PE投资模式与股权众筹投资模式的比较分析

发布时间：2018-01-28 04:11

本文关键词： PE投资股权众筹有限合伙制股权集中度　出处：《华东理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年,私募股权的大资管时代开启,股票、商品等市场的低落行情引发挤出效应,大量社会资本涌入股权投资领域。PE作为传统股权投资中盈利性最好的投资模式抢占自然人投资者市场;而股权众筹作为一种新型的投资模式,因其自身投资者准入要求低、投资见效快等优势,发展势头迅猛,但投资者面临许多问题。本文首先阐述了国内外的研究文献中关于PE和股权众筹的定义。其次对PE和股权众筹的投资过程进行了总结和分析。接着我们对两种投资模式进行了各项要素的对比分析,我们发现PE投资仍然是主流的投资模式,股权众筹投资者的股东权力比任何形式PE投资者的权力都小,PE投资者缴纳更多税收,股权众筹投资者面临更多风险。然后实证分析了股权集中度与公司绩效的相关性,结果表明股权众筹的投资者更有可能获得不错的企业经营结果。最后我们对股权众筹的融资过程进行了采访调研,发现投资者很难做到理性投资。基于投资要素、实证研究和案例对比分析的结果,我们认为PE和股权众筹这两种投资模式,在不同的方面暴露出不同的风险特征。此外,本文还详细阐述了 PE和股权众筹投资的流程、监管法律、风险应对建议、估值方法、信用分析框架等,希望对投资者理性作出投资决策、规避投资风险提供帮助。
[Abstract]:In 2015, the era of large private equity management began, stocks, commodities and other markets caused by the low market crowding out effect. As the best profit-making investment mode in the traditional equity investment, a large amount of social capital poured into the field of equity investment. As a new type of investment mode, the stock rights crowdfunding has developed rapidly because of its low access requirements and fast investment efficiency. However, investors are faced with many problems. Firstly, this paper describes the definitions of PE and crowdfunding in domestic and foreign research literature. Secondly, we summarize and analyze the investment process of PE and crowdfunding. This kind of investment mode carries on the contrast analysis of each element. We found that PE investment is still the mainstream investment mode, the shareholder power of the shareholder investor is smaller than any form of PE investor's power to pay more tax. Investors face more risks. Then empirical analysis of the correlation between equity concentration and corporate performance. The results show that investors are more likely to get good business results. Finally, we conducted an interview on the financing process of stock crowdfunding. It is difficult for investors to make rational investment. Based on the results of investment elements, empirical research and case analysis, we think PE and equity crowdfunding are two investment modes. In addition, this paper also describes the process of PE and equity crowdfunding investment, regulatory law, risk management recommendations, valuation methods, credit analysis framework and so on. We hope to help investors to make rational investment decisions and avoid investment risks.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.48

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