本文關(guān)鍵詞：私募股權(quán)投資市場績效研究　出處：《哈爾濱工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán) 投資績效 公共市場等價(jià)

【摘要】：私募股權(quán)投資最早誕生在美國，為美國高科技企業(yè)的發(fā)展帶來了重大的貢獻(xiàn)，諸如微軟、谷歌、Facebook這些網(wǎng)絡(luò)巨頭的背后都有私募股權(quán)投資的參與。私募股權(quán)投資在美國的巨大成功帶動(dòng)了包括歐洲以及以色列等國家的私募股權(quán)投資的長足發(fā)展。我國的私募股權(quán)投資誕生在20世紀(jì)80年代，，2005年之后隨著整體經(jīng)濟(jì)形勢的快速發(fā)展，私募股權(quán)投資也出現(xiàn)井噴式的發(fā)展，相關(guān)的研究也不斷增多。私募股權(quán)投資作為現(xiàn)代投資方式之一，其目的是為了獲得資本收益，其績效必然也會受到投資者的關(guān)注，因此對私募股權(quán)投資的市場績效進(jìn)行研究具有理論與現(xiàn)實(shí)意義。 本文首先對私募股權(quán)投資的市場績效進(jìn)行了理論分析與概括，并對其績效進(jìn)行了界定，梳理了私募股權(quán)投資的運(yùn)作流程，從產(chǎn)業(yè)、機(jī)構(gòu)、基金和績效四個(gè)方面對私募股權(quán)投資的績效體系進(jìn)行了分析；隨后以公共市場等價(jià)為因變量，投資金額、投資時(shí)間及內(nèi)部收益率為自變量建立了市場績效檢驗(yàn)?zāi)Ｐ�；之后從描述性統(tǒng)計(jì)和模型檢驗(yàn)兩個(gè)角度對近10年的私募股權(quán)投資退出績效進(jìn)行了實(shí)證檢驗(yàn)。通過對退出方式、行業(yè)績效、退出時(shí)間三個(gè)角度的描述性統(tǒng)計(jì)分析，指出現(xiàn)階段IPO退出仍是機(jī)構(gòu)投資者最青睞的退出方式，并購?fù)顺稣艿皆絹碓蕉嗟闹匾�，科學(xué)研究、教育等領(lǐng)域的投資績效在一定程度上優(yōu)于傳統(tǒng)的制造業(yè)的投資績效，在IPO發(fā)行停滯的情況下，私募股權(quán)投資的績效受到較大的影響。在以公共市場等價(jià)為因變量的模型檢驗(yàn)中，指出投資時(shí)間、收益率均與公共市場等價(jià)成正相關(guān)關(guān)系，投資金額與公共市場等價(jià)成負(fù)相關(guān)關(guān)系；最后，結(jié)合實(shí)證結(jié)果與實(shí)際情況，從完善外部投資環(huán)境與加強(qiáng)私募股權(quán)投資機(jī)構(gòu)自身能力建設(shè)兩個(gè)角度提出了提高私募股權(quán)投資績效水平，促進(jìn)我國私募股權(quán)投資健康發(fā)展的相關(guān)建議。
[Abstract]:Private equity investment was first born in the United States, for the development of high-tech enterprises in the United States has brought significant contributions, such as Microsoft, Google. Facebook, the internet giant, is backed by private equity investment. The success of private equity investment in the United States has led to the rapid development of private equity investment in countries including Europe and Israel. China's private equity investment was born in 1980s. After 2005, with the rapid development of the overall economic situation, private equity investment has also appeared blowout development, related research is also increasing. Private equity investment as one of the modern investment methods. Its purpose is to obtain capital gains, and its performance will inevitably be concerned by investors. Therefore, it is of theoretical and practical significance to study the market performance of private equity investment. This paper firstly analyzes and generalizes the market performance of private equity investment, and defines its performance, combing the operation process of private equity investment, from industry to institution. The performance system of private equity investment is analyzed in four aspects: fund and performance. Then, taking the public market equivalence as the dependent variable, the investment amount, the investment time and the internal rate of return as independent variables, the market performance test model is established. Then from the descriptive statistics and model test to the private equity investment exit performance in the past 10 years empirical test. Through the exit mode, industry performance. From the descriptive statistical analysis of exit time, it is pointed out that IPO exit is still the most popular exit mode for institutional investors at present, and merger and acquisition exit is being paid more and more attention to, scientific research. The investment performance of education and other fields is better than that of the traditional manufacturing industry to some extent, in the case of the stagnation of IPO issuance. The performance of private equity investment is greatly affected. In the model test which takes the public market equivalence as dependent variable, it is pointed out that the investment time and the return rate are all positively correlated with the public market equivalence. The amount of investment is negatively related to the equivalence of public market; Finally, combined with the empirical results and the actual situation, from the perspective of improving the external investment environment and strengthening the private equity investment institutions' own capacity building, this paper proposes to improve the private equity investment performance level. Suggestions on promoting the healthy Development of Private Equity Investment in China.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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