政府引导性股权投资基金的组织形式问题研究

The Research on Organization Form of Equity Investment Fund Guided by the Government

股权投资基金的组织形式是影响政府引导性股权投资基金运作绩效的核心问题。在我国当前的法律和政策环境下,政府引导性股权投资基金主要包括信托制、公司制和有限合伙制三种组织形式,其中有限合伙型PE以其权责配置科学合理、运营管理专业高效、运作成本相对较低等独特优势,理应成为设立股权投资基金的首选组织形式。但是有限合伙型PE本身也存在信息不够对称和内部治理异化等潜在缺陷,需要通过引入法人人格否认、重构基金内部治理、改进基金决策和收入分配机制等进行制度补阙和机制改良,使其发挥好应有的制度优势。

The organization form of equity investment fund plays a key role in the performance of equity investment fund guided by the government. Under China＇s current legal and policy environment, government guidance equity investment fund mainly includes three kinds of organization forms：trust, corporation and limited partnership. The limited partnership PE is supposed to be the best organization form when equity investment fund is established, because of its reasonable configuration of powers and responsibilities, professional and efficient operation and management, relatively low operation cost and other advantages. However, limited partnership PE itself has certain underlying weak points, like information asymmetry and internal governance alienation, needing to introduce denial of legal person ＇s personality, reconstruction of internal governance of funds, improvement of fund decision-making and income distribution mechanism to improve the system, so that it can display its superiority.