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风险投资业是一个信息高度不对称、运行风险很高的行业。对于这一特殊的投资形式,原有的公司制和普通合伙制因其自身的局限性难以在最大程度上引导并激励风险投资的发展,而有限合伙作为一种古老的商业组织形式,在组织结构、收益安排、激励机制、税收政策等方面与风险投资基金的要求具有高度的契合性。本文从法经济学的视角对有限合伙制度进行了分析,认为有限合伙制的组织模式在风险投资运作中最为有效,并提出了改革我国有限合伙制度的建议。
Venture capital industry is a highly asymmetric information, high-risk operation of the industry. For this special form of investment, the original company system and the general partnership because of its own limitations is difficult to guide and encourage the development of venture capital to a maximum extent, and the limited partnership as an ancient form of commercial organization in the organization Structure, income arrangements, incentives, tax policies and other aspects of the requirements of venture capital funds with a high degree of fit. This article analyzes the limited partnership system from the perspective of law and economics, and thinks that the limited partnership model is most effective in the operation of venture capital and proposes the proposal of reforming the limited partnership in our country.