First, the significance of private equity investment 1. Promote the transformation of scientific and technological innovation achievements and the implementation of national innovation strategy. As an investment and financing mechanism that mainly supports innovation, creation and entrepreneurship, PE has a keen sense of future emerging industries and has the specialty and strength to market high-tech projects. World-renowned scientific and technological innovation enterprises, including Intel and Apple, have been supported by private equity investment institutions. The experience of PE in developed countries proves that private equity fund, as a combination of financial innovation and industrial innovation, can provide valuable funds for start-ups and sustainable development, promote emerging industries, improve industrial structure and consumption level, and expand employment opportunities. 2. Broaden financing channels for enterprises. Especially for small and medium-sized enterprises, because PE has a forward-looking professional vision, it can often help high-quality small and medium-sized enterprises that do not meet the bank loan conditions and listing financing qualifications to achieve financing and extraordinary development. 3. Promote the improvement of corporate governance structure. Because the invested enterprises are usually in the early stage of development and their operating performance fluctuates greatly, private equity investment institutions often intervene in the management of the invested enterprises in order to control investment risks and improve their performance, which objectively helps the enterprises to continuously improve their governance level and thus embark on the right track of steady development as soon as possible. In this case, private equity fund, as a market supervision force, plays an important role in promoting the improvement of corporate governance structure and creating favorable conditions for enterprises to go public in the future and improve their internal control level. 4. Promote the development of multi-level capital markets. Private equity investment funds generally focus on investment in the primary market. Through the professional vision and active intervention of VC and PE, we will select and train more excellent enterprises for the secondary market, and promote the development of small and medium-sized board and Growth Enterprise Market in China. Article 154 After the application for issuing corporate bonds is approved by the department authorized by the State Council, the method for raising corporate bonds shall be announced. The measures for raising corporate bonds shall specify the following main items: (1) the name of the company; (2) the purpose of the funds raised by bonds; (3) The total amount of bonds and the par value of bonds. (4) How to determine the bond interest rate; (5) The time limit and method for repaying the principal and interest; (6) Bond guarantee; (7) The issue price and date of the bonds; (8) The net assets of the company. (9) The total amount of corporate bonds issued but not yet due. (10) Corporate bond underwriting institutions. Second, the development trend of private equity investment Although China's private equity investment has achieved good development, from a global perspective, China's private equity investment is still in its infancy, and it has encountered many obstacles in the development process and will gradually improve in the future. Mainly reflected in: 1, limited partnership has become the main form of private equity funds. At present, more than 80% of China's private equity investment institutions adopt corporate organization, but the problem of repeated taxation of corporate private equity investment institutions has become the main obstacle to the development of local private equity investment funds. The new "Partnership Enterprise Law" removes the organizational and tax obstacles for the development of PE, not only increases the provisions of limited partners and limited liability partnerships, but also allows legal persons or other organizations to be partners, and also clarifies the principles of income tax collection for partnership enterprises. Partnership income tax is designed according to the principle that partners pay their income separately. 2. The degree of specialization has been continuously improved. With the increase of the number of private equity institutions, the competition in PE industry is becoming more and more fierce. More and more private equity investment companies pay more attention to the professionalism of the team, and the professionalism level of the team is gradually improving. Professional investment companies have more accurate market positioning for enterprises and stronger control over the advantages and risks of investment. Private equity investment not only promotes scientific and technological innovation, but also broadens financing channels, promotes the improvement of corporate governance structure and the development of multi-level capital markets, which is the significance of private equity investment. In the past, private equity investment was difficult to develop in China, but now this investment trend is gradually improving, and it is also recognized and loved by many investors.