外文資料翻譯--普通合伙人在私募股權(quán)基金投資業(yè)務(wù)的缺乏研究探析

1、<p>　　畢業(yè)論文外文資料翻譯</p><p>　　題 目 普通合伙人在私募股權(quán)基金 </p><p>　　投資業(yè)務(wù)的缺乏研究探析究 </p><p>　　學(xué) 院 經(jīng)濟(jì)學(xué)院 </p><p>　　專 業(yè) 金融學(xué)

2、 </p><p>　　班 級(jí) 金融0912 </p><p>　　學(xué) 生 李廣輝 </p><p>　　學(xué) 號(hào) 20092221507 </p><p>　　指導(dǎo)教師

3、 張偉 </p><p>　　二〇一三年四月十九日</p><p>　　Journal of Chinese Economic and Business Studies, 2012,6(3):10-13.</p><p>　　Study on the Lack of the General Partner in the Private E

4、quity Business </p><p>　　WANG Jinghua</p><p>　　Abstract: This paper firstly points out the phenomenon and reason of the lack of the general partner (GP) in China's private equity business, a

5、nd then discusses the risks caused by the lack of the GP. Based on this, the paper puts forward some relevant policy Suggestions. This paper's innovations lie in analyzing the reasons and risks of the lack of the gen

6、eral partner (GP) in China's private equity business. This paper's contribution is to discuss the PE’s risk and its controlling from a new An</p><p>　　Key words: Private equity, General partners, Gen

7、eral partners lack</p><p>　　Introduction</p><p>　　Early in the development of private equity investment trust, one of the more mainstream view was that it was a realistic choice of the private e

8、quity industry (Li Jianhua, 2007; Lee ching yun, 2007), and has gradually become a trust company's new favorite. At the time of trust industry keen on private equity, Does the trust company really have a talents’ adv

9、antages, or can it act as a real fund management person? In addition to the trust company, the private equity fund by means of sponsorship i</p><p>　　Early in the development of China private equity investme

10、nt industry, the trust company may also be thought to have certain talent advantages. However, with the fast development of the private equity investment activities in China, there emerges a asymmetric phenomenon: one as

11、pect is that there exist a large amount of LP (Limited Parters) and investment thirst; the other aspect is that GP(the General Parters) in the private equity investment business, namely qualified fund manager, is serious

12、ly </p><p>　　THE REASON OF THE LACK OF GP(GENERAL PARTNERS)</p><p>　　The lack of GP is considered as a specific economic phenomenon in China, it is not a universal one. The GP’s lack can be expl

13、ained from the two aspects including demand and supply. One is the excessive demand on investment, the other is the insufficient supply of investment tools and investment goods. The GP’s supply, which is associated with

14、the supply side, can’t meet the growth of the market demand. the reason of the lack of GP is mainly reflected in the following aspects:</p><p>　　1. the Imbalance of Economy Development</p><p>　　

15、In the course of early economy development, the development of the real economy is put emphasized on, the virtual economy development is lagging behind, so there is no GP’s living space. And It also caused the imbalance

16、in the supply of GP and LP. On the one hand, the development of the real economy forms a large number of potential supply of LP (the second reason in the later); on the other hand, the delayed development of virtual econ

17、omy leads GP supply shortage.</p><p>　　In recent years, the development of the capital market and virtual economy not only promotes forming a large number of LP, but also trains a number of securities invest

18、ment funds and their corresponding senior manager. But from the strict perspective of PE, they are not full sense of the GP. Because the private equity investment not only includes securities investment, but also other r

19、isk investment business. Therefore, with the rapid development of PE, some original securities investment funds </p><p>　　2.the Lagging Development of the Private Equity Market</p><p>　　From the

20、 proportion of private equity fund investment in the GDP annually, the United States’s private equity fund is 0.6% of GDP for the year, the European’s and the Asia’s is 0.35% and 0.2% respectively, while in China the rat

21、io is less than 0.1%. GDP in China is 3 times that in India and in Australia, but the size of the private placement market is generally close to theirs. Currently, more than 95% of the private equity funds in China’s cap

22、ital market is characteristic with foreign-funded ba</p><p>　　3.the Lagging Specification of the Relevant Laws and Regulations</p><p>　　At the beginning, the private equity fund controls conscio

23、usly the risk according to the principles of industry self-regulation, which has been continued until happening of the subprime crisis. In the industry, there are different views on whether we should make a independent l

24、egislation toward the private equity fund. Some people think it is not necessary to make legislation. And they think although PE has developed hundreds of years in foreign countries, there is still no specific regulation

