外文资料翻译--普通合伙人在私募股权基金投资业务的缺乏研究探析(编辑修改稿)

外文资料翻译--普通合伙人在私募股权基金投资业务的缺乏研究探析(编辑修改稿)内容摘要：

Funds. Especially, when the sponsor itself is not enough to be petent for GP, and not willing to abandoned such market opportunities at the same time, some institutions plete GP’s investment and management function by cooperating with the thirdparty investment consultants and the main way is to employ the thirdparty investment consultants. Under this condition, the GP’s 济南大学毕业论文外文资料翻译 4 function is deposed, the delegateagent relationship between sponsors and investment consultants is paratively fuzzy. And the employing relationship is substituted for the delegateagent relationship, while the duty and riskbearing of the employing and the delegateagent are different. In actual operation, some institutions implement transfertrust in the name of employing, this is really a potentialtransfertrust. In the process of the potentialtransfertrust, both parts of the transfertrust do not bear decision risks, and transfer the risk duties. Which will finally damage the investor’s interests(Wang, 2020). of Investors’ Interest Generally, the investor pays more attention to high return on investment. If GP is in the lack, and the current GP can not be qualified for fund manager39。 s responsibilities, investors’ profits will not get effective protection. This is mainly because the current GP in the field of venture capital investment lacks professional abilities. Compared with the PE’s risks in internationally mature markets, operational risks from the GP’s lack may be greater. Therefore, the lack of GP further increases the risk of PE’s investments, which finally makes the investor39。 s interest risk greater. 3. GP Credit Risk GP is the key factor which influences the success of private equity investments. In the long run, GP’s fundraising capacity will be influenced by the successful investment performance in the early phase, and it can be said that obtaining an absolute ine is the root survival factor, because customers’ requirements for absolute ine is very high. Therefore, once the private equity’s performance declines sharply and even losses, customer loyalty will be greatly reduced, the private equity will face a survival dilemma. Obviously, there exists reciprocal causation relationship between GP’s historical performance and its market reputation. Therefore, the lack of the qualified GP or the fund manager required by the private equity investment will inevitably affect the investment performance of GP, leading to the credit risk. CONCLUSIONS AND POLICY RECOMMENDATIONS The above analysis shows the GP’s lack may cause many risks, such as the risk of the potentialtransfertrust, risks of investors’ interest, GP credit risk, and restraints on the capital market development. And these risks are an inevitable phenomenon acpanying the process of economy development. If we can formulate appropriate policies and regulations, and take appropriate regulatory measures, risks from the GP’s lack can be controlled. To control radically the risk of the GP’s lack, we should firstly solve the problem of the GP’s lack. 济南大学毕业论文外文资料翻译 5 Therefore, it is necessary to establish a mature and effective mode for training GP, to increase the supply of qualified GP. From the requirements and training mode for qualified managers of the foreign mature private equity, we can draw the following conclusions: in addition to the basic job conditions, for future managers, the management ability, grasping ability for investment opportunities, financing ability, investment decision ability, risk recognition and control ability, and product innovation ability are paid close attention to. However, the ability which is related to the private equity management is difficult to obtain from books, and they must obtain them through the continuous accumulation in practice. Only by that, a qualified fund manager can be trained Successfully. Certainly, the entire process may take many , it may take a lot of years to build a talent market or talent pool of the private equity manager to meet the investor39。 s needs. Ther。