有限合伙制风险投资机构财务治理研究——特性与现实

Research on Financial Affairs Governance of Venture Capital Corporation:Feature and Reality of Limited Partnership

有限合伙制能够适应风险投资机构的发展,特殊的财务治理是重要原因。财务控制权方面,有限合伙人负责出资但不干预决策;普通合伙人掌握财务控制权但承担无限责任,这样可以实现权责的匹配并提高风险资本的效率。有限合伙人享有对普通合伙人的财务监督权。由于不参与决策和出资比例较高,有限合伙人行使财务监督权更加独立、高效和强有力。普通合伙人能够享有比其出资比例更高的财务收益分配权,这是由普通合伙人掌握的财务控制权决定的。在我国,有限合伙制将成为风险投资机构的主流形式。但由于有限合伙人企业治理思维没有转变,普通合伙人不成熟,订立的合伙契约不完善等原因,我国有限合伙制风险投资机构的财务治理还存在诸多问题,包括有限合伙人与普通合伙人角色模糊导致财务监督权取代财务控制权;财务收益分配权配置不合理等。

The special financial affairs governance is one of the most reasons that limited partnership can adapt to the development of venture capital organizations. In the aspect of financial control power, limited partners are responsible for funding but do not interfere with decision-making; general partners master the financial control power but bear unlimited responsibility, the purpose is to achieve rights proportionate to duties and improve the efficiency of venture capital. Limited partners enjoy the financial supervisory authority. The Limited partners are more independent, efficient and powerful executing financial supervision, because they provide most of venture capital and don＇t participate in decision- making. General partners can enjoy a higher proportion of income distribution rights relative to its contribution, which is determined by the general partners＇ financial control Power. In our country, limited partnership will become a mainstream form of venture capital institutions. Because of limited partners＇ thinking not changed, immature general partners and imperfect partner contracts, there are many problems of the financial affairs governance in China. The following are the main. The role of limited partners and general partners is indistinct, which lead financial supervisory authority to replace financial control power; the arrangement of income distribution rights is not reasonable.