德國私募股權(quán)基金籌資和投資驅(qū)動因素分析
發(fā)布時間：2018-07-18 07:39
【摘要】：私募股權(quán)基金是經(jīng)濟發(fā)展的一項重要金融支撐。經(jīng)過了近50年的發(fā)展,德國私募股權(quán)基金進入了高速增長期,并成為德國金融市場不可或缺的組成部分。在獨特的經(jīng)濟、文化、法律和稅收制度等背景下,德國私募股權(quán)基金的發(fā)展呈現(xiàn)出獨特的特點,也帶來成功的經(jīng)驗。因此,本文選擇德國私募股權(quán)基金籌資和投資驅(qū)動因素為研究主題,通過挖掘德國私募股權(quán)基金在1991年至2010年間的高速增長發(fā)展階段,其籌資和投資受到的具體影響因素,希望有助于我們更深地理解促進私募股權(quán)基金發(fā)展的有效措施。中國目前正處于私募股權(quán)基金發(fā)展初期階段,可以借鑒德國私募股權(quán)基金發(fā)展的成功經(jīng)驗。 本文首先全面闡釋了私募股權(quán)基金的概念、組織形式和運作流程。在此基礎(chǔ)上,本文介紹了德國私募股權(quán)基金發(fā)展面臨的外部環(huán)境,及其從60年代至今的發(fā)展歷程,并進一步分析了在高速增長階段,其籌資、投資和撤資的運作特點。接著,本文開始對德國私募股權(quán)基金籌資和投資的驅(qū)動因素進行實證分析。首先,本文定性地分析了德國私募股權(quán)基金籌資和投資的驅(qū)動因素,接著對這些驅(qū)動因素進行定量的實證檢驗,并對實證結(jié)果進行分析。最后,本文對中國目前私募股權(quán)基金的發(fā)展現(xiàn)狀和面臨的挑戰(zhàn)進行論述,并總結(jié)德國私募股權(quán)基金發(fā)展經(jīng)驗給中國私募股權(quán)基金發(fā)展帶來的啟示。 本文在Jeng和Well(2000)驅(qū)動因素計量模型的基礎(chǔ)上進行拓展,通過采用1991年至2010年間德國私募股權(quán)基金籌資額和投資額作為因變量,并在模型的自變量中重點考慮了德國公開發(fā)行上市企業(yè)數(shù)量(IPOs)、德國并購交易額占GDP比重、德國證券市場交易指數(shù)DAX增長率、德國中小企業(yè)自有資本率和德國自我雇傭比率等驅(qū)動因素。本文的創(chuàng)新點在于,本文分析模型中不僅考慮了之前被學(xué)者研究過的諸多驅(qū)動因素,同時結(jié)合了德國私募股權(quán)基金發(fā)展的獨特性,引入新的驅(qū)動因素(包括德國中小企業(yè)自有資本率、德國自我雇傭比率等)進行實證檢驗。此外,本文在前人對早期階段風(fēng)險投資和后期階段風(fēng)險投資兩類私募股權(quán)基金投資進行分類分析的基礎(chǔ)上,進一步分析了杠桿收購的驅(qū)動因素,以驗證早期階段風(fēng)險投資、擴張階段風(fēng)險投資和杠桿收購這三類投資是否受相同的因素驅(qū)動。再者,本文將私募股權(quán)基金的總籌資額按籌資來源劃分,并對銀行、養(yǎng)老基金、政府和其他四類籌資額進行實證檢驗,以驗證不同來源的籌資額是否受到相同因素的驅(qū)動。 對私募股權(quán)基金籌資的驅(qū)動因素進行實證分析后,本文發(fā)現(xiàn)總體上新基金籌資額的高低主要取決于研發(fā)增長率、企業(yè)家精神和并購市場繁榮程度。分類看來,來自于銀行的新基金籌資額的高低主要取決于DAX增長率、失業(yè)率和并購市場繁榮程度。而并購市場繁榮是推動來自于養(yǎng)老基金的私募股權(quán)基金籌資額的最關(guān)鍵因素。而并購市場的繁榮和研發(fā)支出增長率是影響來自于政府的私募股權(quán)基金籌資額的關(guān)鍵因素。而對于個人投資者和公司等其他來源的私募股權(quán)基金籌資額來說,關(guān)鍵的驅(qū)動因素是失業(yè)率、企業(yè)家精神和并購市場繁榮程度。總之,不同類別的籌資都受到了并購交易額占GDP比重這一驅(qū)動因素的影響,而不受IPO企業(yè)數(shù)量這一變量的影響,說明德國IPO市場相對于并購市場來說較為不繁榮,因而過去20年來,德國并購市場的快速發(fā)展是推動德國私募股權(quán)新基金籌資額增長的關(guān)鍵因素。此外,不同類別的籌資還受到了不同因素的驅(qū)動。其中,來自銀行的私募股權(quán)基金籌資額還受到了DAX指數(shù)增長率的驅(qū)動。隨著DAX指數(shù)增長率提高,銀行資產(chǎn)和盈利能力提高,推動了來自銀行的私募股權(quán)基金籌資額的提高。而來自政府的私募股權(quán)基金籌資額則受到了研發(fā)增長率的驅(qū)動,因為研發(fā)帶來的新興產(chǎn)業(yè)的投資機會往往是政府資金介入私募股權(quán)基金的關(guān)鍵原因。而對于個人投資者和公司等其他來源的私募股權(quán)基金的籌資來說,企業(yè)家精神則是關(guān)鍵的驅(qū)動因素。 對私募股權(quán)基金投資的驅(qū)動因素進行實證分析后,本文發(fā)現(xiàn),總投資額的高低主要取決于利率、失業(yè)率、股票市值增長率、企業(yè)家精神和并購市場繁榮程度。分類看來,早期階段風(fēng)險投資額的增長主要受IPO市場和并購市場的繁榮的推動,同時加入失業(yè)率和利率后,IPO企業(yè)數(shù)量和并購交易額占GDP比重的顯著性提高。