本文關(guān)鍵詞：美國私募股權(quán)基金退出機(jī)制及啟示　出處：《財會通訊》2016年07期 　論文類型：期刊論文

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【摘要】：美國私募股權(quán)基金一級市場退出機(jī)制經(jīng)歷了以IPO為主的私募股權(quán)基金退出方式及以并購為主的私募股權(quán)基金退出方式,總體呈現(xiàn)出IPO退出機(jī)制逐漸衰退、二次出售退出比例逐年上升、并購仍為退出機(jī)制第一選擇、創(chuàng)業(yè)風(fēng)險投資基金通過IPO退出的階段性特征。研究發(fā)現(xiàn)美國企業(yè)選擇二級市場退出具有優(yōu)勢,法制為二級市場退出提供了依據(jù)。我國可從重構(gòu)多層次公開發(fā)行市場、加速私募股權(quán)基金二級市場發(fā)展兩方面建設(shè)私募股權(quán)基金退出機(jī)制。
[Abstract]:The primary market withdrawal mechanism of private equity funds in the United States has experienced the exit of private equity funds based on IPO and the exit of private equity funds based on mergers and acquisitions. As a whole, the IPO exit mechanism is gradually declining, the proportion of secondary sale and exit is increasing year by year, and M & A is still the first choice of exit mechanism. The phase characteristics of venture capital fund exit through IPO. The study found that American enterprises choose the secondary market exit has the advantage. The legal system provides the basis for the exit of the secondary market. China can construct the exit mechanism of the private equity fund from the aspects of reconstructing the multi-level public offering market and accelerating the development of the secondary market of the private equity fund.
【作者單位】： 暨南大學(xué)經(jīng)濟(jì)學(xué)院;
【分類號】：F837.12;F832.51
【正文快照】： 一、引言2013年11月,證監(jiān)會發(fā)布了《關(guān)于進(jìn)一步推進(jìn)新股發(fā)行體制改革意見》,該意見是股票發(fā)行從核準(zhǔn)制向注冊制過渡的重要步驟,著重強(qiáng)調(diào)以信息披露為中心的監(jiān)管理念。同年12月,證監(jiān)會修訂發(fā)布《證券發(fā)行與承銷管理辦法》,到2013年底共有5家企業(yè)取得IPO發(fā)行批文,至此A股告別史

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