风险投资有限合伙制激励约束机制研究

The Incentive Mechanism and Constraint Mechanism of Venture Capital Limited Partnership

有限合伙制对发展风险投资有着重要的金融经济价值,是我国风险投资事业发展的一个前进方向。对有限合伙制中基金与管理人、项目遴选、项目经理人、投资对象和有关专家聘用等五个方面的激励与约束机制进行分析,结果表明,有限合伙制的利益激励与风险约束相对称,构成了风险投资系统的两个方面,二者共同作用保证了风险投资收益的可靠性。现阶段,我国发展有限合伙制,就激励与约束机制而言,应尽快完善有限合伙制的相关法律体系。

The limited partnership has great economic and financial value on the development of venture capital, which is the future direction of Chinese venture capital industries. After the analysis on the incentive mechanism and constraint mechanism of the five aspects of the limited partnership, including fund and managers, project screening, project managers, investment target, expert hiring and so on, it shows that profit incentive and risk constraint of Venture Capital Limited Partnership are two forms of venture capital system, working together to ensure of the reliability of venture capital. If China wants to develop the Limited Partnership at present, it is necessary to consolidate the related law system as soon as possible.