本文關(guān)鍵詞： 私募股權(quán) 治理 組織形式 監(jiān)管　出處：《中南民族大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：伴隨著中國經(jīng)濟的高速發(fā)展，中國儼然已成為世界最為活躍的潛力巨大的私募股權(quán)投資資本市場之一。私募股權(quán)投資基金在中國的發(fā)展如何，相較于一般企業(yè)，其治理包涵哪些具體內(nèi)容，存在的問題以及如何完善其治理，是本文重點要探討的問題。 本文正文共分為四個部分，第一部分簡述私募股權(quán)投資基金的內(nèi)涵，為后面的基本理論分析做好鋪墊。首先提出了私募股權(quán)投資基金的基本概念問題，理論界目前對概念并未達(dá)成統(tǒng)一明確的定義，主要存在廣義和狹義之分。之后，從私募股權(quán)投資基金的定義層面上，簡要分析了其主要特點，資金來源不公開、運作專業(yè)性強、資本流動性低、投資權(quán)益性。最后，簡單說明了目前私募股權(quán)投資基金的三種組織形式。 文章的第二部分在前面說明了私募股權(quán)投資基金的內(nèi)涵的基礎(chǔ)上，接著探討其治理的基本理論問題。首先是探討了私募股權(quán)投資基金治理的特殊性，提出由于私募股權(quán)投資基金區(qū)別于一般的企業(yè)，其是“外部投資人”與“內(nèi)部管理人”之間的“委托-代理”關(guān)系，因此其治理問題，存在特殊性。其次，從內(nèi)部治理與外部治理兩個方面來詳細(xì)闡述私募股權(quán)投資基金治理的基本理論問題。 文章的第三部分著重探討了目前我國私募股權(quán)投資基金的治理現(xiàn)狀及主要存在的缺陷。我國的私募股權(quán)投資基金是“舶來品”，但是數(shù)據(jù)證明，目前我國私募股權(quán)投資基金發(fā)展迅猛，同時，法律制度環(huán)境亦隨之發(fā)展�！蹲C券投資基金法》的修訂，為私募股權(quán)投資基金的發(fā)展帶來了新的契機，也是目前理論界與實務(wù)界爭議的熱點問題。之后，分別對鼎暉投資、中科招商兩個目前非�；钴S的私募股權(quán)投資機構(gòu)旗下基金的運作進(jìn)行分析，結(jié)合私募股權(quán)投資基金治理的基本問題，總結(jié)出目前我國私募股權(quán)投資基金治理主要存在的缺陷，這將是完善私募股權(quán)投資基金治理的方向。 文章的第四部分提出完善我國私募股權(quán)投資基金治理的具體建議。提出建立有效的風(fēng)險控制制度，，降低代理成本；優(yōu)化治理結(jié)構(gòu)，在投資人與管理人之間形成有效制衡關(guān)系；完善激勵機制、約束機制、信息披露制度、外部治理機制以及立法等具體措施，來優(yōu)化私募股權(quán)投資基金的治理。
[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.
【學(xué)位授予單位】：中南民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.28;F832

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 王磊;我國私募股權(quán)投資的融資研究[D];西北大學(xué);2009年

本文編號：1521387