25、. </p><p>　　as the primary means of controlling the principal-agent risk.</p><p>　　RISKS ARISING FROM THE LACK OF GP</p><p>　　The foregoing analysis shows there are many factors whi

26、ch cause the lack of GP. Then what is the influence of the lack of GP. In the following, the paper will make a in-depth and concrete analysis on the risk caused by the lack of GP. The concrete risks are shown as follows:

27、</p><p>　　1. Risk of the Potential-Transfer-Trust</p><p>　　As the development of PE in China, PE investment activities appear increasingly active. The general investors, qualified institutional

28、investors, even financial institutions such as the trust company, Bank and insurance company, are paying close attention to huge commercial opportunities and rich return from PE investments, and having certain investment

29、 impulse. However, the supply of GP as a important role related to PE investment activities is seriously insufficient, and is difficult to meet t</p><p>　　2.Risks of Investors’ Interest</p><p>　

30、　Generally, the investor pays more attention to high return on investment. If GP is in the lack, and the current GP can not be qualified for fund manager's responsibilities, investors’ profits will not get effective

31、protection. This is mainly because the current GP in the field of venture capital investment lacks professional abilities. Compared with the PE’s risks in internationally mature markets, operational risks from the GP’s l

32、ack may be greater. Therefore, the lack of GP further increases t</p><p>　　3. GP Credit Risk</p><p>　　GP is the key factor which influences the success of private equity investments. In the long

33、 run, GP’s fundraising capacity will be influenced by the successful investment performance in the early phase, and it can be said that obtaining an absolute income is the root survival factor, because customers’ requir

34、ements for absolute income is very high. Therefore, once the private equity’s performance declines sharply and even losses, customer loyalty will be greatly reduced, the private equity wil</p><p>　　CONCLUSIO

35、NS AND POLICY RECOMMENDATIONS</p><p>　　The above analysis shows the GP’s lack may cause many risks, such as the risk of the potential-transfer-trust, risks of investors’ interest, GP credit risk, and restrai

36、nts on the capital market development. And these risks are an inevitable phenomenon accompanying the process of economy development. If we can formulate appropriate policies and regulations, and take appropriate regulato

37、ry measures, risks from the GP’s lack can be controlled. To control radically the risk of the GP’s lack, we shou</p><p>　　From the requirements and training mode for qualified managers of the foreign mature

38、private equity, we can draw the following conclusions: in addition to the basic job conditions, for future managers, the management ability, grasping ability for investment opportunities, financing ability, investment de

39、cision ability, risk recognition and control ability, and product innovation ability are paid close attention to. However, the ability which is related to the private equity management is difficu</p><p>　　1.

40、 With the Strict Legislation and Industry Regulations to Determine Employees </p><p>　　This is a requirement for the employee’s basic condition. without the corresponding conditions, the employee should not

41、be allowed to enter the industry. At present, there are some regulations on employees qualification for the private security investment, but there is no strict rules on employees qualification for the private equity inve

42、stment. And it is necessary to note that as the risk from the private equity investment is greater than the private security investment, the qualification ident</p><p>　　2. Building the Trust Culture</p&g

43、t;<p>　　The means of managing financial affairs of the private equity fund is in essence a means of the financial management of the trust. Under the condition that the trust culture has not been established, the c

44、onstruction of the trust culture has a subtle effect on talents cultivating. Therefore, we should strengthen the trust culture building, and use the cultural influences to improve the GP’s training, to increase the suppl

45、y of GP.</p><p>　　3.Building the Training Platform in the Industry</p><p>　　Their own training platforms constructed by industry associations are quite different from the platform of the product

46、ion-education-research cooperation in colleges and universities. Industry associations can do many important works to carry out the vocational training, and they can also employ foreign counterparts and experts to promot

47、e the professional vocational training. These will make a difference for the training of the qualified GP.</p><p>　　4. Establishing the Professional Talent Pool of Private Wealth Management</p><p&

48、gt;　　The employee unit should actively take the initiative to provide all relevant learning opportunities to train the employee capacity, to build their own talent pool. For example, when the trust company carries out th

49、e private equity business, it can make use of its existing talent to purposefully develop their own professional managers of private equity. At the same time, the trust company can take advantage of cooperation opportuni

50、ty with other investment adviser companies, or to attract the bes</p><p>　　5. Employee’s Learning by Doing</p><p>　　What the training of the unit or the industry can provide is only a learning o

