证券投资基金估值方法应用于私募股权基金的局限性及创新研究

发布时间：2018-01-08 15:34

本文关键词：证券投资基金估值方法应用于私募股权基金的局限性及创新研究　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：私募股权基金是嫁接金融与实业的桥梁,实现了金融为实体经济服务的功能,从而推动各国的经济发展。但在私募股权基金膨胀发展的背后,也逐渐显示出其牺牲流动性获得高收益的风险隐患,越来越多的LP需要有一个通道为其提供流动性,私募股权二级市场应运而生,而私募股权基金份额转让有赖于其估值定价系统的完善,目前阻碍我国私募股权二级市场发展的最大原因即估值定价困难,故本文希望在私募股权基金价值评估方面进行一定的研究。本文旨在回答以下两个问题：第一,证券投资基金估值方法能否简单应用于私募股权基金估值中；第二,对私募股权基金估值应如何实施,有哪些关键点。针对第一个问题,本文通过对证券投资基金估值方法的梳理及私募股权基金投融资机制的深入剖析,认为,由于两者的投资标的与组织运作机制的不同,证券投资基金的价值评估方法不能简单应用于私募股权基金估值中。其局限性主要体现在两个层面：第一,在估值框架上,净资产价值(NAV)只能反映私募股权基金投资组合公司的公允价值,并不能反映其“真实”的经济价值；第二,在投资组合层面上,证券投资基金标的资产估值方法不适用于私募股权基金的标的资产。针对第二个问题,本文在解决第一个问题的基础上,结合国内外私募股权基金估值经验,构建出适合我国私募股权基金权益的价值评估模型,并认为私募股权基金持有的资产组合的价值评估、私募股权基金自身的评估及两者的结合是整个估值过程的关键。
[Abstract]:Private equity fund is the bridge between finance and industry, and realizes the function of finance serving the real economy, thus promoting the economic development of various countries. But behind the expansion of private equity fund development. Also gradually showed that its sacrifice liquidity to obtain high return risk hidden danger, more and more LP need to have a channel to provide liquidity, private equity secondary market emerged as the times require. The share transfer of private equity funds depends on the perfection of its valuation pricing system. At present, the biggest reason that hinders the development of the secondary market of private equity in China is the difficulty of valuation pricing. The purpose of this paper is to answer the following two questions: first, whether the valuation method of securities investment funds can be applied to the valuation of private equity funds; Second, how to implement the valuation of private equity funds, what are the key points. In view of the first problem, this paper analyzes the methods of valuation of securities investment funds and the mechanism of private equity investment and financing. It is believed that because of the difference between the investment target and the operating mechanism of the organization, the valuation method of the securities investment fund cannot be simply applied to the valuation of the private equity fund. Its limitations are mainly reflected in two aspects: first. In the valuation framework, the net asset value (NAV) can only reflect the fair value of the private equity fund portfolio company, not its "real" economic value; Second, on the level of portfolio, the valuation method of underlying assets of securities investment funds is not applicable to the underlying assets of private equity funds. In view of the second problem, this paper solves the first problem on the basis of. Combined with the valuation experience of private equity funds at home and abroad, this paper constructs a value evaluation model suitable for the equity of private equity funds in China, and thinks that the value evaluation of the asset portfolio held by private equity funds. Private equity fund itself evaluation and the combination of the two is the key to the whole valuation process.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【相似文献】