本文選題：私募股權(quán)投資　切入點(diǎn)：退出機(jī)制　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年碩士論文

【摘要】：伴隨著金融危機(jī)和債務(wù)危機(jī)的持續(xù)性影響，全球都彌漫著蕭條的氣息。在經(jīng)歷了四萬億基建投資和一系列反周期政策的推動后，我國的經(jīng)濟(jì)最終也未能幸免于難，2012年初政府就已經(jīng)提出了保八的政策目標(biāo)，經(jīng)濟(jì)增長前景令人堪憂。與之相對應(yīng)的私募股權(quán)市場也進(jìn)入了寒冬，面臨著行業(yè)的洗牌，全民PE的黃金時代一去不復(fù)返。眾所周知，私募股權(quán)投資基金的發(fā)展對于一國經(jīng)濟(jì)的增長、中小企業(yè)的融資、高新技術(shù)的發(fā)展以及產(chǎn)品服務(wù)的創(chuàng)新都有著不可替代的重要作用。也正是在這個困難時期，我國的經(jīng)濟(jì)增長、產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整、中小企業(yè)的融資都更加需要私募股權(quán)投資基金的支持，因此找出并排除私募股權(quán)市場發(fā)展的障礙，推動其健康發(fā)展具有重要的理論意義和現(xiàn)實(shí)意義。 私募股權(quán)投資基金的運(yùn)作環(huán)節(jié)包括資金籌集、項(xiàng)目投資及管理和退出三大環(huán)節(jié)。其中關(guān)系到私募股權(quán)投資基金循環(huán)運(yùn)作的關(guān)鍵環(huán)節(jié)就是退出。只有順暢的退出機(jī)制才能保證私募股權(quán)投資基金的收益實(shí)現(xiàn)和可持續(xù)發(fā)展。由于我國私募股權(quán)投資基金發(fā)展起步晚，在退出機(jī)制上還存在很多障礙和問題，這些問題如不加以重視和解決，將極大地制約我國私募股權(quán)投資市場的發(fā)展和作用發(fā)揮。 本文基于私募股權(quán)投資基金退出相關(guān)理論和國內(nèi)現(xiàn)狀，對我國私募股權(quán)投資基金退出機(jī)制展開了研究和分析。主要包括五個主體部分：第一章是私募股權(quán)投資相關(guān)文獻(xiàn)綜述，主要介紹關(guān)于私募股權(quán)投資退出的國內(nèi)外研究現(xiàn)狀。第二章主要是對于私募股權(quán)投資的相關(guān)理論介紹，包括其定義、分類和運(yùn)作流程。第三章屬于私募股權(quán)投資退出機(jī)制的理論研究。首先闡述了退出機(jī)制的概念和意義，強(qiáng)調(diào)了退出機(jī)制在私募股權(quán)投資運(yùn)作過程中的重要性；其次，簡單介紹了幾種最常用的退出方式并加以分析比較，說明采用每種方式的優(yōu)勢和缺陷；最后重點(diǎn)進(jìn)行了私募股權(quán)投資退出影響因素的分析，從宏觀經(jīng)濟(jì)周期、資本市場環(huán)境、法律環(huán)境、受資企業(yè)所處行業(yè)、退出的交易成本、投資機(jī)構(gòu)成熟度、資金來源和中介服務(wù)環(huán)境等八個方面分別展開。第四章結(jié)合具體數(shù)據(jù)，總結(jié)出我國私募股權(quán)投資退出機(jī)制的發(fā)展現(xiàn)狀和問題。這一章屬于提出問題環(huán)節(jié)，是本文的研究重點(diǎn)，筆者根據(jù)對于退出機(jī)制的理解和定義，分別從我國PE市場的退出現(xiàn)狀和外部環(huán)境兩大方面入手，，較為詳細(xì)地總結(jié)出現(xiàn)存的問題。本文最后一章針對以上問題，從投資機(jī)構(gòu)和政府兩個角度分別提出完善我國私募股權(quán)投資退出機(jī)制的建議，文章寫作的最終意義也就在此。
[Abstract]:With the persistence of the financial crisis and debt crisis, the world is filled with depression.After 4 trillion infrastructure investment and a series of counter-cyclical policies, China's economy was unable to escape the government's policy goal of "Bao8" in early 2012, and the economic growth prospects are worrying.The corresponding private equity market has entered the winter, facing the industry reshuffle, the golden age of PE is gone.As we all know, the development of private equity investment fund plays an irreplaceable role in the growth of national economy, the financing of small and medium-sized enterprises, the development of high and new technology and the innovation of products and services.It is also in this difficult period that China's economic growth, the adjustment of industrial structure, and the financing of small and medium-sized enterprises all need the support of private equity investment funds more and more, so find out and remove the obstacles to the development of the private equity market.It has important theoretical and practical significance to promote its healthy development.The operation of private equity fund includes three links: fund raising, project investment and management and withdrawal.One of the key links related to the circulation of private equity investment funds is withdrawal.Only a smooth exit mechanism can guarantee the income realization and sustainable development of private equity investment fund.Due to the late development of private equity funds in China, there are still many obstacles and problems in the withdrawal mechanism. If these problems are not paid attention to and solved, they will greatly restrict the development and role of private equity investment market in China.Based on the theory of withdrawal of private equity funds and the current situation in China, this paper studies and analyzes the exit mechanism of private equity funds in China.It includes five main parts: the first chapter is the literature review of private equity investment, mainly introduces the domestic and foreign research status of private equity investment withdrawal.The second chapter mainly introduces the theory of private equity investment, including its definition, classification and operation process.The third chapter is the theoretical study of private equity withdrawal mechanism.First of all, this paper expounds the concept and significance of exit mechanism, emphasizes the importance of exit mechanism in the process of private equity investment, secondly, briefly introduces several most commonly used exit methods and analyzes and compares them.Finally, it analyzes the factors influencing the withdrawal of private equity investment, from the macroeconomic cycle, the capital market environment, the legal environment, the industry in which the funded enterprise is located, the transaction cost of the exit.Investment institutions maturity, funding sources and intermediary service environment and other eight aspects of the development.Chapter four summarizes the current situation and problems of withdrawal mechanism of private equity investment in China.This chapter belongs to putting forward questions and is the focus of this paper. According to the understanding and definition of exit mechanism, the author summarizes the existing problems in detail from the two aspects of exit status and external environment of PE market in China.In the last chapter, the author puts forward the suggestion of perfecting the exit mechanism of private equity investment from the angle of investment institution and government respectively, and the final significance of the article is also here.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 楊月英;私募股權(quán)投資基金股權(quán)轉(zhuǎn)讓退出方式研究[D];河北經(jīng)貿(mào)大學(xué);2016年

本文編號：1710552