本文選題：私募股權(quán)投資 + 企業(yè)價(jià)值評估��； 參考：《中央民族大學(xué)》2012年碩士論文

【摘要】：近年來,私募股權(quán)投資逐漸成為我國資本市場上的熱點(diǎn)話題。很多企業(yè)通過采用私募股權(quán)融資的方式來籌集資金,實(shí)現(xiàn)自身價(jià)值的加速增長,這直接帶動(dòng)了我國私募股權(quán)投資行業(yè)的蓬勃發(fā)展。尤其是隨著三板市場和創(chuàng)業(yè)板市場的成功推出,我國多層次資本市場體系的建設(shè)日益完善,為眾多私募股權(quán)投資基金拓寬了投資渠道、完善了退出渠道,促進(jìn)了我國私募股權(quán)投資行業(yè)進(jìn)入了新一輪飛速發(fā)展的時(shí)期。 根據(jù)私募投資者進(jìn)入企業(yè)時(shí)點(diǎn)的不同,可以將私募股權(quán)投資資本分為不同的類型。其中Pre-IPO資本又被稱為上市前的私募股權(quán)投資。上市前的私募股權(quán)投資能否順利進(jìn)行并取得成功,與其進(jìn)入時(shí)的股權(quán)定價(jià)有很大的關(guān)系。然而目前我國對上市前私募股權(quán)投資定價(jià)方面的研究甚少,缺少理論的研究顯然不利于私募股權(quán)投資在我國的發(fā)展。針對這種情況,本文從私募股權(quán)投資者的角度出發(fā),對影響我國上市前私募股權(quán)投資定價(jià)的相關(guān)因素,以及具體的定價(jià)方法進(jìn)行了較為詳細(xì)的探討與研究。 本文通過選取上市前進(jìn)行過私募并成功實(shí)現(xiàn)私募退出的企業(yè)作為研究樣本,進(jìn)行了相關(guān)回歸分析,證實(shí)了上市前私募價(jià)格與私募進(jìn)入時(shí)目標(biāo)企業(yè)的每股收益、平均市盈率、IPO價(jià)格等財(cái)務(wù)因素成正比關(guān)系,而與IPO時(shí)間成反比關(guān)系。同時(shí),本文還通過理論分析與規(guī)范研究的方法,對影響上市前私募股權(quán)投資價(jià)格的非財(cái)務(wù)因素進(jìn)行了梳理,指出上市前私募價(jià)格還受企業(yè)的成長潛力、企業(yè)所屬行業(yè)的特點(diǎn)、企業(yè)管理團(tuán)隊(duì)的素質(zhì)、私募投資者談判能力與技巧等非財(cái)務(wù)因素的影響。在此基礎(chǔ)上,本文指出對上市前私募股權(quán)投資進(jìn)行定價(jià)時(shí),需要采用將財(cái)務(wù)因素和非財(cái)務(wù)因素相結(jié)合,以及多種價(jià)值評估方法相結(jié)合的分析思路與方法。 本文的最大貢獻(xiàn)在于系統(tǒng)地分析了影響上市前私募股權(quán)投資定價(jià)的財(cái)務(wù)因素與非財(cái)務(wù)因素,并提供了上市前私募股權(quán)投資定價(jià)的具體思路與方法。同時(shí)通過分析我國私募股權(quán)市場未來的發(fā)展趨勢,對如何更好的進(jìn)行私募股權(quán)投資定價(jià)提出了相關(guān)建議。
[Abstract]:In recent years, private equity investment has gradually become a hot topic in China's capital market.Many enterprises use private equity financing to raise funds to achieve the accelerated growth of their own value, which directly drives the vigorous development of the private equity investment industry in China.In particular, with the successful launch of the third board market and the gem market, the construction of the multi-level capital market system in China has been increasingly improved, which has widened the investment channels and improved the exit channels for many private equity investment funds.Promote our private equity investment industry into a new round of rapid development period.Private equity capital can be divided into different types according to the time when private equity investors enter the enterprise.Among them, Pre-IPO capital is also called private equity investment before listing.Whether the private equity investment before listing is successful or not has a great relationship with the stock pricing at the time of entry.However, there is little research on the pricing of private equity investment before listing in China, and the lack of theoretical research is obviously not conducive to the development of private equity investment in China.In view of this situation, this paper, from the perspective of private equity investors, discusses and studies in detail the factors affecting the pricing of private equity investment before listing in China, as well as the specific pricing methods.In this paper, we select the enterprises that have been private placement before listing and successfully realize private placement exit as the research sample, and carry out correlation regression analysis, and prove that the price of private equity before listing and the earnings per share of the target company when private equity enters into the market.Financial factors such as average price-earnings ratio and IPO price are proportional and inversely proportional to IPO time.At the same time, through the method of theoretical analysis and normative research, this paper combs the non-financial factors that affect the price of private equity investment before listing, and points out that the private equity price before listing is still affected by the growth potential of the enterprise and the characteristics of the industry of which the enterprise belongs.The quality of the management team, private equity investors negotiating ability and skills and other non-financial factors.On this basis, this paper points out that when pricing private equity investment before listing, we need to combine financial factors with non-financial factors, as well as a variety of valuation methods.The greatest contribution of this paper is to systematically analyze the financial factors and non-financial factors that affect the pricing of private equity investment before listing, and provide the specific ideas and methods of pricing private equity investment before listing.At the same time, through the analysis of the future development trend of private equity market in China, put forward some suggestions on how to better private equity investment pricing.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.6;F832.51

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