中国私募股权投资退出机制研究

发布时间：2018-04-04 15:27

本文选题：私募股权投资　切入点：退出机制　出处：《首都经济贸易大学》2013年硕士论文

【摘要】：伴随着金融危机和债务危机的持续性影响，全球都弥漫着萧条的气息。在经历了四万亿基建投资和一系列反周期政策的推动后，我国的经济最终也未能幸免于难，2012年初政府就已经提出了保八的政策目标，经济增长前景令人堪忧。与之相对应的私募股权市场也进入了寒冬，面临着行业的洗牌，全民PE的黄金时代一去不复返。众所周知，私募股权投资基金的发展对于一国经济的增长、中小企业的融资、高新技术的发展以及产品服务的创新都有着不可替代的重要作用。也正是在这个困难时期，我国的经济增长、产业结构的调整、中小企业的融资都更加需要私募股权投资基金的支持，因此找出并排除私募股权市场发展的障碍，推动其健康发展具有重要的理论意义和现实意义。私募股权投资基金的运作环节包括资金筹集、项目投资及管理和退出三大环节。其中关系到私募股权投资基金循环运作的关键环节就是退出。只有顺畅的退出机制才能保证私募股权投资基金的收益实现和可持续发展。由于我国私募股权投资基金发展起步晚，在退出机制上还存在很多障碍和问题，这些问题如不加以重视和解决，将极大地制约我国私募股权投资市场的发展和作用发挥。本文基于私募股权投资基金退出相关理论和国内现状，对我国私募股权投资基金退出机制展开了研究和分析。主要包括五个主体部分：第一章是私募股权投资相关文献综述，主要介绍关于私募股权投资退出的国内外研究现状。第二章主要是对于私募股权投资的相关理论介绍，包括其定义、分类和运作流程。第三章属于私募股权投资退出机制的理论研究。首先阐述了退出机制的概念和意义，强调了退出机制在私募股权投资运作过程中的重要性；其次，简单介绍了几种最常用的退出方式并加以分析比较，说明采用每种方式的优势和缺陷；最后重点进行了私募股权投资退出影响因素的分析，从宏观经济周期、资本市场环境、法律环境、受资企业所处行业、退出的交易成本、投资机构成熟度、资金来源和中介服务环境等八个方面分别展开。第四章结合具体数据，总结出我国私募股权投资退出机制的发展现状和问题。这一章属于提出问题环节，是本文的研究重点，笔者根据对于退出机制的理解和定义，分别从我国PE市场的退出现状和外部环境两大方面入手，，较为详细地总结出现存的问题。本文最后一章针对以上问题，从投资机构和政府两个角度分别提出完善我国私募股权投资退出机制的建议，文章写作的最终意义也就在此。
[Abstract]:With the persistence of the financial crisis and debt crisis, the world is filled with depression.After 4 trillion infrastructure investment and a series of counter-cyclical policies, China's economy was unable to escape the government's policy goal of "Bao8" in early 2012, and the economic growth prospects are worrying.The corresponding private equity market has entered the winter, facing the industry reshuffle, the golden age of PE is gone.As we all know, the development of private equity investment fund plays an irreplaceable role in the growth of national economy, the financing of small and medium-sized enterprises, the development of high and new technology and the innovation of products and services.It is also in this difficult period that China's economic growth, the adjustment of industrial structure, and the financing of small and medium-sized enterprises all need the support of private equity investment funds more and more, so find out and remove the obstacles to the development of the private equity market.It has important theoretical and practical significance to promote its healthy development.The operation of private equity fund includes three links: fund raising, project investment and management and withdrawal.One of the key links related to the circulation of private equity investment funds is withdrawal.Only a smooth exit mechanism can guarantee the income realization and sustainable development of private equity investment fund.Due to the late development of private equity funds in China, there are still many obstacles and problems in the withdrawal mechanism. If these problems are not paid attention to and solved, they will greatly restrict the development and role of private equity investment market in China.Based on the theory of withdrawal of private equity funds and the current situation in China, this paper studies and analyzes the exit mechanism of private equity funds in China.It includes five main parts: the first chapter is the literature review of private equity investment, mainly introduces the domestic and foreign research status of private equity investment withdrawal.The second chapter mainly introduces the theory of private equity investment, including its definition, classification and operation process.The third chapter is the theoretical study of private equity withdrawal mechanism.First of all, this paper expounds the concept and significance of exit mechanism, emphasizes the importance of exit mechanism in the process of private equity investment, secondly, briefly introduces several most commonly used exit methods and analyzes and compares them.Finally, it analyzes the factors influencing the withdrawal of private equity investment, from the macroeconomic cycle, the capital market environment, the legal environment, the industry in which the funded enterprise is located, the transaction cost of the exit.Investment institutions maturity, funding sources and intermediary service environment and other eight aspects of the development.Chapter four summarizes the current situation and problems of withdrawal mechanism of private equity investment in China.This chapter belongs to putting forward questions and is the focus of this paper. According to the understanding and definition of exit mechanism, the author summarizes the existing problems in detail from the two aspects of exit status and external environment of PE market in China.In the last chapter, the author puts forward the suggestion of perfecting the exit mechanism of private equity investment from the angle of investment institution and government respectively, and the final significance of the article is also here.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【引证文献】