天一私募股权基金的组织形式重建和运行方案设计
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摘要
私募股权基金是资本市场的重要角色,作为一种新的金融工具进入我国已经有十多年时间,,而相对于美欧发达国家来说,我国仍处于探索和摸索的状态。虽然在我国也存在一些私募股权基金,但是不论从法律条件,还是组织形式等方面都很不成熟,甚至私募股权基金多年来都是以“集合投资”的形态出现,我国不少学者对此也进行了大量研究。
天一私募股权基金作为国内一家公司制私募股权基金,经历了几年的发展,目前公司面临着诸多问题,如存在着双重征税、投资效率低下、资金流动性差、管理团队激励机制不够、投资决策过程中存在巨大的风险等问题。本文将在前人研究的基础上,借鉴国外的实践经验和我国的实际情况展开对我国私募股权基金现状及其组织形式的探讨,结合天一私募股权基金的现状以及国内政策环境,对现在天一基金的组织形式提出一个切实可行较优的改组方案。由天一私募股权基金目前的管理团队成立一个有限责任公司,作为基金的普通合伙人。天一私募股权基金现有的发起人作为基金有限合伙人,另外吸收其他的投资者为有限合伙人,将天一私募股权基金的组织形式改变为有限合伙制。
本文希望通过对天一私募股权基金组织形式的改进,探讨在中国现实条件下,私募股权基金如何选择最为合适的组织形式、如何设计相关运作模式、如何解决基金投资过程中的其他具体问题,这对于私募股权投资基金在中国的发展无疑具有较大的现实意义和实践价值。
The private placement equity fund, as a new financial instrument,entered China more than a decade ago. However, in comparison with U.S. and European counterparts,our country is still in the stage of exploring and searching.Although there also existed some private placement equity funds in our country, they are still immature in terms of either law conditions or organizational forms. The private placement equity fund even existed in the form of "collective invetment" for years. Many domestic scholars have carried out considerable amount of research in this area.
Tianyi private placement equity fund which is a domestic corporate style private equity fund has several pitfalls such as double taxation, low investment efficiency,poor liquidity,insufficient teamwork motivation mechanism, huge risks existing in the investment process,and so on and so forth. Based on previous research literatures, this article will use the relevant experience from abroad for reference, and combine with our country's actual situation to carry out discussion on the current state of domestic private equity funds and their organizational forms. And in the meantime, using the experience from home and abroad as a reference, and combining with status quo of Tianyi private placement equity fund and domestic policy environment, the author puts forward a practical and feasible improvement plan for Tianyi's current organizational form. The plan is first to set up a limited liability company as fund's ordinary partners by current management team. And then the Tianyi fund's current initiators take the role of limited liability partners, and in addition the funds absorb other investors as limited liability partners. And thereby Tianyi fund can be transformed into limited liability partnership framework.
Through improving Tianyi private placement equity fund's organizational form, This article intends to discuss, under domestic actual conditions, private placement equity fund how to choose the most suitable organizational form, how to design relevant operational model, how to solve the detailed problems encountered in the investment process of the fund.This article will undoubtedly have both relevant sound real-life meanings and practical value for the development of private placement equity funds here in China.
天一私募股权基金作为国内一家公司制私募股权基金,经历了几年的发展,目前公司面临着诸多问题,如存在着双重征税、投资效率低下、资金流动性差、管理团队激励机制不够、投资决策过程中存在巨大的风险等问题。本文将在前人研究的基础上,借鉴国外的实践经验和我国的实际情况展开对我国私募股权基金现状及其组织形式的探讨,结合天一私募股权基金的现状以及国内政策环境,对现在天一基金的组织形式提出一个切实可行较优的改组方案。由天一私募股权基金目前的管理团队成立一个有限责任公司,作为基金的普通合伙人。天一私募股权基金现有的发起人作为基金有限合伙人,另外吸收其他的投资者为有限合伙人,将天一私募股权基金的组织形式改变为有限合伙制。
本文希望通过对天一私募股权基金组织形式的改进,探讨在中国现实条件下,私募股权基金如何选择最为合适的组织形式、如何设计相关运作模式、如何解决基金投资过程中的其他具体问题,这对于私募股权投资基金在中国的发展无疑具有较大的现实意义和实践价值。
The private placement equity fund, as a new financial instrument,entered China more than a decade ago. However, in comparison with U.S. and European counterparts,our country is still in the stage of exploring and searching.Although there also existed some private placement equity funds in our country, they are still immature in terms of either law conditions or organizational forms. The private placement equity fund even existed in the form of "collective invetment" for years. Many domestic scholars have carried out considerable amount of research in this area.
