Study On Governance Pattern Of Privately Offered Fund

With the development of China Capital Market continue to grow and develop, investor groups and species also produced profound change. Securities investment funds, insurance companies, pension funds, qualified foreign institutional investors in Chinese capital market plays a more and more important role. While at the same time, another professional institutional investors--China’s privately offered fund also got certain development, but our country privately offered fund started late, and its organization and governance structure in exploration and practice, coupled with the external environment on the imperfect laws and regulations, social credit system not perfect and so on many factors of private fund in our country also has many problems, restricted the development of private equity funds.This paper studies the basic train of thought is from the concept of privately offered fund, mainly discusses it in three main types:private trust funds, corporate private equity fund and partnership private equity funds situation, respectively from the forms of organization, governance structure, governance mechanism and governance environment four respects analysed their respective management mode characteristics. Then cite international private equity fund to develop the most mature British and American successful experience, can be found in the United States and the UK private equity fund in the organization, supervision mechanism and incentive mechanism and so on are worth our learning and reference. Through the discovery of China privately offered fund management mode existing problems and the causes, using the principal-agent theory and incomplete contract theory as a guide to put on China privately offered fund management mode of the future development of the construction train of thought and countermeasure proposal.