论新常态下私募股权的投后管理

发布时间：2018-03-02 11:07

本文关键词： 新常态私募股权投后管理　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：新常态下,经济发展方式的转变、产业结构的升级、供给侧改革的推出、资本市场的逐渐完善等给我国企业在新一轮的发展中带来新机遇,国务院提出了中国依然要坚定不移地发展多层次的资本市场,加大企业的直接融资力度,通过市场化债转股的方式逐降低企业杠杠率和融资成本,其中私募股权市场是多层次资本市场体系的重要组成部分。基于当前中国私募股权投资快速发展的大背景下,随着近几年政府在监管转型、行业探讨、登记备案等一系列改革措施的逐渐铺开,中国私募市场在募资、投资、管理与退出机制上都取得了长足的发展,大量的人民币本土基金如雨后春笋般迅猛发展。相比较在全球私募股权基金经历了各时期发展走过近百年历程的西方成熟私募市场,我国私募股权市场仍存在相当差距,仍需在投资者结构、退出渠道、监管机制、人才培育等方面有所突破,尤其在私募基金追逐优质投资项目的时候,投后管理的作用和重要性往往没有被真正认识到。因此,本文所研究的私募股权投后管理问题具有很强的针对性和现实性,对此问题的研究将有助于把握私募股权投资投后管理的运作规律,有助于从事PE行业的工作者对在投后管理中遇到的相关问题的解决,同时提升投后管理的质量和水平。长期发展以来,我国私募基金重点关注投资方面而不注重管理方面,但随着经济新常态下项目投资的竞争力加强及退出渠道的改变,必须改革这种运作方式。本文基于这种大背景,对私募股权投资投后管理的概念进行相应的介绍,并且对其进行投后管理的必要性和作用进行进一步的说明和分析;针对我国私募股投资的投后管理在当前运行过程中出现的问题以及不足进行相应的分析和总结;以美国KKR投资公司所投资的项目的具体情况和方式为中心进行深入的分析,并且和我国私募股权的具体投资项目和方式形成对比,找出其中的差距;最后针对与国外案例的分析和对比,就我国私募股权投资投后管理的发展和完善给予一定的建议。本文在总体结构规划上,基本遵循着传统的提出、分析和解决问题的论文模式,其中较为突出的是对国际国内的一些学者关于投后管理方面的研究成果进行了阐述,通过国内外案例的比较分析,对目前国内私募基金投资后期管理工作发展现状进行了详细分析,同时总结了关键性问题,并针对私募基金管理人在投后管理方面存在的问题提出了相应改进建议。由于主客观方面的原因,私募股权投后管理操作层面尚有待进一步深化和研究。
[Abstract]:Under the new normal, the transformation of economic development mode, the upgrading of industrial structure, the introduction of supply-side reform and the gradual improvement of capital market bring new opportunities to Chinese enterprises in the new round of development. The State Council has proposed that China should unswervingly develop the multi-level capital market, increase the direct financing of enterprises, and reduce the ratio of bars and financing costs of enterprises one by one by means of market-oriented debt-equity swaps. The private equity market is an important part of the multi-level capital market system. Under the background of the rapid development of private equity investment in China, with the government in recent years in the regulatory transformation, industry discussion, With the gradual opening of a series of reform measures, such as registration and filing, China's private equity market has made considerable progress in raising funds, investing, managing and withdrawing from the market. A large number of RMB local funds have been developing rapidly. Compared with the mature private equity market in the West, which has experienced nearly 100 years of development in various periods, there is still a considerable gap in the private equity market in China. We still need to make some breakthroughs in the aspects of investor structure, exit channels, regulatory mechanism, talent cultivation, etc. Especially when private equity funds pursue high-quality investment projects, the role and importance of post-investment management are often not really recognized. The management of private equity investment in this paper has strong pertinence and reality, and the study of this problem will help to grasp the operation law of private equity investment post investment management. It is helpful for the workers engaged in PE industry to solve the related problems encountered in post-investment management, and at the same time to improve the quality and level of post-investment management. Since the long-term development, private equity funds in China have focused on investment rather than on management. However, with the strengthening of the competitiveness of project investment and the change of exit channels under the new normal state of economy, we must reform this mode of operation. Based on this background, this paper gives a corresponding introduction to the concept of post-investment management of private equity investment. And the necessity and function of the post-investment management are further explained and analyzed, and the problems and shortcomings of the post-investment management of private equity investment in China are analyzed and summarized accordingly. Taking the specific conditions and methods of the projects invested by KKR Investment Company of the United States as the center, this paper makes a deep analysis, and compares with the specific investment projects and methods of private equity in China, and finds out the gap among them. Finally, in view of the analysis and comparison with foreign cases, this paper gives some suggestions on the development and improvement of the management of private equity investment in China. The thesis model of analyzing and solving problems, among which the more outstanding is the elaboration of the research results of some scholars at home and abroad on post-investment management, through the comparative analysis of domestic and foreign cases. This paper analyzes the current situation of the management of private equity fund investment in China, and summarizes the key problems. This paper also puts forward corresponding suggestions for improvement of the management of private equity funds after investment. Due to subjective and objective reasons, the operational level of management after private equity investment needs to be further deepened and studied.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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