论我国有限合伙型PE的路径依赖与制度突破

发布时间：2018-04-16 19:53

本文选题：私募股权投资基金 + 有限合伙　；参考：《黑龙江大学》2016年硕士论文

【摘要】：我国私募股权投资基金(简称PE)是当前证券市场投资者的主要投资途径之一,也是诸多非上市企业的中长期融资方式,在金融市场的作用愈发明显。就我国市场而言,有限合伙型PE是结合了有限合伙制度优势与PE资本优势的绝佳组合形式,应当发挥优势作用。然而基于我国有限合伙制度自身方面、内部代理关系方面、税收方面的表现,有限合伙型PE未充分发挥自身的制度优势与资本优势,而这三方面的问题都可以用路径依赖理论进行解释。经过分析笔者发现,在有限合伙型PE自身制度方面,存在先期创设性成本、重监管、结构驱动、现有制度自我强化、政府诱导等路径依赖;在内部代理关系方面,有限合伙型PE存在对普通合伙人控制性投入成本及公司制PE不断自我强化二重路径依赖;在税收方面,有限合伙型PE存在重税传统、规则互补、转轨不确定性的路径依赖。如要保证有限合伙型制度良性的发展和进化,我们应当尝试在制度上修正和突破以避免制度进入无效锁定的状态。
[Abstract]:Private equity fund (PEI) is one of the main ways for investors to invest in securities market in China, and it is also a medium and long-term financing method for many non-listed enterprises, which plays an increasingly important role in the financial market.As far as China's market is concerned, limited partnership type PE is a perfect combination form which combines the advantage of limited partnership system and PE capital advantage, and should play an advantage role.However, based on our limited partnership system itself, internal agency relations, tax performance, limited partnership PE does not give full play to its own institutional advantages and capital advantages.These three problems can be explained by path dependence theory.After analysis, the author found that in the limited partnership PE system, there are some path dependence, such as pre-creation cost, heavy supervision, structure-driven, existing system self-strengthening, government guidance, etc.Limited partnership PE has dual path dependence on controlling input cost of general partners and corporate PE. In the aspect of tax revenue, limited partnership PE has the path dependence of heavy tax tradition, complementary rules and uncertainty of transition.If we want to ensure the benign development and evolution of the limited partnership system, we should try to modify and break through the system in order to avoid the system entering the state of invalid locking.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.291.91

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