其次,擴張階段風(fēng)險投資額的增長主要受并購市場繁榮程度而非IPO市場繁榮程度的影響,同時加入失業(yè)率和利率后,并購交易額占GDP比重的顯著性提高。最后,杠桿收購?fù)顿Y額最重要的驅(qū)動因素是利率,而股票市值增長率、研發(fā)增長率和IPO企業(yè)數(shù)量均對杠桿收購?fù)顿Y額變動有貢獻。此外,雖然不同類別的投資都受到了利率這一因素的影響,但利率對于杠桿收購的重要性遠高于早期階段風(fēng)險投資和擴張階段風(fēng)險投資。而雖然IPO市場和并購市場所代表的退出渠道是否通暢是驅(qū)動早期階段風(fēng)險投資額和擴張階段風(fēng)險投資額變動的關(guān)鍵因素。然而,早期階段風(fēng)險投資額的增長同時受IPO市場和并購市場的影響,而擴張階段風(fēng)險投資額的增長則主要受并購市場繁榮的推動,而與IPO市場無顯著相關(guān)性。
[Abstract]:Private equity fund is an important financial support for economic development. After nearly 50 years of development, the German private equity fund has entered a period of rapid growth and has become an integral part of the German financial market. Therefore, this paper chooses the driving factors of the fund-raising and investment of the German private equity fund as the research topic, and through the excavation of the rapid growth and development stage of the German private equity fund from 1991 to 2010, the specific impact factors of its financing and investment are expected to help us to further understand the promotion. The effective measures for the development of private equity fund. China is now in the early stage of the development of private equity fund, which can draw on the successful experience of the development of the German private equity fund.
This paper first comprehensively explains the concept, form and operation process of private equity fund. On this basis, this paper introduces the external environment of the development of the German private equity fund, and its development from 60s to the present, and further analyzes the operation characteristics of the financing, investment and withdrawal in the high speed growth stage. This paper begins with an empirical analysis of the driving factors of the financing and investment of the German private equity fund. First, this paper analyzes the driving factors of the financing and investment of the German private equity fund, and then carries out a quantitative empirical test on these driving factors and analyzes the empirical results. Finally, the present private equity in China is presented in this paper. The development status and challenges of the fund are discussed, and the Enlightenment from the development experience of the German private equity fund to the development of China's private equity fund is summarized.
