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本文从实际出发，把准我国现阶段私募股权投资偏好于科技创新型中小企业
的特点，选取浙江省的一家中小型智能科技企业为对象，研究私募股权投资对中
小企业公司治理的影响。首先，本文在回顾相关文献资料的基础上，对私募股权、
公司治理、私募股权对公司治理影响等相关理论作了梳理和铺垫，并对私募股权
介入中小企业的动因、方式进行了理论阐述。其次，对 G 公司的治理现状进行了
分析，围绕公司的基本情况、治理框架和运行机制、约束激励机制等方面展开研
究，对 G 公司在治理方面存在的弊病和缺陷进行概述，并深挖这些表象后面的原
因。然后，通过宁波 Z 资产管理公司投资 G 公司之后，对 G 公司的股权结构、
董事会组织构架和运行、管理层激励约束机制等三个方面的影响作了分析研究，
来得出私募股权投资能够在很大程度给中小企业治理带来深刻积极影响的这个
结论。最后，基于上述研究，作了结论性阐述。并围绕研究初衷，从企业自身、
私募股权和政策支撑等方面提出了一些意见建议，以期为我国的中小企业发展助
上绵薄之力
关键词：私募股权投资，中小企业，公司治理II
——A Case Study of Company G
Abstract
In recent years, private equity investment (PE) in China has grown at an alarming rate.China has become
the world&39;s third largest financing market players. Such as a springhead,PE provides a new financing channel
for SMEs of the strong innovation ability, good momentum of development, sufficient stamina.,because the
private equity fund have many advantages such as less restrictive conditions, the relatively low cost of
financing, diversification of financing and other advantages..And the more important thing is that private
equity investment in the short term can promote the modernization of corporate governance model in
SMEs,finally the development of SMEs can became to a higher level.
In this paper, according to the real line, The private equity investment in China is in favor of SMEs of
science and technology innovation .So,we sleect a company of small and medium-sized intelligent
technology in Zhejiang province .In order to,we can study the impact of private equity investment on
corporate governance of small and medium enterprises First of all, based on the review of the relevant
literature, I I arranged the content of private equity, private equity and corporate governance on corporate
governance effect theory .Meanwhile,I I did a theoretical exposition about PE,corporate governance and the
impact of private equity on Corporate Governance.Secondly, the corporate governance status of G corporate
governance are analyzed.I do research about the basic situation of the company, governance structure and
operation mechanism, incentive mechanism , etc. The disadvantages and problems of G company are
summarized .And the deep reasons behind these problems are studied.Third,.Ningbo Z Asset Management
Co&39;s investment in G company as a case study .In this case study,the impact of three aspects of the analysis
which are G company&39;s ownership structure, board structure and operation, management incentive and
restraint mechanisms.We can come to the conclusion that private equity investment can have a positive
impact on SMEs governance to a large extent .Finally, based on the above study, a conclusion is given. And
around the original intention of the study, in order to help the development of SMEs in China, from the
enterprise itself, private equity and policy support, and other aspects ,recommendations are proposed.
Key words: private equity investment, small and medium-sized enterprises, corporate
governance
The Research on Impacts of Private Equity Fund on SMEsIII
目 录
1 绪论 ...........1
1.1 选题的背景与意义 ..... 1
1.1.1 选题的背景 ...... 1
1.1.2 选题的意义 ...... 2
1.2 国内外研究综述 ......... 3
1.2.1 国外研究综述 .. 3
1.2.2 国内研究综述 .. 5
1.2.3 研究评述 .......... 8
1.3 研究的主要内容、思路和方法 .......... 9
1.3.1 主要内容和思路........... 9
1.3.2 研究方法 .......... 9
1.4 本文的创新点和不足之处 .... 10
2 私募股权投资和公司治理的相关理论 ......11
2.1 公司治理的基本理论 ........... 11
2.1.1 信息不对称理论......... 11
2.1.2 委托代理理论11
2.1.3 利益相关者理论......... 12
2.2 私募股权投资的双层委托代理关系 . 13
2.2.1 投资人与私募股权基金的委托代理关系 ....... 14
2.2.2 私募股权基金与被投资企业的委托代理关系14
2.3 私募股权投资介入公司治理的相关理论...... 15
2.3.1 私募股权的介入动因 . 15
2.3.2 私募股权的介入方式 . 16
3 G 公司案例介绍 ..... 17
3.1 G 公司的行业发展背景和基本情况 . 17
3.2 引入私募股权投资前 G 公司的治理现状 ..... 17IV
3.2.1 G 公司治理的组织框架.......... 17
3.2.2 G 公司治理的机制和流程 ...... 18
3.2.3 G 公司治理绩效评价 . 19
3.3 引入私募股权投资的过程 ... 21
4 引入私募股权投资前 G 公司治理中存在问题及原因分析 . 24
4.1G 公司治理中存在的主要问题 .......... 24
4.1.1 股权结构不够合理 .... 24
4.1.2 决策权行使过于集中 . 24
4.1.3 激励约束相当随意 .... 25
4.1.4 权力监督形同虚设 .... 25
4.1.5 管理人才较为贫乏 .... 26
4.2 G 公司治理问题产生的主要原因 ..... 26
4.2.1 疏于践行现代治理理念 ......... 26
4.2.2 未能制定企业战略规划 ......... 27
4.2.3 管理运行总体协调性差 ......... 27
4.2.4 企业文化体系建设滞后 ......... 28
4.2.5 员工参与治理基本忽略 ......... 28
5 引入私募股权投资对 G 公司治理的影响分析 ........ 30
5.1 私募股权投资对 G 公司治理的影响分析 ..... 30
5.1.1 股权比例得到优化升级 ......... 30
5.1.2 董事会运行机制迅速改善 ...... 32
5.1.3 激励约束作用显著发挥 ......... 32
5.2 G 公司引入私募股权投资后的效果评价 ...... 33
5.2.1 G
