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论文编号：	10614
作者编号：	2120162822
上传时间：	2018/12/7 14:43:42
中文题目：	“减持新规”影响下的私募股权投资策略研究—以PA资本为例
英文题目：	Research of the Private Equity Investment Strategy Under the Influence of “New Regulations on Stock Reductions”-An Analysis of the PA Capital
指导老师：	姚颐
中文关键字：	私募股权；减持新规；投资策略
英文关键字：	Private equity; New regulations on stock reductions; Investment strategy
中文摘要：	近年来，中国的私募股权投资行业蓬勃发展，市场规模以超百分之二十的年增速在快速增长，目前已经成为中国资本市场体系中的重要组成部分之一。但在迅速发展的同时，投机套利、恶意减持等不良行为也频频出现，为了抑制这些负面现象的持续发生，中国证监会适时地推出了“减持新规”。在新形势下，私募股权投资机构如何能够顺应外部政策环境的变化，及时调整自身的投资策略，提升核心竞争能力，以把握住市场机遇，是本文所要研究探讨的核心内容。 文章首先对私募股权投资策略的涵义、构成要素以及设计理念进行了分析。然后，调研了国内主流私募股权机构投资策略的选择和应用情况。最后，对“减持新规”进行了解读，并分析了它对私募股权投资机构的直接影响。该部分为后续的研究提供理论和实践上的基础。 接下来，以PA资本为例，首先借助迈克尔·波特教授的“五力模型”以及SWOT分析方法，对“减持新规”影响下的PA资本投资策略的选择和优化问题进行了研究分析。然后，以一个实际投资项目为例，验证了该投资策略的可行性。 最后，对“减持新规”影响下的投资策略提出了建议，并归纳总结出全文的五条研究结论，即：在投资行业策略选择上建议以“精耕作”的策略为主；在投资期限策略上建议选择长期价值投资策略；在投资方式策略上建议增加持股比例，以控股投资为主；在投资阶段策略上建议以成熟期项目为主，如果资金期限允许，可重点考虑成长期项目；在盈利模式策略上考虑海外上市、产业并购以及管理层回购的方式退出获利。 笔者认为随着中国相关法规制度的逐步完善，私募股权投资产业会朝着良性方向发展，推动国家产业经济的升级迭代。
英文摘要：	The Chinese private equity market has been booming for several years, which market size is growing rapidly by more than 20 percent. Now it becomes an important part of Chinese capital market system. However, many bad behaviors, such as short-term arbitrage, irregular stock-selling and so on, have been occurred frequently during the period. In order to curb these bad behaviors，China Securities Regulatory Commission(CSRC) published “new regulations on stock reductions”. Under the new situation, how to revise the investment strategy of the private equity to adapt to the change of external policy environment, which is the core content of this paper. Firstly, the meaning, elements and design concept of private equity investment strategy are analyzed in this paper. Secondly, the author investigate the choice and application of investment strategy of domestic mainstream private equity institutions. Finally, the question about the meaning of “new regulations on stock reductions” and what is the affect of the new regulations to private equity investment institutions, is answered. Next, take the PA capital as an example. Firstly, by virtue of professor Michael E. Porter's "Five Forces Model" and SWOT analysis method, this paper studies and analyzes the selection and optimization of PA capital investment strategies under the influence of "new regulations on stock reductions". And then, it verifies that feasibility of the investment strategy by taking a practical investment project as an example. In the end, Some suggestions for the investment strategy under the influence of the “new regulations on stock reductions” are proposed. And five conclusions of the study are summarized. First, in terms of investment industry strategy selection, it is suggested to focus on the "lean farming" strategy. Second, it is recommend that long-term value investment strategy should be selected. Third, it is propose to increase that proportion of holdings in the investment mode strategy so as to control the corporation. Fourth, in terms of investment phase strategy, it is suggested to focus on mature projects. If the money deadline allowed, you can focus on developing projects. Fifth, on the profit model strategy considering overseas listing, industry merger and acquisition, management buy-outs to exit. The author thinks that with the gradual improvement of relevant laws and regulations in China, the private equity investment industry will develop in a positive direction and promote the upgrading of national industrial economy.
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