财务治理是公司治理的核心部分,财务管理的好坏在很大程度上决定着
企业的生存和发展。财务治理是在公司治理的前提下,把公司内部和外部相
关利益者中间的财务关系做好平衡与协调,通过财权的配置来达到利益均衡
的一种财务制度安排,目的是解决各利益方之间的冲突,优化资源配置和财
务决策
本文通过研宄国内和国外私募基金公司治理及财务治理现状,结合国内
私募基金特点并运用实际案例对我国私募基金财务治理主要存在的三个问
题进行分析研究:首先是财权配置关系不明确,导致以私募基金股东或管理层
利益最大化取代利益相关者的利益最大化,从而公司的资源得到无法有效配
置及公司的经营效率低下等问题;其次风险控制机制不健全,目前国内私募
基金出现的很多问题如违反法律法规、巨额亏损等和风险控制机制的不健全
有关;最后管理团队利益分配不均,国内很多私募基金由于管理团队利益分
配不均导致散伙,从而对公司获得发展的造成影响,也不利于投资者的利益
同时结合我国国情针对我国私募基金财务治理存在的问题提出了相对应的
治理建议,包括规范私募基金的主体资格、明确私募基金利益相关者的权、
责、利及建立有效的监管机制、明确私募基金管理团队权责分配、强化投资
流程管理和私募基金管理团队利益分配机制等
目的是探究我国私募基金通过运用财务治理手段,合理地配置财权,协
调好利益相关者在权、责、利之间的关系。力求通过本文研宄有助于我国私
募基金财务治理机制的完善,促进私募基金行业的健康发展
关键词:私募基金财务治理财权配置风险控制利益分配
I AbstractA private equity flind is a securities investment fUnd that invests in a private
way to a particular investor and invests in securities. With the rapid development
of Chinafs economy, the domestic private equity industry has also been rapid
development. However, due to the rapid development of private equity industry,
and practitioners quality, industry regulatory system, the company&39;s management
and other aspects of the development can not keep up, so in recent years, the
private sector gradually appeared a lot of problems. The reasons include many
aspects, in which the external regulatory mechanism is one aspect, but more
prominent is the private equity fund financial governance problems.
Financial governance is the core of corporate governance, financial
management is a great extent to determine the survival and development of
enterprises. Financial governance is a kind of financial system arrangement
which achieves the balance of interests through the allocation of financial
resources under the premise of corporate governance, and the financial
relationship between the internal and external stakeholders is aimed at solving the
problems of the various stakeholders. Conflict, optimize resource allocation and
financial decision.
In this paper, through the study of domestic and foreign private equity fund
management and financial governance of the status quo, combined with the
characteristics of domestic private equity funds and the use of practical cases of
China&39;s private equity fund management of the tliree main problems: First, the
financial relationship is not clear, The interests of private equity shareholders or
management to maximize the interests of stakeholders to replace the interests of
the company&39;s resources can not be effectively configured and the company&39;s
operating efficiency and other issues; second risk control mechanism is not
perfect, the current domestic private equity fund problems Such as the violation
of laws and regulations, huge losses and the risk control mechanism is not sound;
the last management team uneven distribution of benefits, many private equity
II funds due to the uneven distribution of management team led to dissipation,
which the companyfs development impact, nor Conducive to the interests of _
investors. At the same time, this paper puts forward corresponding suggestions on
the problems existing in the financial governance of private equity funds in China,.
including standardizing the qualification of private equity funds, clarifying the
rights, responsibilities and interests of private equity investors and establishing
effective supervision mechanism. Fund management team responsibility to
allocate, strengthen the investment process management and private equity fund
management team benefit distribution mechanism.
The purpose is to explore the use of financial governance in China&39;s private
equity funds, rational allocation of financial rights; coordination of stakeholders
in the right, responsibility, and the relationship between the benefit. And strive to
improve the financial governance mechanism of private equity funds in China
and promote the healthy development of private equity fund industry.
Keywords: Private equity fUnd; Financial governance; Financial allocation
risk control; Benefit distribution.
hi 目录
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I
Abstract II
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(一)研宄背景
i
(二)研宄意义1.理论意义2.现实意义(三)研宄方法(四)文献综述二、财务治理相关理论综述(一)相关概念1财务治理的定义2.财务治理的主体、客体及目标(二)理论基础
:1.委托代理理论2所有权关系理论3.公司治理理论4.财务关系理论
:三、私募基金行业发展现状(一)我国私募基金现状1行业现状2.公司治理现状3财务治理现状(二)美国私募基金现状(三)中美私募基金对比四、我国私募基金财务治理存在的问题IV (一)财权配置关系不明确1.宝能举牌万科事件引发的私募基金财务治理问题2.P2P行业引发的私募基金财务治理问题(二)风险控制机制不健全1.系统性风险引发的私募基金财务治理问题2.流动性风险引发的私募基金财务治理问题
25
3.管理人风险引发的私募基金财务治理问题
29
(三)管理团队利益分配不均
33
1.私募基金管理团队利益分配不均案例介绍
33
2.私募基金管理团队利益分配不均引发的财务治理问题分析
34
五、完善我国私募基金财务治理建议
37
(一)私募基金财权配置的财务治理建议
37
1.规范私募基金的主体资格
37
2.明确利益相关者的权、责、利
38
3.建立严格有效的监管机制
38
4.树立客户第一的经营理念,加强投资者教育和信息披露
39
(二)加强私募基金风险控制的建议
39
1.明确私募基金管理层不同岗位之间的权责分配
39
2.强化投资流程的管理
40
(三)私募基金管理团队利益分配治理建议
41
1.推行私募基金管理层持股计划
42
2.建立贡献度利益分配机制
42
3.把私募基金打造成一个资产管理平台
42
六、总结与展望
43
44
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V 一
、绪论
(一)研宄背景
私募基金作为资本市场近年来发展最快的行业之一,在给投资者带来高
收益的同时也存在着相对较高的投资风险。在私募基金行业高速增长的同时
也出现了很多问题,如杠杆配资、操纵市场、巨额亏损等等。究其原因一方
面是行业发展过快相关的法律法规和监管机制没有及时跟上,另一方面是私
募基金自身出现了公司治理的问题,核心是财务治理问题
财务治理是公司治理最为核心的部分,其重点在于合理配置财权。合理
的配置财权不但可以有效增加公司治理的控制力,从而对公司业务形成有效
调控,有利于完善公司治理,从而让公司能够持续稳定的发展壮大。同时通
过科学有效的企业剩余索取权和控制权之间的分配机制,在两者之间形成一
个互相制衡和自我约束机制,从而达到协调利益相关者之间的权、责、利关
系,使得利益相关者的关系可以保持长期的稳定,提高企业决策效率的机制
私募基金的行业特征决定了其公司治理中最核心的部分是财务治理。私
募基金是一个受托资产管理行业,投资者通过认购私募基金发行的基金产品
并通过其管理对资本市场进行投资,资产的所有权属于投资者,而管理权属
于私募基金。因此公司财务治理的重点工作是合理的财权配置和做好公司利
益相关者之间关系的平衡。对于私募基金这个新兴行业,由于其在国内金融
市场的影响越来越大,所以对于私募基金财务治理的理论和实践中两个方面
&39;
我们都要进行深入的研究
(二)研究意义
1.理论意义
通过对私募基金财务治理的研宄有助于
==>>