On the basis of Jeng and Well (2000) driving factor model, this paper extends the amount and amount of the German private equity fund from 1991 to 2010, and focuses on the number of publicly listed companies in Germany (IPOs) in the independent variables of the model, and the German merger and acquisition transactions account for the proportion of GDP, and the German securities The growth rate of market trading index DAX, the driving factors of the private capital rate and the self employment ratio of German small and medium enterprises, the innovation point of this paper is that this analysis model not only considers many driving factors which have been studied by scholars before, but also combines the uniqueness of the development of German private equity fund and introduces new driving factors. In addition, on the basis of the previous classification and analysis of two types of private equity funds in early stage venture investment and late stage venture investment, this paper further analyzes the driving factors of the bar purchase in order to verify the early stage risk. Investment, the three types of investment and leveraged buyout are driven by the same factors. Furthermore, this paper divides the total financing amount of the private equity fund according to the sources of financing, and tests the banks, pension funds, the government and other four types of funds to verify whether the financing amount of different sources is subject to the same factors. Drive.
After an empirical analysis of the driving factors of private equity fund raising, this paper finds that the overall fund raising of the new fund depends mainly on the growth rate of R & D, the spirit of entrepreneurship and the prosperity of the M & a market. It seems that the main financing of the new fund from the bank depends on the DAX growth rate, the unemployment rate and the complex market. The prosperity of the M & a market is the most important factor in promoting the financing of private equity funds from pension funds. The prosperity of the M & a market and the growth rate of R & D expenditure are the key factors affecting the financing of private equity funds from the government. Private equity funds for individual investors and other sources such as companies are the key factors. In terms of funding, the key drivers are the unemployment rate, the entrepreneurial spirit and the prosperity of the M & a market. In a word, different types of financing are affected by the driving factor of the share of GDP, which is not influenced by the number of IPO enterprises, indicating that the German IPO market is more unprosperous than the M & a market. The rapid development of the German merger and acquisition market in the past 20 years has been a key factor in promoting the growth of the fund raising of the new German private equity fund. In addition, different types of financing have been driven by different factors. Among them, the financing of private equity funds from banks is also driven by the growth rate of the DAX index. With the increase of the DAX index, Higher, higher bank assets and higher profitability have promoted the increase in private equity funds from the banks. Private equity funds from the government are driven by R & D growth rate, because the investment opportunities of emerging industries brought by R & D are often the key reason for the government funds to intervene in private equity funds. Entrepreneurship is the key driver for the financing of private equity funds from other sources, such as individual investors and companies.
After the empirical analysis of the driving factors of private equity fund investment, this paper finds that the total amount of investment depends mainly on the interest rate, the unemployment rate, the growth rate of stock market value, the entrepreneurial spirit and the prosperity degree of the M & a market. After joining the unemployment rate and interest rate, the number of IPO enterprises and the amount of M & A transactions accounted for a significant increase in the proportion of GDP. Secondly, the increase of the amount of venture capital in the expansion stage is mainly influenced by the prosperity degree of the M & a market rather than the prosperity of the IPO market, at the same time, after joining the unemployment rate and interest rate, the proportion of the purchase and transaction amount to the proportion of GDP is significantly increased. The most important driving factor is the interest rate, and the stock market value growth rate, the R & D growth rate and the number of IPO enterprises contribute to the change of the leveraged buy-out investment. In addition, although the different types of investment are affected by the factor of interest rate, the interest rate is much more important than the early stage venture investment. However, the growth of the early stage risk investment is affected by the IPO market and the purchase market, while the expansion stage venture investment is the key factor in the early stage of venture investment and the change of the amount of venture capital in the expansion stage. The growth is mainly driven by the prosperity of the M & a market, but has no significant correlation with the IPO market.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F835.16
本文編號：2131211
[Abstract]:Private equity fund is an important financial support for economic development. After nearly 50 years of development, the German private equity fund has entered a period of rapid growth and has become an integral part of the German financial market. Therefore, this paper chooses the driving factors of the fund-raising and investment of the German private equity fund as the research topic, and through the excavation of the rapid growth and development stage of the German private equity fund from 1991 to 2010, the specific impact factors of its financing and investment are expected to help us to further understand the promotion. The effective measures for the development of private equity fund. China is now in the early stage of the development of private equity fund, which can draw on the successful experience of the development of the German private equity fund.
