私募股权基金组织形式的比较及中国选择

Comparison of Private Equity Fund Organization Models and Its Implication for China

未来十年（2011-2020年）是中国私募股权基金迅猛发展的黄金时期,但我国PE仍处于发展初级阶段,在此关键点上,我国PE行业的组织形式研究显得非常重要。从国际上来看,主要包括公司制、信托制和有限合伙制。基金设立模式的选择在于通过合理的制度安排,设计有效的激励、约束和监督机制来减少信息不对称,解决委托代理关系中可能存在的道德风险问题。

It is a golden age of PE in China in the future decade（2011 to 2020）,although development of PE in China is still in the initial stage.So the research on organization of PE is very important.It is mainly classified into three types,namely,company,trust-agreement and limited partnership.The most important thing is to design effective incentive,constraint and supervision mechanisms to resolve the problems of information asymmetry and the potential moral risk in the agency relationship,through reasonable institutional arrangement.