我国私募股权投资基金退出途径研究

发布时间：2018-01-09 22:14

  本文关键词：我国私募股权投资基金退出途径研究　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

  更多相关文章： 私募股权投资基金 退出 IPO 新三板 并购

【摘要】：随着我国经济的发展,私募股权投资基金也得到了快速的发展,私募股权市场已经成为除银行、IPO以外企业第三大融资渠道,为中小企业的融资带来了经济支撑,不仅增强了对新兴产业、中小微企业的服务能力,还有利的促进了创新企业和经济结构转型升级,推动了直接融资和资本市场的发展。私募股权运作流程包括:募资、投资、管理、退出四个环节。四个环节环环相扣,每一步运作是下一步运作的起点,而退出环节是兑现收益的环节,也是最关键的环节,因此本文选取退出环节作为重点研究对象。本文通过首先对PE各种退出方式进行比较,得出要因地制宜的选择退出渠道,目前,IPO的回报率依然是最高的,因此仍然是PE最喜爱的退出方式,新三板自2014年扩容以来,投资规模及投资案例呈爆发性增长,成为PE最受欢迎的退出方式,而随着我国并购市场的健全和完善,并购退出则是未来最主流的退出方式。其次结合最新数据采用图表和表格的形式对当前现状进行分析,理论联系实际,深入分析我国私募股权退出市场所面临的问题及诸多不完善之处,再次,用红杉中国IPO退出贝达药业和2015年PE最佳退出十大案例之一—同创伟业退出众安康的并购退出案例来分析实际情形中退出方式的选择,最后,结合前面我国PE退出现状的分析及目前存在的问题,提出完善法律法规、建立多层次资本市场、完善中介机构、加快PE二级市场建设及吸引优秀人才的建议。
[Abstract]:With the economic development of our country, private equity investment funds have also got rapid development. Private equity market has become the third largest financing channel for enterprises besides bank IPO. For the financing of small and medium-sized enterprises to bring economic support, not only to strengthen the emerging industries, small and medium-sized enterprises of the service capacity, but also to promote innovative enterprises and economic structural transformation and upgrading. It promotes the development of direct financing and capital market. Private equity operation process includes four links: raising capital, investing, managing and withdrawing. Four links are linked together, each step operation is the starting point of the next operation. The exit link is the key link to realize the profit, so this paper chooses the exit link as the key research object. Firstly, this paper compares the various exit methods of PE. Come to choose exit channels according to local conditions, the current return on IPOs is still the highest, so it is still PE's favorite exit way, the new third board since 2014 expansion. Investment scale and investment cases are explosive growth, become the most popular exit of PE, and with the sound and perfect of the M & A market in China. Merger and acquisition exit is the most mainstream exit in the future. Secondly, combined with the latest data in the form of charts and tables to analyze the current situation, theory and practice. Deeply analyze the problems and many imperfections of private equity withdrawal from the market in China, again. Using Sequoia Capital China IPO to withdraw from Beida pharmaceutical industry and 2015 PE best exit one of the ten cases-Tongzhangye exit from the merger and acquisition exit case to analyze the actual situation in the exit mode of choice, finally. In combination with the analysis of the current situation of PE withdrawal in China and the existing problems, this paper puts forward to perfect the laws and regulations, establish a multi-level capital market, and perfect the intermediary institutions. Speed up PE secondary market construction and attract excellent talent suggestions.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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本文编号：1402728