本文選題：私募股權(quán)投資基金　切入點：并購基金　出處：《天津財經(jīng)大學(xué)》2012年碩士論文

【摘要】：隨著中國私募股權(quán)投資基金實力的不斷壯大和并購市場的日漸成熟,以及“十二五”規(guī)劃調(diào)結(jié)構(gòu)政策的推動,并購基金在中國開始蓬勃發(fā)展,呈現(xiàn)出良好的發(fā)展勢頭。但自2004年新橋投資收購深圳發(fā)展銀行以來,外資并購基金紛紛搶灘中國市場,在中國并購市場中,本土并購基金的發(fā)展遠(yuǎn)遠(yuǎn)落后于外資并購基金。無論是凱雷收購徐工還是可口可樂收購匯源,都為中國保護本土龍頭行業(yè)和知名品牌的發(fā)展敲響了警鐘�？焖倥嘤桶l(fā)展本土并購基金,對于保護中國產(chǎn)業(yè)安全,促進中國產(chǎn)業(yè)結(jié)構(gòu)升級、增加產(chǎn)業(yè)鏈附加值、提升中國產(chǎn)業(yè)競爭力等均有著重要作用。而由于存在機制性的制約因素,本土并購基金在發(fā)展過程中面臨著各式各樣的難題和困境,在組織形式、募資渠道、投資模式和退出機制等多方面仍處于摸索階段,適合本土并購基金的目標(biāo)發(fā)展模式尚不明確。 同時,中國學(xué)術(shù)界關(guān)于并購基金發(fā)展模式的理論研究較少,本土并購基金應(yīng)以何種模式發(fā)展,本土并購基金現(xiàn)行發(fā)展模式中的難題如何解決,這些問題都亟待研究。因此,對中國并購基金發(fā)展模式選擇的研究從實踐和學(xué)術(shù)兩方面來看都有著重要的意義。 本文共分為五個部分：第一部分是導(dǎo)論,介紹研究目的與意義、國內(nèi)外研究概況以及文章研究思路方法與創(chuàng)新之處；第二部分采用了定性研究法,從組織形式、募資渠道、投資模式和退出機制四個角度對并購基金的基本發(fā)展模式進行了歸納分析,并闡述了并購基金發(fā)展的理論基礎(chǔ)；第三部分從中國并購基金發(fā)展現(xiàn)狀入手,對中國并購基金現(xiàn)行發(fā)展模式的特點和存在問題進行了深入分析；第四部分采用案例分析法,以弘毅投資和KKR為例,對并購基金成功發(fā)展模式中的經(jīng)驗進行了分析和歸納；第五部分則在針對中國國情和借鑒成功經(jīng)驗的基礎(chǔ)上,從組織形式、募資渠道、投資模式和退出機制四個方面對中國并購基金發(fā)展模式的選擇給出了相關(guān)建議,提出：中國并購基金可選擇政府引導(dǎo)控股型并購基金、大型機構(gòu)設(shè)立參股型并購基金以及證券公司開展信托制參股型并購基金三種發(fā)展模式。
[Abstract]:With the strength of China's private equity funds and the maturity of the M & A market, and the promotion of the 12th Five-Year Plan, M & A funds began to flourish in China, showing a good momentum of development.However, since Xinqiao acquired Shenzhen Development Bank in 2004, foreign M & A funds have seized the Chinese market one after another. In the Chinese M & A market, the development of local M & A funds has lagged far behind that of foreign M & A funds.Both Carlyle's acquisition of Xugong and Coca-Cola 's acquisition of Huiyuan have sounded alarm bells for China's development of protecting its domestic leading industries and well-known brands.Rapid cultivation and development of local M & A funds play an important role in protecting China's industrial security, promoting the upgrading of China's industrial structure, increasing the added value of industrial chains, and enhancing China's industrial competitiveness.However, due to the institutional constraints, local M & A funds are facing various difficulties and difficulties in the process of development. They are still in the groping stage in many aspects, such as organizational form, fund-raising channels, investment model and exit mechanism, etc.The target development model suitable for local M & A fund is not clear.At the same time, there are few theoretical studies on the development model of M & A fund in Chinese academic circles, which mode should be adopted by the local M & A fund, and how to solve the problems in the current development model of the local M & A fund, these problems need to be studied urgently.Therefore, the research on the development mode of M & A funds in China is of great significance both in practice and academic aspects.This paper is divided into five parts: the first part is the introduction, the purpose and significance of the research, the domestic and foreign research situation, the research methods and innovations of the article, the second part uses the qualitative research method, from the organizational form, fund-raising channels,The paper summarizes and analyzes the basic development mode of M & A fund from four angles of investment model and exit mechanism, and expounds the theoretical basis of the development of M & A fund. The third part begins with the development of M & A fund in China.The characteristics and existing problems of the current development model of M & A fund in China are deeply analyzed. The fourth part uses the case analysis method, taking Hony Investment and KKR as examples, to analyze and summarize the experience in the successful development model of M & A Fund.In the fifth part, based on the situation of China and the successful experience, the author gives some suggestions on the choice of the development mode of China's M & A fund from four aspects: organizational form, fund-raising channel, investment model and exit mechanism.The paper points out that China's M & A funds can choose three development models: government-guided and shareholding M & A funds, shareholding M & A funds set up by large institutions and securities companies carrying out trust share-participating M & A funds.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.5

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本文編號：1715968