私募股权投资项目评价研究

发布时间：2018-01-04 23:06

本文关键词：私募股权投资项目评价研究　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：私募股权投资基金的标的企业多是处于初创期的高新技术企业,这些企业最大特点在于股权不具有流动性,或流动性较差,且企业的产品未达到规模化生产,此类企业一般具有较高增长潜力,因此在私募股权投资基金退出后通常会获得较为丰厚的收益。与此同时,处于发展初期的企业由于其产品在未来市场中存在不确定性,或者企业的核心竞争力在未来市场竞争环境下的竞争能力存在不确定性,因此私募股权投资基金投资于这类企业会伴随有较高的风险性。私募股权投资基金起源于美国,随后融资规模和投资企业数量得到迅速发展,数据显示,2016年私募股权投资基金的投资总额已经超过公募基金投资总额,成为继商业银行信贷和企业主板上市(即IPO)的重要融资途径。从我国私募股权投资基金的发展历程来看,主要经历了起步期、快速发展期和规范监管期三个阶段。从私募股权投资的原理中可以看出其具有受资企业股权的非流动性所带来的较高风险、基金与受资企业之间的信息不对称性所带来的较高风险、以及基金投资期限较长所带来的较高风险的特点。从私募股权投资的运作流程来看,投资机构对于项目企业的评价和决策过程是关系到基金整体运营风险和收益的核心环节,而在实践工作经验中发现,目前国内私募股权投资基金在该阶段的审核流程缺乏科学性,通常采用的方式是基金经理根据丰富的从业经验对项目企业进行主观性判断,在整个评价和决策过程中缺乏一套系统而客观的评价方法和分析方式。本文选择“私募股权投资项目评价研究”题目,正是基于国内私募股权投资快速发展,但实践工作中投资机构对项目企业的评价和决策过程缺乏科学性的背景,本文试图将定性分析和定量分析相结合的基本研究思想运用到对私募股权投资的研究中。本文建立了基于主成分分析法的Logistic回归模型来对私募股权投资项目评价进行研究,从7个分类因素中选取了19个评价指标来综合反映项目企业的整体经营情况;此外,在考虑到受资企业所处行业的不同对企业经营和发展产生的不可比性,本文从9个基础行业分类中选取了45家样本企业,并以行业均值作为比较基准来使本文的分析具备广泛适用性。本文通过建立的模型对样本企业的评价指标进行量化分析后,根据实证结果发现影响私募股权投资项目综合评价结果的最主要因素体现为以下四个方面:第一,在各个评价因素中,行业因素对私募股权投资项目的综合评价结果影响程度最大,且行业因素与综合评价结果呈现正相关关系。第二,考虑到我国所面临的新的经济环境,即经济结构性调整期,私募股权投资在对项目做评价和筛选过程中,应当着重考虑受资企业的营运能力。且企业营运能力与综合评价结果呈现正相关关系,本文选取的营运能力评价指标中,对受资企业综合评价结果影响最大的指标是企业的相对存货周转率水平。第三,企业的偿债能力和资产结构是影响受资企业综合评价水平的另一个重要因素。本文在研究过程中选取了样本企业的相对资产负债率指标和相对流动性指标来反映受资企业的资产结构和偿债能力。研究结果表明,受资企业的综合评价水平与其相对资产负债率指标呈现负相关关系,而与其相对流动比率指标则呈现出正相关关系。第四,影响私募股权投资项目企业综合评价水平的另一个重要因素是受资企业的收益能力。本文在研究过程中选取了受资企业的相对销售毛利率水平作为衡量企业收益能力的代表性指标,研究结果表明,受资企业的综合评价水平与其相对销售毛利率指标呈现正相关关系,即具有较高毛利率水平的受资企业的综合评价结果要高于具有较低毛利率水平的受资企业。基于上述实证结论,私募股权投资基金在对项目企业进行综合评价过程中,应当重点考虑上述四个因素对受资企业的影响,并在此基础上给予受资企业综合评价结果进行比较,最终选择出最优的企业进行投资。
[Abstract]:Private equity investment fund of the target enterprise is in the high-tech enterprises in the start-up period, the biggest feature of these enterprises is that the ownership does not have the liquidity, or poor liquidity, and the product does not meet the scale of production, these companies generally have a higher growth potential, because the investment in private equity funds to exit after usually get more lucrative benefits. At the same time, in the early stages of the development of enterprise due to the uncertainty in the future market, or the core competitiveness of enterprises in the future market competition ability is uncertain, so the private equity investment fund to invest in such enterprises will be accompanied by a higher risk of private equity investment fund origin. In the United States, then the number of the scale of financing and investment enterprises have developed rapidly, data show that in 2016 the total investment of private equity investment fund has By more than the total amount of public fund investment, become the listed commercial bank credit and corporate board (IPO) is an important means of financing. From the development of China's private equity investment fund, mainly through the starting period, a period of rapid development and standardization of the supervision period of three stages. The principle of investment from private equity in the see the high risk of illiquidity funded enterprise's equity, higher risk caused by information asymmetry between the fund and enterprises, as well as high risk long investment term brought by private equity investment. From the operation process, for the evaluation of project investment institutions and enterprises the decision-making process is related to the core part of the overall operation of fund risk and return, and found in the practical work experience, the current domestic private equity investment fund in the stage of the audit process lack Science, is usually used for the subjective judgment of the project managers of enterprises according to the rich experience, in the evaluation and decision-making process lacks a systematic and objective evaluation methods and analysis methods. This paper chooses private