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公司型私募股权投资基金存在自我管理和委托管理两种运作模式。由于组织架构的特殊性,公司型私募股权投资基金包含双重委托代理关系,使得逆向选择和道德风险问题尤为突出。为解决委托代理问题,基金投资者与基金管理人之间、基金公司与目标企业之间均可以通过签订投资协议建立风险控制机制,同时加强对基金管理人和目标企业的激励约束,以提高基金运作的效率。
There are two modes of self-management and entrusted management in the company’s private equity investment fund. Due to the particularity of the organizational structure, the corporate-type private equity investment fund contains a double principal-agent relationship, making the problem of adverse selection and moral hazard particularly prominent. To solve the principal-agent problem, fund investors and fund managers, fund companies and target companies can establish risk control mechanisms through signing investment agreements, and at the same time strengthen the incentive and restraint for fund managers and target enterprises so as to raise funds The efficiency of operation.