51、pportunity. But whether the trainees can learn and become qualified top fund managers or qualified GP depends finally on their own learning abilities. Therefore, the employee must be down-to-Earth, be strict with themsel

52、ves, cultivate their own trust sense, and improve their capacities of risk investment and management.</p><p>　　References </p><p>　　[1] Can Kut, Risk management in European private equity funds

53、: survey evidence[J]. the Journal of Private Equity, Summer 2006b.</p><p>　　[2] Li Jianhua, Zhang Liwen. private equity investment trust and the development of China's private equity market[J]. the world

54、 economy, 2007 (5): 74-84.</p><p>　　[3] Lee Ching yun, trust: the realistic choice of China's private equity fund, China urban economy [J], 2007:87-89.</p><p>　　Journal of Chinese Economic a

55、nd Business Studies, 2012,6(3):10-13.</p><p>　　普通合伙人在私募股權(quán)基金投資業(yè)務(wù)的缺乏研究探析</p><p><b>　　王景華</b></p><p>　　摘 要 本文首先指出，在中國(guó)的私募股權(quán)投資業(yè)務(wù)的普通合伙人（GP）缺乏的現(xiàn)象和原因，然后討論的GP缺乏造成的風(fēng)險(xiǎn)。在此基礎(chǔ)上，提出了一

56、些相關(guān)的政策建議。本文的創(chuàng)新在于，在中國(guó)的私募股權(quán)投資業(yè)務(wù)的普通合伙人（GP）缺乏的原因分析和風(fēng)險(xiǎn)。本文的貢獻(xiàn)是站在PE的風(fēng)險(xiǎn)及其控制從一個(gè)新的角度來討論。得出的結(jié)論是，GP缺乏是一個(gè)特殊的現(xiàn)象，在PE發(fā)展，缺乏會(huì)產(chǎn)生很多風(fēng)險(xiǎn)，因此我們應(yīng)該采取各種措施發(fā)展GP。</p><p>　　關(guān)鍵詞 私募股權(quán)基金;普通合伙人;普通合伙人缺乏</p><p>　　一、前言 早在私人股權(quán)投資

57、信托的發(fā)展，更多的主流觀點(diǎn)之一是，它是一個(gè)現(xiàn)實(shí)的選擇私募股權(quán)行業(yè)（2007年李建華，李菁云，2007），并已逐漸成為信任公司的新的最喜歡的。當(dāng)時(shí)熱衷于私募股權(quán)投資信托業(yè)，信托公司是否真的有一個(gè)人才的優(yōu)勢(shì)，它可以作為一個(gè)真正的基金管理人，除了信托公司，私募基金通過贊助資格扮演的基金經(jīng)理。 早在中國(guó)私募股權(quán)投資行業(yè)的發(fā)展，信托公司也可能被認(rèn)為是有一定的人才優(yōu)勢(shì)。然而，隨著中國(guó)私募股權(quán)投資活動(dòng)的快速發(fā)展，出現(xiàn)不對(duì)稱的現(xiàn)象：一個(gè)方面是，

58、存在大量的LP（有限Parters）和投資口渴，另一個(gè)方面就是，GP（一般Parters ）的私募股權(quán)投資業(yè)務(wù)，即合資格的基金經(jīng)理，是嚴(yán)重不足。據(jù)了解，私募股權(quán)投資經(jīng)驗(yàn)豐富的基金經(jīng)理，即普通合伙人分開。在很短的時(shí)間，這種不對(duì)稱的問題不能得到解決。然而，這種不對(duì)稱最后，更為不利的是它的產(chǎn)業(yè)的發(fā)展。 GP缺乏可能會(huì)成為瓶頸，從而影響健康和長(zhǎng)遠(yuǎn)發(fā)展的私募股權(quán)投資，因?yàn)槿狈﹄[含風(fēng)險(xiǎn)將成為重要的投資者，而本判決考慮的因素可能最終成為中國(guó)私募股權(quán)投

59、資行業(yè)的長(zhǎng)遠(yuǎn)發(fā)展的制約因素。相比國(guó)外私募股權(quán)投資市場(chǎng)的歷史，幾十年來，中國(guó)私募股權(quán)投資</p><p>　　二、原因缺乏GP（一般合伙人） GP缺乏被視為中國(guó)的一個(gè)特定的經(jīng)濟(jì)現(xiàn)象，它是不是一個(gè)通用的。從需求和供給兩個(gè)方面，其中包括GP缺乏可以解釋。一個(gè)是過度的投資需求，另一種是投資工具和投資品的供給不足。 GP的供應(yīng)，這是與供應(yīng)方，不能滿足市場(chǎng)需求的增長(zhǎng)。 GP缺乏的原因主要體現(xiàn)在以下幾個(gè)方面： (

