金融生态视角下的企业私募机制研究

Research on Enterprises Private Financing Mechanism Under the Perspective of Financial Ecology

私募机制的创新对投资者、管理层和股东提供了兼容性激励,具有吸收风险的功能,对公司治理和风险管理具有借鉴意义。从金融生态的视角,分析了典型私募合约中可转换优先股的具体运作机制,尤其关注合约条款意在消除的各种利益冲突,发现真正对投资者重要的不是控制而是收益。

The innovation of private financing mechanism provided a motivation with compatibility to the investors, shareholders and management with the function of risk absorption, which meant a lot to corporate governance and risk management. This paper analyzed the concrete working mechanism of convertible preferred stock in typical private financing contract under the perspective of financial ecology, especially paying attention to contracts articles in order to eliminate the each kind of interest conflicts. They found out that the real important thing to the investors was benefit instead of controlling. At last some enlightenments were given to the development of private financing market in China.