私募股权投资绩效评价研究

发布时间：2018-01-06 14:10

本文关键词：私募股权投资绩效评价研究　出处：《武汉理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：上世纪90年代,私募股权投资在中国还鲜为人知。近年来,私募股权投资开始在华夏大地蓬勃发展起来。伴随着私募股权投资的快速发展,其所创造的一个个财富故事引起人们的广泛关注。西部矿业投资案、阿里巴巴投资案以及完美时空投资案等“黄金回报”案例的频频发生,更是增加了私募股权投资的吸引力。于是越来越多的投资者坚信私募股权投资能够产生巨大的投资回报,以致更多的资本流入该领域,所成立的基金数目越来越多,投资的规模也越来越大。然而,相对于快速发展的私募股权投资实务,该领域的相关理论以及实践问题的研究却相当薄弱。尤其是该种投资方式的绩效评价问题。私募股权投资作为一种投资方式,其最终目的也是寻求退出以获得投资回报。那么对于投资者来说,影响投资回报的因素有哪些?如何实现高额投资回报?这些都归结为私募股权投资的绩效分析与评价问题。这是投资者所关心的,也是理论界亟待研究的问题。因此,对私募股权投资的绩效进行研究具有较强的现实意义和理论意义。在已有研究成果的基础上,以私募股权投资的“投资—培育管理—退出—再投资”的循环特征为依据,以各个阶段绩效的影响因素为切入点,分阶段对绩效进行评价,建立了较完善的私募股权投资绩效评价体系,从而有助于投资者对私募股权投资的绩效有一个全面的认识。研究内容主要包括：投资阶段(主要是项目筛选),绩效评价的内容是如何筛选出有价值的投资项目,分析了投资项目的筛选标准,在此基础上建立了投资项目的筛选评价模型；培育管理阶段,绩效评价的内容是如何提升投资项目的价值,分析了培育目标评价和成长性评价的评价指标,构建了由培育目标评价和成长性评价构成的衡量培育管理阶段绩效的综合评价体系；退出阶段,绩效评价的内容是在何时以何种方式退出可以获得最佳回报,分析了影响私募股权投资退出方式和退出时机选择的因素,然后依据实物期权理论构建了退出方式和退出时机的综合决策模型。
[Abstract]:In -10s, private equity investment in China is still unknown. In recent years, private equity investment began to flourish in China. With the rapid development of private equity investment. The wealth stories it created have attracted people's attention. The case of mining investment in the west, the case of Alibaba investment and the case of perfect space-time investment and other cases of "gold return" occurred frequently. This has increased the attractiveness of private equity investment, so more and more investors believe that private equity investment can generate huge investment returns, so that more capital flows into this area. The number of funds established is increasing, and the scale of investment is growing. However, compared with the rapid development of private equity investment practice. However, the research on the theory and practice in this field is rather weak, especially the performance evaluation of this kind of investment. Private equity investment as an investment method. The ultimate goal is also to seek out to obtain a return on investment. So for investors, what factors affect the return on investment? How to achieve high return on investment? All these can be attributed to the performance analysis and evaluation of private equity investment, which is the concern of investors and the urgent problem to be studied in the theoretical circle. It is of great practical and theoretical significance to study the performance of private equity investment. On the basis of the existing research results, based on the characteristics of the cycle of "investment-nurture management-exit-reinvestment" of private equity investment, and the factors affecting the performance of each stage as the breakthrough point. The performance is evaluated in stages, and a more perfect performance evaluation system of private equity investment is established. This will help investors to have a comprehensive understanding of the performance of private equity investment. The research mainly includes: investment stage (mainly project screening). The content of the performance evaluation is how to screen out the valuable investment projects, analyze the selection criteria of the investment projects, and establish the selection evaluation model of the investment projects on this basis. In the stage of cultivation management, the content of performance evaluation is how to enhance the value of investment projects, and the evaluation index of cultivation objective evaluation and growth evaluation is analyzed. A comprehensive evaluation system for evaluating the performance of cultivation management is constructed, which is composed of cultivation objective evaluation and growth evaluation. In the exit stage, the content of performance evaluation is when and in which way exit can get the best return, and analyzes the factors that affect the exit mode and exit timing of private equity investment. Then, according to the real option theory, a comprehensive decision model of exit mode and exit timing is constructed.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F224

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