福建银泰汇富投资管理有限公司治理模式的案例研究

发布时间：2018-01-12 21:35

本文关键词：福建银泰汇富投资管理有限公司治理模式的案例研究　出处：《兰州大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的快速发展,社会的财富积累规模越来越大,对财富管理的需求层次也越来越多样化,同时,多层次资本市场的发展,也需要多层次机构投资者的参与。在此经济发展需求的推动下,这几年我国私募投资基金发展大大提速,成为资本市场和财富管理的一支中坚力量。但是,由于政治、经济、社会、法律等因素,中国的私募基金行业发展起步较晚,私募基金的发展一直处于一种较为无序的状态中。这造成私募基金公司治理的理论和实践,包括组织形式、治理架构、治理模式等都还很不完善,严重影响了中国私募基金的健康发展和投资者的权益保障。一些私募证券投资基金管理人为了追求短期利益,陷入了一种疯狂无序的逐利循环中,完全忽略了基金管理人的公司治理和规范经营问题,这对私募证券投资基金行业的发展大为不利,甚至对我国金融体系的安全造成了很大的负面影响。因此,解决私募证券投资基金的公司治理问题已显得非常急迫。为此,论文通过对契约理论、公司治理理论、人力资本理论、信息不对称理论等经济学理论的应用,以及对国内外私募基金公司治理的比较,尝试性地总结出公司治理的D. E. I. R. C分析框架。此后,利用D. E. I. R. C分析框架,对银泰汇富私募证券投资基金公司进行了深入的案例分析。即通过分析提炼该基金公司的主要特征和公司治理模式的关键问题,有针对性地提出了完善私募基金公司治理结构的路径和方法,并为该公司建立完善科学的公司治理模式设计和比较了多种的选择方案。论文通过对私募证券投资基金内部治理机制的研究和治理结构选择模型的设计,得出了治理模式选择的核心目标是责权利关系的协调、平衡和有效益发展的结论,并提出了因地制宜,建立自身适用的治理模式选择模型的方法。这对私募基金投资的相关理论、私募基金的价值研究以及公司治理的理论研究都具有补充和完善的积极意义。也为如何创造公平的市场环境、完善充分的信息披露机制、建立客观的市场评价机制等外部治理研究提供有效参考。论文对于案例研究对象及类似企业的公司治理模式的优化将具有较强的应用指导意义。
[Abstract]:With the rapid development of our economy, the scale of social wealth accumulation is becoming larger and larger, the demand level of wealth management is becoming more and more diversified, at the same time, the development of multi-level capital market. It also needs the participation of multi-level institutional investors. Driven by the demand of economic development, the development of private equity investment funds in China has been greatly accelerated in recent years, and has become a backbone of capital market and wealth management. Due to political, economic, social, legal and other factors, China's private equity fund industry started relatively late. The development of private equity funds has been in a more disorderly state, which leads to the theory and practice of private equity fund corporate governance, including organizational form, governance structure, governance model are still very imperfect. It seriously affects the healthy development of Chinese private equity funds and the protection of investors' rights and interests. In order to pursue short-term interests, some managers of private equity investment funds are caught in a crazy and disorderly profit cycle. Completely ignored the fund managers corporate governance and regulatory management, which is greatly adverse to the development of private equity investment funds industry, and even to the security of our financial system caused a great negative impact. It is urgent to solve the problem of corporate governance of private equity investment fund. Therefore, the paper applies the contract theory, corporate governance theory, human capital theory, information asymmetry theory and other economic theories to the application of the contract theory, corporate governance theory, human capital theory, information asymmetry theory and so on. As well as the domestic and foreign private equity fund corporate governance comparison, try to sum up the corporate governance of the D.E.I.R.C analysis framework. Using the analytical framework of D.E.I.R.C. This paper makes an in-depth case study on Yintai Hui Fu Private Securities Investment Fund Company, that is, through analyzing and refining the main characteristics of the fund company and the key issues of the corporate governance model. It puts forward the path and method of perfecting the governance structure of private equity fund company. And for the company to establish a sound and scientific corporate governance model design and comparison of a variety of options. This paper through the private equity investment fund internal governance mechanism and governance structure selection model design. It is concluded that the core goal of the choice of governance mode is the coordination, balance and beneficial development of the relationship between responsibility and right, and puts forward measures to suit the local conditions. The method of establishing its own suitable governance model selection model, which is relevant to the theory of private equity investment. The research on the value of private equity fund and the theory of corporate governance have positive significance of supplement and perfection, and also for how to create a fair market environment and improve the adequate information disclosure mechanism. Establishing objective market evaluation mechanism and other external governance research provide effective reference. This paper will have a strong application guidance significance for the case study object and the similar enterprise corporate governance model optimization.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F832.39

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