我国私募股股权投资基金组织形式和融资问题研究

发布时间：2018-01-03 04:12

本文关键词：我国私募股股权投资基金组织形式和融资问题研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：私募股权投资基金作为进入我国仅发展了十余年的一种全新的证券投资模式,其不仅大大丰富了我国的资本市场,使我国不断积累的个人财富和社会财富多了一种新的投资渠道,更重要的是解决了我国资本市场特别是高新技术中小企业的融资问题。这对于优化我国资本市场的资源配置,促进我国投融资体系的健全有着十分重要的意义。 2005年开始的股权分置改革使我国真正意义上进入了全流通时代,发起人股份流通解禁的同时大大促进了我国私募股权投资基金市场的发展壮大。随着2007年全球金融危机的爆发,我国私募股权投资基金市场也陷入了短暂的低迷期,基金数量和规模都相对较小。其后随着我国经济的复苏,股市的回暖,私募股权投资基金也随之崛起,并于2011年达到高潮,出现了所谓的“人人PE”的盛况。如今市场的狂热度已慢慢褪去,中国私募股权投资市场也渐渐暴露出很多问题,引起了我国学者的广泛探讨和研究,比如我国私募基金应该采取的组织形式、私募基金最优融资结构、退出渠道选择等。本文便是结合私募股权投资基金市场自身的特征和运营方式,对我国私募股权投资基金市场现状作了深入的分析,并选择了我国私募股权投资基金“组织形式”和“融资”两方面的问题进行了深入研究分析,认为我国私募股权投资基金因公司制的双重课税难题应少采用公司制的组织形式,较多采取信托契约制和有限合伙制,并对我国现有信托制和有限合伙制私募股权投资基金在政策制度上和操作上出现的种种不足和问题加以分析,并提出了相应的政策建议以及新的操作模式建议。在融资问题上,本文根据清科集团提供的我国私募股权投资市场数据得出我国私募市场存在融资结构不稳定,融资规模总额偏小等诸多问题,在详细分析了这些问题出现的原因后,本文给出了解决这些问题切实可行的政策建议和管理操作建议。
[Abstract]:Private equity investment fund as a new mode of securities investment into China only more than ten years of development, it can not only enrich the capital market of our country, make our country the accumulation of personal wealth and social wealth more of a new investment channels, more important is to solve the capital market of our country especially the problem of financing of high-tech SMEs. For the optimization of China's capital market allocation of resources, promoting investment and financing system of our country, the sound has a very important significance.
2005 start of the equity division reform in the true sense of China into the era of full circulation of shares in circulation, the promoters of the lifting of the ban and greatly promote the development of China's private equity fund market in 2007. With the outbreak of the global financial crisis, China's private equity investment fund market is in a short period of downturn, the number of and the size of the fund are relatively small. Then with China's economic recovery, the stock market rebound, private equity investment fund also will rise, and reached a climax in 2011, the emergence of the so-called "all PE" event. Now the market fever has slowly faded, Chinese private equity market has gradually exposed many problems that caused extensive discussion and research by Chinese scholars, such as private equity fund in China should adopt the organizational form of private equity funds, the optimal financing structure, exit channel selection.
This paper is a combination of private equity investment fund market has its own characteristics and operation mode, the status quo of China's private equity investment fund market is analyzed deeply, and select the two aspects of China's private equity investment fund "organization" and "financing" problems are analyzed deeply, that China's private equity the investment fund for the double taxation problem, should be less adopted corporate organizational form, more trust contract and limited partnership, and the problems and shortcomings of the existing trust system in our country and the limited partnership private equity investment funds in the policy system and operations appear to be analyzed, and put forward the corresponding the policy suggestions and new mode of operation. In terms of financing, according to China's private equity market data provided by the Qing Branch group that China's private equity market financing After the detailed analysis of the causes of these problems, the paper puts forward feasible policy recommendations and management operation proposals for solving these problems.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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