本文選題：私募股權(quán)投資 + 退出方式��； 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：私募股權(quán)投資起源于19世紀(jì)末的美國,如今,在歐美等發(fā)達(dá)國家,私募股權(quán)基金已經(jīng)成為新興企業(yè)、陷入財(cái)務(wù)困境的企業(yè)以及尋求并購資金的上市公司的重要資金來源。雖然目前私募股權(quán)投資基金在國外已經(jīng)是一種運(yùn)作模式比較完善的投融資工具,但由于其引入我國的時(shí)間尚短,加上我國宏觀經(jīng)濟(jì)政策和我國證券市場發(fā)展程度的限制,私募股權(quán)基金在我國的發(fā)展尚處于初級階段。作為一種新興的投資方式,私募股權(quán)投資促進(jìn)了我國證券市場主體的多樣化,解決了公募基金在發(fā)展中的難題,促進(jìn)基金業(yè)運(yùn)作水平的提高,有效地利用了社會資源,支持成長性企業(yè)資金的籌集,推動了我國企業(yè)的快速發(fā)展,實(shí)現(xiàn)了企業(yè)集約型增長,極大的促進(jìn)了我國的經(jīng)濟(jì)發(fā)展。 在私募股權(quán)投資運(yùn)作流程中,退出這一環(huán)節(jié)非常重要。無論什么類型的投資,其最終目的都是獲利。私募股權(quán)投資的退出意味著其最終利益的實(shí)現(xiàn)。無論多么好的項(xiàng)目,不能安全有效地退出就不能實(shí)現(xiàn)盈利,就是失敗的退出。私募股權(quán)投資不同的退出方式影響著企業(yè)價(jià)值與利益流入。不同條件的企業(yè)適合的退出方式不同,受到的投資影響也不同,私募股權(quán)投資機(jī)構(gòu)在投資前通過標(biāo)的企業(yè)退出方式的不同來對其進(jìn)行評估,以確定其價(jià)值,判斷投資與否和投資金額的大小。因此,退出環(huán)節(jié)的企業(yè)價(jià)值評估就顯得尤為重要。 本文借鑒國內(nèi)外研究成果,介紹了私募股權(quán)投資理論和企業(yè)價(jià)值評估理論,著重分析了私募股權(quán)投資退出方式的不同對企業(yè)價(jià)值的影響因素,以及不同的退出方式對標(biāo)的企業(yè)的評估方法選取的不同,介紹了最適合標(biāo)的企業(yè)在不同退出方式條件下使用的企業(yè)價(jià)值評估方法。最后提出了在新形勢下私募股權(quán)投資企業(yè)價(jià)值評估應(yīng)注意的事項(xiàng)。旨在為私募股權(quán)投資實(shí)際操作者提供一些科學(xué)、合理的參考和建議。
[Abstract]:Private equity investment originated in the United States at the end of the 19th century. Nowadays, in developed countries such as Europe and America, private equity funds have become an important source of capital for emerging enterprises, enterprises in financial distress and listed companies seeking merger and acquisition funds.Although private equity funds have been a relatively perfect investment and financing tool in foreign countries at present, due to the short time it has been introduced into China, coupled with the constraints of our macroeconomic policies and the development of our securities market,The development of private equity fund in our country is still in the initial stage.As a new way of investment, private equity investment has promoted the diversification of the main body of China's securities market, solved the difficult problem in the development of public offering funds, promoted the improvement of the operation level of the fund industry, and effectively utilized the social resources.The raising of funds to support growth enterprises has promoted the rapid development of Chinese enterprises, realized the intensive growth of enterprises, and greatly promoted the economic development of our country.In private equity investment operation process, exit this link is very important.The ultimate goal of any type of investment is to make a profit.The exit of private equity investment means the realization of its ultimate benefit.No matter how good a project is, no profit can be achieved without a safe and effective exit, or a failed exit.The different exit ways of private equity investment affect the inflow of enterprise value and profit.Different conditions of enterprises suitable for different exit ways, the impact of investment is also different, private equity investment institutions before the investment through the underlying enterprises to evaluate the different exit ways to determine its value,Judge whether or not to invest and the size of the investment.Therefore, the exiting link of enterprise value evaluation is particularly important.Based on the domestic and foreign research results, this paper introduces the theory of private equity investment and the theory of enterprise value evaluation, and analyzes the factors that influence the value of private equity investment.This paper introduces the evaluation method of enterprise value which is most suitable for the target enterprise under the different exit mode and the different selection of the evaluation method of the target enterprise with different exit methods.Finally, the paper puts forward the matters that should be paid attention to under the new situation.The purpose is to provide some scientific and reasonable references and suggestions for private equity investors.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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本文編號：1741400