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论文编号：	9784
作者编号：	2120152600
上传时间：	2017/12/11 11:07:34
中文题目：	中国私募股权投资基金退出方式研究
英文题目：	Research on the Exit Method of Private Equity Investment Fund in China
指导老师：	齐岳
中文关键字：	私募股权，退出方式，首次公开发行退出，并购退出
英文关键字：	private equity, exit methods, IPO exit, M&A exit
中文摘要：	近些年来，在“大众创业、万众创新”的不断推动下，越来越多的私募股权投资机构开始不断涌现，中国的私募股权投资基金得到了迅猛发展。私募股权投资基金的作用在于不仅能够为企业发展提供充足的现金保障，还能够为企业经营管理提供丰富的指导经验。“退出”作为私募股权投资“募-投-管-退”的最后一环在整个基金运作过程中起到了至关重要的作用，因为只有退的好才能实现投资者的收益，才能称得上是一只好的股权投资基金。 私募股权投资基金的退出方式可以大致分为六种，包括IPO上市、新三板挂牌、并购、股权转让、管理层回购和清算几种方式。IPO上市是投资人最喜欢的退出方式，能够为投资人带来超高的投资回报，但往往IPO要求比较严格，操作周期很长；新三板扩容虽然为股权退出提供了广阔的空间，但是缺乏流动性，市场还不够成熟；并购市场近些年来发展迅速，退出成本低、方式灵活，但是容易产生公司内部治理问题；股权回购退出较快，回购方按照约定回购，能够保障投资人的最低收益，但履约能力值得考验；清算则是投资人最不愿意看到的投资方式，往往象征投资的失败，清算后仅仅能够收回部分投资成本。 本文旨在通过研究私募股权投资基金的退出方式，尝试探索适合我国私募股权基投资机构的退出之道，解决“退出难”的问题。文章首先介绍了私募股权投资基金的一些基本概念，包含私募股权投资基金的基本定义、主要特征、分类、参与者，组织形式，运作流程等。然后通过总结我国私募股权基金的发展历程、特点和目前私募股权投资基金主要退出方式的特点，结合我国私募股权投资基金的退出现状，分析得出目前我们国家的私募股权基金在退出时所面临的退出渠道单一、IPO退出困难、并购退出受阻以及缺乏私募股权二级市场等问题。然后针对我国私募股权投资基金退出时存在的问题从完善多层次资本市场体系、并购和私募股权二级市场的角度提出一些合理化对策。最后通过两个各具一定代表性的案例，分析私募股权投资机构在实际投资时该如何规划退出方案以及设计退出思路。
英文摘要：	In recent years, China's private equity funds have developed rapidly, and private equity institutions have sprung up under the background of "public entrepreneurship and innovation". Private equity funds can not only provide sufficient financial support for the development of enterprises, but also provide a wealth of experience and guidance for the management of enterprises. The exit of private equity investment fund, as the last key step of the private equity investment, is very important in the whole process of investment, which result is directly related to the realization of investors’ income and the success of the investment fund evaluation standard. The exit methods of private equity fund can be divided into IPO listing, new OTC market, merger and acquisition, equity transfer, management buyout and liquidation. IPO listed as investors’ favorite way out, can bring high investment returns for investors, but IPO operating is a very long process and with a lot of uncertainty; the expansion of three new board while providing a broad space for the equity exit, but it is lacking of liquidity and the market is not mature; with the rapid development of the merger and acquisition market in recent years, it’s a low cost and flexible exit way, but easily prone to problems of internal corporate governance; management buyout (MBO) can insure investors’ lowest income, but the contractual capacity is worth testing; liquidation is the least way investors want to see. This paper tries to find the exit way for PE investment organizations by studying different exit methods. The paper first illustrates the basic frames, i.e., the concept, organization form and operation process of the PE funds etc. Then by summing up the history and characteristics of the PE fund and its exit way, the article finds the crucial problem of the PE exit way in China and thereby put forward some reasonable countermeasure. Finally, 2 related case study is employed to show how to plan and design PE exit way in practice.
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