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论文编号：	8981
作者编号：	1120120795
上传时间：	2016/12/14 11:04:15
中文题目：	中国有限合伙型私募投资基金内部治理与企业绩效关系研究
英文题目：	A study on the relationship between internal governance and corporate performance of limited partnership type private equity funds in China
指导老师：	周建
中文关键字：	有限合伙;私募投资基金;内部治理;企业绩效
英文关键字：	Limited Partnership; Private Equity Fund; Internal Governance; Business performance
中文摘要：	历经十余年发展，私募投资基金行业已成为我国金融市场的重要组成部分。自2006年立法确认有限合伙制度后，有限合伙很快成为该行业主流的企业组织形式之一。在有限监管的背景下，私募投资基金行业经历了“野蛮性”生长，非法募集等“乱象”频出，治理风险凸显。对私募投资基金而言，行业立法的缺失和政府的多重监管导致其外部治理机制薄弱，而治理结构混乱、激励约束机制欠缺等问题导致其内部治理机制也无法充分发挥作用。有限合伙型私募投资基金作为私募投资基金行业的主力军，其内部治理问题更为突出。有限合伙型私募投资基金的规范和发展，已经成为行业立法及监管的现实诉求，监管部门一直在积极推动这一行业内外部治理机制的建设。在此背景下，研究有限合伙型私募投资基金内部治理问题更具有必要性和紧迫性，关乎私募投资基金行业的未来走向。而有限合伙型私募投资基金内部治理有效性的直接证据就是其自身企业绩效表现。由于内部治理水平的差异，不同的有限合伙型私募投资基金可能会形成不同的企业绩效。有限合伙型私募投资基金内部治理如何影响其自身企业绩效，也是一个令人着迷的问题。 围绕前述问题，论文提出一种可能的解释，即有限合伙型私募投资基金内部治理影响了被投资企业的公司治理水平，进而影响到其自身企业绩效。因此，提炼出论文的科学研究问题，即“有限合伙型私募投资基金内部治理如何影响标的公司（被投资企业）的公司治理水平，并进而影响其自身企业绩效” 。围绕前述科学研究问题，论文以一手调查获取了240份有限合伙型私募投资基金样本数据，最终确定自2008年1月1日至2012年6月30日为样本选择时间区间，以该区间成立的113家样本企业形成专用数据库，并结合其他数据库进行实证研究。研究发现：（1）有限合伙型私募投资基金主要基于契约型治理为核心，根据其组织结构和内部治理结构的特点，可将其内部治理从内部治理结构、出资限制、行为限制三个维度加以拆解。在内部治理结构方面，投资决策委员会、有限合伙人（LP）委员会和特殊机构成为有限合伙型私募投资基金内部治理结构的基础。在出资限制方面，管理人及管理费用的设置、普通合伙人（GP）出资限制、有限合伙人出资限制构成了有限合伙型私募投资基金出资限制的基础。在行为限制方面，普通合伙人行为限制和投资类型限制构成了有限合伙型私募投资基金行为限制的核心；（2）在内部治理结构方面，投资决策委员会的设置对有限合伙型私募投资基金的企业绩效具有显著的正向促进作用；特殊机构的人数越多，越能够促进有限合伙型私募投资基金企业绩效的提升；有限合伙人委员会并不会对有限合伙型私募投资基金的企业绩效产生显著影响；（3）在出资限制方面，设置管理机构能够显著提升有限合伙型私募投资基金的企业绩效；GP数量的提升以及GP最低出资额的提升均能够显著促进有限合伙型私募投资基金的企业绩效；机构LP的数量越多，越能够促进有限合伙型私募投资基金的企业绩效提升；（4）在GP行为限制方面，对共同投资以及对收益再投资的行为限制，能够显著提升有限合伙型私募投资基金的企业绩效，对GP个人投资、筹资及新进合伙人不加限制，能够显著提升有限合伙型私募投资基金的企业绩效；对投资其他股权投资基金以及投资其他资产加以限制，会损害有限合伙型私募投资基金的企业绩效；（5）有限合伙型私募投资基金通过提升被投资企业的公司治理水平进而获得较高的企业绩效，被投资企业的公司治理水平在有限合伙型私募投资基金内部治理与其自身企业绩效的关系中发挥了中介效应。 论文的创新性主要体现在：（1）通过一手数据库数据所体现出的有限合伙型私募投资基金这一特殊行业的内部治理差异问题，借鉴公司治理理论，初步构建了有限合伙型私募投资基金内部治理分析框架，尝试性的设计并选取了相关内部治理变量指标，提出了有限合伙型私募投资基金内部治理测度体系，尝试性探讨了有限合伙型私募投资基金内部治理对其自身企业绩效的影响，并分析了可能的中介效应。论文拓展了公司治理理论的应用边界，丰富了私募投资基金的相关理论研究。尝试性提出有限合伙型私募投资基金内部治理分析框架及有限合伙型私募投资基金内部治理测度体系，此前国内外文献比较缺乏类似的系统尝试；（2）根植于新兴经济的中国情景，研究了中国有限合伙型私募投资基金的内部治理问题，并探讨了其内部治理对自身企业绩效方面的影响，由此补充和拓展了中国情景下有限合伙企业内部治理与企业绩效之间的传导机制，为有限合伙型私募投资基金的内部治理有效性提供了证据及相关研究成果；（3）论文委托第三方中介机构（律师事务所）在有限合伙企业主管机构调取了有限合伙型私募投资基金主动或自愿申报的资料（例如有限合伙协议），并针对这些一手资料进行人工分类编码，为本文建立了有限合伙型私募投资基金内部治理的专用数据库；在此基础上，结合其他数据库就有限合伙企业内部治理、被投资企业公司治理水平以及其与有限合伙企业绩效之间关系进行实证研究，从而为该主题的研究提供了差异化的经验证据。
英文摘要：	With the development for more than 10 years, the Private Equity（“PE”）industry has become a significant part of the financial market in China. Since the year of 2006, the system of limited partnership was confirmed by legislation, limited partnership has become one of the mainstream forms of enterprise in the industry. Notwithstanding, in the background of limited supervision, the PE industry has been experiencing the “barbarian growth” and chaotic phenomena such as illegal fund-raising has been arising frequently and the risks of governance have appeared to be prominent. For PE, absence of industrial legislations and multiple supervisions by the government have resulted in the dysfunction of external governing mechanism. The disorder of governing structure and the absence of incentive-restrictive mechanism resulted in the dysfunction of internal governing mechanism. As the main force of the PE industry, these issues arising from the internal governance of limited partnership type PE Funds, appear to be more prominent. Normalization and development have become the subsistent appeals with respect to the legislations and supervisions of the industry. The regulatory authorities have been actively promoting the construction of external governing mechanism of the PE industry. In view of the background foresaid, research of issues for internal governance of limited partnership type PE Funds shall have more necessity and urgency, relating to the further direction of PE industry. The direct evidence of the effectiveness for limited partnership type PE Funds’ internal governance is their business performance. As the differences of the level of internal governance, different limited partnership type PE Funds may have different business performance. How the internal governance of limited partnership type PE Funds has impacts on their business performance shall be an attractive question. Around the foresaid question, the dissertation presented a possible explanation, the internal governance in limited partnership type PE Funds has impacts on the level of corporate governance in the investee companies, and further has impacts on the business performance of themselves. Therefore, the dissertation refined the task of scientific research, which is “how the internal governance of limited partnership type PE Funds impacts the level of corporate governance of investee companies and further impact the business performance of themselves”. Around the task of scientific research foresaid, based on 240 samples of limited partnership type PE Funds the dissertation eventually identified the database formed by samples of 113 limited partnership type PE Funds established during the period from January 1, 2008 to June 30, 2012, to conduct an empirical study. The study found that：（1）Based