面向复杂资产的受托账户估值政策：逻辑起点与治理框架——基于香港资产管理行业私募股权基金运营的规范分析

徐慧

上海财经大学金融学院，上海市武东路校区，200433；

摘要：针对受托账户高频净值披露与私募股权基金低频滞后估值数据之间的结构性矛盾，本文以双重委托代理问题为逻辑起点，结合IFRS 13与中国香港《基金经理操守准则》的规范要求，剖析滞后定价、独立验证受限及流动性折价三个实务难点，提出以滚动推算、交叉验证与追溯调整为核心的常规估值流程及规则化的例外治理框架，主张将估值目标由结果层面的"绝对准确"转向程序层面的"合理审慎"，借助治理留痕机制履行受托人责任。

关键词：私募股权；公允价值；委托代理；估值治理；受托责任

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