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私人股权基金与共同基金在治理机制上存在着差异。在基金的融资过程中基金投资人和基金管理人之间的代理问题以及在基金的投资过程中基金管理人与企业家之间的代理问题需要通过适当的治理机制来解决。本文从私人股权基金的融资和投资过程分析了私人股权基金的投资人与管理人以及管理人与企业家之间的治理机制,并比较了两类治理机制的异同。
Private equity funds and mutual funds have different governance mechanisms. The problem of agency between fund investors and fund managers during the process of fund financing and the issue of agency between fund managers and entrepreneurs during fund investment need to be solved through appropriate governance mechanisms. This paper analyzes the governance mechanism of private equity fund’s investors and managers and managers and entrepreneurs from the process of private equity funds financing and investment, and compares the similarities and differences between the two types of governance mechanisms.