基于Shapley值的私募基金市场结构研究

Private equity market structure based on Shapley value

当前,私募基金市场中市场主体逐渐出现分化趋势,市场结构也相应发生变化.本文从合作博弈出发,将私募基金市场抽象为由基金管理人和投资人构成的联盟,引入Shapley值构建模型探讨市场结构变化对收益分配的影响机制以及人力资本激励问题.研究发现,人力资本和货币资本的相对稀缺性表现及作用机制有所区别,货币资本在收益分配中占据优势地位,提高专业能力是扩大基金管理人收益占比的关键.市场货币资本集中程度的上升能够激励人力资本投入,而货币资本增加带来的人力资本激励呈边际递减趋势.政府应当鼓励和促进市场主体之间的协同效应,在竞争中实现共赢.政府引导基金应当重点关注和培育中小型私募基金,从而更好发挥其人力资本激励作用,优化市场结构,增强市场主体活力.

At present,market participants in the private equity market are gradually differentiated,and the market structure has changed accordingly.From the perspective of cooperative game,this paper abstracts the private equity market as an alliance composed of fund managers and investors,and establishes a model to explore the impact of market structure on income distribution and human capital incentive based on Shapley value.We find that there are differences in the relative scarcity of human capital and monetary capital.Monetary capital occupies a dominant position in income distribution,while improving professional ability is the key to expand fund managers’income.The increase of monetary capital concentration can stimulate human capital investment,and the human capital incentive brought by monetary capital shows a marginal decreasing trend.The current work suggests that government should encourage and promote the synergy between market participants,which will create a win-win situation.Government-sponsored venture capital should focus on small and medium-sized private equity funds,so as to stimulate human capital incentive,to optimize the market structure and enhance the vitality of market participants.