私募股权投资基金内部道德风险与各方博弈

Moral Hazard and Game between Each Partners in Private Equity

从私募股权投资基金的基本结构出发,对私募股权基金内部道德风险进行了简要介绍,分析了私募股权基金内部道德风险发生的基本动因,并通过不完全信息下的三方动态博弈模型对各方预期及决策影响因素进行了分析,总结了在均衡条件下私募股权投资基金内部道德风险的成因及私募股权投资基金道德风险在不同方面的体现,并针对模型揭示的道德风险影响因素,提出了降低道德风险应采取遏制措施的方向性建议,同时结合私募股权投资基金行业发展现状,对未来潜在风险点进行了提示,并为相关后续研究提供参考。

This paper starts from the basic structure of private equity funds,briefly introduces the internal moral hazard in private equity,analyzes the basic causes of the internal moral hazard of private equity.Through the dynamic game model of three individuals under incomplete information,this paper analyzes the influencing factors of each partners’expectation and decision-making,summarizes the causes of the internal moral hazard of private equity under the balanced condition,puts forward the embodiment of moral hazard in different aspects for private equity,and put forward some directional suggestions that we should take containment measures to reduce moral hazard in view of the influencing factors of moral hazard revealed by the model.Further combined with the development status of private equity investment fund industry,this paper gives a hint of potential risk points in the future,and provides reference for related follow-up research.