貴州資源開發(fā)的私募股權(quán)投融資研究
發(fā)布時(shí)間：2019-01-06 06:13
【摘要】：私募股權(quán)投資基金在全球經(jīng)濟(jì)中發(fā)揮著越來越重要的影響。近年來,私募股權(quán)投資基金在中國(guó)也急劇發(fā)展,影響漸增強(qiáng),涌現(xiàn)出了一大批實(shí)力強(qiáng)的私募投資機(jī)構(gòu),而且在私募投資機(jī)構(gòu)的幫助下,涌現(xiàn)出了一大批特色優(yōu)質(zhì)企業(yè)和上市公司。本論文認(rèn)為在貴州當(dāng)前面臨既要轉(zhuǎn),又要趕雙重任務(wù)大背景下,充分討論私募股權(quán)投資基金對(duì)貴州資源開發(fā)具有非常重要的現(xiàn)實(shí)意義。其重要性體現(xiàn)在：第一推進(jìn)資源開發(fā),培育創(chuàng)新能力強(qiáng)和特色顯著的產(chǎn)業(yè),需要私募股權(quán)投資基金支持。第二,落實(shí)貴州省“大規(guī)模推進(jìn)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整,加快轉(zhuǎn)變經(jīng)濟(jì)發(fā)展方式”需要私募股權(quán)投資基金支持。第三,發(fā)展私募股權(quán)投資基金有助于解決貴州省產(chǎn)業(yè)發(fā)展的資金和技術(shù)瓶頸問題。第四,發(fā)展私募股權(quán)投資基金有利于貴州省調(diào)整當(dāng)前的融資機(jī)構(gòu),擴(kuò)大直接融資的比重。第五,發(fā)展私募股權(quán)投資基金有利于貴州加快增加上市公司的數(shù)量。通過文獻(xiàn)綜述,本文闡述了私募股權(quán)投資基金在貴州應(yīng)發(fā)揮六大作用：推動(dòng)創(chuàng)新；產(chǎn)業(yè)結(jié)構(gòu)調(diào)整與資源優(yōu)化配置；改善貴州當(dāng)前融資機(jī)構(gòu)不合理；提高企業(yè)管治水平,提高上市企業(yè)數(shù)量；促進(jìn)資源優(yōu)勢(shì)轉(zhuǎn)變?yōu)楫a(chǎn)業(yè)優(yōu)勢(shì),進(jìn)而再轉(zhuǎn)變?yōu)榻?jīng)濟(jì)優(yōu)勢(shì)�；诮y(tǒng)計(jì)數(shù)據(jù),本文在分析了近年來,全國(guó)私募股權(quán)投資的最新動(dòng)態(tài)、趨勢(shì)以及三板市場(chǎng)上市企業(yè)的私募股權(quán)投資背景,發(fā)現(xiàn)私募股權(quán)投資基金在多元化融資方式以靈活滿足企業(yè)需求,優(yōu)化資源配置,提高資本收益、促進(jìn)企業(yè)做大做強(qiáng)、加快企業(yè)上市步伐等方面有十分積極的影響。 從實(shí)證角度,本文應(yīng)用了計(jì)量模型,剖析中國(guó)私募股權(quán)投資基金對(duì)所投企業(yè)業(yè)績(jī)改善的作用。本文對(duì)15家有私募股權(quán)投資基金的投資背景企業(yè)成長(zhǎng)的實(shí)證分析,發(fā)現(xiàn)有私募股權(quán)投資基金參股支持的企業(yè)的業(yè)績(jī)、投資收益率都有顯著提高。此外,本文還應(yīng)用西部礦業(yè)案例進(jìn)行分析。 最后,針對(duì)私募股權(quán)基金的巨大效應(yīng)和貴州私募股權(quán)基金的發(fā)展現(xiàn)狀,本文提出貴州要想利用私募股權(quán)投資基金的促進(jìn)資源開發(fā),實(shí)現(xiàn)產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整,做大做強(qiáng)相關(guān)產(chǎn)業(yè),必須大力重視私募股權(quán)基金的發(fā)展。為此,文章提出了幾條政策建議。本文提出：貴州要大力推進(jìn)推進(jìn)資源開發(fā)、做大做強(qiáng)相關(guān)產(chǎn)業(yè)、改善融資結(jié)構(gòu),增加上市企業(yè)家數(shù),在加速經(jīng)濟(jì)發(fā)展中,實(shí)現(xiàn)經(jīng)濟(jì)轉(zhuǎn)型,應(yīng)將PE發(fā)展作為一項(xiàng)重要的金融抓手。建議：通過大力宣傳培訓(xùn)教育,提高全省企業(yè)主及地方官員對(duì)私募股權(quán)基金的認(rèn)識(shí)程度；建立健全特色優(yōu)勢(shì)企業(yè)儲(chǔ)備庫(kù),并定期與大型私募股權(quán)基金進(jìn)行定期對(duì)接；大力引進(jìn)并培養(yǎng)中介服務(wù)機(jī)構(gòu),加快對(duì)口人才培養(yǎng)；健全相關(guān)法律法規(guī)和出臺(tái)相關(guān)優(yōu)惠政策；注重培育本土私募股權(quán)投資基金,尤其是政府引導(dǎo)型基金等等。
[Abstract]:Private equity funds are playing a more and more important role in the global economy. In recent years, private equity funds have also developed rapidly in China, and their impact has gradually increased. A large number of powerful private investment institutions have emerged, and with the help of private equity investment institutions, A large number of characteristic high-quality enterprises and listed companies emerged. This paper holds that under the background that Guizhou is faced with both transition and dual tasks, it is of great practical significance to fully discuss private equity investment funds for the development of Guizhou resources. Its importance lies in: first, to promote resource development and cultivate industries with strong innovation ability and distinctive characteristics, private equity funds are needed to support them. Second, the implementation of Guizhou Province "large-scale industrial restructuring, speed up the transformation of economic development" needs the support of private equity investment funds. Third, the development of private equity investment fund helps to solve the capital and technology bottlenecks of industrial development in Guizhou province. Fourth, the development of private equity investment fund is conducive to readjusting the current financing institutions and increasing the proportion of direct financing. Fifth, the development of private equity funds conducive to Guizhou to accelerate the increase in the number of listed companies. Through literature review, this paper expounds that private equity investment funds should play six roles in Guizhou: promoting innovation, adjusting industrial structure and optimizing allocation of resources, improving the current financing institutions in Guizhou, and improving the current financing institutions in Guizhou; Improve the level of corporate governance, increase the number of listed enterprises, promote the transformation of resource advantages into industrial advantages, and then into economic advantages. Based on the statistical data, this paper analyzes the latest trends and trends of private equity investment in China in recent years, as well as the background of private equity investment of listed enterprises in the third board market. It is found that private equity funds have a very positive impact on the diversification of financing methods to meet the needs of enterprises, optimize the allocation of resources, improve capital gains, promote enterprises to become bigger and stronger, and speed up the pace of enterprise listing. From the empirical point of view, this paper applies the econometric model to analyze the role of Chinese private equity funds in improving the performance of invested enterprises. This paper analyzes the growth of 15 firms with the investment background of private equity investment fund, and finds that the performance of the enterprises supported by the private equity investment fund is significantly improved. In addition, this article also applies the west mining industry case to carry on the analysis. Finally, in view of the huge effect of private equity fund and the development status of Guizhou private equity fund, this paper puts forward that Guizhou should use private equity fund to promote resource development, realize the adjustment of industrial structure, and make the relevant industry bigger and stronger. We