{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u9322\u741b","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/chinshun","title":"\u5f9e\u79c1\u52df\u57fa\u91d1\u89d2\u5ea6\u770b\u4e2d\u5927\u5275\u6295\u56f0\u5883 - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492748\">\u5f9e\u79c1\u52df\u57fa\u91d1\u89d2\u5ea6\u770b\u4e2d\u5927\u5275\u6295\u56f0\u5883<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492748\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u5f9e\u79c1\u52df\u57fa\u91d1\u89d2\u5ea6\u770b\u4e2d\u5927\u5275\u6295\u56f0\u5883&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/11\/cuhk_bullet.jpg","thumbnail_width":1657,"thumbnail_height":934,"description":"\u76f8\u4fe1\u5927\u5bb6\u770b\u904e\u9031\u672b\u7684\u300a\u7b56\u7565\u77ed\u6253\u2014\u7406\u89e3\u7dad\u6e2f\u6295\u8cc7\u7b49\u79c1\u52df\u57fa\u91d1\u7b56\u7565\u524d\u8981\u6709\u7684\u57fa\u672c\u77e5\u8b58\u300b\u5f8c\uff0c\u6703\u5c0d\u79c1\u52df\u57fa\u91d1\u6709\u66f4\u6df1\u8a8d\u8b58\u3002\u4ee5\u4e0b\u6703\u66f4\u6df1\u5165\u8a0e\u8ad6\u5176\u7b56\u7565\uff08\u6536\u8cbb\u7d50\u69cb\uff09\u5c0d\u7092\u5bb6\u7684\u555f\u793a\u3002 \u9996\u5148\uff0c\u79c1\u52df\u57fa\u91d1\u7684\u6536\u8cbb\u7d50\u69cb\u8207\u5c0d\u6c96\u57fa\u91d1\u7684\u5341\u5206\u76f8\u4f3c\uff0c\u90fd\u662f\u7ba1\u7406\u8cbb\uff08management fee\uff09\u52a0\u8a98\u56e0\u8cbb\uff08incentive fee\uff09\u3002\u524d\u8005\u662f\u6bcf\u5e74\u5728\u7ba1\u7406\u8cc7\u7522\uff08AUM\/Asset Under Management\uff09\u4e2d\u6536\u53d6\u7684\u67d0\u767e\u5206\u6bd4\u8cbb\u7528\uff0c\u5f8c\u8005\u5247\u662f\u5728\u57fa\u91d1\u7684\u5229\u6f64\u4e2d\u6536\u53d6\u7684\u67d0\u767e\u5206\u6bd4\u8cbb\u7528\u3002 \u6709\u4e0d\u5c11\u5c0d\u6c96\u57fa\u91d1\u7684\u6536\u8cbb\u90fd\u662f2-20\uff08two-twenty\uff09\u7d50\u69cb\uff0c\u5373\u7d042%\u7ba1\u7406\u8cbb\u52a0\u7d0420%\u8a98\u56e0\u8cbb\u3002\u7136\u800c\uff0c\u79c1\u52df\u57fa\u91d1\u7684\u7ba1\u7406\u8cbb\u5247\u53ef\u80fd\u8f03\u9ad8\uff0c\u539f\u56e0\u4e26\u975e\u4ed6\u5011\u597d\u98df\u61f6\u505a\uff0c\u53ea\u60f3\u5750\u8457\u6536\u53d6\u9ad8\u6602\u7ba1\u7406\u8cbb\uff0c\u800c\u662f\u8981\u4fdd\u511f\u5176\u8f03\u9ad8\u7684\u71df\u904b\u6210\u672c\u3002\u79c1\u52df\u57fa\u91d1\u7684\u7ba1\u7406\u8cbb\uff0c\u4e00\u822c\u53ea\u6703\u7528\u4f86\u4fdd\u511f\u71df\u904b\u6210\u672c\u3002\u800c\u71df\u904b\u6210\u672c\u8f03\u9ad8\u7684\u539f\u56e0\uff0c\u662f\u5176private