财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2011年
2期
36~40
,共null页
私募股权基金 PE 组织形式 治理结构
私募股權基金 PE 組織形式 治理結構
사모고권기금 PE 조직형식 치리결구
Private Equity Funds; PE; Organization; Governance Structure
未来十年(2011-2020年)是中国私募股权基金迅猛发展的黄金时期,但我国PE仍处于发展初级阶段,在此关键点上,我国PE行业的组织形式研究显得非常重要。从国际上来看,主要包括公司制、信托制和有限合伙制。基金设立模式的选择在于通过合理的制度安排,设计有效的激励、约束和监督机制来减少信息不对称,解决委托代理关系中可能存在的道德风险问题。
未來十年(2011-2020年)是中國私募股權基金迅猛髮展的黃金時期,但我國PE仍處于髮展初級階段,在此關鍵點上,我國PE行業的組織形式研究顯得非常重要。從國際上來看,主要包括公司製、信託製和有限閤夥製。基金設立模式的選擇在于通過閤理的製度安排,設計有效的激勵、約束和鑑督機製來減少信息不對稱,解決委託代理關繫中可能存在的道德風險問題。
미래십년(2011-2020년)시중국사모고권기금신맹발전적황금시기,단아국PE잉처우발전초급계단,재차관건점상,아국PE행업적조직형식연구현득비상중요。종국제상래간,주요포괄공사제、신탁제화유한합화제。기금설립모식적선택재우통과합리적제도안배,설계유효적격려、약속화감독궤제래감소신식불대칭,해결위탁대리관계중가능존재적도덕풍험문제。
It is a golden age of PE in China in the future decade(2011 to 2020),although development of PE in China is still in the initial stage.So the research on organization of PE is very important.It is mainly classified into three types,namely,company,trust-agreement and limited partnership.The most important thing is to design effective incentive,constraint and supervision mechanisms to resolve the problems of information asymmetry and the potential moral risk in the agency relationship,through reasonable institutional arrangement.