私募股权投资的博弈机理和交易结构设计

发布时间：2019-03-13 16:33

【摘要】：近年来,私募股权(PE)投资在我国刚刚引入就得到蓬勃的发展,这固然有国内经济发展的阶段性背景和金融系统结构性矛盾的外在因素在起作用,但PE独特的投资模式和旺盛的生命力才是内在的决定性因素。在国内PE的投资实践中,Term Sheet和投资协议是非常重要的一个环节,海外标准款的Term Sheet及其在国内的适应性调整,正是本文逻辑的起点。本文基于私募股权基金的项目风险管理的视角,对交易结构的条款进行分析和探讨,将PE投资风险管理的过程分为事前、事中和事后三个阶段,PE基金综合运用项目筛选、价值评价、风险分析、交易结构设计、投资后管理、密切的信息交流、增值服务、多元化的退出渠道等多种工具和手段,对项目风险分别采取了规避、消除、降低、分担、转移、保留等不同的风险应对策略。然而,在所有的风险应对措施中,交易结构设计处于承前启后、总领全局的核心地位和作用。因此,本文抓住交易结构设计这个中心话题,展开了细致的解析和全面的讨论。本文总共六章。第一章阐述了研究的背景、意义,介绍了研究的思路、方法和目的,说明了主要内容、框架结构以及创新和不足；第二章介绍了私募股权(PE)投资的概念、内涵、产生机理、相对优势和风险特征,然后通过Term主要条款引出交易结构设计的概念；第三章深入探讨了不对称信息下的二元博弈机理和博弈工具的期权原理及其对交易结构设计的启示；第四章阐述了交易结构设计的概念、关键要素、基本原则和操作流程；第五章从实践操作的角度进一步分解了交易结构设计的关键要素；第六章通过案例分析展示了风险识别和交易结构设计的过程。本文的创新在于深化了对交易结构的理解和认识,分别从交易结构的风险管理本质和改善博弈形式的内在机理,两个方面做了详细的论述和展开,提出了自已对交易结构设计的概念界定,阐述了交易结构设计的原则和方法,并结合具体案例展示了交易结构设计的实践应用。交易结构设计是一门服务于投资实践的,以价值创造为目标、风险管理为导向,以信息经济学、博弈论、委托代理理论为分析工具,以制度和机制设计理论、实物期权理论、风险管理理论为指导思想,以激励约束为核心内容,以金融工具和治理工具为实施手段,以保护性和配套性条款为辅助措施,以法律和文化环境为依托背景,将直接投资及风险管理作业工程化的应用学科。
[Abstract]:In recent years, the private equity (PE) investment has just been introduced into our country to get the vigorous development, this certainly has the domestic economic development stage background and the financial system structural contradiction external factor to play the role, But the unique investment mode and vigorous vitality of PE are the internal decisive factors. In the domestic PE investment practice, Term Sheet and investment agreement are very important links, overseas standard Term Sheet and its adaptation in China is the logical starting point of this paper. Based on the perspective of project risk management of private equity funds, this paper analyzes and discusses the terms of transaction structure, and divides the process of PE investment risk management into three stages: pre -, middle-and post-event. PE funds are screened for comprehensive use of projects. Value evaluation, risk analysis, transaction structure design, post-investment management, close information exchange, value-added services, diversified exit channels and other tools and means, to the project risk avoidance, elimination, reduction, sharing, etc. Transfer, retention and other risk response strategies. However, in all the risk response measures, the transaction structure design is in the core position and function of the overall situation. Therefore, this article grasps the trade structure design this central topic, launches the meticulous analysis and the comprehensive discussion. This article consists of six chapters. The first chapter describes the background and significance of the research, introduces the ideas, methods and purposes of the research, explains the main content, framework structure, innovation and deficiencies; The second chapter introduces the concept, connotation, mechanism, comparative advantage and risk characteristics of private equity (PE) investment, and then introduces the concept of transaction structure design through the main terms of Term. The third chapter deeply discusses the mechanism of dualistic game under asymmetric information, the option principle of game tools and its inspiration to the design of transaction structure, the fourth chapter expounds the concept, key elements, basic principles and operation process of transaction structure design. The fifth chapter further decomposes the key elements of transaction structure design from the point of view of practical operation, and the sixth chapter shows the process of risk identification and transaction structure design through case analysis. The innovation of this paper is to deepen the understanding and understanding of the transaction structure, respectively from the nature of risk management of the transaction structure and the internal mechanism of improving the game form, which are discussed and unfolded in detail in two aspects. This paper puts forward the definition of transaction structure design, expounds the principles and methods of transaction structure design, and shows the practical application of transaction structure design in combination with concrete cases. Transaction structure design is a service to investment practice, with value creation as the goal, risk management as the direction, information economics, game theory, principal-agent theory as the analytical tools, system and mechanism design theory, real option theory, and so on. Risk management theory as the guiding ideology, incentive and restraint as the core content, financial instruments and governance tools as the means of implementation, protective and matching provisions as auxiliary measures, legal and cultural environment as the background, The application of direct investment and risk management in engineering.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48

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