招商局中国基金从银光传媒退出方式研究

发布时间：2018-06-08 12:44

本文选题：私募股权基金 + 退出机制　；参考：《湖南大学》2012年硕士论文

【摘要】：私募股权投资是指以私募形式对具有高增长潜力的未上市企业进行权益性投资，并参与被投资企业的经营管理，以期所投资企业发育成熟后通过上市、并购或管理层回购等退出方式实现资本增值的投资活动。私募股权投资作为一种先进的投资模式，，可以提高公司透明度和公司治理水平，提升公司的竞争力，提升股票市场整体水平，是经济调整和升级的推动力量，在金融业中占据特殊的地位，对于发挥资本市场资源优化配置的功能有着不可替代的作用。私募股权投资基金的运作环节包括资金筹集、项目选择和退出三大环节。其中对私募股权投资基金整体发展影响最大的就是退出环节，是否能够成功的以某种方式从目标企业套现退出是私募股权基金投资成功与否的标志。本文以招商局中国基金为研究对象深入探讨私募股权投资退出问题，在介绍其投资对象银光传媒的基础上，通过对招商局基金投资行为以及退出方式偏好研究，结合国内外资本市场监管制度及经济环境分析，借鉴国内成功的PE退出案例，为招商局基金设计出一条实现投资收益最大化的退出之路。论文主要包括四个部分：第一章是私募股权投资相关文献综述，首先介绍了我国私募股权投资基金的发展现状、私募股权投资概念和私募股权投资退出的国内外研究现状，随后又用数据说明我国私募股权投资基金退出方式现状。对三种典型退出方式进行比较分析，这三种退出方式包括了首次公开发行、股权转让以及清算退出。第二、三章结合招商局基金以及银光传媒现状对招商局基金可能的退出方式进行可行性分析。最后一章运成本收益法对影响私募股权基金退出时间和退出方式各种因素进行分析，对招商局中国基金不同退出方式的偏好程度进行排序。文章将各种影响因素分为两大类：成本因素和收益因素。所分析的成本因素主要包括：信息不对称所引发的成本、公司治理成本、流动性成本、交易成本以及私募股权基金存续期限制所造成的机会成本；收益因素主要包括：协同效应、再融资的能力、新股热销所带来的收益。在上述分析的基础上，最后对各种退出方式进行比较，选择一条最适合招商局基金的退出之路。
[Abstract]:Private equity investment refers to private equity investment in the form of private equity to unlisted enterprises with high growth potential, and participate in the operation and management of invested enterprises, with a view to the development and maturity of the invested enterprises through the listing, M & A or management buyback and other exit ways to achieve capital appreciation of investment activities. As an advanced investment model, private equity investment can improve the transparency and corporate governance level of the company, enhance the competitiveness of the company, enhance the overall level of the stock market, and is the driving force for economic adjustment and upgrading. It plays an irreplaceable role in exerting the function of optimizing the allocation of resources in the capital market. The operation of private equity funds includes three links: fund raising, project selection and withdrawal. Among them, the biggest impact on the overall development of private equity investment funds is the withdrawal link. Whether or not we can successfully withdraw from the target enterprise is the symbol of the success of private equity investment. This paper takes China Merchants Bureau China Fund as the research object to explore the issue of private equity investment exit. On the basis of introducing its investment object, Yinguang Media, through the research on the investment behavior and exit mode preference of China Merchants Bureau, combining with the analysis of domestic and foreign capital market supervision system and economic environment, the paper draws lessons from the successful PE exit case in China. The thesis mainly includes four parts: the first chapter is the literature review of private equity investment. Firstly, it introduces the current situation of private equity investment fund in China. The concept of private equity investment and the research status of private equity investment exit at home and abroad, and then use the data to illustrate the current situation of private equity investment fund exit in China. This paper makes a comparative analysis of three typical exit modes, which include initial public offering, equity transfer and liquidation exit. Second, the third chapter analyzes the feasibility of the possible exit of CMB fund combined with the current situation of CMB and Yinguang Media. In the last chapter, the author analyzes the factors that affect the exit time and exit mode of private equity fund, and sorts out the preference of China Merchants Bureau. The article divides all kinds of factors into two categories: cost factor and profit factor. The cost factors analyzed include: the cost caused by asymmetric information, the cost of corporate governance, the cost of liquidity, the cost of transaction and the opportunity cost caused by the restriction of the duration of private equity fund; Income factors mainly include: synergy, refinancing ability, new shares hot-selling income. On the basis of the above analysis, this paper compares various exit methods, and chooses the exit path that is most suitable for CMB fund.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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