發(fā)布時間：2018-05-31 14:16

  本文選題：PE + 私募股權(quán)基金　； 參考：《上海交通大學》2013年碩士論文

【摘要】：自上世紀90年代以來，私募股權(quán)基金在中國的發(fā)展已經(jīng)有20多年了。特別是中小板開閘以后，給中國本土的私募基金提供了很好的退出渠道，，因此最近幾年中國的PE行業(yè)發(fā)展得相當迅速。然而，進入2012年，私募股權(quán)基金在中國的發(fā)展模式發(fā)生了一些變化。隨著二級市場行情的下跌，證監(jiān)會停止審核IPO并且開始進行核查，私募基金在傳統(tǒng)的退出渠道受阻，通過一二級市場賺差價的簡單模式被終結(jié)。由于傳統(tǒng)的純財務(wù)投資模式漸漸失效，PE無法長期賺取超額利潤，因此PE必須轉(zhuǎn)而挖掘被投資企業(yè)的價值，重視在投資后釋放協(xié)同效應(yīng)，才能從本質(zhì)上提升企業(yè)價值，從而在長期的投資中獲取利潤。 本文介紹了中國近年來私募股權(quán)投資行業(yè)所遭遇的發(fā)展瓶頸，闡述了PE行業(yè)要生存發(fā)展必須向綜合投資者轉(zhuǎn)型，并且其中的關(guān)鍵便是對企業(yè)進行充分研究，如何發(fā)揮投后的協(xié)同效應(yīng)。其中，第一章為緒論，主要介紹了中國私募投資業(yè)的現(xiàn)狀和遭遇的困境；第二章分析了PE作為純財務(wù)投資者的模式為何無法長期為基金帶來超額利潤，必須轉(zhuǎn)型為綜合投資者；第三章圍繞了作為綜合投資者投資理念核心的協(xié)同效應(yīng)，研究分析了基金應(yīng)該從強化公司戰(zhàn)略、規(guī)范企業(yè)架構(gòu)、整合外部資源、進行合規(guī)輔導(dǎo)，強調(diào)財務(wù)控制、加強人事管理等六方面對公司進行提升，才能發(fā)揮正確的協(xié)同效應(yīng)；第四章采用例證分析，分別通過通過IDG投資康輝醫(yī)療的成功案例和阿波羅基金投資邁圖高新失敗的案例，并結(jié)合財務(wù)報表的對比，從上一章的六個方面分析闡述了如何發(fā)揮協(xié)同效應(yīng)以及所帶來的后果；最后一章是結(jié)論部分，通過了上述部分的論述得出了說明了只有使用適合企業(yè)自身的方法，才能充分有效地發(fā)揮協(xié)同效應(yīng)，從而取得私募股權(quán)基金投資成功和企業(yè)經(jīng)營成功的雙贏效果的結(jié)論。
[Abstract]:Private equity funds have been developing in China for more than 20 years since the 1990 s. Especially after the small and medium board opening, private equity funds in China provide a good exit channel, so in recent years, the PE industry in China has developed quite rapidly. However, into 2012, private equity funds in China's development model has undergone some changes. As the secondary market fell, the CSRC stopped reviewing IPO and began checking. Private equity funds were blocked in traditional exit channels and the simple model of making a difference in the primary secondary market was ended. Because the traditional pure financial investment mode is gradually invalid, PE can not earn excess profits for a long time, so PE must turn to excavate the value of the invested enterprise and pay attention to releasing the synergy effect after the investment, in order to enhance the enterprise value in essence. In order to make a profit in the long-term investment. This paper introduces the bottleneck in the development of private equity investment industry in China in recent years, and expounds that the PE industry must be transformed to comprehensive investors in order to survive and develop, and the key is to make a full study of the enterprises. How to play the synergy after investment. The first chapter is the introduction, which mainly introduces the current situation and difficulties of China's private equity investment industry, the second chapter analyzes why PE, as a pure financial investor, can not bring excess profits to the fund for a long time, and must be transformed into a comprehensive investor. The third chapter focuses on the synergetic effect, which is the core of the investment concept of comprehensive investors, and analyzes that the fund should strengthen the company strategy, standardize the enterprise structure, integrate external resources, conduct compliance guidance, and emphasize financial control. Strengthening personnel management and other six aspects to enhance the company can bring into play the correct synergistic effect. Chapter four adopts the example analysis, respectively through the successful case of IDG investment in Kanghui medical treatment and the case of Apollo fund investment in Maitu high-tech failure. Combined with the comparison of financial statements, this paper analyzes how to bring synergy and its consequences into full play from six aspects of the previous chapter. The last chapter is the conclusion. Through the discussion of the above part, the author draws the conclusion that only by using the method suitable for the enterprise itself, can the synergy effect be fully and effectively brought into play, and the win-win effect of the investment success of private equity fund and the success of enterprise management can be obtained.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1960037