我国私募股权基金投资并购退出研究

发布时间：2018-01-15 10:46

本文关键词：我国私募股权基金投资并购退出研究　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：私募股权基金的退出是指私募股权投资者在投资企业之后,对企业进行资金、管理上的支持,使得该企业能够得到价值增值,最终完全撤出在该企业中的资金获得投资回报。投资退出作为私募股权基金投资周期最重要的环节,其退出回报是私募股权基金的后续投资资本,不仅如此,能够成功的退出也能够奠定私募股权基金的行业地位与市场声誉。因此,成功退出所投资的企业对于私募股权基金来说关系到其生存和发展。目前国内最为常见的私募股权基金投资退出方式有主板IPO退出、新三板退出、并购退出。其中主板IPO退出作为私募股权基金获取高额收益的重要方式,受到国内的私募投资机构普遍青睐,但是考虑我国上市的排队审核时间与苛刻的上市条件,通过主板IPO退出显得越发困难,严重制约我国私募股权基金行业的发展,并且企业通过IPO上市后受到资本市场的影响导致股票价格波动,私募机构股东因此而获得的退出收益也有极大的不确定性。此外,新三板挂牌这种退出方式虽然退出比例非常高,但是受制于该市场的流动性缺陷,私募机构在企业挂牌上市后很难将所持股份转让出去,所以私募股权基金投资者希望在新三板二级市场上转让股份实现退出也显得非常困难。本文是基于这样的背景下,针对私募股权基金投资并购退出进行研究。文章首先对各种退出方式进行比较分析,认为并购退出虽然退出收益不如主板IPO和新三板,但是并购退出在退出时间、可操作性、信息披露的程度等方面有着其他退出方式不可比拟的优势。其次是对并购退出的规模现状、收益现状以及发展前景进行分析,其退出规模虽然不如主板IPO退出和新三板退出,但是并购市场一直保持在火热的发展状态中,从而刺激了并购退出的高速发展,并且并购退出的收益对外部环境不敏感,从而规避了收益大幅波动的风险,通过并购退出的现状分析并结合其优势总结出并购退出的发展前景和退出障碍,然后文章结合具体案例来说明并购退出在实际中的绩效表现并提出了对于私募投资者在进行并购退出过程中的一些普遍性启示。最后是对于并购退出如何应对其障碍提出了具体建议。
[Abstract]:The withdrawal of private equity funds refers to the private equity investors in the investment enterprise, capital, management support, so that the enterprise can get value added. As the most important part of the private equity fund investment cycle, the exit return is the subsequent investment capital of the private equity fund. A successful exit can also establish the industry position and market reputation of private equity funds. The successful exit of the private equity fund is related to the survival and development of the private equity fund. At present, the most common private equity fund investment exit is the main board IPO exit, the new third board exit. M & A exit, in which the main board IPO exit as an important way for private equity funds to obtain high returns, is generally favored by domestic private equity investment institutions. However, considering the queuing time and harsh listing conditions, it is more and more difficult to exit through the main board IPO, which seriously restricts the development of private equity fund industry in China. And after listed through IPO, the stock price fluctuates due to the influence of the capital market, and the exit income of private equity shareholders is also highly uncertain. Although the exit rate of the new third board listing is very high, it is restricted by the liquidity defects of the market. Private equity firms are very difficult to transfer their shares after the enterprises are listed on the stock market. So private equity fund investors want to transfer shares in the new secondary market is also very difficult to withdraw. This paper is based on this background. In this paper, the private equity fund investment M & A exit is studied. Firstly, the paper compares and analyzes the various exit methods, and thinks that the exit income of M & A exit is not as good as the main board IPO and the new third board. However, the exit of M & A has incomparable advantages in terms of exit time, maneuverability, degree of information disclosure and so on. The second is the current situation of the scale of the exit of M & A. Income status and development prospects are analyzed, its exit scale is not as large as the main board IPO exit and the new third board exit, but the M & A market has been kept in a hot state of development. Thus stimulating the rapid development of M & A exit, and the M & A exit income is not sensitive to the external environment, thus avoiding the risk of large fluctuations in earnings. Through the analysis of the current situation of merger and acquisition exit and combined with its advantages summed up the development prospects of merger and acquisition exit and exit obstacles. Then the paper combined with specific cases to explain the performance of merger and acquisition exit in practice and put forward some general enlightenment for private equity investors in the process of merger and acquisition exit. Finally, how to deal with the merger exit. The obstacles put forward concrete suggestions.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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