本文選題：私募股權(quán)基金 + 退出機(jī)制��； 參考：《湖南大學(xué)》2012年碩士論文

【摘要】：私募股權(quán)投資是指以私募形式對(duì)具有高增長(zhǎng)潛力的未上市企業(yè)進(jìn)行權(quán)益性投資，并參與被投資企業(yè)的經(jīng)營(yíng)管理，以期所投資企業(yè)發(fā)育成熟后通過上市、并購(gòu)或管理層回購(gòu)等退出方式實(shí)現(xiàn)資本增值的投資活動(dòng)。私募股權(quán)投資作為一種先進(jìn)的投資模式，，可以提高公司透明度和公司治理水平，提升公司的競(jìng)爭(zhēng)力，提升股票市場(chǎng)整體水平，是經(jīng)濟(jì)調(diào)整和升級(jí)的推動(dòng)力量，在金融業(yè)中占據(jù)特殊的地位，對(duì)于發(fā)揮資本市場(chǎng)資源優(yōu)化配置的功能有著不可替代的作用。 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)目選擇和退出三大環(huán)節(jié)。其中對(duì)私募股權(quán)投資基金整體發(fā)展影響最大的就是退出環(huán)節(jié)，是否能夠成功的以某種方式從目標(biāo)企業(yè)套現(xiàn)退出是私募股權(quán)基金投資成功與否的標(biāo)志。 本文以招商局中國(guó)基金為研究對(duì)象深入探討私募股權(quán)投資退出問題，在介紹其投資對(duì)象銀光傳媒的基礎(chǔ)上，通過對(duì)招商局基金投資行為以及退出方式偏好研究，結(jié)合國(guó)內(nèi)外資本市場(chǎng)監(jiān)管制度及經(jīng)濟(jì)環(huán)境分析，借鑒國(guó)內(nèi)成功的PE退出案例，為招商局基金設(shè)計(jì)出一條實(shí)現(xiàn)投資收益最大化的退出之路。 論文主要包括四個(gè)部分：第一章是私募股權(quán)投資相關(guān)文獻(xiàn)綜述，首先介紹了我國(guó)私募股權(quán)投資基金的發(fā)展現(xiàn)狀、私募股權(quán)投資概念和私募股權(quán)投資退出的國(guó)內(nèi)外研究現(xiàn)狀，隨后又用數(shù)據(jù)說明我國(guó)私募股權(quán)投資基金退出方式現(xiàn)狀。對(duì)三種典型退出方式進(jìn)行比較分析，這三種退出方式包括了首次公開發(fā)行、股權(quán)轉(zhuǎn)讓以及清算退出。第二、三章結(jié)合招商局基金以及銀光傳媒現(xiàn)狀對(duì)招商局基金可能的退出方式進(jìn)行可行性分析。最后一章運(yùn)成本收益法對(duì)影響私募股權(quán)基金退出時(shí)間和退出方式各種因素進(jìn)行分析，對(duì)招商局中國(guó)基金不同退出方式的偏好程度進(jìn)行排序。文章將各種影響因素分為兩大類：成本因素和收益因素。所分析的成本因素主要包括：信息不對(duì)稱所引發(fā)的成本、公司治理成本、流動(dòng)性成本、交易成本以及私募股權(quán)基金存續(xù)期限制所造成的機(jī)會(huì)成本；收益因素主要包括：協(xié)同效應(yīng)、再融資的能力、新股熱銷所帶來的收益。在上述分析的基礎(chǔ)上，最后對(duì)各種退出方式進(jìn)行比較，選擇一條最適合招商局基金的退出之路。
[Abstract]:Private equity investment refers to private equity investment in the form of private equity to unlisted enterprises with high growth potential, and participate in the operation and management of invested enterprises, with a view to the development and maturity of the invested enterprises through the listing, M & A or management buyback and other exit ways to achieve capital appreciation of investment activities. As an advanced investment model, private equity investment can improve the transparency and corporate governance level of the company, enhance the competitiveness of the company, enhance the overall level of the stock market, and is the driving force for economic adjustment and upgrading. It plays an irreplaceable role in exerting the function of optimizing the allocation of resources in the capital market. The operation of private equity funds includes three links: fund raising, project selection and withdrawal. Among them, the biggest impact on the overall development of private equity investment funds is the withdrawal link. Whether or not we can successfully withdraw from the target enterprise is the symbol of the success of private equity investment. This paper takes China Merchants Bureau China Fund as the research object to explore the issue of private equity investment exit. On the basis of introducing its investment object, Yinguang Media, through the research on the investment behavior and exit mode preference of China Merchants Bureau, combining with the analysis of domestic and foreign capital market supervision system and economic environment, the paper draws lessons from the successful PE exit case in China. The thesis mainly includes four parts: the first chapter is the literature review of private equity investment. Firstly, it introduces the current situation of private equity investment fund in China. The concept of private equity investment and the research status of private equity investment exit at home and abroad, and then use the data to illustrate the current situation of private equity investment fund exit in China. This paper makes a comparative analysis of three typical exit modes, which include initial public offering, equity transfer and liquidation exit. Second, the third chapter analyzes the feasibility of the possible exit of CMB fund combined with the current situation of CMB and Yinguang Media. In the last chapter, the author analyzes the factors that affect the exit time and exit mode of private equity fund, and sorts out the preference of China Merchants Bureau. The article divides all kinds of factors into two categories: cost factor and profit factor. The cost factors analyzed include: the cost caused by asymmetric information, the cost of corporate governance, the cost of liquidity, the cost of transaction and the opportunity cost caused by the restriction of the duration of private equity fund; Income factors mainly include: synergy, refinancing ability, new shares hot-selling income. On the basis of the above analysis, this paper compares various exit methods, and chooses the exit path that is most suitable for CMB fund.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5

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本文編號(hào)：1995834