Tianyi private placement equity fund which is a domestic corporate style private equity fund has several pitfalls such as double taxation, low investment efficiency,poor liquidity,insufficient teamwork motivation mechanism, huge risks existing in the investment process,and so on and so forth. Based on previous research literatures, this article will use the relevant experience from abroad for reference, and combine with our country's actual situation to carry out discussion on the current state of domestic private equity funds and their organizational forms. And in the meantime, using the experience from home and abroad as a reference, and combining with status quo of Tianyi private placement equity fund and domestic policy environment, the author puts forward a practical and feasible improvement plan for Tianyi's current organizational form. The plan is first to set up a limited liability company as fund's ordinary partners by current management team. And then the Tianyi fund's current initiators take the role of limited liability partners, and in addition the funds absorb other investors as limited liability partners. And thereby Tianyi fund can be transformed into limited liability partnership framework.
Through improving Tianyi private placement equity fund's organizational form, This article intends to discuss, under domestic actual conditions, private placement equity fund how to choose the most suitable organizational form, how to design relevant operational model, how to solve the detailed problems encountered in the investment process of the fund.This article will undoubtedly have both relevant sound real-life meanings and practical value for the development of private placement equity funds here in China.
引文
[1]Fenn G, Prowse S.. The Economics of the private Equity Market[J]. Board of Governers of the Federal Reserve system,1995
[2]Foerster S, Karolyi A. International listings:The case of Canada and the US[J]. Journal of International Business Studies,1993,24(4):763-780
[3]Gompers,Lerner.1999. An Analysis of Compensation in the U. S. Venture Cap ital Partnershipl [J]. Journal of Financial Economics, (51):3-441
[4]James Poterba, Nirupama Rao, Jeri Seidman. The Significance and Composition of Deferred Tax Assets and Liabilities[J]. NBER Working Papers 12923, National Bureau of Economic Research, Inc.2007
[5]Kryzanowski L, Zhang H. Intraday market price integration for shares cross-listed internationally [J]. Journal of Financial and Quantitative Analysis, 2002,37(2):243-269
[6]Merton R.and Zvi Bodie. A Functional Perspective of Financial Intermediation[J]. Financial Management,1993,12(1):123-146
[7]Merton Robert C. Financial innovation and the management and regulation of financial institutions[J]. Journal of Banking & Finance, Elsevier,1995,19(3-4): 461-481
[8]Michael C.Jensen,William H.Meckling.Theory of the Firm:Managerial Behavior,Agency Cost and Owership Structure[J]. Journal of Financial Economics.1976,4
[9]Moriarty R T, Kosnik T J.High-Tech marketing:Concepts,continuity,and change[J].IT Sloan Management Review,1999,30(4):7-17
[10]Noronha G., Sarin A, Saudagaran S. Testing for micro-structure effects of international dual listings using intraday data[J]. Journal of Banking and Finance, 1996,20:965-983
[11]Ross S.The Determination of Financial Structure:the Incentive Signaling Approach[J].Bell Journal of Economics.1999,8
[12]Sahlman, William A. Expensing Options Solves Nothing[J]. Harvard Business Review,2002,80(12):90-96.
[13]Saudagaran S. An empirical study of selected factors influencing the decision to list on foreign stock exchanges[J]. Journal of International Business Studies, 1988,124(11):101-127
[14]Scholtens B, van Wensveen Dick. A critique on the theory of financial intermediation[J]. Journal of Banking & Finance, Elsevier,2000, 24(8):1243-1251.
