私募股权投资基金的治理研究

发布时间：2018-02-21 07:33

本文关键词： 私募股权治理组织形式监管　出处：《中南民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：伴随着中国经济的高速发展，中国俨然已成为世界最为活跃的潜力巨大的私募股权投资资本市场之一。私募股权投资基金在中国的发展如何，相较于一般企业，其治理包涵哪些具体内容，存在的问题以及如何完善其治理，是本文重点要探讨的问题。本文正文共分为四个部分，第一部分简述私募股权投资基金的内涵，为后面的基本理论分析做好铺垫。首先提出了私募股权投资基金的基本概念问题，理论界目前对概念并未达成统一明确的定义，主要存在广义和狭义之分。之后，从私募股权投资基金的定义层面上，简要分析了其主要特点，资金来源不公开、运作专业性强、资本流动性低、投资权益性。最后，简单说明了目前私募股权投资基金的三种组织形式。文章的第二部分在前面说明了私募股权投资基金的内涵的基础上，接着探讨其治理的基本理论问题。首先是探讨了私募股权投资基金治理的特殊性，提出由于私募股权投资基金区别于一般的企业，其是“外部投资人”与“内部管理人”之间的“委托-代理”关系，因此其治理问题，存在特殊性。其次，从内部治理与外部治理两个方面来详细阐述私募股权投资基金治理的基本理论问题。文章的第三部分着重探讨了目前我国私募股权投资基金的治理现状及主要存在的缺陷。我国的私募股权投资基金是“舶来品”，但是数据证明，目前我国私募股权投资基金发展迅猛，同时，法律制度环境亦随之发展。《证券投资基金法》的修订，为私募股权投资基金的发展带来了新的契机，也是目前理论界与实务界争议的热点问题。之后，分别对鼎晖投资、中科招商两个目前非常活跃的私募股权投资机构旗下基金的运作进行分析，结合私募股权投资基金治理的基本问题，总结出目前我国私募股权投资基金治理主要存在的缺陷，这将是完善私募股权投资基金治理的方向。文章的第四部分提出完善我国私募股权投资基金治理的具体建议。提出建立有效的风险控制制度，，降低代理成本；优化治理结构，在投资人与管理人之间形成有效制衡关系；完善激励机制、约束机制、信息披露制度、外部治理机制以及立法等具体措施，来优化私募股权投资基金的治理。
[Abstract]:With the rapid development of Chinese economy, China has become one of the most active private equity investment capital markets in the world. What specific contents, existing problems and how to improve its governance are the key problems to be discussed in this paper. The text of this paper is divided into four parts. The first part briefly describes the connotation of private equity investment fund, laying the groundwork for the following basic theoretical analysis. First, put forward the basic concept of private equity investment fund. At present, the theoretical circle has not reached a unified and clear definition of the concept, there are mainly broad and narrow categories. Then, from the definition level of private equity investment fund, the paper briefly analyzes its main characteristics, the source of funds is not open, the operation is professional. Capital liquidity is low, investment equity is low. Finally, three kinds of organization forms of private equity investment fund are briefly explained. The second part of the article, on the basis of explaining the connotation of private equity investment fund, then discusses the basic theory of its governance. First, it discusses the particularity of private equity investment fund governance. Because private equity investment fund is different from ordinary enterprise, it is the "principal-agent" relationship between "external investor" and "internal manager", so its governance problem has its particularity. This paper expounds the basic theory of private equity fund governance from two aspects: internal governance and external governance. The third part of the article focuses on the current situation of private equity fund governance in China and its main defects. The private equity investment fund in our country is "imported", but the data prove that, At present, the private equity investment fund in our country is developing rapidly, meanwhile, the legal system environment has also developed. The revision of the Securities Investment Fund Law has brought a new opportunity for the development of the private equity investment fund. It is also a hot issue in the theoretical and practical circles at present. After that, this paper analyzes separately the operation of the funds of CDH Investments and Zhongke Merchants, two currently very active private equity investment institutions. Combined with the basic problems of the governance of private equity investment funds, this paper summarizes the main defects in the governance of private equity funds in China, which will be the direction to improve the governance of private equity funds. The 4th part of the article puts forward specific suggestions to improve the governance of private equity investment funds in China, puts forward the establishment of an effective risk control system to reduce agency costs, the optimization of governance structure, the formation of an effective balance between investors and managers; To optimize the governance of private equity funds, we should perfect the incentive mechanism, restraint mechanism, information disclosure system, external governance mechanism, legislation and other specific measures.
【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832

【引证文献】