side\u7684\u8cc7\u8a0a\u6210\u672c\uff0c\u4ee5\u53ca\u9762\u5c0d\u4f4e\u6d41\u52d5\u6027\u7684\u79c1\u4eba\u6295\u8cc7\uff08private investment\uff09\u7684\u4ea4\u6613\u6210\u672c\u8f03\u9ad8\u3002\u81f3\u65bc\u8a98\u56e0\u8cbb\uff0c\u5247\u8996\u4e4e\u500b\u5225\u57fa\u91d1\u3002 \u9019\u6a23\u7684\u6536\u8cbb\u7d50\u69cb\uff0c\u5c31\u53ef\u4ee5\u89e3\u6c7a\u50b3\u7d71\u91d1\u878d\u7406\u8ad6\u63d0\u53ca\u7684\u4ee3\u7406\u554f\u984c\uff08agency problem\uff09\u3002\u4ee5\u6975\u7aef\u4e00\u9ede\u7684\u4f8b\u5b50\u4f86\u8aaa\u660e\uff0c\u5c31\u80fd\u66f4\u6613\u7406\u89e3\u554f\u984c\u3002\u82e5\u4e00\u6b3e\u57fa\u91d1\u7684\u7ba1\u7406\u8cbb\u6975\u9ad8\uff0c\u800c\u8a98\u56e0\u8cbb\u6975\u4f4e\uff0c\u57fa\u91d1\u7d93\u7406\u4f5c\u7232\u4ee3\u7406\u4eba\uff0c\u751a\u9ebc\u4e5f\u4e0d\u505a\uff0c\u4e5f\u53ef\u4ee5\u6bcf\u5e74\u5f9e\u4f60\uff08\u59d4\u6258\u4eba\uff09\u8eab\u4e0a\u6536\u53d6\u5de8\u984d\u7ba1\u7406\u8cbb\uff0c\u6beb\u7121\u8a98\u56e0\u63d0\u5347\u8868\u73fe\u3002\u76f8\u53cd\uff0c\u82e5\u7ba1\u7406\u8cbb\u6975\u4f4e\uff0c\u800c\u8a98\u56e0\u8cbb\u6975\u9ad8\uff0c\u57fa\u91d1\u7d93\u7406\u5c31\u6709\u6975\u5927\u8a98\u56e0\u7528\u76e1\u6240\u6709\u5c08\u696d\u77e5\u8b58\uff0c\u512a\u5316\u8868\u73fe\uff0c\u56e0\u7232\u9760\u7ba1\u7406\u8cbb\u6839\u672c\u7121\u5229\u53ef\u5716\u3002\u79c1\u52df\u57fa\u91d1\u7684\u6536\u8cbb\uff0c\u5c31\u985e\u4f3c\u65bc\u5f8c\u8005\u7684\u6975\u7aef\u60c5\u6cc1\uff0c\u6240\u4ee5\u6295\u8cc7\u8005\u8207\u57fa\u91d1\u7d93\u7406\u7684\u5229\u76ca\u57fa\u672c\u4e0a\u4e00\u81f4\uff0c\u5927\u5bb6\u5750\u5728\u540c\u4e00\u689d\u8239\u4e0a\uff0c\u8981\u5171\u540c\u7372\u5229\u3002 \u6240\u4ee5\uff0c\u5404\u4f4d\u5982\u6709\u8cb7\u57fa\u91d1\u7684\u7fd2\u6163\uff0c\u4ee5\u9019\u500b\u5207\u5165\u9ede\u601d\u8003\uff0c\u5c31\u80fd\u5feb\u901f\u7be9\u53bb\u5927\u91cf\u57fa\u91d1\uff0c\u5e6b\u52a9\u81ea\u5df1\u9078\u64c7\u9069\u5408\u7684\u57fa\u91d1\u3002 \u4ee5\u4e0a\u53ea\u662f\u5176\u4e2d\u4e00\u500b\u7b56\u7565\u555f\u793a\u3002\u7bc7\u5e45\u6709\u9650\uff0c\u4e4b\u5f8c\u6703\u89e3\u91cb\u66f4\u591a\u53ef\u4ee5\u5c0d\u79c1\u52df\u57fa\u91d1\u501f\u93e1\u7684\u5730\u65b9\u3002\u4e0b\u9762\u60f3\u8b1b\u4e00\u4e0b\u770b\u5230\u4e2d\u5927\u6821\u65b9\u4e3b\u52d5\u5831\u90ed\u978d\u5f8c\u7684\u4e00\u4e9b\u76f8\u95dc\u63a8\u8ad6\u3002 \u4e4b\u524d\u4e5f\u5beb\u904e\uff0c\u4e2d\u5927\u6709\u4e00\u5927\u5b78\u6c38\u4e45\u904b\u4f5c\u57fa\u91d1\uff0c\u540d\u8072\u5728\u5168\u6e2f\u7684\u5927\u5b78\u6578\u4e00\u6578\u4e8c\u3002\u7406\u8ad6\u4e0a\uff0c\u9019\u500b\u57fa\u91d1\u662f\u70ba\u63a8\u5ee3\u6559\u5b78\u53ca\u7814\u7a76\u7d93\u8cbb\u800c\u7acb\uff0c\u4ee5PE\u7684\u578b\u5f0f\u6295\u8cc7\u5230\u5b78\u751f\u7684\u521d\u5275\uff0c\u67d0\u7a0b\u5ea6\u4e0a\u6eff\u8db3\u57fa\u91d1\u76ee\u7684\u4e4b\u9918\uff0c\u4e5f\u80fd\u4f5c\u8cc7\u7522\u5206\u5e03\u53ca\u7372\u5f97\u8f03\u516c\u958b\u80a1\u7968\u9ad8\u7684\u56de\u5831\uff08\u6839\u64daJP Morgan\u7684\u7d71\u8a08\uff09\uff0c\u6eff\u8db3\u6295\u8cc7\u56de\u5831\u9700\u8981\u3002\u5be6\u969b\u4e0a\uff0c\u6839\u64daJP Morgan\u7684\u7d71\u8a08\uff0c\u5927\u5b78\u6c38\u4e45\u904b\u4f5c\u57fa\u91d1\u7684\u5009\u4f4d\u5e73\u5747\u6709\u5927\u7d04\u5169\u6210\u90fd\u662f\u79c1\u4eba\u6295\u8cc7\uff0c\u6709\u4e0d\u5c11\u90fd\u61c9\u8a72\u662fPE\uff0c\u8b49\u660e\u5927\u5b78\u57fa\u91d1\u4e5f\u6703\u505a\u4e0d\u5c11PE\u6295\u8cc7\u3002 \u4e0d\u904e\uff0c\u770b\u5230\u4e2d\u5927\u6821\u65b9\u9023\u4e3b\u52d5\u5831\u90ed\u978d\u4e5f\u505a\u5f97\u51fa\uff0c\u771f\u7684\u4e0d\u77e5\u9053\u53ef\u4ee5\u56e0\u5927\u5b78\u57fa\u91d1PE\u6295\u8cc7\u800c\u53d7\u76ca\u7684\u672c\u5730\u5b78\u751f\/\u4e2d\u5927\u4f01\u696d\u5bb6\u9084\u5269\u591a\u5c11\u3002\u4ed6\u5011\u8981\u6295\uff0c\u4e5f\u6703\u56e0\u611b\u570b\u60c5\u7dd2\u53ca\u653f\u6cbb\u6b63\u78ba\u800c\u6295\u8cc7\u5230\u5167\u5730\u751f\u7684\u521d\u5275\u5427\u3002\u5229\u7533\uff0c\u6211\u611b\u9ee8\u611b\u570b\uff0c\u6240\u4ee5\u6211\u8a8d\u70ba\u9019\u662f\u5c0d\u7684\u3002"}