[15]Souder William,Bethay David.The risk pyramid for new product development:An application tocomplex aerospace hardware[J].Journal of Product Innovation Management,2003,38(5):165-241
[16]Sundaram A, Logue D. Valuation effects of foreign company listing on US exchanges[J]. Journal of International Business Studies,1996,27:67-88
[17]Thomas Meyer, Pierre-Yves Mathonet. Manageing a Portfolio of Venture Capital and Private Equity Funds[J]. John Wiley & Sons, ltd.2006
[18]Williamson o e. The new institutional economics:taking stock, looking ahead[J]. Journal of economic literature,2000,38:595
[19]Wilson C.The Nature of Equilibrium in Markets with Adverse Selection.Bell[J]. Journal of Economics,1980,11
[20]蔡云,李玉娟,闫鸿鹂.年中国私募股权基金发展特点及完善机制[J].中国物,2008,7
[21]陈杰.我国发展私募基金的现实意义和制度安排[J].金融纵横,2001,6
[22]陈峥嵘.发展私募股权市场,提高中小企业融资效率[J].中国创业投资与高科技,2004,12：23-25
[23]丁伟.私募股权基金的“中国泡沫”[J].中国企业家,2006,5
[24]顾戟.发展中国私募基金业的若干问题探讨.上海经济研究,2003,11：26-27
[25]郭雳.美国证券私募发行法律问题研究[M].北京：北京大学出版社,2004
[26]胡小平.中小企业融资[M].北京：经济管理出版社,2000
[27]寇宇,臧维.私募股权基金的组织管理模式研究[J].工业技术经济,2008,11
[28]李惠.走进私募基金[M].北京：经济科学出版社,2001
[29]李青云.信托型：我国私募股权基金的现实选择[J].中国城市经济,2007,5.
[30]李建伟.私募股权投资基金的发展路径与有限合伙制度[J].证券市场导报,2007,8.
[31]李素梅等.金融市场与证券投资[M].天津：天津人民出版社,2003
[32]李晓明.私募股权基金的中国起步[J].中国投资,2006,11
[33]李宇龙.日本产业投资基金分析[J].外国经济与管理,1998,12
[34]刘鹤扬,盛立军,潘蒂.私募融资230问[M].北京：华夏出版社,2005
[35]刘健钧.建立我国产业投资基金问题的思考.经济导刊,1999,3：9-14
[36]潘道义,何长陵.私募基金[M].北京：机械工业出版社,2002
[37]强莹：《私募基金：中国基金业酝酿新突破》,和讯网,2001,6(20)
[38]邱华炳.中小企业融资通[M].北京：中国经济出版社,2001
[39]任纪军.私募股权资本[M].北京：中华工商联合出版社,2007
[40]盛立军,李渊浩,赵宁.机构投资与资产管理[M].北京：中华工商联合出版社,2006
[41]盛立军.私募股权与资本市场[M].上海：上海交通大学出版社,2003
[42]盛立军.私募股权基金：政府的参与空间[J].数字财富,2004,12
[43]盛立军,李渊浩,赵宁.机构投资与资产管理.中华工商联合出版社.2007年.
[44]托马斯梅耶尔,皮埃尔依维斯马森内特著.程凤朝等译[M].超越J曲线.经济科学出版社.2008年.
[45]王国刚.“私募基金”的出路在于金钱信托[J].中国证券网,2001,7
[46]王连洲评议《中国“私募基金”报告》[J],中国证券报,2001,7
[47]王苏生,邓运盛,王东.私募基金风险管理研究[M],北京：人民出版社,2007
[48]吴士君,程大中.私募基金保底收益承诺诌论[J].证券市场导报,2001,12：16-18
[49]王国刚.“私募基金”的出路在于金钱信托[J].中国证券网,2001,7
[50]王静.美国风险投资发展模式研究及对我国的启示[D].暨南大学,2006
[51]王嫒.私募股权投资基金的管理和运作研究[J].商场现代化,2007,32
[52]吴晓灵.发展私募股权基金,服务滨海新区自主创新[J].港口经济,2006,6
[53]吴秀波.融资新亮点：私募股权投资基金[J].中国房地产信息,2006,12
[54]夏斌.中国私募基金报告[J].财经,2001,7：1-3
[55]徐春明.私募股权基金发出的信号[J].经济,2006,11
[56]杨静.有限合伙的优势及实践中应注意的问题[J].法制与社会,2007,2.
