摘要
作为产业创新和金融创新的结合,私募股权投资基金正有力地推进着世界经济的发展。从国际上来看,主要包括公司、信托契约型和有限合伙型。基金设立模式的选择就在于通过合理的制度安排,设计有效的激励、约束和监督机制来克服信息不对称,解决委托代理关系中可能存在的道德风险问题。本文从治理结构的角度对不同模式进行分析,认为信托制和有限合伙制都优于公司制,最后结合我国的制度基础提出,目前优先发展信托制应是发展我国私募股权投资市场的一个有效路径。
As a combination of industrial innovation and financial innovation, private equity investment fund is now boosting the world economy effectively. It is mainly classified into three types, namely, company, trust-agreement and limited partnership. The model choice of funds＇ establishment is to design effective incentive, constraint and supervision mechanisms to resolve the problems of information asymmetry and the potential moral risk in the agency relationship, through reasonable institutional arrangement. The paper analyzes different organizations from the point of governance structure, and concludes that trust and limited partnership all exceed company. Finally based on practical legal regulation in China, it puts forwards that trust priority should be an effective route to develop China private equity investment market.
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
2008年第5期41-48,共8页
Journal of Shanghai University of Finance and Economics
关键词
私募股权投资基金
组织
治理结构
private equity investment fund
organization
governance structure
作者简介
宋晓燕（1972-），女，安徽蚌埠人，上海财经大学法学院副教授。
