关于PE投后释放协同效应的研究

发布时间：2018-05-31 14:16

本文选题：PE + 私募股权基金　；参考：《上海交通大学》2013年硕士论文

【摘要】：自上世纪90年代以来，私募股权基金在中国的发展已经有20多年了。特别是中小板开闸以后，给中国本土的私募基金提供了很好的退出渠道，，因此最近几年中国的PE行业发展得相当迅速。然而，进入2012年，私募股权基金在中国的发展模式发生了一些变化。随着二级市场行情的下跌，证监会停止审核IPO并且开始进行核查，私募基金在传统的退出渠道受阻，通过一二级市场赚差价的简单模式被终结。由于传统的纯财务投资模式渐渐失效，PE无法长期赚取超额利润，因此PE必须转而挖掘被投资企业的价值，重视在投资后释放协同效应，才能从本质上提升企业价值，从而在长期的投资中获取利润。本文介绍了中国近年来私募股权投资行业所遭遇的发展瓶颈，阐述了PE行业要生存发展必须向综合投资者转型，并且其中的关键便是对企业进行充分研究，如何发挥投后的协同效应。其中，第一章为绪论，主要介绍了中国私募投资业的现状和遭遇的困境；第二章分析了PE作为纯财务投资者的模式为何无法长期为基金带来超额利润，必须转型为综合投资者；第三章围绕了作为综合投资者投资理念核心的协同效应，研究分析了基金应该从强化公司战略、规范企业架构、整合外部资源、进行合规辅导，强调财务控制、加强人事管理等六方面对公司进行提升，才能发挥正确的协同效应；第四章采用例证分析，分别通过通过IDG投资康辉医疗的成功案例和阿波罗基金投资迈图高新失败的案例，并结合财务报表的对比，从上一章的六个方面分析阐述了如何发挥协同效应以及所带来的后果；最后一章是结论部分，通过了上述部分的论述得出了说明了只有使用适合企业自身的方法，才能充分有效地发挥协同效应，从而取得私募股权基金投资成功和企业经营成功的双赢效果的结论。
[Abstract]:Private equity funds have been developing in China for more than 20 years since the 1990 s. Especially after the small and medium board opening, private equity funds in China provide a good exit channel, so in recent years, the PE industry in China has developed quite rapidly. However, into 2012, private equity funds in China's development model has undergone some changes. As the secondary market fell, the CSRC stopped reviewing IPO and began checking. Private equity funds were blocked in traditional exit channels and the simple model of making a difference in the primary secondary market was ended. Because the traditional pure financial investment mode is gradually invalid, PE can not earn excess profits for a long time, so PE must turn to excavate the value of the invested enterprise and pay attention to releasing the synergy effect after the investment, in order to enhance the enterprise value in essence. In order to make a profit in the long-term investment. This paper introduces the bottleneck in the development of private equity investment industry in China in recent years, and expounds that the PE industry must be transformed to comprehensive investors in order to survive and develop, and the key is to make a full study of the enterprises. How to play the synergy after investment. The first chapter is the introduction, which mainly introduces the current situation and difficulties of China's private equity investment industry, the second chapter analyzes why PE, as a pure financial investor, can not bring excess profits to the fund for a long time, and must be transformed into a comprehensive investor. The third chapter focuses on the synergetic effect, which is the core of the investment concept of comprehensive investors, and analyzes that the fund should strengthen the company strategy, standardize the enterprise structure, integrate external resources, conduct compliance guidance, and emphasize financial control. Strengthening personnel management and other six aspects to enhance the company can bring into play the correct synergistic effect. Chapter four adopts the example analysis, respectively through the successful case of IDG investment in Kanghui medical treatment and the case of Apollo fund investment in Maitu high-tech failure. Combined with the comparison of financial statements, this paper analyzes how to bring synergy and its consequences into full play from six aspects of the previous chapter. The last chapter is the conclusion. Through the discussion of the above part, the author draws the conclusion that only by using the method suitable for the enterprise itself, can the synergy effect be fully and effectively brought into play, and the win-win effect of the investment success of private equity fund and the success of enterprise management can be obtained.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】