从契约设计角度看中国私募证券基金企业创新发展的路径选择——通过比较分析公司制与有限合伙制私募企业的激励机制

按特定组织形式组建的私募企业具有特定的内部收益分配制度,而受益分配制度的设置实际上是一种契约设计,反映了基金投资人对基金管理人的激励特征。结合目前中国私募证券基金在组织形式上的创新需求,可以利用契约理论,对可供参考的两类私募企业组织形式:公司制与有限合伙制企业的收益分配制度所对应的契约激励机制进行比较分析,为中国私募证券基金在组织形式上的创新路径选择提供参考。

The Selection Of Innovative Path To Develop Private Equity Fund Enterprises From A View Of Contract Design --.Through A Comparative Analysis Of Private Enterprise Incentives Of The Corporate Enterprises And The Limited Partnership

Private equity fund enterprise with specific organizational form have specific internal revenue allocation system,and actually setting revenue allocation system is a contract designed to reflect the incentive characteristics of the fund investors to fund managers.To meet the demand of organizational form innovation of our private equity fund,we can take advantage of contract theory,by comparing the income allocation system corresponding to the contract incentives of two types of private business organizations ： the corporate system and limited partnership, we can provide a reference for China＇ s private equity fund in the organizational form of the innovation path selection.