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我国私募基金的发展来自外国投资者,但是,我国私募基金主要类型却与外国的私募基金类型不一致.以美国为例,美国是以私募证券基金为主,而我国是以私募股权基金为主.是什么原因导致两国出现如此的差异,笔者将通过本文作出分析对比,并对我国私募基金发展趋势作出猜测. 相似文献
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私募股权基金(Private Equity Funds)近几年在中国迅速发展,它主要是通过非公开方式向特定对象进行权益性投资.作者主要从监管的角度对我国的私募股权基金加以分析.其中,第一部分从概念、 分类、 特点三方面对私募股权基金进行了理论阐述,第二部分通过比较分析英美两国私募股权基金的监管情况为我国提供启示,最后两部分从我国私募股权基金监管的现状及存在的问题出发,为完善其监管提供对策与建议. 相似文献
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私募股权基金是由西方发达国家引入的金融创新,美国、欧洲和日本等国依据自身经济特点,各自形成了私募股权基金的发展模式,并对实体经济的发展起到了很大的促进作用,中国的私募股权基金如何吸取先进国家的发展经验,建立自身的私募股权基金发展模式是本文讨论的重点。 相似文献
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私募股权投资基金发展现状及作用 总被引:1,自引:0,他引:1
我国正处于消费及产业升级的重要时期,在这个特定的时期需要有大量的投资来实现其产品服务及产品品质升级,同时,我国很多中小企业面临着股权结构及公司管理问题,这就为募集股权投资基金提供了发展空间,无论是中小企业还是大企业都可以借助投资基金来改善企业的治理结构,进而提高企业的市场竞争力。 相似文献
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私募股权投资基金存在的问题及对策 总被引:1,自引:0,他引:1
私募股权投资基金近年来得到迅猛地发展,但在实践中存在诸多问题。本文分析了私募股权投资基金的特点,指出当前金融市场上私募股权投资基金在法律地位、组织管理模式、投资运作等方面存在的问题,提出了私募基金有法可依、加强市场化监管、加大资金来源结构的风险控制、加强对参与者的教育和建立完善社会信用体系等对策,从而促进私募股权投资基金的健康发展,使参与的各方利益得到保护。 相似文献
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私募股权基金(PE)是通过私募的形式对非上市企业进行的权益性投资。目前我国关于私募股权基金的研究还处于起步阶段,主要集中在私募股权基金的运作机制、组织结构及发展环境上,而对于私募股权基金绩效这一投资双方共同关注的重大问题却少有研究。为了让投资双方进一步了解私募股权基金绩效以及影响因素以便更好的优化绩效,本文首先对私募股权基金绩效给予了界定;然后结合已有的研究成果,提出了私募股权基金绩效的主要影响因素;最后,针对提高私募股权基金绩效提出了相关建议,对私募股权基金的发展具有重要意义。 相似文献
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私募股权基金(PE)是通过私募的形式对非上市企业进行的权益性投资.目前我国关于私募股权基金的研究还处于起步阶段,主要集中在私募股权基金的运作机制、组织结构及发展环境上,而对于私募股权基金绩效这一投资双方共同关注的重大问题却少有研究.为了让投资双方进一步了解私募股权基金绩效以及影响因素以便更好的优化绩效,本文首先对私募股权基金绩效给予了界定;然后结合已有的研究成果,提出了私募股权基金绩效的主要影响因素;最后,针对提高私募股权基金绩效提出了相关建议,对私募股权基金的发展具有重要意义. 相似文献
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This article evaluates the efficiency of a requirement that private issuers redeem inside money on demand at par in a random‐matching model of money where the issuers of inside money are imperfectly monitored. I find that for sufficiently imperfect monitoring, a par redemption requirement leads to lower social welfare than if private money were redeemed at a discount. A central message of the article is that if inside money and outside money are not perfect substitutes, a par redemption requirement may not be socially optimal because such a requirement effectively binds them to circulate as if they are. 相似文献
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Cecilia NAVARRA 《Annals of Public and Cooperative Economics》2016,87(4):563-585
There is evidence that worker cooperatives provide a greater stabilization of employment compared to capital‐managed firms. While the reasons of this behaviour can be ascribed to their property and governance structure, less is known of the tools to put it into practice. I discuss two possible ways to guarantee employment insurance: by letting wages fluctuate, or by accumulating reinvested profits into an income stabilizing fund that copes with downturns without firing and without reducing wages. In this second case, I find out that asset locks play a wage smoothing role. This may explain the large share of profits that are reinvested in this indivisible and not appropriable fund. I provide evidence for this mechanism by means of original data at the firm level and of first‐hand collected survey data at the individual level on risk perception in a sample of Italian cooperatives. 相似文献
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W. JOS JANSEN 《Contemporary economic policy》2008,26(2):216-228
This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-Economic and Monetary Union period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded to the German central bank. The sum of these two measures is an estimate of the policy autonomy under a free float. We find that the narrow guilder-mark target zone still permitted a modest degree of policy independence. This result suggests that intermediate exchange rate regimes may offer an attractive trade-off compared to the corner solutions (free float and monetary union), which is consistent with the "fear of floating" phenomenon. ( JEL E52, F33, F41, F42) 相似文献
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by Richard V. Burkhauser Shuaizhang Feng Stephen P. Jenkins 《Review of Income and Wealth》2009,55(1):166-185
The March Current Population Survey (CPS) is the primary data source for estimation of levels and trends in U.S. earnings and income inequality. However, time-inconsistency problems related to top coding lead many CPS users to measure inequality via the ratio of the 90th to the 10th percentile (P90/P10) rather than by more traditional summary measures. With access to public use and restricted-access internal CPS data, and by applying bounding methods, we show that using P90/P10 does not completely obviate time-inconsistency problems, especially in capturing household income inequality trends. Using internal data, we create consistent cell mean values for all top-coded public use values that, when used with public use data, closely track inequality trends in earnings and household income using internal data. But estimates of longer-term inequality trends with these corrected data based on P90/P10 differ from those based on the Gini coefficient. The choice of inequality measure still matters. 相似文献