equity investment project evaluation research topics, it is based on the rapid development of domestic private equity investment however, in the practice of investment institutions for project evaluation and decision-making process of enterprises lack of scientific background, this paper attempts to combine qualitative analysis and quantitative analysis of the basic research ideas are applied to the research on the right of private investment in the shares. This paper establishes the evaluation model of regression Logistic principal component analysis method to the investment of private equity based on a 7 stake in the project, from the classification factors selected 19 evaluation indicators to reflect the overall situation of project management of the enterprise; in addition, taking into account the The enterprises in the industry of enterprise management and development which is not comparable, this paper selects 45 sample companies from 9 basic industry classification, and with the industry average as compared to the benchmark has extensive applicability. In this paper, the evaluation index of sample enterprises by quantitative analysis through the establishment of the according to the model, the empirical results show that the main factors of the assessment of the impacts of private equity investment projects for the following four aspects: first, in the evaluation of various factors, the influence degree of the comprehensive evaluation results of industry factors on private equity investment projects, and industry factors and the comprehensive evaluation results showed positive correlation. Second, considering the to face our new economic environment, the economic structural adjustment period, private equity investment in the project evaluation and selection process, should be separately considered by the capital The operation of the enterprise competence and enterprise operation ability and comprehensive evaluation results showed a positive correlation between the operational ability evaluation index in this paper, the comprehensive evaluation results by funded enterprises the greatest impact is the relative index of inventory turnover level. Third, the debt repayment ability and asset structure is another important factor affecting by the comprehensive evaluation of the level of enterprises. Based on the study of the process of selecting a relative asset liability ratio of sample enterprises and relative liquidity index to reflect the asset structure and solvency of enterprises. The research results show that the comprehensive evaluation of the level of enterprises and the relative asset liability ratio is negatively related with the the relative liquidity ratio index showed a positive correlation. Fourth, another important factor affecting the comprehensive evaluation of the level of corporate private equity investment project is funded enterprises Earning power. In the process of research selected by funded enterprises relative sales gross margin as a representative measure of corporate profitability indicators, the results of the study show that, by the comprehensive evaluation of the level of enterprises and the relative sales gross margin index showed a positive correlation between the higher gross margin by the comprehensive evaluation of enterprises the result is higher than that with low level of gross margin by foreign enterprises. Based on the above empirical conclusion, private equity investment fund in the comprehensive evaluation of the project in the process of enterprise, should consider the four factors of the affected enterprises, and on this basis given by foreign enterprises comprehensive evaluation results were compared, the final choice the optimal business investment.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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