GZCYTZ公司财务治理问题研究
摘要
创业投资(Venture Capital)是20世纪以来全球金融领域最成功的创新成就之一,它是专门对创业企业进行股权投资,以期所投资创业企业发育成熟或相对成熟后主要通过股权转让获得资本增值收益的投资方式。创业投资作为一种新兴的投资业态,其财务治理机制至关重要。
本文从创业投资的概念和特点入手,运用委托代理理论、财务治理机制理论,分析了GZ创业投资公司的财务治理机制现状,揭示了GZ创业投资公司财务治理机制存在的三大主要问题。一是投资决策财务控制问题,二是GZ创业投资公司对GZHH公司的激励和约束问题,三是关键岗位和关键人员的财务控制问题。
笔者通过理论和实践的分析,提出有限合伙制将是我国创业投资企业的主流形式。在此基础上,本文提出了完善GZ创业投资公司财务治理机制分两步走的对策建议。第一步:暂维持GZ创业投资公司现有组织形式并委托GZHH公司管理的现行体制,对其财务治理机制进行改进和完善;第二步:在条件成熟时设立有限合伙制创业投资企业。
笔者对如何适应创业投资的业务特点,充分发挥有限合伙制企业的制度优势,建立科学有效的财务治理机制提出了具体的设想。
Venture capital has been one of the most successful accomplishments of innovation in the field of global finance during the 20th century. Specifically it invests as a stockholder of the start-up enterprise in order to generate a return on investment through sale of the stock when the start-up enterprise becomes mature or relatively mature. Since this is a burgeoning form of investment, the financial governance system is crucial.
This article starts by studying the characteristics and traits of the venture capital enterprise. The author uses the Authorized Representation Theory and Financial Governance Theory to analyze the current financial governance situation of GZ Venture capital company and to reveal that three major problems exist in the financial governance of GZ Venture capital company. One problem is financial control in investment decisions. Second is ways for GZ Venture capital company to encourage and restrict GZHH. Last is the financial control of important positions and personnel.
Through analyzing theories and practices the author arrives at the conclusion that limited partnership will be the main format for Chinese venture capital enterprises. Based on this conclusion, the author recommends the "two step" strategy to improve GZ Venture capital company's financial governance system. First step: for 2-3 years temporarily maintain the existence of GZ Venture capital company and commit GZHH company to manage it. Meanwhile change and improve the financial governance system. Second step: set up a limited partnership venture capital enterprise when conditions so allow.
The author has brought up specific ideas regarding how to adjust the operation traits of venture capital enterprises, how to make the best use of the advantages of venture capital enterprises, and how to efficiently establish a financial governance system.
本文从创业投资的概念和特点入手,运用委托代理理论、财务治理机制理论,分析了GZ创业投资公司的财务治理机制现状,揭示了GZ创业投资公司财务治理机制存在的三大主要问题。一是投资决策财务控制问题,二是GZ创业投资公司对GZHH公司的激励和约束问题,三是关键岗位和关键人员的财务控制问题。
笔者通过理论和实践的分析,提出有限合伙制将是我国创业投资企业的主流形式。在此基础上,本文提出了完善GZ创业投资公司财务治理机制分两步走的对策建议。第一步:暂维持GZ创业投资公司现有组织形式并委托GZHH公司管理的现行体制,对其财务治理机制进行改进和完善;第二步:在条件成熟时设立有限合伙制创业投资企业。
笔者对如何适应创业投资的业务特点,充分发挥有限合伙制企业的制度优势,建立科学有效的财务治理机制提出了具体的设想。
Venture capital has been one of the most successful accomplishments of innovation in the field of global finance during the 20th century. Specifically it invests as a stockholder of the start-up enterprise in order to generate a return on investment through sale of the stock when the start-up enterprise becomes mature or relatively mature. Since this is a burgeoning form of investment, the financial governance system is crucial.
This article starts by studying the characteristics and traits of the venture capital enterprise. The author uses the Authorized Representation Theory and Financial Governance Theory to analyze the current financial governance situation of GZ Venture capital company and to reveal that three major problems exist in the financial governance of GZ Venture capital company. One problem is financial control in investment decisions. Second is ways for GZ Venture capital company to encourage and restrict GZHH. Last is the financial control of important positions and personnel.
Through analyzing theories and practices the author arrives at the conclusion that limited partnership will be the main format for Chinese venture capital enterprises. Based on this conclusion, the author recommends the "two step" strategy to improve GZ Venture capital company's financial governance system. First step: for 2-3 years temporarily maintain the existence of GZ Venture capital company and commit GZHH company to manage it. Meanwhile change and improve the financial governance system. Second step: set up a limited partnership venture capital enterprise when conditions so allow.
The author has brought up specific ideas regarding how to adjust the operation traits of venture capital enterprises, how to make the best use of the advantages of venture capital enterprises, and how to efficiently establish a financial governance system.
引文
[1]郭建鸾.创业企业与创业投资.上海财经大学出版社,2008.7
[2]石建勋.创业管理.清华大学出版社,2008,6.
[3]李万寿.创业资本引导基金:机理、制度与中国视野.中国财政经济出版社,2006,6.
[4]肖金泉.国际私募.中信出版社,2008,6.
[5]陈德锦.蔡莉.风险投资运行机制与管理.经济科学出版社,2003,1.
[6]田增瑞.激励理论与期权管理研究.人民出版社,2008,3.
[7]张玉臣.创业投资管理.同济大学出版社,2005,6.
[8]国家发展改革委等十部委第39号令.创业投资企业管理暂行办法.2005,11.
[9]上市公司治理结构与财务治理相关问题的研究.[J]财政研究 2003.2
[10]保罗.A.冈珀斯,乔希.勒纳著.宋晓东等译.创业投资周期[M].北京:经济科学出版社,2002,(29)。
[11]张建平.中国创业投资发展道路的选择.中国金融出版社,2003.3
[12]伍中信.现代企业财务治理结构论纲[J].财经理论与实践,2004,
[13]许小松。创业资本市场的理论与实践[M].北京:中国经济出版社。2000.
[141 Block,Zenas,and Oscar A.Ornati.Compensating corporate ven- ture managers[J].Journal of Business Venturing,1987,(2):41 52.
[2]石建勋.创业管理.清华大学出版社,2008,6.
[3]李万寿.创业资本引导基金:机理、制度与中国视野.中国财政经济出版社,2006,6.
[4]肖金泉.国际私募.中信出版社,2008,6.
[5]陈德锦.蔡莉.风险投资运行机制与管理.经济科学出版社,2003,1.
[6]田增瑞.激励理论与期权管理研究.人民出版社,2008,3.
[7]张玉臣.创业投资管理.同济大学出版社,2005,6.
[8]国家发展改革委等十部委第39号令.创业投资企业管理暂行办法.2005,11.
[9]上市公司治理结构与财务治理相关问题的研究.[J]财政研究 2003.2
[10]保罗.A.冈珀斯,乔希.勒纳著.宋晓东等译.创业投资周期[M].北京:经济科学出版社,2002,(29)。
[11]张建平.中国创业投资发展道路的选择.中国金融出版社,2003.3
[12]伍中信.现代企业财务治理结构论纲[J].财经理论与实践,2004,
[13]许小松。创业资本市场的理论与实践[M].北京:中国经济出版社。2000.
[141 Block,Zenas,and Oscar A.Ornati.Compensating corporate ven- ture managers[J].Journal of Business Venturing,1987,(2):41 52.