IPO停摆期私募股权投资基金退出的案例分析

发布时间：2018-06-17 17:28

本文选题：私募股权投资基金 + IPO停摆　；参考：《暨南大学》2014年硕士论文

【摘要】：私募股权投资基金是中小企业最主要的融资渠道之一，其运作过程主要包括筹资、投资、管理和退出，其中退出是最为关键的一环。然而作为私募股权投资基金最为倾向的IPO退出渠道遭遇长达1年零2个月的停摆，对我国私募股权投资基金造成了巨大的影响。文章是基于2012年10月至2013年12月国内A股市场IPO停摆期间私募股权投资基金市场退出现状，对经典案例的分析和现实思考。文章首先简单阐述了国内外相关理论，并结合国内情况，给出了私募股权投资基金的组织形式和运作流程上的特点。然后通过收集最新行业发展数据，对我国私募股权投资基金的退出现状做出对比分析和趋势分析，并在数据分析的基础上提出了并购退出的特点及优势。再通过剖析在此停摆期间得到成功退出的典型案例，，说明私募股权投资基金的退出渠道不仅仅只有IPO。最后在前文的理论和实际相结合的基础上，得到了结论，即私募股权投资基金的退出可由多种渠道进行，特别是并购退出将替代IPO退出成为目前乃至未来我国私募股权投资基金退出的主要途径。
[Abstract]:Private equity investment fund is one of the most important financing channels for small and medium-sized enterprises. Its operation process mainly includes financing, investment, management and exit, among which exit is the most critical one. However, as the most inclined exit channel of private equity funds, IPO exit has been shut down for as long as one year and two months, which has a great impact on private equity funds in China. This paper is based on the current situation of private equity fund market exit during the IPO shutdown period of domestic A share market from October 2012 to December 2013. Firstly, this paper briefly expounds the relevant theories at home and abroad, and gives the characteristics of the organization and operation process of the private equity investment fund in combination with the domestic situation. Then through collecting the latest industry development data, this paper makes a comparative analysis and trend analysis on the exit status of China's private equity investment fund, and puts forward the characteristics and advantages of merger and acquisition exit on the basis of data analysis. By analyzing the typical cases of successful exit during this shutdown, it is shown that IPO is not the only exit channel for private equity funds. Finally, on the basis of the combination of theory and practice, the conclusion is drawn that the withdrawal of private equity investment funds can be carried out by various channels. Especially, merger and acquisition exit will replace IPO exit as the main way of private equity fund exit in China.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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