私募股权投资以并购方式退出的研究

发布时间：2018-04-30 06:29

本文选题：私募股权投资 + 退出　；参考：《安徽大学》2012年硕士论文

【摘要】：私募股权投资的退出是指私募投资者在投资项目之后,对该项目进行技术、管理上的支持,从而使该项目的价值得到增值,并最终通过撤出在该项目中的资金来获得投资回报。退出方式主要包括IPO、并购、股权转让、清算等,而私募股权投资者可以根据退出的时机和投资回报大小等情况来选择以何种方式撤出资金。IPO方式是私募股权资本退出的高收益渠道,并可为私募投资者们带来较高的名誉。但鉴于目前整个资本证券市场有限的上市机会和严格的上市条件,IPO方式退出投资项目也越显现出困难,因此,未来私募股权投资以并购方式退出是必然的选择。本文主要研究私募股权投资的退出,包括对各种私募退出方式的介绍以及对影响选择何种退出方式的因素进行分析。通过对比国内外私募股权投资市场的退出数据情况发现,发达国家私募股权投资退出方式的选择以并购出售为主,而我国私募股权投资的退出在很大程度上依赖于IPO方式,以并购出售方式退出投资的比重很小。文章以私募股权投资的退出为主线,并着重研究了并购退出方式。文章主要分为五个部分,第一部分为绪论,包括论文研究背景、研究意义以及文献综述,通过对当前我国私募股权投资退出方式的不平衡性背景的介绍,引出私募并购退出方式研究的必要性；第二部分对私募股权投资行业的介绍,包括对私募股权投资的定义解释,对私募股权市场的介绍以及对美国和我国私募股权投资行业发展的概述。该部分还重点研究了私募股权投资的退出,包括退出的意义、各种退出方式、以及影响选择何种退出方式所考虑的因素；第三部分分析比较了国内外私募股权投资的退出,然后简单说明了我国私募退出的现状,并分析了导致这种状况的原因。第四部分研究私募的并购退出方式,客观地分析了并购退出的优劣势以及并购带来的效应,并从出售方的视角论述了并购的程序,最后举例分析了一桩并购退出的案例；第五部分给出了关于如何推动我国私募股权投资以并购方式退出的一些对策建议。作者在参考了大量的国内外文献的基础之上,总结分析了关于私募退出方面的内容。同时本文结合了我国私募股权投资的退出现状,并分析了产生这种现状的原因,在此基础之上给出了相应的对策建议。本文的目的是让企业家和私募股权投资者能进一步认识并购退出方式,为其在实践操作中提供一定参考；同时本文还希望能为我国私募股权投资市场退出不平衡性的打破和渠道的拓宽做出微薄贡献。
[Abstract]:The withdrawal of private equity investment means that private equity investors support the project technically and administratively after investing in the project, so that the value of the project can be added, and finally the return on investment can be obtained by withdrawing the funds in the project. Exit methods mainly include IPO, M & A, equity transfer, liquidation, etc. Private equity investors can choose which way to withdraw funds. IPO is a high income channel of private equity capital withdrawal and can bring a higher reputation for private equity investors according to the exit time and investment return. However, in view of the limited opportunities and strict listing conditions of the whole capital securities market at present, it is more and more difficult to exit from the investment project by IPO, so it is inevitable for private equity investment to exit by means of merger and acquisition in the future. This paper mainly studies the withdrawal of private equity investment, including the introduction of various private equity exit methods and the factors affecting the choice of exit methods. By comparing the exit data of private equity investment market at home and abroad, it is found that the choice of exit mode of private equity investment in developed countries is mainly M & A sale, while the exit of private equity investment in China depends on the IPO mode to a great extent. The proportion of exit investment by M & A sale is very small. This article takes the withdrawal of private equity investment as the main line, and emphatically studies the exit mode of M & A. The article is divided into five parts. The first part is the introduction, including the research background, research significance and literature review. The second part introduces the industry of private equity investment, including the definition of private equity investment. Introduction to the private equity market and an overview of the development of the private equity investment industry in the United States and China. This part also focuses on the withdrawal of private equity investment, including the significance of exit, various exit methods, and the factors that affect the choice of exit. The third part analyzes and compares the withdrawal of private equity investment at home and abroad. Then it briefly explains the current situation of private equity withdrawal in China, and analyzes the reasons leading to this situation. The fourth part studies the private equity merger and acquisition exit, objectively analyzes the advantages and disadvantages of merger and acquisition exit and the effect of merger and acquisition, and discusses the process of merger and acquisition from the perspective of the seller. Finally, an example is given to analyze the case of merger and acquisition exit. The fifth part gives some countermeasures and suggestions on how to push private equity investment to exit by M & A in China. On the basis of reference to a large number of domestic and foreign literatures, the author summarizes and analyzes the contents of private equity withdrawal. At the same time, this paper combines the exit status of China's private equity investment, and analyzes the reasons for this situation, on the basis of this, gives the corresponding countermeasures and suggestions. The purpose of this paper is to enable entrepreneurs and private equity investors to further understand the mode of merger and acquisition exit, and to provide a certain reference in practice. At the same time, this paper also hopes to make a modest contribution to breaking the imbalance of private equity market withdrawal and widening channels.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48

【引证文献】