投资者背景与PE基金运营模式的选择

发布时间：2018-01-11 03:09

本文关键词：投资者背景与PE基金运营模式的选择　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：自20世纪90年代私募股权投资（Private Equity，或简称PE）在国内开始兴起以来，中国私募股权投资行业得到较大发展，由于中央及地方政府对私募股权投资行业的大力扶持，国内大量财富高净值家庭和个人、（房地产）企业、专业机构投资人、地方政府等投资群体踊跃参与，掀起“全民PE”热潮。近年来，学者较多对私募股权投资机构的投资、运作、退出以及私募股权投资基金市场发展状况进行研究，较少对私募股权投资基金的参与者进行研究。鉴于此，本文立足于我国的实际情况，收集大量的数据资料，在国外对私募股权基金市场的研究基础上，对国内私募股权投资市场的参与者（包括管理人和投资人）进行分类，总结不同参与者的总体特征以及其对私募股权投资基金市场的偏好特征，以及参与者如何影响私募股权投资基金管理公司和私募股权基金的运营管理，并以此预测未来私募股权基金的最佳运营模式。本文研究发现，根据发起人角度的不同，我国私募股权基金设立模式主要有投资人主导发起型、管理人主导发起型、混合模式以及特殊形式；在公司治理方面，，投资群体一般通过直接或间接渠道参与私募基金市场；在公司组织形式方面，私募股权基金管理者可以适采取公司制或合伙制以适应当下形势，但私募股权基金以有限合伙制的组织模式更优、效率更高；在激励机制设计方面，激励机制体现为一个大框架和小框架，大的框架由公司管理人员的薪酬机制构成，小框架由员工级别的薪酬机制构成。而未来私募基金基金运作模式的影响因素包括政策、市场成熟度、以及国内投资人群体的发展和成熟度等。总得说来，由于私募股权行业发展时间较短，行业发展不健全，表现出了许多有中国特色的行业现象；在私募股权的不断发展过程中，本文从参与者角度展开的分析是对学术界研究的补充，同时研究结论将对我国私募股权基金发展、运营、趋势预测具有重要的参考意义。
[Abstract]:Since 1990s, when Private Equity, or PEI, began to rise in China, the private equity industry in China has been greatly developed. Due to the strong support of the central and local governments to the private equity investment industry, a large number of domestic wealth high net worth households and individuals (real estate) enterprises, professional institutional investors, local governments and other investment groups enthusiastically participated. In recent years, scholars have studied the investment, operation, withdrawal and market development of private equity investment institutions. Less research on private equity investment fund participants. In view of this, this paper based on the actual situation in China, collect a large number of data, on the basis of foreign research on the private equity fund market. The participants in the domestic private equity investment market (including managers and investors) are classified to summarize the overall characteristics of different participants and their preferences to the private equity investment fund market. And how participants influence the operation and management of private equity fund management companies and private equity funds, and predict the best operating mode of private equity funds in the future. This paper finds that according to the different perspectives of sponsors, the establishment mode of private equity funds in China mainly includes investor-led initiation, manager-led initiation, mixed mode and special form. In terms of corporate governance, investment groups generally participate in the private equity market through direct or indirect channels; In terms of corporate organization, private equity fund managers can adopt corporate or partnership to adapt to the current situation, but private equity funds with limited partnership is better and more efficient. In the aspect of incentive mechanism design, the incentive mechanism is embodied in a large framework and a small framework, which is composed of the compensation mechanism of company managers. The small framework is composed of employee level compensation mechanism. The influencing factors of the future private equity fund operating model include policy, market maturity, and the development and maturity of the domestic investor group. In general, due to the short development time of the private equity industry, the development of the industry is not perfect, showing a lot of Chinese characteristics of the industry phenomenon; In the process of the development of private equity, the analysis from the perspective of participants is a complement to the academic research, and the conclusion of the research will develop and operate the private equity fund in China. Trend prediction has important reference significance.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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