中国私募股权投资监管效率研究

Study on the Supervision Efficiency of Private Equity Investment in China

笔者对经济效率、金融监管效率以及金融监管的成本—收益分析法进行了综述整理,基于以上基础整理和分析,找到研究私募股权投资监管效率的理论支撑和实证方法。并对私募股权投资行业发展特点和发展现状进行了梳理。笔者总结了私募股权投资在我国监管的理念、依据、模式、内容、主体、对象及监管的措施,对私募股权投资监管进行了一般情况的成本—收益分析,确定一定条件下监管的最佳效率。并从监管强度的角度出发,认为监管目标不仅仅限于监管效用,还涉及监管人员的道德风险等问题,分别讨论了监管目标大于、等于以及小于监管效用的三种情况。在此基础上提出我国对于私募股权投资的监管应采取的监管模式。

In this paper, the economic efficiency and efficiency of financial regulation and financial su- pervision cost-benefit analysis are reviewed. Based on above foundation arrangement and analysis, this paper finds the private equity investment regulation efficiency of theoretical support and empirical methods. The arti- cle combed the private-equity industry＇s development characteristics and development status. This paper sum- marizes the concept, regulation, basis, model, content, subject, object and regulatory measures of private equity investment in our country, By the method of cost-benefit, this article analyzed the regulation of private equity investment efficiency, and certain conditions were determined optimum efficiency of supervision. And from the perspective of regulatory intensity that target is not confined to the supervision of the utility, also in- volves the regulators of the moral hazard problems, such as, respectively discusses the regulatory goal is grea- ter than, equal to, less than three scenarios of regulation effectiveness. On this basis, this article puts forward for private equity investment regulation in our country.