This paper first comprehensively explains the concept, form and operation process of private equity fund. On this basis, this paper introduces the external environment of the development of the German private equity fund, and its development from 60s to the present, and further analyzes the operation characteristics of the financing, investment and withdrawal in the high speed growth stage. This paper begins with an empirical analysis of the driving factors of the financing and investment of the German private equity fund. First, this paper analyzes the driving factors of the financing and investment of the German private equity fund, and then carries out a quantitative empirical test on these driving factors and analyzes the empirical results. Finally, the present private equity in China is presented in this paper. The development status and challenges of the fund are discussed, and the Enlightenment from the development experience of the German private equity fund to the development of China's private equity fund is summarized.
On the basis of Jeng and Well (2000) driving factor model, this paper extends the amount and amount of the German private equity fund from 1991 to 2010, and focuses on the number of publicly listed companies in Germany (IPOs) in the independent variables of the model, and the German merger and acquisition transactions account for the proportion of GDP, and the German securities The growth rate of market trading index DAX, the driving factors of the private capital rate and the self employment ratio of German small and medium enterprises, the innovation point of this paper is that this analysis model not only considers many driving factors which have been studied by scholars before, but also combines the uniqueness of the development of German private equity fund and introduces new driving factors. In addition, on the basis of the previous classification and analysis of two types of private equity funds in early stage venture investment and late stage venture investment, this paper further analyzes the driving factors of the bar purchase in order to verify the early stage risk. Investment, the three types of investment and leveraged buyout are driven by the same factors. Furthermore, this paper divides the total financing amount of the private equity fund according to the sources of financing, and tests the banks, pension funds, the government and other four types of funds to verify whether the financing amount of different sources is subject to the same factors. Drive.
After an empirical analysis of the driving factors of private equity fund raising, this paper finds that the overall fund raising of the new fund depends mainly on the growth rate of R & D, the spirit of entrepreneurship and the prosperity of the M & a market. It seems that the main financing of the new fund from the bank depends on the DAX growth rate, the unemployment rate and the complex market. The prosperity of the M & a market is the most important factor in promoting the financing of private equity funds from pension funds. The prosperity of the M & a market and the growth rate of R & D expenditure are the key factors affecting the financing of private equity funds from the government. Private equity funds for individual investors and other sources such as companies are the key factors. In terms of funding, the key drivers are the unemployment rate, the entrepreneurial spirit and the prosperity of the M & a market. In a word, different types of financing are affected by the driving factor of the share of GDP, which is not influenced by the number of IPO enterprises, indicating that the German IPO market is more unprosperous than the M & a market. The rapid development of the German merger and acquisition market in the past 20 years has been a key factor in promoting the growth of the fund raising of the new German private equity fund. In addition, different types of financing have been driven by different factors. Among them, the financing of private equity funds from banks is also driven by the growth rate of the DAX index. With the increase of the DAX index, Higher, higher bank assets and higher profitability have promoted the increase in private equity funds from the banks. Private equity funds from the government are driven by R & D growth rate, because the investment opportunities of emerging industries brought by R & D are often the key reason for the government funds to intervene in private equity funds. Entrepreneurship is the key driver for the financing of private equity funds from other sources, such as individual investors and companies.
After the empirical analysis of the driving factors of private equity fund investment, this paper finds that the total amount of investment depends mainly on the interest rate, the unemployment rate, the growth rate of stock market value, the entrepreneurial spirit and the prosperity degree of the M & a market. After joining the unemployment rate and interest rate, the number of IPO enterprises and the amount of M & A transactions accounted for a significant increase in the proportion of GDP. Secondly, the increase of the amount of venture capital in the expansion stage is mainly influenced by the prosperity degree of the M & a market rather than the prosperity of the IPO market, at the same time, after joining the unemployment rate and interest rate, the proportion of the purchase and transaction amount to the proportion of GDP is significantly increased. The most important driving factor is the interest rate, and the stock market value growth rate, the R & D growth rate and the number of IPO enterprises contribute to the change of the leveraged buy-out investment. In addition, although the different types of investment are affected by the factor of interest rate, the interest rate is much more important than the early stage venture investment. However, the growth of the early stage risk investment is affected by the IPO market and the purchase market, while the expansion stage venture investment is the key factor in the early stage of venture investment and the change of the amount of venture capital in the expansion stage. The growth is mainly driven by the prosperity of the M & a market, but has no significant correlation with the IPO market.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F835.16
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