私募股权投资市场绩效研究

发布时间：2018-01-05 20:14

本文关键词：私募股权投资市场绩效研究　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：私募股权投资最早诞生在美国，为美国高科技企业的发展带来了重大的贡献，诸如微软、谷歌、Facebook这些网络巨头的背后都有私募股权投资的参与。私募股权投资在美国的巨大成功带动了包括欧洲以及以色列等国家的私募股权投资的长足发展。我国的私募股权投资诞生在20世纪80年代，，2005年之后随着整体经济形势的快速发展，私募股权投资也出现井喷式的发展，相关的研究也不断增多。私募股权投资作为现代投资方式之一，其目的是为了获得资本收益，其绩效必然也会受到投资者的关注，因此对私募股权投资的市场绩效进行研究具有理论与现实意义。本文首先对私募股权投资的市场绩效进行了理论分析与概括，并对其绩效进行了界定，梳理了私募股权投资的运作流程，从产业、机构、基金和绩效四个方面对私募股权投资的绩效体系进行了分析；随后以公共市场等价为因变量，投资金额、投资时间及内部收益率为自变量建立了市场绩效检验模型；之后从描述性统计和模型检验两个角度对近10年的私募股权投资退出绩效进行了实证检验。通过对退出方式、行业绩效、退出时间三个角度的描述性统计分析，指出现阶段IPO退出仍是机构投资者最青睐的退出方式，并购退出正受到越来越多的重视，科学研究、教育等领域的投资绩效在一定程度上优于传统的制造业的投资绩效，在IPO发行停滞的情况下，私募股权投资的绩效受到较大的影响。在以公共市场等价为因变量的模型检验中，指出投资时间、收益率均与公共市场等价成正相关关系，投资金额与公共市场等价成负相关关系；最后，结合实证结果与实际情况，从完善外部投资环境与加强私募股权投资机构自身能力建设两个角度提出了提高私募股权投资绩效水平，促进我国私募股权投资健康发展的相关建议。
[Abstract]:Private equity investment was first born in the United States, for the development of high-tech enterprises in the United States has brought significant contributions, such as Microsoft, Google. Facebook, the internet giant, is backed by private equity investment. The success of private equity investment in the United States has led to the rapid development of private equity investment in countries including Europe and Israel. China's private equity investment was born in 1980s. After 2005, with the rapid development of the overall economic situation, private equity investment has also appeared blowout development, related research is also increasing. Private equity investment as one of the modern investment methods. Its purpose is to obtain capital gains, and its performance will inevitably be concerned by investors. Therefore, it is of theoretical and practical significance to study the market performance of private equity investment. This paper firstly analyzes and generalizes the market performance of private equity investment, and defines its performance, combing the operation process of private equity investment, from industry to institution. The performance system of private equity investment is analyzed in four aspects: fund and performance. Then, taking the public market equivalence as the dependent variable, the investment amount, the investment time and the internal rate of return as independent variables, the market performance test model is established. Then from the descriptive statistics and model test to the private equity investment exit performance in the past 10 years empirical test. Through the exit mode, industry performance. From the descriptive statistical analysis of exit time, it is pointed out that IPO exit is still the most popular exit mode for institutional investors at present, and merger and acquisition exit is being paid more and more attention to, scientific research. The investment performance of education and other fields is better than that of the traditional manufacturing industry to some extent, in the case of the stagnation of IPO issuance. The performance of private equity investment is greatly affected. In the model test which takes the public market equivalence as dependent variable, it is pointed out that the investment time and the return rate are all positively correlated with the public market equivalence. The amount of investment is negatively related to the equivalence of public market; Finally, combined with the empirical results and the actual situation, from the perspective of improving the external investment environment and strengthening the private equity investment institutions' own capacity building, this paper proposes to improve the private equity investment performance level. Suggestions on promoting the healthy Development of Private Equity Investment in China.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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