我国并购基金的组织治理机制研究

发布时间：2018-01-31 08:01

本文关键词： 并购基金组织治理组织形式治理结构激励机制约束机制　出处：《北京交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：近几年来,资本市场需求及利好政策驱动使得我国并购基金呈现出良好的发展势头。并购基金的健康、高效运作有赖于科学合理的组织治理机制,然而目前我国并购基金的组织治理机制仅是简单的照搬国外的成熟模式,只在形式上做到与国际接轨,实际应用中却暴露出诸多问题,且日益凸显的组织治理问题已对我国并购基金发展形成制约。在此背景下,探索和研究我国并购基金的组织治理机制,具有重大而迫切的现实意义。本论文以我国并购基金的组织治理机制为研究对象,以基于各利益相关者的“委托—代理”理论、现代契约理论和组织管理理论为基础。首先,论文通过借鉴国内外诸多学者关于并购基金的研究成果,界定并购基金及其组织治理机制的涵义,并构建并购基金的组织治理机制框架；进而,论文在对基金领域三种既存组织治理机制进行深入分析和比对的基础上,通过借鉴国内外成熟并购基金的实践经验,分别为我国市场化和政策性两类并购基金选取适合的组织形式,并为其设计出科学合理的内部治理结构、激励机制与约束机制；最后,论文结合当前的经济环境、市场环境、法律环境及并购基金的发展现状,对构建与我国并购基金组织治理机制相配套的外部治理环境提出建议和设想。本论文经研究认为：并购基金的组织治理机制应包括组织形式、治理结构、激励机制和约束机制四个要素,其所要解决的核心问题就是基金运作过程中所产生的各类“委托—代理”问题；对于组织治理机制的具体设计,我国市场化并购基金可采用“组织形式有限合伙制、治理结构半公司制”的公司合伙制组织治理机制,而政策性并购基金则可以独立事业法人的组织形式注册设立,再以公司制的治理机制进行管理和运作。与此同时,本论文还认为在完善并购基金组织治理机制的同时应着力构建与其相配套的法律法规体系、行业自律体系及金融中介体系等,以为我国并购基金的健康、高效运作提供良好外部治理环境。
[Abstract]:In recent years, the demand of capital market and favorable policy drive the M & A funds in China to present a good momentum of development. The healthy and efficient operation of M & A funds depends on a scientific and reasonable organizational governance mechanism. However, at present, the organizational governance mechanism of M & A funds in our country is simply to copy the mature model of foreign countries, only to achieve international integration in form, but many problems are exposed in the practical application. Under this background, it is of great and urgent practical significance to explore and study the organizational governance mechanism of M & A funds in China. This thesis takes the organizational governance mechanism of M & A fund in China as the research object, based on the principal-agent theory, the modern contract theory and the organization management theory of the stakeholders. First of all. This paper defines the meaning of M & A fund and its organizational governance mechanism by referring to the research results of many scholars at home and abroad on M & A fund, and constructs the organizational governance mechanism framework of M & A fund. Then, on the basis of in-depth analysis and comparison of the three existing organizational governance mechanisms in the field of funds, the paper draws on the practical experience of mature M & A funds at home and abroad. Choose suitable organization form for China's market-oriented and policy-oriented M & A funds, and design scientific and reasonable internal governance structure, incentive mechanism and restraint mechanism; Finally, combining the current economic environment, market environment, legal environment and the present situation of M & A fund development, the paper puts forward some suggestions and ideas on the construction of external governance environment matching with the governance mechanism of M & A fund in China. This paper believes that the organizational governance mechanism of M & A funds should include four elements: organizational form, governance structure, incentive mechanism and restraint mechanism. The core problem to be solved is the "principal-agent" problem in the process of fund operation. For the specific design of organizational governance mechanism, China's market-oriented M & A funds can adopt the corporate partnership governance mechanism of "limited partnership in form of organization and semi-corporate system of governance structure". And the policy M & A fund can be registered and set up in the form of an independent enterprise legal person, and then managed and operated by the corporate governance mechanism. At the same time, this paper also thinks that while perfecting the governance mechanism of M & A fund, we should focus on constructing the corresponding laws and regulations system, industry self-discipline system and financial intermediary system. M & A fund for our health, efficient operation to provide a good external governance environment.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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