关键词: 私募资本, 不完全合约, 融资合约理论, 控制权配置

Abstract: This paper analyzes the factors that influence the allocation and transition of firm's control rights when private equity financing is introduced into Chinese private enterprises.By using the method of case study,we find that the analysis results challenge the traditional theory,which stresses that financial capital is the most important factor of deciding the allocation of control rights in firm's financing process.We also note that the entrepreneur's human capital is an important factor which affects the allocation of firm's control rights.As for the transition of firm's control rights,we find that with reduction of information asymmetry,private equity fund in the later financing stage masters less control rights.

Key words: private equity, incomplete contract, financial contract theory, firm’s control rights