中国并购基金发展模式选择研究

发布时间：2018-04-05 18:37

本文选题：私募股权投资基金　切入点：并购基金　出处：《天津财经大学》2012年硕士论文

【摘要】：随着中国私募股权投资基金实力的不断壮大和并购市场的日渐成熟,以及“十二五”规划调结构政策的推动,并购基金在中国开始蓬勃发展,呈现出良好的发展势头。但自2004年新桥投资收购深圳发展银行以来,外资并购基金纷纷抢滩中国市场,在中国并购市场中,本土并购基金的发展远远落后于外资并购基金。无论是凯雷收购徐工还是可口可乐收购汇源,都为中国保护本土龙头行业和知名品牌的发展敲响了警钟。快速培育和发展本土并购基金,对于保护中国产业安全,促进中国产业结构升级、增加产业链附加值、提升中国产业竞争力等均有着重要作用。而由于存在机制性的制约因素,本土并购基金在发展过程中面临着各式各样的难题和困境,在组织形式、募资渠道、投资模式和退出机制等多方面仍处于摸索阶段,适合本土并购基金的目标发展模式尚不明确。同时,中国学术界关于并购基金发展模式的理论研究较少,本土并购基金应以何种模式发展,本土并购基金现行发展模式中的难题如何解决,这些问题都亟待研究。因此,对中国并购基金发展模式选择的研究从实践和学术两方面来看都有着重要的意义。本文共分为五个部分：第一部分是导论,介绍研究目的与意义、国内外研究概况以及文章研究思路方法与创新之处；第二部分采用了定性研究法,从组织形式、募资渠道、投资模式和退出机制四个角度对并购基金的基本发展模式进行了归纳分析,并阐述了并购基金发展的理论基础；第三部分从中国并购基金发展现状入手,对中国并购基金现行发展模式的特点和存在问题进行了深入分析；第四部分采用案例分析法,以弘毅投资和KKR为例,对并购基金成功发展模式中的经验进行了分析和归纳；第五部分则在针对中国国情和借鉴成功经验的基础上,从组织形式、募资渠道、投资模式和退出机制四个方面对中国并购基金发展模式的选择给出了相关建议,提出：中国并购基金可选择政府引导控股型并购基金、大型机构设立参股型并购基金以及证券公司开展信托制参股型并购基金三种发展模式。
[Abstract]:With the strength of China's private equity funds and the maturity of the M & A market, and the promotion of the 12th Five-Year Plan, M & A funds began to flourish in China, showing a good momentum of development.However, since Xinqiao acquired Shenzhen Development Bank in 2004, foreign M & A funds have seized the Chinese market one after another. In the Chinese M & A market, the development of local M & A funds has lagged far behind that of foreign M & A funds.Both Carlyle's acquisition of Xugong and Coca-Cola 's acquisition of Huiyuan have sounded alarm bells for China's development of protecting its domestic leading industries and well-known brands.Rapid cultivation and development of local M & A funds play an important role in protecting China's industrial security, promoting the upgrading of China's industrial structure, increasing the added value of industrial chains, and enhancing China's industrial competitiveness.However, due to the institutional constraints, local M & A funds are facing various difficulties and difficulties in the process of development. They are still in the groping stage in many aspects, such as organizational form, fund-raising channels, investment model and exit mechanism, etc.The target development model suitable for local M & A fund is not clear.At the same time, there are few theoretical studies on the development model of M & A fund in Chinese academic circles, which mode should be adopted by the local M & A fund, and how to solve the problems in the current development model of the local M & A fund, these problems need to be studied urgently.Therefore, the research on the development mode of M & A funds in China is of great significance both in practice and academic aspects.This paper is divided into five parts: the first part is the introduction, the purpose and significance of the research, the domestic and foreign research situation, the research methods and innovations of the article, the second part uses the qualitative research method, from the organizational form, fund-raising channels,The paper summarizes and analyzes the basic development mode of M & A fund from four angles of investment model and exit mechanism, and expounds the theoretical basis of the development of M & A fund. The third part begins with the development of M & A fund in China.The characteristics and existing problems of the current development model of M & A fund in China are deeply analyzed. The fourth part uses the case analysis method, taking Hony Investment and KKR as examples, to analyze and summarize the experience in the successful development model of M & A Fund.In the fifth part, based on the situation of China and the successful experience, the author gives some suggestions on the choice of the development mode of China's M & A fund from four aspects: organizational form, fund-raising channel, investment model and exit mechanism.The paper points out that China's M & A funds can choose three development models: government-guided and shareholding M & A funds, shareholding M & A funds set up by large institutions and securities companies carrying out trust share-participating M & A funds.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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