on the contractual type governance as the core, according to the differences of organization structure and internal governance, the internal governance of Limited Partnership PE Funds could be divided into three dimensions including internal governing structure, capital contribution limitation and activity restriction. With respect to internal governing structure, the Investment Decision Committee（“IC”）, the Committee of Limited Partners（“CLP”） and the special organization are deemed to be the base of the Limited Partnership PE Funds’ internal governing structure. With respect to capital contribution limitation, set-up of the manager and the management fee, the limitation on general partner （“GP”）’s capital contribution and the limitation on limited partner（“LP”）’s capital contribution constitute the base of capital contribution structure of the Limited Partnership Private Equity Fund. With respect to activity restriction, restrictions on the GP’s activities and restrictions on investment scope constitute the core of activity restriction.（2）As concerned with internal governing structure, the establishment of the IC has positive effects on promoting the limited partnership type PE Funds business performance; Larger number of persons in the special organization shall better facilitate improving the business performance of the limited partnership type PE Funds; the CLP shall not have remarkable effects on the limited partnership type PE Funds’ business performance. （3）In regard to capital contribution limitation, set-up of the management institutions（“GM”） shall prominently improve the business performance of the limited partnership type PE Funds; The rise of the number of GPs and the rise of the minimum capital contribution of GP shall both prominently facilitate improving the business performance of the limited partnership type PE Funds; larger number of LPs shall better facilitate improving the business performance of the limited partnership type PE Funds. （4）In respect to restrictions on GP’s activities, restrictions on co-investment and re-investment from earnings shall prominently improve the business performance of the limited partnership type PE Funds, and no restrictions on GP’s individual investment, raising and admission of additional partner shall prominently improve the business performance; The restrictions on investing on other PE Funds and other assets shall harm the business performance of the limited partnership type PE Funds. （5）limited partnership type PE Funds are about to achieve higher business performance through improving the level of corporate governance of investee companies. The level of internal governance of investee companies takes effects as intermediate in the relation between internal governance of limited partnership type PE Funds and their business performance. The main innovation of this paper were as follows:（1）Through the studying on differences of internal governance reflected by database, referring to theories of corporate governance, the dissertation primarily constituted the analysis framework of internal governance of Limited Partnership type PE Funds, the special type for other general industry, innovatively projected to select relevant variable indicators of internal governance, presented the measurement system of internal governance of limited partnership type PE Funds, innovatively discussed the impact of internal governance of limited partnership type PE Funds on their business performance, analyzed possible effects of intermediate, expanded the practical borders of theories of corporate governance, and enriched the relevant theoretical research on PE. The dissertation tentatively presented the analysis framework of internal governance of Limited Partnership type PE Funds and the measurement system of them, for this area there has not been enough studies ether in foreign literatures or in domestic literatures. （2）Based on the Chinese context of emerging economies, the dissertation made a study of internal governance of Chinese limited partnership type PE Funds and discussed the impact of internal governance of limited partnership type PE Funds on their business performance. Whereby, the dissertation supplemented and developed the research findings of transmission mechanism between internal governance of limited partnership type PE Funds and its performance, given the evidence for its effectiveness in the Chinese context. （3）The dissertation assigned the third party (a law firm) to obtain documents (such as limited partnership agreement) which limited partnership type PE Funds had actively or voluntarily submitted from the competent authority, and classify and code these precious first-hand documents to form a database for particular research on internal governance of limited partnership type PE Funds on the base of the foresaid, with other databases for reference, the dissertation conducted empirical research on internal governance of limited partnership type PE Funds and its relationship with corporate governance in invested firms and business performance of limited partnership type PE Funds themselves , thereby provided differentiated experience and evidences for such subject.
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