私募股权投资跨境辛迪加作为进入新市场的策略：案例分析方法
发布时间：2021-07-04 18:23
私募股权投资在全球金融危机前后都在很大程度上影响了全球经济。危机前,私募投资企业的价值总额在2001到2007年期间达到了3.6兆美元（Gurung & Lerner,2008）。在2009年触底之后,私募投资额在2010年又以142%的速度迅速反弹（Bloomberg,2011）。此外,私募投资正在经历快速的全球化（Cumming, Sapienza, Siegel,& Wright,2009; Guler & Guillen,2010b）.例如,根据清科数据,中国的外资私募投资额在2007年达到了128亿美元。尽管由于经济危机,这一数据在2008和2009年分别下降到96亿美元和86.5亿美元,但是在2010年,外资私募投资额恢复到103.8亿美元,同比增长了20%。同时,由于股票交易市场对资本流向存在的巨大影响（Froot, O’Connell,& Seasholes,2001）,中国私募的快速发展也受到了股票市场的巨大推动。从意大利私募投资家看来,并购交易的宏观环境在危机后得到了很大的好转,意大利的投资者已经为潜在的收购做好了准备,而对于金砖四国...
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：60 页
【学位级别】：硕士
【文章目录】：
中文摘要
Abstract
1. Introduction
2. Literature Review and Theoretical Framework
Figure 1 Schematic structure of cross-border PE syndication process based on extant literature
2.1. Motives and Contextual Factors
2.1.1. Motives on Firm Level
2.1.2. Motives on Deal Level
2.1.3. Contextual Factors
2.2. Compositions and Dynamics
2.2.1. Structuring
2.2.2. Partner Selection
2.2.3. Dynamics of syndicates
2.3. Effects on Performance
3. Methods
4. Comparative Analyses of Italy- China PE&VC Markets
4.1. Macroeconomic Framework Analyses
Figure 2 GDP Growth Contrast of Italy and China, from 2005 to 2010
Figure 3 Italian Export Performance by% Change
Figure 4 Inflation Rate Contrast of Italy, China and World, from 2005-2011
4.2. PE&VC Markets Characteristics
4.2.1. The Main Players in Each Market
4.2.2. Fundraising Characteristics
Figure 5 Contrast of Fundraising Activities in China and Italy, from 2006 to 2010
4.2.3. Investment Characteristics
Figure 6 Contrast of PE investment activities in China and Italy, from 2006 to 2010
4.2.4. Exiting Characteristics
Figure 7 VC/PE Backed IPOs in China
Figure 8 Cross Exchanges IPO Multiples of Venture Back Companies from China
5. Case Description
5.1. Case-Zoomlion's acquisition of CIFA
5.1.1. The Rationale of the Transaction
5.1.2. Private Equity Syndication Structure
Figure 9 Hony Capital's Value-Added Approach
5.1.3. Highlights of the Deal Structure
Figure 10 Structure of the Acquisition Deal of CIFA by Zoomlion
5.2. Case-New Trends of Set up RMB PE Fund Joint-Ventures
5.2.1. Carlyle Beijing RMB Fund
5.2.2. Carlyle and Fosun Joint RMB Fund
5.2.3. Goldman Sachs and Morgan Stanley Launch Their RMB Funds
6. Discussions
6.1. Appealing Emerging Markets May Reshape the Rules
6.2. From Foreign PE Perspective
6.3. From Local PE Perspective
7. Conclusions
8. Appendix
Table 1 SWOT Analysis of Italy and China PE&VC Industries,2011
Table 2 Sources of Fundraising in Italy and China
Table 3 Bank Facility for CIFA Deal
Table 4 Milestones in the Zoomlion&CIFA transaction
9. Reference
后记
本文编号：3265300
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：60 页
【学位级别】：硕士
【文章目录】：
中文摘要
Abstract
1. Introduction
2. Literature Review and Theoretical Framework
Figure 1 Schematic structure of cross-border PE syndication process based on extant literature
2.1. Motives and Contextual Factors
2.1.1. Motives on Firm Level
2.1.2. Motives on Deal Level
2.1.3. Contextual Factors
2.2. Compositions and Dynamics
2.2.1. Structuring
2.2.2. Partner Selection
2.2.3. Dynamics of syndicates
2.3. Effects on Performance
3. Methods
4. Comparative Analyses of Italy- China PE&VC Markets
4.1. Macroeconomic Framework Analyses
Figure 2 GDP Growth Contrast of Italy and China, from 2005 to 2010
Figure 3 Italian Export Performance by% Change
Figure 4 Inflation Rate Contrast of Italy, China and World, from 2005-2011
4.2. PE&VC Markets Characteristics
4.2.1. The Main Players in Each Market
4.2.2. Fundraising Characteristics
Figure 5 Contrast of Fundraising Activities in China and Italy, from 2006 to 2010
4.2.3. Investment Characteristics
Figure 6 Contrast of PE investment activities in China and Italy, from 2006 to 2010
4.2.4. Exiting Characteristics
Figure 7 VC/PE Backed IPOs in China
Figure 8 Cross Exchanges IPO Multiples of Venture Back Companies from China
5. Case Description
5.1. Case-Zoomlion's acquisition of CIFA
5.1.1. The Rationale of the Transaction
5.1.2. Private Equity Syndication Structure
Figure 9 Hony Capital's Value-Added Approach
5.1.3. Highlights of the Deal Structure
Figure 10 Structure of the Acquisition Deal of CIFA by Zoomlion
5.2. Case-New Trends of Set up RMB PE Fund Joint-Ventures
5.2.1. Carlyle Beijing RMB Fund
5.2.2. Carlyle and Fosun Joint RMB Fund
5.2.3. Goldman Sachs and Morgan Stanley Launch Their RMB Funds
6. Discussions
6.1. Appealing Emerging Markets May Reshape the Rules
6.2. From Foreign PE Perspective
6.3. From Local PE Perspective
7. Conclusions
8. Appendix
Table 1 SWOT Analysis of Italy and China PE&VC Industries,2011
Table 2 Sources of Fundraising in Italy and China
Table 3 Bank Facility for CIFA Deal
Table 4 Milestones in the Zoomlion&CIFA transaction
9. Reference
后记
本文编号：3265300
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