CAJ | 학술논문

在BMW假说（财富=政府×市场）分析框架下,私募股权投资基金行业的整体价值（或单位价值）取决于协调政府和市场功能的制度安排。通过引入＂成本--效用函数＂,我们认为私募股权投资基金制度存在最优的可能,即成本曲线与效用曲线的切点。同时,在上述静态分析基础上还可以引入时间变量和空间变量,引入时间变量后要求制度应该具有弹性和预见性,引入空间变量要求制度应与中国独特的发展模式相适应。总之,中国化私募股权投资基金制度构建要做到明确发展目标、完善市场机制、发挥政府增进功能、权衡风险与利益、适时进行制度创新等。
재BMW가설（재부=정부×시장）분석광가하,사모고권투자기금행업적정체개치（혹단위개치）취결우협조정부화시장공능적제도안배。통과인입＂성본--효용함수＂,아문인위사모고권투자기금제도존재최우적가능,즉성본곡선여효용곡선적절점。동시,재상술정태분석기출상환가이인입시간변량화공간변량,인입시간변량후요구제도응해구유탄성화예견성,인입공간변량요구제도응여중국독특적발전모식상괄응。총지,중국화사모고권투자기금제도구건요주도명학발전목표、완선시장궤제、발휘정부증진공능、권형풍험여이익、괄시진행제도창신등。
According to BMW Hypothesis,the total value（or unit value）of the private equity funds market is up to the system arrangement,which coordinates the respective roles of the Market and the Government.By introducing the ＂cost-utility function＂,we point out the existence of the optimal system for private equity funds system,which are the tangent points of the Cost Curve and the Utility Curve.Meanwhile,time variable and geographical variable can be introduced based on the static analysis above.After introducing time variable,we find that the system should be more flexible and forward-looking.After introducing geographical variable,we find that the system should adapt to the unique development model in China.In short,to construct the private equity funds system in China,we should make the development objectives clear,make the market mechanism perfect,enhance the role of government,balance both risk and benefit,keep the timely institutional innovation,etc.