60、一)經(jīng)濟(jì)發(fā)展的不平衡 在早期經(jīng)濟(jì)發(fā)展的過程中，強(qiáng)調(diào)把發(fā)展實(shí)體經(jīng)濟(jì)，虛擬經(jīng)濟(jì)發(fā)展相對(duì)滯后，所以有沒有GP的生活空間。這也造成在GP和LP的供應(yīng)失衡。一方面，實(shí)體經(jīng)濟(jì)的發(fā)展形成了大量的潛在供應(yīng)LP（在以后的第二個(gè)原因），另一方面，虛擬經(jīng)濟(jì)的發(fā)展導(dǎo)致的延遲GP供應(yīng)短缺。近年來，資本市場(chǎng)和虛擬經(jīng)濟(jì)的發(fā)展不僅促進(jìn)形成了大量的LP，但也培養(yǎng)了一些證券投資基金和其相應(yīng)的高級(jí)經(jīng)理，但是，從嚴(yán)格的角度來講，PE不是完全意義上的GP。由于私募股權(quán)投

61、資，不僅包括證券投資，還包括其他的風(fēng)險(xiǎn)投資業(yè)務(wù)。因此，PE的快速發(fā)展，一些原有的證券投資基金及其高管開始轉(zhuǎn)向PE，即便如此，它不能滿足需要從PE基金的GP。 （二）發(fā)展滯后的私募股權(quán)投資市場(chǎng) 從私人股權(quán)基金投資在每年的國(guó)內(nèi)生產(chǎn)總值所占的比</p><p>　　三、從GP缺乏所帶來的風(fēng)險(xiǎn) 以上分析表明，導(dǎo)致GP缺乏的因素有很多。那么，什么是GP缺乏的影響。下面，本文將做一個(gè)深入和具體分析的G

62、P缺乏造成的風(fēng)險(xiǎn)。具體風(fēng)險(xiǎn)如下： </p><p>　?。ㄒ唬撛谵D(zhuǎn)入信托風(fēng)險(xiǎn) PE在中國(guó)的發(fā)展，出現(xiàn)PE投資活動(dòng)日益活躍。一般的投資者，合格的機(jī)構(gòu)投資者，甚至是信托公司，銀行和保險(xiǎn)公司等金融機(jī)構(gòu)，密切關(guān)注從PE投資巨大的商業(yè)機(jī)會(huì)和豐厚的回報(bào)，具有一定的投資沖動(dòng)。然而，GP作為一個(gè)重要的角色，PE投資活動(dòng)有關(guān)的供應(yīng)嚴(yán)重不足，難以滿足投資者和私募股權(quán)基金的需求。特別是，當(dāng)贊助商本身是不足夠主管GP，和

63、不愿意以放棄了這樣的市場(chǎng)機(jī)會(huì)的同時(shí)，一些機(jī)構(gòu)完整GP的投資和管理功能，通過合作的第三方投資顧問和主要途徑是聘請(qǐng)第三方投資顧問。在這種情況下，GP的功能分解，贊助商和投資顧問公司之間的委托代理關(guān)系是比較模糊的。用人關(guān)系取代的委托代理關(guān)系，而用人和委托代理的責(zé)任和風(fēng)險(xiǎn)承受不同。在實(shí)際操作中，有些機(jī)構(gòu)實(shí)施轉(zhuǎn)移信任用人的名字，這實(shí)在是一個(gè)潛在的轉(zhuǎn)移信任。在這個(gè)過程中的潛在轉(zhuǎn)移信任，傳遞信任的兩個(gè)部分不承擔(dān)決策風(fēng)險(xiǎn)，轉(zhuǎn)移風(fēng)險(xiǎn)的職責(zé)。這最終將損害投

64、資者的利益（王，2011）。投資者的利益</p><p>　　投資者更注重投資回報(bào)高</p><p>　　如果GP缺乏，現(xiàn)有的GP能不能勝任基金經(jīng)理的責(zé)任，投資者的利潤(rùn)將無法得到有效的保護(hù)。這主要是因?yàn)楝F(xiàn)有的GP在風(fēng)險(xiǎn)投資領(lǐng)域，缺乏專業(yè)能力。相比的PE在國(guó)際成熟市場(chǎng)中，GP缺乏操作風(fēng)險(xiǎn)的風(fēng)險(xiǎn)可能會(huì)更大。因此，GP缺乏進(jìn)一步增加PE的投資，最終使投資者的利率風(fēng)險(xiǎn)更大的風(fēng)險(xiǎn)。 （三）G

