外文资料翻译524范本模板Word格式.docx

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学生李广辉

学号20092221507

指导教师张伟

二〇一三年四月十九日

JournalofChineseEconomicandBusinessStudies,2012,6（3）:

10—13.

StudyontheLackoftheGeneralPartnerinthePrivateEquityBusiness

WANGJinghua

Abstract:

Thispaperfirstlypointsoutthephenomenonandreasonofthelackofthegeneralpartner（GP）inChina'

sprivateequitybusiness,andthendiscussestheriskscausedbythelackoftheGP。

Basedonthis，thepaperputsforwardsomerelevantpolicySuggestions。

Thispaper'

sinnovationslieinanalyzingthereasonsandrisksofthelackofthegeneralpartner（GP）inChina’sprivateequitybusiness。

Thispaper’scontributionistodiscussthePE’sriskanditscontrollingfromanewAngle。

TheconclusionisthattheGPlackisaspecialphenomenoninthePEdevelopment，andthelackwillproducemanyrisks，soweshouldimplementvariousmeasurestodevelopGP。

Keywords:

Privateequity,Generalpartners，Generalpartnerslack

Introduction

Earlyinthedevelopmentofprivateequityinvestmenttrust，oneofthemoremainstreamviewwasthatitwasarealisticchoiceoftheprivateequityindustry（LiJianhua，2007；

Leechingyun，2007），andhasgraduallybecomeatrustcompany'

snewfavorite。

Atthetimeoftrustindustrykeenonprivateequity,Doesthetrustcompanyreallyhaveatalents’advantages，orcanitactasarealfundmanagementperson?

Inadditiontothetrustcompany,theprivateequityfundbymeansofsponsorshipisqualifiedforplayingtheroleofthefundmanagers。

EarlyinthedevelopmentofChinaprivateequityinvestmentindustry,thetrustcompanymayalsobethoughttohavecertaintalentadvantages.However,withthefastdevelopmentoftheprivateequityinvestmentactivitiesinChina,thereemergesaasymmetricphenomenon:

oneaspectisthatthereexistalargeamountofLP（LimitedParters）andinvestmentthirst;

theotheraspectisthatGP（theGeneralParters）intheprivateequityinvestmentbusiness,namelyqualifiedfundmanager，isseriouslyinsufficient。

Itisknownthattheprivateequityinvestmentbeseparatedfromtheexperiencedfundmanager,namelythegeneralpartner。

Thisasymmetricproblemcannotbesolvedintheshorttime.However,themorelongthisasymmetrieslast,themoredisadvantageousisitfortheindustrydevelopment.ThelackofGPmaybecomethebottleneckwhichinfluencesthehealthyandlong-termdevelopmentoftheprivateequityinvestment，becausetheimpliedriskfromthelackwillbecameimportantfactorsconsideredbyinvestors,andthisjudgmentmayeventuallybecamerestrictingfactorsofthelong—termdevelopmentofChinaprivateequityinvestmentindustry.Comparedtothehistoryofprivateequitymarketsabroadfordecades,thedevelopmenttimeofChinaprivateequityfund，whethersecurityorequityinvestment，isveryshort.Thetrainingforadvancedprofessionaltalentsrequiredbytheprivateequityinvestmentindustryhasbarelybegun。

Therefore，withsuchfastdevelopmentofprivateequityinvestment,thetalentbottleneckstandsout。

ThispaperwillfirstlyanalyzethereasonsofthelackofGPinChinaprivateequityinvestment,thendiscusstheriskscausedbythelackofGP.Basedonthis，thepaperputsforwardsomerelevantpolicySuggestions.

THEREASONOFTHELACKOFGP（GENERALPARTNERS）

ThelackofGPisconsideredasaspecificeconomicphenomenoninChina，itisnotauniversalone.TheGP’slackcanbeexplainedfromthetwoaspectsincludingdemandandsupply.Oneistheexcessivedemandoninvestment,theotheristheinsufficientsupplyofinvestmenttoolsandinvestmentgoods.TheGP'

ssupply,whichisassociatedwiththesupplyside,can’tmeetthegrowthofthemarketdemand。

thereasonofthelackofGPismainlyreflectedinthefollowingaspects:

1。

theImbalanceofEconomyDevelopment

Inthecourseofearlyeconomydevelopment，thedevelopmentoftherealeconomyisputemphasizedon,thevirtualeconomydevelopmentislaggingbehind，sothereisnoGP’slivingspace.AndItalsocausedtheimbalanceinthesupplyofGPandLP.Ontheonehand,thedevelopmentoftherealeconomyformsalargenumberofpotentialsupplyofLP（thesecondreasoninthelater）;

ontheotherhand,thedelayeddevelopmentofvirtualeconomyleadsGPsupplyshortage。

Inrecentyears，thedevelopmentofthecapitalmarketandvirtualeconomynotonlypromotesformingalargenumberofLP，butalsotrainsanumberofsecuritiesinvestmentfundsandtheircorrespondingseniormanager。

ButfromthestrictperspectiveofPE,theyarenotfullsenseoftheGP.Becausetheprivateequityinvestmentnotonlyincludessecuritiesinvestment，butalsootherriskinvestmentbusiness。

Therefore,withtherapiddevelopmentofPE，someoriginalsecuritiesinvestmentfundsandtheirexecutivesarestartingtoturntoPEbusiness,evensoitcannotmeettheneedsofGPfromPEfunds.

