财经科学
財經科學
재경과학
Finance and Economics
2012年
7期
26~33
,共null页
私募股权投资 契约安排 积极投资者 公司治理
私募股權投資 契約安排 積極投資者 公司治理
사모고권투자 계약안배 적겁투자자 공사치리
Private Equity Investment; Contractual Arrangement; Active Investor; Corporate Governance
私募股权已成为国际投融资市场上一支极其重要的力量,其中,以杠杆收购为特征的非风投私募股权投资是最具活力的部分,其以成熟企业为投资目标,着力于改善治理结构,提升企业的内在价值,为公司治理实践带来了一种创新模式。本文对股份制公司产生以来公司治理模式的发展轨迹进行了梳理,阐释了私募股权的运作方式、融资结构、收益分配等合约安排特点。在此基础上,深入剖析了私募股权机构积极投资者治理角色的产生机理及对被投资企业治理模式的创新性影响。
私募股權已成為國際投融資市場上一支極其重要的力量,其中,以槓桿收購為特徵的非風投私募股權投資是最具活力的部分,其以成熟企業為投資目標,著力于改善治理結構,提升企業的內在價值,為公司治理實踐帶來瞭一種創新模式。本文對股份製公司產生以來公司治理模式的髮展軌跡進行瞭梳理,闡釋瞭私募股權的運作方式、融資結構、收益分配等閤約安排特點。在此基礎上,深入剖析瞭私募股權機構積極投資者治理角色的產生機理及對被投資企業治理模式的創新性影響。
사모고권이성위국제투융자시장상일지겁기중요적역량,기중,이강간수구위특정적비풍투사모고권투자시최구활력적부분,기이성숙기업위투자목표,착력우개선치리결구,제승기업적내재개치,위공사치리실천대래료일충창신모식。본문대고빈제공사산생이래공사치리모식적발전궤적진행료소리,천석료사모고권적운작방식、융자결구、수익분배등합약안배특점。재차기출상,심입부석료사모고권궤구적겁투자자치리각색적산생궤리급대피투자기업치리모식적창신성영향。
Private equity has become an extremely vital power in international investment and financing mar-ket, with non-venture private equity investment characteristic of leverage buyout being the most dynamic. Taking mature companies as investment targets, non - venture private equity investment aims at improving governance structure, elevating company＇s internal values and brings a creative mode for corporate gover- nance practice. This paper delineates development paths of corporate governance modes since the emergence of stock companies, expounds contractual arrangement features, like operating mode, financing structure, income distribution of private equity. On this basis, it explores forming mechanism of an active investor gov-ernance role played by a private equity institution and its creative impacts on the governance modes of a com- pany being invested.
