有限合伙基金合伙人信息不对称的解决路径透视——以合伙人权利义务失衡为视角

On Solution Path on Information Asymmetry of Limited Partnership Fund Partner——From the Perspective of Imbalance of Partner's Power and Duty

有限合伙基金信息不对称贯穿募集资金以及后续投资行为的始终,资金募集阶段的信息不对称极易导致逆向选择的问题。在投资阶段,普通合伙人基于对基金的管理相对于有限合伙人具有天然的信息优势,导致双方信息失衡,这种信息失衡极易让普通合伙人陷于道德风险之中。有限基金合伙人信息不对称的解决路径应从内部自我完善和立法层面两个维度出发,通过对普通合伙人限权和对有限合伙人赋权来达到合伙人权利义务的相平衡。

Limited partnership fund information asymmetry throughout raising funds and subsequent investment behavior,the information asymmetry of fund raising stage easily leads to adverse selection problem.In the investment phase,general partner,based on fund management,has natural information advantage,lead to information imbalance between the two sides,which easily leads to let the general partner in moral hazard.Solution path on information asymmetry of limited partnership fund partner should start from two dimensions of internal self perfection and legislative perfection,through limiting the power of the general partner and giving limited partner right,in order to balance the right and obligations.