国内私募股权投资基金并购退出研究

发布时间：2018-01-01 23:24

本文关键词：国内私募股权投资基金并购退出研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：国内私募股权投资基金目前主要的退出方式包括IPO退出、并购退出、股权转售、股东回购和清算等。其中IPO退出渠道由于投资回报显著高于其他渠道，一直以来深受基金青睐。近年来国内证券市场一度暂停了IPO新股发行，基金偏好的IPO退出方式遇到不小阻碍。在此环境下，并购退出自2013年开始迅速崛起，吸引了国内基金密切关注，，有望在未来几年发展成为国内私募投资主要退出渠道之一。本文正是在当前国内投资退出环境背景下，重点研究私募股权投资的并购退出机制。本文主要分成五大部分，第一部分阐述分析国内私募股权投资行业发展历程及退出现状，引出并购退出机制研究的重要性；第二部分对国内外私募股权投资退出机制进行比较分析，包括国外私募投资退出方式概述，优劣势分析等；第三部分研究分析私募股权投资并购退出机制，重点研究并购退出的优劣势，以及并购操作程序等；第四部分分析国内私募股权投资基金并购退出案例,对硅谷天堂退出斯太尔、汇智创投退出凯力克两个典型案例进行重点分析；第五部分总结提出本文研究结论，并针对国内私募股权投资基金参与并购退出提出相关对策建议。本文希望通过研究探讨并购退出机制，为当前国内私募股权投资的退出实践操作提供重要参考。
[Abstract]:Domestic private equity investment fund is currently the main exit way including IPO exit, exit the merger, stock repurchase and resale, shareholders liquidation. The IPO exit channels as investment returns was significantly higher than that of other channels, has been well received by the favor of the fund. In recent years, the domestic stock market was suspended for the IPO IPO, the fund preference IPO exit does not meet small obstacles. In this environment, mergers and acquisitions exit since 2013 began to rise rapidly, has attracted close attention of domestic funds, is expected in the next few years to become one of the main channels from domestic private investment.
This article is in the current domestic investment environment, focusing on private equity mergers and exit mechanism. This paper is mainly divided into five parts, the first part describes the analysis of the development of the domestic private equity industry and exit status, leads to the importance of the research of mergers and acquisitions exit mechanism; comparative analysis of domestic and foreign private equity investment exit mechanism second some, including an overview of foreign private capital exit, analysis of advantages and disadvantages; the third part of the analysis of mergers and acquisitions of private equity exit mechanism, focus on the advantages and disadvantages of M & exit, and merger and acquisition procedures; the fourth part is the analysis of the domestic private equity funds to exit the merger case, the Silicon Valley paradise exit Steyr, Huizhi kailike two venture capital exit a typical case are analyzed; the fifth part is the conclusion of this research conclusion, and for the country Internal private equity funds participate in mergers and acquisitions exit, and put forward relevant countermeasures and suggestions. This paper hopes to explore merger and exit mechanism through research and provide important reference for current domestic private equity investment exit practice.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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