CAJ | 학술논문

有限合伙制能够适应风险投资机构的发展，特殊的财务治理是重要原因。财务控制权方面，有限合伙人负责出资但不干预决策；普通合伙人掌握财务控制权但承担无限责任，这样可以实现权责的匹配并提高风险资本的效率。有限合伙人享有对普通合伙人的财务监督权。由于不参与决策和出资比例较高，有限合伙人行使财务监督权更加独立、高效和强有力。普通合伙人能够享有比其出资比例更高的财务收益分配权，这是由普通合伙人掌握的财务控制权决定的。在我国，有限合伙制将成为风险投资机构的主流形式。但由于有限合伙人企业治理思维没有转变，普通合伙人不成熟，订立的合伙契约不完善等原因，我国有限合伙制风险投资机构的财务治理还存在诸多问题，包括有限合伙人与普通合伙人角色模糊导致财务监督权取代财务控制权：财务收益分配权配置不合理等。
유한합화제능구괄응풍험투자궤구적발전，특수적재무치리시중요원인。재무공제권방면，유한합화인부책출자단불간예결책；보통합화인장악재무공제권단승담무한책임，저양가이실현권책적필배병제고풍험자본적효솔。유한합화인향유대보통합화인적재무감독권。유우불삼여결책화출자비례교고，유한합화인행사재무감독권경가독립、고효화강유력。보통합화인능구향유비기출자비례경고적재무수익분배권，저시유보통합화인장악적재무공제권결정적。재아국，유한합화제장성위풍험투자궤구적주류형식。단유우유한합화인기업치리사유몰유전변，보통합화인불성숙，정립적합화계약불완선등원인，아국유한합화제풍험투자궤구적재무치리환존재제다문제，포괄유한합화인여보통합화인각색모호도치재무감독권취대재무공제권：재무수익분배권배치불합리등。
The special financial affairs governance is one of the most reasons that limited partnership can adapt to the development of venture capital organizations. In the aspect of financial control power, limited partners are responsible for funding but do not interfere with decision-making; general partners master the financial control power but bear unlimited responsibility, the purpose is to achieve rights proportionate to duties and improve the efficiency of venture capital. Limited partners enjoy the financial supervisory authority. The Limited partners are more independent, efficient and powerful executing financial supervision, because they provide most of venture capital and don＇t participate in decision- making. General partners can enjoy a higher proportion of income distribution rights relative to its contribution, which is determined by the general partners＇ financial control Power. In our country, limited partnership will become a mainstream form of venture capital institutions. Because of limited partners＇ thinking not changed, immature general partners and imperfect partner contracts, there are many problems of the financial affairs governance in China. The following are the main. The role of limited partners and general partners is indistinct, which lead financial supervisory authority to replace financial control power; the arrangement of income distribution rights is not reasonable.