译文摘录：

由于创业投资基金主要按公司和有限合伙形式设立，而新修订的《公司法》和《合伙企业法》已经基本满足公司型与有限合伙型创业投资基金在组织结构上的需要，新修订的《证券法》也为创业投资基金的私募（即非公开发行）提供了法律依据，因此，中国创业投资基金发展的基本法律应该说已经比较完备。特别是《创业投资企业管理暂行办法》（以下简称《办法》），还为公司型创业投资基金的设立与运作提供了九个方面的特别法律保护。

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，为了给创业投资企业的资本私募提供具有可操作性的规定，确保在资本私募过程中仅涉及具有高风险鉴别能力和高风险承受能力的投资者，《办法》在规定创业投资企业的投资者人数不超过200人的同时，还特别规定“单个投资者对创业投资企业的投资金额不得低于100万元”。这样，创业投资企业在资本私募过程中就较难涉及公众投资者。

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，为解决创业投资企业在运作过程中因资金大量闲置而而造成浪费，《办法》遵循“既不违背《公司法》，又适应创业投资基金特点”的原则，对创业投资企业的承诺出资制度作出了创新性规定，即明确“实收资本不低于3000万元人民币，或者首期实收资本不低于1000万元人民币且全体投资者承诺在注册后的5年内补足不低于3000万元人民币实收资本”。这样，创业投资企业就可以以较大规模承诺资本和一定规模实收资本先期成立，待成立后再根据承诺协议和投资需要，逐步追加资本。由于每追加一次资本，就相应地更改一次注册资本额，因此并不与《公司法》相抵触。按照这一规定，同样是设立一个10亿元规模的创业投资基金，首期到位资本只需1000万元，其余的9亿9千万元可以按《承诺出资协议》，在注册后的5年内逐步补足。

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.

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