本文關(guān)鍵詞： 并購基金 組織治理 組織形式 治理結(jié)構(gòu) 激勵機(jī)制 約束機(jī)制　出處：《北京交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近幾年來,資本市場需求及利好政策驅(qū)動使得我國并購基金呈現(xiàn)出良好的發(fā)展勢頭。并購基金的健康、高效運(yùn)作有賴于科學(xué)合理的組織治理機(jī)制,然而目前我國并購基金的組織治理機(jī)制僅是簡單的照搬國外的成熟模式,只在形式上做到與國際接軌,實(shí)際應(yīng)用中卻暴露出諸多問題,且日益凸顯的組織治理問題已對我國并購基金發(fā)展形成制約。在此背景下,探索和研究我國并購基金的組織治理機(jī)制,具有重大而迫切的現(xiàn)實(shí)意義。 本論文以我國并購基金的組織治理機(jī)制為研究對象,以基于各利益相關(guān)者的“委托—代理”理論、現(xiàn)代契約理論和組織管理理論為基礎(chǔ)。首先,論文通過借鑒國內(nèi)外諸多學(xué)者關(guān)于并購基金的研究成果,界定并購基金及其組織治理機(jī)制的涵義,并構(gòu)建并購基金的組織治理機(jī)制框架；進(jìn)而,論文在對基金領(lǐng)域三種既存組織治理機(jī)制進(jìn)行深入分析和比對的基礎(chǔ)上,通過借鑒國內(nèi)外成熟并購基金的實(shí)踐經(jīng)驗(yàn),分別為我國市場化和政策性兩類并購基金選取適合的組織形式,并為其設(shè)計(jì)出科學(xué)合理的內(nèi)部治理結(jié)構(gòu)、激勵機(jī)制與約束機(jī)制；最后,論文結(jié)合當(dāng)前的經(jīng)濟(jì)環(huán)境、市場環(huán)境、法律環(huán)境及并購基金的發(fā)展現(xiàn)狀,對構(gòu)建與我國并購基金組織治理機(jī)制相配套的外部治理環(huán)境提出建議和設(shè)想。 本論文經(jīng)研究認(rèn)為：并購基金的組織治理機(jī)制應(yīng)包括組織形式、治理結(jié)構(gòu)、激勵機(jī)制和約束機(jī)制四個要素,其所要解決的核心問題就是基金運(yùn)作過程中所產(chǎn)生的各類“委托—代理”問題；對于組織治理機(jī)制的具體設(shè)計(jì),我國市場化并購基金可采用“組織形式有限合伙制、治理結(jié)構(gòu)半公司制”的公司合伙制組織治理機(jī)制,而政策性并購基金則可以獨(dú)立事業(yè)法人的組織形式注冊設(shè)立,再以公司制的治理機(jī)制進(jìn)行管理和運(yùn)作。 與此同時,本論文還認(rèn)為在完善并購基金組織治理機(jī)制的同時應(yīng)著力構(gòu)建與其相配套的法律法規(guī)體系、行業(yè)自律體系及金融中介體系等,以為我國并購基金的健康、高效運(yùn)作提供良好外部治理環(huán)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.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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