[57]颜琭.我国私募投资基金的运作机制及监管对策研究[D]天津财经大学2008.
[58]赵臣,彭谢斌,毕雯.我国私人股权投资基金组织模式的探讨——基于委托代理模型的分析[J].西南金融,2008,2.
[59]张东生,刘健钧.创业投资基金运作机制的制度经济学分析[J].经济研究,2000,4：12-16
[60]郑伟鹤.私募股权基金与金融业资产管理[M].北京：机械工业出版社,2004
[61]周春浩,盛立军,蓝骏.成长企业股权融资：操作与案例[M].中华工商联合出版社.2007年.
[62]邹菁.私募股权基金的募集与运作：法律实务与案例[M].法律出版社,2009
[2]Foerster S, Karolyi A. International listings:The case of Canada and the US[J]. Journal of International Business Studies,1993,24(4):763-780
[3]Gompers,Lerner.1999. An Analysis of Compensation in the U. S. Venture Cap ital Partnershipl [J]. Journal of Financial Economics, (51):3-441
[4]James Poterba, Nirupama Rao, Jeri Seidman. The Significance and Composition of Deferred Tax Assets and Liabilities[J]. NBER Working Papers 12923, National Bureau of Economic Research, Inc.2007
[5]Kryzanowski L, Zhang H. Intraday market price integration for shares cross-listed internationally [J]. Journal of Financial and Quantitative Analysis, 2002,37(2):243-269
[6]Merton R.and Zvi Bodie. A Functional Perspective of Financial Intermediation[J]. Financial Management,1993,12(1):123-146
[7]Merton Robert C. Financial innovation and the management and regulation of financial institutions[J]. Journal of Banking & Finance, Elsevier,1995,19(3-4): 461-481
[8]Michael C.Jensen,William H.Meckling.Theory of the Firm:Managerial Behavior,Agency Cost and Owership Structure[J]. Journal of Financial Economics.1976,4
[9]Moriarty R T, Kosnik T J.High-Tech marketing:Concepts,continuity,and change[J].IT Sloan Management Review,1999,30(4):7-17
[10]Noronha G., Sarin A, Saudagaran S. Testing for micro-structure effects of international dual listings using intraday data[J]. Journal of Banking and Finance, 1996,20:965-983
[11]Ross S.The Determination of Financial Structure:the Incentive Signaling Approach[J].Bell Journal of Economics.1999,8
[12]Sahlman, William A. Expensing Options Solves Nothing[J]. Harvard Business Review,2002,80(12):90-96.
[13]Saudagaran S. An empirical study of selected factors influencing the decision to list on foreign stock exchanges[J]. Journal of International Business Studies, 1988,124(11):101-127
[14]Scholtens B, van Wensveen Dick. A critique on the theory of financial intermediation[J]. Journal of Banking & Finance, Elsevier,2000, 24(8):1243-1251.
[15]Souder William,Bethay David.The risk pyramid for new product development:An application tocomplex aerospace hardware[J].Journal of Product Innovation Management,2003,38(5):165-241
[16]Sundaram A, Logue D. Valuation effects of foreign company listing on US exchanges[J]. Journal of International Business Studies,1996,27:67-88
[17]Thomas Meyer, Pierre-Yves Mathonet. Manageing a Portfolio of Venture Capital and Private Equity Funds[J]. John Wiley & Sons, ltd.2006
[18]Williamson o e. The new institutional economics:taking stock, looking ahead[J]. Journal of economic literature,2000,38:595
[19]Wilson C.The Nature of Equilibrium in Markets with Adverse Selection.Bell[J]. Journal of Economics,1980,11
[20]蔡云,李玉娟,闫鸿鹂.年中国私募股权基金发展特点及完善机制[J].中国物,2008,7
[21]陈杰.我国发展私募基金的现实意义和制度安排[J].金融纵横,2001,6
[22]陈峥嵘.发展私募股权市场,提高中小企业融资效率[J].中国创业投资与高科技,2004,12：23-25
[23]丁伟.私募股权基金的“中国泡沫”[J].中国企业家,2006,5
[24]顾戟.发展中国私募基金业的若干问题探讨.上海经济研究,2003,11：26-27
[25]郭雳.美国证券私募发行法律问题研究[M].北京：北京大学出版社,2004
[26]胡小平.中小企业融资[M].北京：经济管理出版社,2000
[27]寇宇,臧维.私募股权基金的组织管理模式研究[J].工业技术经济,2008,11
[28]李惠.走进私募基金[M].北京：经济科学出版社,2001
[29]李青云.信托型：我国私募股权基金的现实选择[J].中国城市经济,2007,5.
