私募股权投资退出机制与企业价值评估技术应用研究

发布时间：2018-04-12 20:57

本文选题：私募股权投资 + 退出方式　；参考：《东北财经大学》2013年硕士论文

【摘要】：私募股权投资起源于19世纪末的美国,如今,在欧美等发达国家,私募股权基金已经成为新兴企业、陷入财务困境的企业以及寻求并购资金的上市公司的重要资金来源。虽然目前私募股权投资基金在国外已经是一种运作模式比较完善的投融资工具,但由于其引入我国的时间尚短,加上我国宏观经济政策和我国证券市场发展程度的限制,私募股权基金在我国的发展尚处于初级阶段。作为一种新兴的投资方式,私募股权投资促进了我国证券市场主体的多样化,解决了公募基金在发展中的难题,促进基金业运作水平的提高,有效地利用了社会资源,支持成长性企业资金的筹集,推动了我国企业的快速发展,实现了企业集约型增长,极大的促进了我国的经济发展。在私募股权投资运作流程中,退出这一环节非常重要。无论什么类型的投资,其最终目的都是获利。私募股权投资的退出意味着其最终利益的实现。无论多么好的项目,不能安全有效地退出就不能实现盈利,就是失败的退出。私募股权投资不同的退出方式影响着企业价值与利益流入。不同条件的企业适合的退出方式不同,受到的投资影响也不同,私募股权投资机构在投资前通过标的企业退出方式的不同来对其进行评估,以确定其价值,判断投资与否和投资金额的大小。因此,退出环节的企业价值评估就显得尤为重要。本文借鉴国内外研究成果,介绍了私募股权投资理论和企业价值评估理论,着重分析了私募股权投资退出方式的不同对企业价值的影响因素,以及不同的退出方式对标的企业的评估方法选取的不同,介绍了最适合标的企业在不同退出方式条件下使用的企业价值评估方法。最后提出了在新形势下私募股权投资企业价值评估应注意的事项。旨在为私募股权投资实际操作者提供一些科学、合理的参考和建议。
[Abstract]:Private equity investment originated in the United States at the end of the 19th century. Nowadays, in developed countries such as Europe and America, private equity funds have become an important source of capital for emerging enterprises, enterprises in financial distress and listed companies seeking merger and acquisition funds.Although private equity funds have been a relatively perfect investment and financing tool in foreign countries at present, due to the short time it has been introduced into China, coupled with the constraints of our macroeconomic policies and the development of our securities market,The development of private equity fund in our country is still in the initial stage.As a new way of investment, private equity investment has promoted the diversification of the main body of China's securities market, solved the difficult problem in the development of public offering funds, promoted the improvement of the operation level of the fund industry, and effectively utilized the social resources.The raising of funds to support growth enterprises has promoted the rapid development of Chinese enterprises, realized the intensive growth of enterprises, and greatly promoted the economic development of our country.In private equity investment operation process, exit this link is very important.The ultimate goal of any type of investment is to make a profit.The exit of private equity investment means the realization of its ultimate benefit.No matter how good a project is, no profit can be achieved without a safe and effective exit, or a failed exit.The different exit ways of private equity investment affect the inflow of enterprise value and profit.Different conditions of enterprises suitable for different exit ways, the impact of investment is also different, private equity investment institutions before the investment through the underlying enterprises to evaluate the different exit ways to determine its value,Judge whether or not to invest and the size of the investment.Therefore, the exiting link of enterprise value evaluation is particularly important.Based on the domestic and foreign research results, this paper introduces the theory of private equity investment and the theory of enterprise value evaluation, and analyzes the factors that influence the value of private equity investment.This paper introduces the evaluation method of enterprise value which is most suitable for the target enterprise under the different exit mode and the different selection of the evaluation method of the target enterprise with different exit methods.Finally, the paper puts forward the matters that should be paid attention to under the new situation.The purpose is to provide some scientific and reasonable references and suggestions for private equity investors.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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