公司制风险投资组织结构的比较研究

风险投资基金组织结构的重要性问题,引起了学术界的广泛关注。通常观点认为,风险投资机构成功的关键是其特殊的组织结构———有限合伙制,但由于没有有限合伙制的法律制度安排,我国的风险投资机构的组织形态目前只能以公司的方式出现。本文从公司风险投资的历史与概况、公司内部风险投资的结构性缺陷、风险投资基金组织结构的重要性方面对公司制风险投资进行研究和分析,通过与有限合伙制的比较,结合国内风险投资组织形态的发展现状,提出了国内风险投资发展中组织结构设计的思路,并对我国公司制风险投资基金今后的发展方向提出了建议。

Comparative research of company risk investment organization structure

The importance of organizational structure of VC attracts attention of the academics.Limited liability partnership (LLP),the unique organizational structure that is widely seen in VCs,is commonly considered the key success factor in the industry.However,unlike incorporation; LLP is not legitimated and hence the former has to be adopted in China so far.This study will give suggestions associated with the future development of the Chinese incorporated VC and insights to organizational structure of fledgling Chinese VCs based on current organizational structure of the Chinese VCs and the studies on governance of its foreign counterparts.I analyze incorporated VC from both historical and contemporary perspectives,of the inherited structural weakness with incorporated VCs,and in conjunction with the significance of organizational structure and benchmark with those in LLP contest as well.