1、第10卷第5期 上海财经大学学报 Vo lnull 10 Nonull 52008年10月 Journal o f Shang hai U niversity o f Finance and Econom ics O ctnull 2008 m s | : DF438null2null D S M : A null c I | : 1009null0150( 2008) 05null0041null08 “ g F T s nullnullnull B j 宋晓燕( Z v E , Z 200433)null null K null 1 :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
2、推进着世界经济的发展b从国际上来看,主要包括公司a信托契约型和有限合伙型b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a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b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bnull null 1 o M :私募股权投资基金; 组织;治理结构l : 2008null08null11T e : k ( 1972- ) , o , , Z v E q bnull null “ g T B 7 , d
3、 g “ g bB 1946M S ? Z S S ,N “ g S E ? Z ,i W 6 ? Z b S , T 6 ? Z Z 4 1 , “ g ? Z X 10 M H W b N , S + y S f % N “ g 3 i s b S g K * V ! E g 7 S b , a g ? Z g v 4 H i , g , 5 4 b b b B a 5 L Y Q 5 , F v , T y B E ? g ,9 m / bnull null 3null V Y V H z 5 null null K “ , K 1 - K 7 E 5 ,y 7 K T X 1 Y 5
4、, d 4 by N , K x p Y V H ! 9 , p Y ? W bnull null H V Z 5 g % ,“ N ,g 5 V Y V B t K H 5 b(二)私募股权投资基金信托模式null null “ g G , Y V ? “ 9 _ g “ , g $ g r ( null 7 g T 6 s Jnull 6 , 2000, ( 4)null 8 b S null 2007 M “ g Rnull 2007null 9 Dav id R osenbergnull V entur e Capit al P artnerships: A Study in F re
5、edo m o f Contract Jnull Columbia BusinessL aw R ev iew , 2002, ( 4)nullAnAnalysisonOrganizationModelsof PrivateEquityFundfromaPerspectiveof GovernanceStructureSONG Xiaonullyan( School of L aw , Shanghai Univ ersity of Finance and Economics, S hang hai 200433, China)null null Abstract:A s a co mbina
6、tio n of industrial inno vation and financial innovatio n, private eqnulluity inv estment fund is no w boo sting the w or ld econom y effectively. It is m ainly classifiedinto three types, nam ely, company, tr ustnullagreement and limited partnership. T he mo delchoice o f funds, establishment is to
7、 design effectiv e incentive, co nstraint and supervisionmechanisms to r esolve the problem s o f infor mation asy mmetry and the potential moral risk inthe ag ency relatio nship, through r easonable institutional ar rang em ent. T he paper analyzesdifferent organizations from the point of gov ernan
8、ce structure, and concludes that trust andlimited par tnership all ex ceed company . Finally based on practical legal r eg ulation in China,it puts fo rw ards that trust prio rity should be an effective route to develop China private equinullty investment market.null null Keywords:private equity inv estment fund; org anization; gov er nance str ucture(责任编辑: 海林)48 null null null null null null null Z v null null null null null null null null null null null null null 2008 M 5
