基于偏好DEA模型的私募股权投资中目标企业价值分析研究

发布时间：2018-05-25 13:32

本文选题：私募股权投资 + 价值分析　；参考：《湖南大学》2013年硕士论文

【摘要】：20世纪40年代，美国研究与发展公司的成立让私募股权投资从此走上了世界金融市场的舞台。它的高风险高收益特点成为了世界各地追捧的缘由。二十世纪90年代，私募股权投资正式进入中国金融市场。随着中国经济的高速发展，中国真正进入了投资时代，私募股权投资行业也经过市场的磨练，逐步得到了认可，培养出了一批批私募股权投资者。近十年，随着非流通股的改革，中小板、创业板的推出，新三板的上台，以及私募股权投资市场不断开放，募集资金门槛的放低，对投资项目的约束力的放松，退出的渠道的通畅等，极大的推动了我国私募股权的发展。从二十世纪70年代开始，私募股权投资行业对目标企业价值评估问题就已经有国外学者对其进行研究，至今，国外已经建立了一套较为成熟的评估指标体系。但是由于中国私募股权市场起步较晚，虽然研究在不断丰富，但是目标企业评价指标体系尚不成熟，其一是缺乏针对中国市场的目标企业价值评估指标体系，评估方法还处于摸索期；其二是由于市场缺乏公开性，相关数据难以获得，严重影响实证研究的可行性。本文针对上述问题综合文献搜集、专家访谈、问卷调查等研究方法，，建立了基于财务、市场、运营、持续性、风险五个维度，包含营业收入增长率、净利润增长率、经营性现金流增长率、产品竞争力、客户满意度、管理层素质、营销能力、公司经营发展策略、研发能力、上市可能性共10个指标的目标企业价值评估指标体系。并通过对国外已有评估模型的研究，总结概括了已有模型存在的不足，提出了使用带偏好DEA模型对中国私募股权投资中目标企业进行价值分析。该模型能够根据私募股权投资经理的决策偏好特点，对目标企业相对价值进行分析，帮助投资经理缩小筛选范围。不仅如此，本文对研究得出的评估指标体系及带偏好DEA模型进行了应用研究。针对私募股权投资公司拟投资的目标企业的应用结果表明，本文的模型能辅助投资经理筛选出具有竞争力的企业。
[Abstract]:In the 1940s, the establishment of American Research and Development Corporation put private equity investment on the stage of the world financial market. Its high-risk and high-income characteristics have become the cause of pursuit around the world. In the 1990 s, private equity investment formally entered the Chinese financial market. With the rapid development of China's economy, China has really entered the investment era, the private equity investment industry has also been honed by the market, gradually recognized, and trained a number of private equity investors. In the past decade, with the reform of non-tradable shares, the introduction of the small and medium-sized board, the launch of the gem, the coming into power of the new third Board, and the continuous opening up of the private equity investment market, the threshold of raising funds has been lowered, and the binding force on investment projects has been relaxed. Exit channels, such as smooth, greatly promote the development of private equity in China. Since 1970s, foreign scholars have studied the value evaluation of target enterprises in the private equity industry. Up to now, a set of mature evaluation index system has been established in foreign countries. However, due to the late start of the private equity market in China, although the research is constantly rich, the target enterprise evaluation index system is not yet mature. One is the lack of the target enterprise value evaluation index system for the Chinese market. The second is the lack of openness in the market and the difficulty of obtaining relevant data, which seriously affects the feasibility of empirical research. Based on the five dimensions of finance, market, operation, continuity and risk, this paper establishes five research methods, including the growth rate of operating income, net profit growth rate and so on, based on the comprehensive literature collection, expert interview, questionnaire survey and so on, which are based on financial, market, operation, continuity and risk. The target enterprise value evaluation index system consists of 10 indexes such as operating cash flow growth rate, product competitiveness, customer satisfaction, management quality, marketing ability, company management development strategy, R & D ability, and the possibility of listing. Based on the research of the existing evaluation models abroad, the shortcomings of the existing models are summarized, and the value analysis of the target enterprises in private equity investment in China by using the DEA model with preference is put forward. According to the characteristics of private equity managers' decision preference, the model can analyze the relative value of target enterprises and help investment managers narrow down the scope of selection. Moreover, this paper studies the evaluation index system and DEA model with preference. The results show that the model can assist the investment managers to screen out the competitive enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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