2。

theLaggingDevelopmentofthePrivateEquityMarket

FromtheproportionofprivateequityfundinvestmentintheGDPannually，theUnitedStates’sprivateequityfundis0.6％ofGDPfortheyear，theEuropean’sandtheAsia’sis0。

35％and0。

2％respectively，whileinChinatheratioislessthan0。

1％。

GDPinChinais3timesthatinIndiaandinAustralia,butthesizeoftheprivateplacementmarketisgenerallyclosetotheirs。

Currently，morethan95%oftheprivateequityfundsinChina’scapitalmarketischaracteristicwithforeign—fundedbackground，andonlylessthan5%oftheprivateequityfundsisreallylocalprivateequityfunds。

DelayeddevelopmentoftheprivateequitymarketisanimportantreasonforthelackofGP.

3.theLaggingSpecificationoftheRelevantLawsandRegulations

Atthebeginning,theprivateequityfundcontrolsconsciouslytheriskaccordingtotheprinciplesofindustryself-regulation,whichhasbeencontinueduntilhappeningofthesubprimecrisis.Intheindustry,therearedifferentviewsonwhetherweshouldmakeaindependentlegislationtowardtheprivateequityfund。

Somepeoplethinkitisnotnecessarytomakelegislation.AndtheythinkalthoughPEhasdevelopedhundredsofyearsinforeigncountries，thereisstillnospecificregulation.Theymainlydependon”reputation”mechanisms——self-regulationmechanismstoregulatethePE’sbehaviour,sothereisnoneedfortheseparatelegislation.Thereforetheythinkweshouldnotmakeindependentlegislationtowardtheprivateequityfund.Thissituationalsoleadstothelaggingspecificationoftherelevantlawsandregulationsonaprivateequityinvestment，andthelagrestrictsthedevelopmentoftheGP。

However,asthelackofthetrustcultureandexternalmarketregulationmechanisminChina，itisobviouslynotsufficienttoonlyrelyontheindividualcredit

astheprimarymeansofcontrollingtheprincipal—agentrisk。

RISKSARISINGFROMTHELACKOFGP

TheforegoinganalysisshowstherearemanyfactorswhichcausethelackofGP.ThenwhatistheinfluenceofthelackofGP.Inthefollowing，thepaperwillmakeain—depthandconcreteanalysisontheriskcausedbythelackofGP.Theconcreterisksareshownasfollows：

1.RiskofthePotential—Transfer—Trust

AsthedevelopmentofPEinChina，PEinvestmentactivitiesappearincreasinglyactive。

Thegeneralinvestors，qualifiedinstitutionalinvestors，evenfinancialinstitutionssuchasthetrustcompany，Bankandinsurancecompany,arepayingcloseattentiontohugecommercialopportunitiesandrichreturnfromPEinvestments,andhavingcertaininvestmentimpulse。

However,thesupplyofGPasaimportantrolerelatedtoPEinvestmentactivitiesisseriouslyinsufficient，andisdifficulttomeetthedemandofinvestorsandPEFunds.Especially,whenthesponsoritselfisnotenoughtobecompetentforGP,andnotwillingtoabandonedsuchmarketopportunitiesatthesametime,someinstitutionscompleteGP’sinvestmentandmanagementfunctionbycooperatingwiththethird-partyinvestmentconsultantsandthemainwayistoemploythethird-partyinvestmentconsultants.Underthiscondition，theGP’sfunctionisdecomposed，thedelegate—agentrelationshipbetweensponsorsandinvestmentconsultantsiscomparativelyfuzzy。

Andtheemployingrelationshipissubstitutedforthedelegate—agentrelationship，whilethedutyandrisk—bearingoftheemployingandthedelegate—agentaredifferent。

Inactualoperation，someinstitutionsimplementtransfer—trustinthenameofemploying，thisisreallyapotential—transfer—trust.Intheprocessofthepotential—transfer-trust,bothpartsofthetransfer-trustdonotbeardecisionrisks，andtransfertheriskduties.Whichwillfinallydamagetheinvestor’sinterests（Wang,2011）。

2.RisksofInvestors’Interest

Generally，theinvestorpaysmoreattentiontohighreturnoninvestment.IfGPisinthelack，andthecurrentGPcannotbequalifiedforfundmanager’sresponsibilities，investors'

profitswillnotgeteffectiveprotection.ThisismainlybecausethecurrentGPinthefieldofventurecapitalinvestmentlacksprofessionalabilities。

ComparedwiththePE’srisksininternationallymaturemarkets，operationalrisksfromtheGP’slackmaybegreater。

Therefore，thelackofGPfurtherincreasestheriskofPE’sinvestments,whichfinallymakestheinvestor'

sinterestriskgreater.

3。

GPCreditRisk

GPisthekeyfactorwhichinfluencesthesuccessofprivateequityinvestments。

Inthelongrun，GP’sfundraisingcapacitywillbeinfluencedbythesuccessfulinvestmentperformanceintheearlyphase,anditcanbesaidthatobtaininganabsoluteincomeistherootsurvivalfactor,becausecustomers’requirementsforabsoluteincomeisveryhigh。

Therefore，oncetheprivateequity’sperf