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证券私募发行的最主要特点在于豁免注册，在于保护投资者利益的同时促进筹资便利。我国修订后的公司法、证券法以及部门规章虽然搭建了我国证券非公开发行与转让制度的基本框架，但是有待明确与完善的问题仍然很多。我国证券非公开发行的制度设计主要目标，一是应保护社会公众投资者利益不受损害；二是应充分发挥证券非公开发行的制度优势，便于企业利用该制度融资与发展；三是应为投资者开辟一条新的投资渠道，有利于储蓄向投资的转化。为了充分保护公众投资者利益，需要对非公开发行进行一定的管制，但该管制应以不妨碍筹资便利为原则。
<<The main characteristics of private placement of securities lie in the exemption from registration，and promotion of financing while protecting the interests of investors.China’s corporate law and securities law amended，and departmental regulations have built the basic framework of the legal system in the field of non-public offering and transfer of securities，but problems to be clear and perfect still exist.In order to protect enough the interests of public investors，it is need to regulate the action of non-public offering in a certain degree，but the regulation should be under the principle of not obstructing the convenient of financing.
<<| Keywords： | RegulationPrivate PlacementFinancing. |
