On The Path Dependence And Institutional Breakthrough Of Limited Partnership PE In China

Our private equity funds(PE) is one of the major investment ways to the current stock market investors, it is also a kind of medium and long-term financing of private enterprises, and is playing a more and more evident role in financial markets. In terms of the market in our country, the limited partnership PE is a superexcellent type of PE, which combines the advantages of limited partnership system and the advantages of PE capital, and it should play a predominant role. However, in our country, based on the situation of limited partnership system, the internal agency relationship and taxes, the limited partnership PE did not give full play to its own advantage and its capital advantage, what is more, the three aspects of the problem could be explained by using path dependence theory. After analyzing, the author found that the limited partnership PE system has path dependence, such as the early creation of existence cost, heavy regulation, drive structure, the existing system of self-reinforcing and government guiding. In terms of internal agency relationship, limited partnership PE has dual path dependence, they are the existence of a general partner control input costs and corporations constantly self-reinforcing; On taxes, there are path dependence in limited partnership PE, such as heavy tax tradition, complementary rules and the uncertainty of transition. To ensure a benignant development of limited partnership, we should try to make amendment and breakthrough on the system, in order to avoid an invalid lock of system.