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小企业集合信托债券基金是全球经济危机下的金融创新产物,其本质是公私伙伴关系(PPP模式)在现实中的典型应用。PPP模式下小企业集合信托债券基金公司治理影响因素:小企业集合信托债券基金的公益目标与利润目标;委托——代理关系下公私双方的博弈;信息封锁与小企业集合信托债券基金公司中公私双方的信息不对称;契约不完全下的机会主义行为;公私伙伴关系公司监管机制的缺失等。PPP模式下小企业集合信托债券基金公司治理机制的优化:内部治理机制优化,构建董事会共同治理模式、健全独立董事制度和公司章程中合理界定的双方职责;外部治理机制优化,建立私人部门投资者利益保护和补偿机制和导入“社会治理”的外部监督机制。
Small business pool Trust bond funds are the product of financial innovation under the global economic crisis. The essence of this is the typical application of public-private partnership (PPP model) in reality. Small Business Assets Trust Fund Mutual Fund Corporate Governance Influencing Factors: Public-Private Targets and Profit Targets of Small-Business Aggregate Trust Bond Funds; Game between Public and Private under Trust-Agency Relationships; Information Blocking and Small-Business Aggregation Trust and Bond Fund Corporation Public-Private Asymmetric information on both sides; opportunistic behavior under incomplete contracts; absence of regulatory mechanisms for public-private partnerships. Optimization of Corporate Governance Mechanism for Small Business Aggregate Trust Bond Fund under PPP: Optimization of Internal Governance Mechanism, Construction of Common Governance Model of Board of Directors, Sound Role of Independent Directors and Correctly Defined Articles of Association; External Governance Mechanism Optimization, Establishment of Private Sector Investor Protection of interests and compensation mechanism and the introduction of “social governance” of the external oversight mechanism.