[30]李建伟.私募股权投资基金的发展路径与有限合伙制度[J].证券市场导报,2007,8.
[31]李素梅等.金融市场与证券投资[M].天津：天津人民出版社,2003
[32]李晓明.私募股权基金的中国起步[J].中国投资,2006,11
[33]李宇龙.日本产业投资基金分析[J].外国经济与管理,1998,12
[34]刘鹤扬,盛立军,潘蒂.私募融资230问[M].北京：华夏出版社,2005
[35]刘健钧.建立我国产业投资基金问题的思考.经济导刊,1999,3：9-14
[36]潘道义,何长陵.私募基金[M].北京：机械工业出版社,2002
[37]强莹：《私募基金：中国基金业酝酿新突破》,和讯网,2001,6(20)
[38]邱华炳.中小企业融资通[M].北京：中国经济出版社,2001
[39]任纪军.私募股权资本[M].北京：中华工商联合出版社,2007
[40]盛立军,李渊浩,赵宁.机构投资与资产管理[M].北京：中华工商联合出版社,2006
[41]盛立军.私募股权与资本市场[M].上海：上海交通大学出版社,2003
[42]盛立军.私募股权基金：政府的参与空间[J].数字财富,2004,12
[43]盛立军,李渊浩,赵宁.机构投资与资产管理.中华工商联合出版社.2007年.
[44]托马斯梅耶尔,皮埃尔依维斯马森内特著.程凤朝等译[M].超越J曲线.经济科学出版社.2008年.
[45]王国刚.“私募基金”的出路在于金钱信托[J].中国证券网,2001,7
[46]王连洲评议《中国“私募基金”报告》[J],中国证券报,2001,7
[47]王苏生,邓运盛,王东.私募基金风险管理研究[M],北京：人民出版社,2007
[48]吴士君,程大中.私募基金保底收益承诺诌论[J].证券市场导报,2001,12：16-18
[49]王国刚.“私募基金”的出路在于金钱信托[J].中国证券网,2001,7
[50]王静.美国风险投资发展模式研究及对我国的启示[D].暨南大学,2006
[51]王嫒.私募股权投资基金的管理和运作研究[J].商场现代化,2007,32
[52]吴晓灵.发展私募股权基金,服务滨海新区自主创新[J].港口经济,2006,6
[53]吴秀波.融资新亮点：私募股权投资基金[J].中国房地产信息,2006,12
[54]夏斌.中国私募基金报告[J].财经,2001,7：1-3
[55]徐春明.私募股权基金发出的信号[J].经济,2006,11
[56]杨静.有限合伙的优势及实践中应注意的问题[J].法制与社会,2007,2.
[57]颜琭.我国私募投资基金的运作机制及监管对策研究[D]天津财经大学2008.
[58]赵臣,彭谢斌,毕雯.我国私人股权投资基金组织模式的探讨——基于委托代理模型的分析[J].西南金融,2008,2.
[59]张东生,刘健钧.创业投资基金运作机制的制度经济学分析[J].经济研究,2000,4：12-16
[60]郑伟鹤.私募股权基金与金融业资产管理[M].北京：机械工业出版社,2004
[61]周春浩,盛立军,蓝骏.成长企业股权融资：操作与案例[M].中华工商联合出版社.2007年.
[62]邹菁.私募股权基金的募集与运作：法律实务与案例[M].法律出版社,2009