65、P信用風(fēng)險(xiǎn) GP是影響私募股權(quán)投資的成功的關(guān)鍵因素。從長(zhǎng)遠(yuǎn)來看，GP的籌款能力將受到影響的早期階段的成功的投資表現(xiàn)，可以說是獲得絕對(duì)收益是根存活因子，因?yàn)榭蛻舻男枨笫墙^對(duì)收入非常高。因此，一旦私募股權(quán)投資的業(yè)績(jī)大幅下降，甚至虧損，客戶忠誠(chéng)度會(huì)大大降低，私募將面臨生存進(jìn)退兩難。顯然，存在著互為因果的關(guān)系，GP的過往表現(xiàn)及市場(chǎng)聲譽(yù)。因此，缺乏合格的全科醫(yī)生或所需的私募股權(quán)投資基金經(jīng)理將不可避免地影響GP的投資表現(xiàn)，導(dǎo)致的信貸風(fēng)險(xiǎn)。

66、 四、結(jié)論和政策建議 上述分析表明GP的缺乏可能會(huì)導(dǎo)致許多風(fēng)險(xiǎn)，如電位傳遞信任，風(fēng)險(xiǎn)投資者的利益，GP信貸風(fēng)險(xiǎn)，對(duì)資本市場(chǎng)的發(fā)展和約束的風(fēng)險(xiǎn)。而這些風(fēng)險(xiǎn)是伴隨著經(jīng)濟(jì)的發(fā)展過程中的必然現(xiàn)象。如果我們能制定適當(dāng)?shù)恼吆头ㄒ?guī)，并采取適當(dāng)?shù)谋O(jiān)管措施，從GP缺乏風(fēng)險(xiǎn)可以控</p><p>　　權(quán)投資管理的能力是很難從書本上獲得的，他們必須取得他們通過在實(shí)踐中不斷積累。只有通過一個(gè)合格的基金經(jīng)理可以訓(xùn)練成功。當(dāng)

67、然，整個(gè)過程可能需要周期較長(zhǎng)，可能要花很多年建立一個(gè)私募經(jīng)理的人才市場(chǎng)或人才庫，以滿足投資者的需求。因此，它是一種有效的方式建立自上而下的培訓(xùn)模式，加強(qiáng)培訓(xùn)GP。具體建議如下： (一) 嚴(yán)格的立法和行業(yè)法規(guī)，以確定員工資格 這是一個(gè)要求雇員的基本條件。沒有相應(yīng)的條件下，不應(yīng)該被允許雇員進(jìn)入這個(gè)行業(yè)。目前，有一些法規(guī)對(duì)員工資格的私人證券投資，但也沒有嚴(yán)格的規(guī)定，對(duì)員工資格的私募股權(quán)投資。它是必須要注意的是，從私募股權(quán)投資的

68、風(fēng)險(xiǎn)大于私人證券投資，私募股權(quán)投資的資格認(rèn)定要嚴(yán)格得多。 （二）建立和完善信托文化體系 私募基金的財(cái)務(wù)管理手段在本質(zhì)上是信托的財(cái)務(wù)管理的一種手段。信任文化尚未建立的條件下，建設(shè)人才培養(yǎng)的信任文化有潛移默化的影響。因此，我們應(yīng)該加強(qiáng)信任文化建設(shè)，用文化的影響，以提高GP的培訓(xùn)，增加供應(yīng)的GP。 (三)構(gòu)建培訓(xùn)平臺(tái) 自己的培訓(xùn)平臺(tái)，構(gòu)建由行業(yè)協(xié)會(huì)從生產(chǎn)教育在高校的產(chǎn)學(xué)研合作平臺(tái)，有很大的不同。行業(yè)協(xié)會(huì)可以做很多

69、重</p><p>　　參考文獻(xiàn) [1] 蔡科特. 歐洲基金風(fēng)險(xiǎn)管理調(diào)查報(bào)告[J]. 私募股權(quán), 2006,（7）</p><p>　　[2] 李建華, 張立文. 私募股權(quán)投資信任與私募股權(quán)基金市場(chǎng)發(fā)展[J]. 世界經(jīng)濟(jì), 2007 ,(5): 74-84</p><p>　　[3] 李慶云. 信任:中國(guó)私募股權(quán)基金的現(xiàn)實(shí)選擇[J]. 中國(guó)城市經(jīng)濟(jì), 2007: