美国私募股权基金退出机制及启示

发布时间：2018-01-06 12:16

本文关键词：美国私募股权基金退出机制及启示　出处：《财会通讯》2016年07期 　论文类型：期刊论文

【摘要】：美国私募股权基金一级市场退出机制经历了以IPO为主的私募股权基金退出方式及以并购为主的私募股权基金退出方式,总体呈现出IPO退出机制逐渐衰退、二次出售退出比例逐年上升、并购仍为退出机制第一选择、创业风险投资基金通过IPO退出的阶段性特征。研究发现美国企业选择二级市场退出具有优势,法制为二级市场退出提供了依据。我国可从重构多层次公开发行市场、加速私募股权基金二级市场发展两方面建设私募股权基金退出机制。
[Abstract]:The primary market withdrawal mechanism of private equity funds in the United States has experienced the exit of private equity funds based on IPO and the exit of private equity funds based on mergers and acquisitions. As a whole, the IPO exit mechanism is gradually declining, the proportion of secondary sale and exit is increasing year by year, and M & A is still the first choice of exit mechanism. The phase characteristics of venture capital fund exit through IPO. The study found that American enterprises choose the secondary market exit has the advantage. The legal system provides the basis for the exit of the secondary market. China can construct the exit mechanism of the private equity fund from the aspects of reconstructing the multi-level public offering market and accelerating the development of the secondary market of the private equity fund.
【作者单位】：暨南大学经济学院;
【分类号】：F837.12;F832.51
【正文快照】： 一、引言2013年11月,证监会发布了《关于进一步推进新股发行体制改革意见》,该意见是股票发行从核准制向注册制过渡的重要步骤,着重强调以信息披露为中心的监管理念。同年12月,证监会修订发布《证券发行与承销管理办法》,到2013年底共有5家企业取得IPO发行批文,至此A股告别史

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