我国企业上市前私募股权投资定价影响因素研究

发布时间：2018-04-16 08:00

本文选题：私募股权投资 + 企业价值评估　；参考：《中央民族大学》2012年硕士论文

【摘要】：近年来,私募股权投资逐渐成为我国资本市场上的热点话题。很多企业通过采用私募股权融资的方式来筹集资金,实现自身价值的加速增长,这直接带动了我国私募股权投资行业的蓬勃发展。尤其是随着三板市场和创业板市场的成功推出,我国多层次资本市场体系的建设日益完善,为众多私募股权投资基金拓宽了投资渠道、完善了退出渠道,促进了我国私募股权投资行业进入了新一轮飞速发展的时期。根据私募投资者进入企业时点的不同,可以将私募股权投资资本分为不同的类型。其中Pre-IPO资本又被称为上市前的私募股权投资。上市前的私募股权投资能否顺利进行并取得成功,与其进入时的股权定价有很大的关系。然而目前我国对上市前私募股权投资定价方面的研究甚少,缺少理论的研究显然不利于私募股权投资在我国的发展。针对这种情况,本文从私募股权投资者的角度出发,对影响我国上市前私募股权投资定价的相关因素,以及具体的定价方法进行了较为详细的探讨与研究。本文通过选取上市前进行过私募并成功实现私募退出的企业作为研究样本,进行了相关回归分析,证实了上市前私募价格与私募进入时目标企业的每股收益、平均市盈率、IPO价格等财务因素成正比关系,而与IPO时间成反比关系。同时,本文还通过理论分析与规范研究的方法,对影响上市前私募股权投资价格的非财务因素进行了梳理,指出上市前私募价格还受企业的成长潜力、企业所属行业的特点、企业管理团队的素质、私募投资者谈判能力与技巧等非财务因素的影响。在此基础上,本文指出对上市前私募股权投资进行定价时,需要采用将财务因素和非财务因素相结合,以及多种价值评估方法相结合的分析思路与方法。本文的最大贡献在于系统地分析了影响上市前私募股权投资定价的财务因素与非财务因素,并提供了上市前私募股权投资定价的具体思路与方法。同时通过分析我国私募股权市场未来的发展趋势,对如何更好的进行私募股权投资定价提出了相关建议。
[Abstract]:In recent years, private equity investment has gradually become a hot topic in China's capital market.Many enterprises use private equity financing to raise funds to achieve the accelerated growth of their own value, which directly drives the vigorous development of the private equity investment industry in China.In particular, with the successful launch of the third board market and the gem market, the construction of the multi-level capital market system in China has been increasingly improved, which has widened the investment channels and improved the exit channels for many private equity investment funds.Promote our private equity investment industry into a new round of rapid development period.Private equity capital can be divided into different types according to the time when private equity investors enter the enterprise.Among them, Pre-IPO capital is also called private equity investment before listing.Whether the private equity investment before listing is successful or not has a great relationship with the stock pricing at the time of entry.However, there is little research on the pricing of private equity investment before listing in China, and the lack of theoretical research is obviously not conducive to the development of private equity investment in China.In view of this situation, this paper, from the perspective of private equity investors, discusses and studies in detail the factors affecting the pricing of private equity investment before listing in China, as well as the specific pricing methods.In this paper, we select the enterprises that have been private placement before listing and successfully realize private placement exit as the research sample, and carry out correlation regression analysis, and prove that the price of private equity before listing and the earnings per share of the target company when private equity enters into the market.Financial factors such as average price-earnings ratio and IPO price are proportional and inversely proportional to IPO time.At the same time, through the method of theoretical analysis and normative research, this paper combs the non-financial factors that affect the price of private equity investment before listing, and points out that the private equity price before listing is still affected by the growth potential of the enterprise and the characteristics of the industry of which the enterprise belongs.The quality of the management team, private equity investors negotiating ability and skills and other non-financial factors.On this basis, this paper points out that when pricing private equity investment before listing, we need to combine financial factors with non-financial factors, as well as a variety of valuation methods.The greatest contribution of this paper is to systematically analyze the financial factors and non-financial factors that affect the pricing of private equity investment before listing, and provide the specific ideas and methods of pricing private equity investment before listing.At the same time, through the analysis of the future development trend of private equity market in China, put forward some suggestions on how to better private equity investment pricing.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51

【参考文献】