跨国基金的产权关系:一种新诠释

A New Explanation on Cross-border Fund Property Rights

本文在假定基金产权划分为直接产权与间接产权、物质产权与价值产权的基础上,以离岸基金为例探讨跨国基金的产权关系。基金产权相互分离,且归属于相对独立的不同产权所有者,是基金实施跨国经营和跨国融资的产权基础,其中关键是,基金的国家间接物质产权与国家间接价值产权相分离并分别归属于不同国家的政府。实现跨国基金的制度创新和管理创新需要,规范各类基金产权所有者的权利和行为,降低基金内部的交易费用,重新构建基金治理机制。

This paper investigates cross-border fund property rights from four perspectives:investor,manager,staff and government.Both the fund and the firm have four kinds of property rights,i.e.direct,indirect,material and value property rights.For the fund,its property rights are isolated and belong to independent parties,which is the basis for cross-border management and financing.Cross-border funds need to innovate their systems and regulate owners' behavior to decrease internal transaction costs and restructure their governance.