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本文通过理论研究与实际案例相结合的方法,除了导言和结论建议之外主要分为
四部分。首先,对超产权理论、委托代理理论、利益相关者理论等相关理论进行研究,
并对目前较新的国内外文献进行回顾和评述;然后,从有限合伙制私募股权基金利益
平衡问题的主体概念出发,分析基金各方利益冲突的表现及原因,并从价值选择和制
度安排等方面来对有限合伙制私募股权基金的利益平衡机制设置提出建议;再引入笔
者实际工作中管理的基金作为案例,通过对案例基金的基本情况、发展现状及遇到的
利益平衡问题的介绍,来分析问题成因;最后,结合美国在政策、立法以及有限合伙
协议方面对私募股权基金利益平衡的安排,并引入了国内市场一个各方利益平衡安排
的成功案例,得出问题结论,从而对案例基金的利益平衡设置提出建议
关键词:私募股权基金 有限合伙制 利益平衡
作 者:王天久
指导老师:贝政新英文摘要 有限合伙制私募股权基金的各方利益平衡问题研究——以 SJ 专项基金为例
II
Research on Balance of Interest of Limited Partnership
Private Equity Funds
——Take SJ Limited Partnership for example
Abstract
Private equity funds were born in the United States, which can play the role of
leverage of financial intermediation to bring a new financing channels to the invested
enterprises, injects funds to the discovered valuable corporation to promote their rapid
growth, meanwhile providing a high-yield investment channels for society idle funds.
Limited partnership was the mainstream selected form of private equity funds, with the
advantages of flexible internal governance structure, and fully incentive and restraint
mechanisms. It will make the fund manager’s professional experience and extensive
relationships and the investor’s surplus funds effectively combined and complement each
other to achieve common development of both sides. However, limited partnership private
equity funds are still at the initial development stage in China. There are still many
problems in terms of external legal policies and internal control mechanisms. Since fund
managers and individual investors were in the relationship of partners, as well as the
agency relationship, the mutual coexistence of two legal relationship of interest exists so
that create the interest consistency of both fund managers and individual investors, conflict
of interests at the same time was inevitable. Therefore, it is necessary to construct the
mechanism of balancing the interests of a limited partnership private equity fund, to found
the fairness and justice of protection of all parties’interest, and to help to regulate the order
of private equity investment and promote the sustainable development of private equity
investment market.
This study was using methods of combination of theory and practice, which can be
separated into four parts beside the introduction and conclusion. First, study on the related
theories such as Beyond Property Right Theory, Agency Theory and Stakeholder Theory.
Review and comment on domestic and international research. Second, start with the main
concept for balance of interests of limited partnership private equity fund, analyze the
performance and reason for the conflict of interests of all parties of the funds. Suggest on有限合伙制私募股权基金的各方利益平衡问题研究——以 SJ 专项基金为例 英文摘要
III
the establishment of interest balance mechanism of Limited Partnership Private Equity
Fund from the perspective of value selection and business arrangement. Third, use an
actual case to introduce its situation and problems encountered by the balance of interests.
Finally, with the United States arrangements on balancing the interests of the private equity
fund in policy, legislation and limited partnership agreements, as well as the introduction
of a successful story of balancing of interests in the domestic market, to make the
conclusion of conflict of interest problems so that to set a proposal to resolve the problems
of the case fund.
Keywords: Private Equity Fund; Limited Partnership; Balance of Interest
Written by: Wang Tian Jiu
Supervised by: Bei Zheng Xin目 录
第 1 章 导 言 .......1
1.1 研究的背景及意义 .1
1.2 研究的方法与内容 .2
1.2.1 研究的方法 ...2
1.2.2 研究的内容 ...2
1.3 研究的创新与局限性 .........3
1.3.1 研究的创新点 ...........3
1.3.2 研究的局限性 ...........3
第 2 章 相关理论与文献回顾 .......4
2.1 概念界定 .....4
2.1.1 私募股权投资 ...........4
2.1.2 私募股权基金 ...........4
2.1.3 有限合伙制私募股权基金 ...5
2.1.4 私募股权基金投资人 ...........5
2.2 理论研究 ......6
2.2.1 超产权理论 ....6
2.2.2 委托代理理论 ...........6
2.2.3 利益相关者理论 ........7
2.2.4 利益平衡理念的内涵 7
2.3 文献回顾 .....8
2.3.1 国外文献回顾 ...........8
2.3.2 国内文献回顾 ...........9
2.3.3 国内外文献评述 .....12
第 3 章 有限合伙制私募股权基金利益平衡机制.........14
3.1 利益平衡机制的主体 .......14
3.1.1 基金投资人 .14
3.1.2 基金管理人 .143.1.3 基金投资人和基金管理人的关系 .14
3.2 有限合伙制私募股权基金各方利益冲突及原因 15
3.2.1 基金管理人与基金投资人的利益冲突表现 ..........15
3.2.2 基金投资人与基金管理人的利益冲突原因分析 .16
3.3 有限合伙制私募股权基金的利益平衡机制分析 ...........17
3.3.1 利益平衡的原则 .....17
3.3.2 有限合伙制私募股权基金利益平衡机制的价值选择 .....18
3.3.3 有限合伙制私募股权基金利益平衡机制的制度安排 .....18
第 4 章 案例分析 .21
4.1 案例基本情况介绍 ...........21
4.1.1 SJ 项目介绍..21
4.1.2 SJ 专项基金介绍......23
4.1.3 SJ 专项基金投资人与管理团队介绍..........24
4.2 SJ 专项基金基金管理人与基金投资人的条款设置 .......26
4.3 SJ 专项基金利益平衡的问题及成因 .......28
4.3.1 SJ 专项基金的发展现状及问题......28
4.3.2 SJ 专项基金利益平衡问题的成因..29
第 5 章 有限合伙私募股权基金各方利益平衡的经验借鉴.....31
5.1 美国私募股权基金各方利益平衡的研究 ...........31
5.1.1 美国政府政策与立法对私募股权基金发展的扶持 .........31
5.1.2 美国立法对各方利益平衡的相关制度 .....31
5.1.3 美国有限合伙协议的利益平衡安排 .........33
5.2 我国私募基金利益平衡安排的成功案例 ...........34
第 6 章 结论与建议 .........38
6.1 结论 ...........38
6.2 SJ 专项基金利益平衡设置的建议 ...........38
参考文献 .....40
攻读学位期间公开发表的论文 .....43
致 谢 .....44有限合伙制私募股权基金的各方利益平衡问题研究——以 SJ 专项基金为例 第 1 章第 1 章 导 言
1.1 研究的背景及意义
自二十世纪中叶风险投资基金在美国开始兴起以来,私募股权基金在全球范围内
大量设立,各国学者们也开始了对私募股权基金的广泛研究。我国资本市场目前面临
着融资结构稀缺,资本市场体制、机制不健全等问题,在市场流动性过剩的情况下,
急需发展资金的中小企业又面临着融资难的问题。引入私募股权基金有利于完善我国
的资本市场体系、拓宽中小企业的融资渠道、促进国内产业结构的调整,同时对改善
委托人与代理人之间关系
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