有限合伙协议构架与上市公司治理  

Limited Partnership Agreement Structure and Corporate Governance

作　　者：郑志刚[1] 李邈 金天 黄继承[1] Zheng Zhigang;Li Miao;Jin Tian;Huang Jicheng(School of Finance,Renmin University of China;School of Accounting,Capital University of Economics and Business)

机构地区：[1]中国人民大学财政金融学院 [2]首都经济贸易大学会计学院

出　　处：《管理世界》2022年第7期184-195,共12页Journal of Management World

基　　金：国家自然科学基金面上项目“新经济企业的公司治理制度设计研究”(基金号:72172150)的资助。

摘　　要：近年来,通常用于证券投资基金的有限合伙协议在中国资本市场被一些上市公司作为搭建公司治理的基础构架。利用2014~2019年在A股上市的公司样本,本文实证考察了有限合伙协议构架(LP构架)如何实现基本的公司治理目的。本文的研究表明,LP构架形成了股东权利实施在普通合伙人和有限合伙人二者之间的专业化分工。创业企业家通过LP构架增强了对上市公司的控制力和影响力。LP构架虽然在长期具有负外部性,但在上市后的短期内却减少了实际控制人“掏空”上市公司的行为。LP构架帮助上市公司的管理团队和核心技术人员分担风险,共享收益,不仅提高了核心团队的稳定性,也鼓励了企业家承担更多风险,最终激励企业进行更多长期研发投入。LP构架因而成为分散股权时代和互联网浪潮下,具有创新导向的公司治理构架。In recent years, limited partnership agreements, which are common in securities investment funds, have been used as the basic framework of corporate governance by some listed companies in China’s capital market. Using a sample of A-share listed companies from 2014 to 2019, this paper empirically examines how the LP structure achieves the basic purpose of corporate governance. This paper shows that the LP structure forms a specialized division of labor based on shareholders’ rights between general partners and limited partners. The entrepreneurial entrepreneurs enhanced their control over the listed company through the LP structure, which leads to tunneling behavior in the long run but reduces the tunneling behavior of actual controllers, in a short time after IPO. The management team and core technicians of listed companies share risks and benefits through the LP structure,which improves their stability, encourages entrepreneurs to take more risks, and finally increases long-term R&D investment. LP structure has become an innovation oriented corporate governance structure in the era of decentralized equity and the Internet wave.

关 键 词：有限合伙协议构架 控制权安排 专业化分工 企业研发 公司治理 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济]