广州H公司的PE FOFs的创设与投资策略研究

发布时间：2018-06-02 05:00

本文选题：私募股权投资母基金 + 基金中基金　；参考：《广东财经大学》2017年硕士论文

【摘要】：随着全球经济从商品经济逐步进入以资本推动为主导的科技创新经济,私募股权投资已成为资本市场上最具影响力的主体之一,对推动经济发展起着不可忽视的作用。我国私募股权投资行业在2015-2016年爆发式发展后,截止2016年上半年,私募股权基金的管理资本规模已达6万亿,成为全球第二大私募股权投资市场。从美国股权投资的发展历程来看,私募股权投资的出现支持了实体经济并促进创新创业企业的快速发展,而私募股权投资母基金(PE FOFs)是私募股权基金行业发展到一定阶段的产物。本文首先从PE FOFs行业发展概况和问题分析、对广州H公司的业务现状、公司发展PE FOFs的SWOT分析以及未来发展机遇进行一个较为全面的应用梳理,结合相关理论知识和工作实践经验,在前人对于私募股权投资研究成果基础上,运用规范研究、比较研究、逻辑推理、案例分析法等研究方法来探讨公司如何因势导利切入发展PE FOFs,并制定该业务创设实务和投资战略。从总的战略规划、组织形式选择和模式设计、创始合伙人选择、运作流程设立、典型条款设立等方面创设PE FOFs。制定广州H公司的投资策略,包括资产配置策略、选择子基金管理人策略、募集策略、投后管理策略和退出策略。结合实践过程中的反馈和评价提出相应的改进建议。最后对文章进行总结,认为广州H公司在PF FOFs方面有广阔的发展前景、公司专业化运作PE FOFs符合行业趋势、PE FOFs国际化运作是公司的机遇、PE FOFs的投资群体将扩展、市场化PE FOFs是民营资本重要出路。虽然PE FOFs行业的困难和挑战依然存在,但PE FOFs也会促进股权投资行业更良性的发展,加剧行业的优胜劣汰。
[Abstract]:With the global economy gradually moving from commodity economy to capital-driven science and technology innovation economy, private equity investment has become one of the most influential subjects in the capital market and plays an important role in promoting economic development. After the explosive development of China's private equity investment industry in 2015-2016, by the first half of 2016, the size of private equity funds' managed capital has reached 6 trillion, making it the second largest private equity investment market in the world. From the perspective of the development of American equity investment, the emergence of private equity investment has supported the real economy and promoted the rapid development of innovative and entrepreneurial enterprises. Private equity investment parent fund PE FOFs is the product of the development of private equity fund industry to a certain stage. In this paper, first of all, from the general situation of PE FOFs industry development and problem analysis, the present business situation of Guangzhou H Company, the SWOT analysis of PE FOFs development and the future development opportunities of Guangzhou H Company are analyzed. Combined with relevant theoretical knowledge and working experience, on the basis of previous research results on private equity investment, the use of normative research, comparative research, logical reasoning, Case analysis and other research methods to explore how the company to develop PE FOFs, and to formulate the business creation practice and investment strategy. Create PE FOFsfrom general strategic planning, organizational form selection and pattern design, founding partner selection, operation process establishment, typical clause establishment, etc. To formulate the investment strategy of Guangzhou H Company, including asset allocation strategy, sub-fund manager strategy, fund-raising strategy, post-investment management strategy and exit strategy. Combined with feedback and evaluation in the process of practice, the corresponding suggestions for improvement are put forward. In the end, the author concludes that Guangzhou H Company has a broad development prospect in PF FOFs, and the professional operation of PE FOFs is in line with the industry trend. The international operation of PE FOFs is an opportunity for the company to expand the investment group of PE FOFs. Market-oriented PE FOFs is an important outlet for private capital. Although the difficulties and challenges of PE FOFs industry still exist, PE FOFs will also promote the more benign development of equity investment industry and aggravate the survival of the fittest industry.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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