foreign capital markets and thus open up the financing platform and strategic adjustment for the Company.