must attach great importance to the development of private equity funds. To this end, the article puts forward several policy suggestions. This paper puts forward that Guizhou should vigorously promote the development of resources, expand and strengthen the related industries, improve the financing structure, increase the number of listed entrepreneurs, accelerate the economic development and realize the economic transformation, so that the development of PE should be regarded as an important financial grasp. Suggestions: to improve the awareness of private equity funds among business owners and local officials, to establish and improve the special advantages of enterprise reserves, and to regularly connect with large private equity funds; To introduce and train intermediary services, accelerate the training of counterpart personnel; improve the relevant laws and regulations and introduce relevant preferential policies; pay attention to cultivating local private equity investment funds, especially government-led funds and so on.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51
[Abstract]:Private equity funds are playing a more and more important role in the global economy. In recent years, private equity funds have also developed rapidly in China, and their impact has gradually increased. A large number of powerful private investment institutions have emerged, and with the help of private equity investment institutions, A large number of characteristic high-quality enterprises and listed companies emerged. This paper holds that under the background that Guizhou is faced with both transition and dual tasks, it is of great practical significance to fully discuss private equity investment funds for the development of Guizhou resources. Its importance lies in: first, to promote resource development and cultivate industries with strong innovation ability and distinctive characteristics, private equity funds are needed to support them. Second, the implementation of Guizhou Province "large-scale industrial restructuring, speed up the transformation of economic development" needs the support of private equity investment funds. Third, the development of private equity investment fund helps to solve the capital and technology bottlenecks of industrial development in Guizhou province. Fourth, the development of private equity investment fund is conducive to readjusting the current financing institutions and increasing the proportion of direct financing. Fifth, the development of private equity funds conducive to Guizhou to accelerate the increase in the number of listed companies. Through literature review, this paper expounds that private equity investment funds should play six roles in Guizhou: promoting innovation, adjusting industrial structure and optimizing allocation of resources, improving the current financing institutions in Guizhou, and improving the current financing institutions in Guizhou; Improve the level of corporate governance, increase the number of listed enterprises, promote the transformation of resource advantages into industrial advantages, and then into economic advantages. Based on the statistical data, this paper analyzes the latest trends and trends of private equity investment in China in recent years, as well as the background of private equity investment of listed enterprises in the third board market. It is found that private equity funds have a very positive impact on the diversification of financing methods to meet the needs of enterprises, optimize the allocation of resources, improve capital gains, promote enterprises to become bigger and stronger, and speed up the pace of enterprise listing. From the empirical point of view, this paper applies the econometric model to analyze the role of Chinese private equity funds in improving the performance of invested enterprises. This paper analyzes the growth of 15 firms with the investment background of private equity investment fund, and finds that the performance of the enterprises supported by the private equity investment fund is significantly improved. In addition, this article also applies the west mining industry case to carry on the analysis. Finally, in view of the huge effect of private equity fund and the development status of Guizhou private equity fund, this paper puts forward that Guizhou should use private equity fund to promote resource development, realize the adjustment of industrial structure, and make the relevant industry bigger and stronger. We must attach great importance to the development of private equity funds. To this end, the article puts forward several policy suggestions. This paper puts forward that Guizhou should vigorously promote the development of resources, expand and strengthen the related industries, improve the financing structure, increase the number of listed entrepreneurs, accelerate the economic development and realize the economic transformation, so that the development of PE should be regarded as an important financial grasp. Suggestions: to improve the awareness of private equity funds among business owners and local officials, to establish and improve the special advantages of enterprise reserves, and to regularly connect with large private equity funds; To introduce and train intermediary services, accelerate the training of counterpart personnel; improve the relevant laws and regulations and introduce relevant preferential policies; pay attention to cultivating local private equity investment funds, especially government-led funds and so on.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51
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