控制、信任与PE投资决策关系的研究

A Study on the Relationship Among Control, Trust and Investment Decision of Private Equity

私募股权基金(PE)作出投资决策是与被投企业建立以信任为基础的合作关系,在此过程中,不仅建立法人之间的关系,也建立投资人与企业家之间人与人的关系。由于双方存在信息不对称性、未来发展不确定性,正式契约难以完备,信任是相信对方不会利用这种脆弱性的信念,是合作的前提。西方对PE与被投企业关系的研究以正式控制作为治理形式,中国对"情、理、法"的排序与西方文化不同,过分强调正式控制反而会削弱信任,影响投资合作。PE引导企业正确认识未来的合作价值、PE的社会网络、重视社会声誉,形成共享价值观,从而建立非正式控制,是决定信任与投资合作的重要变量。

Private equity makes investment decision to build trust-based relationship with enterprises which aims at sharing resources and achieving common goals.It is not only the relationship between legal people,but also the human to human relationship between the investor and entrepreneurs.Due to the asymmetry of information and uncertainty of the future development,the formal agreements cannot be perfect and trust is the key to the belief that no one will use this uncertainty and the premise of cooperation.The study of relationship between PE and enterprises in western countries mostly focuses on principal-agent theory,taking the formal control mechanism as the governance form of relationship.However,the ranking of emotion,morality and law in China is different from that in western countries.If we emphasize control too much,it will weaken mutual trust and make bad influence on investment cooperation.PE leads the enterprise to realize the value of cooperation in the future and the society network of PE,emphasizing the society reputation,forming the common value and establishing informal control.All these are the important variables in deciding trust and cooperation.