本文關鍵詞：證券投資基金估值方法應用于私募股權基金的局限性及創(chuàng)新研究　出處：《復旦大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 證券投資基金 私募股權基金 私募股權二級市場 估值方法

【摘要】：私募股權基金是嫁接金融與實業(yè)的橋梁,實現了金融為實體經濟服務的功能,從而推動各國的經濟發(fā)展。但在私募股權基金膨脹發(fā)展的背后,也逐漸顯示出其犧牲流動性獲得高收益的風險隱患,越來越多的LP需要有一個通道為其提供流動性,私募股權二級市場應運而生,而私募股權基金份額轉讓有賴于其估值定價系統(tǒng)的完善,目前阻礙我國私募股權二級市場發(fā)展的最大原因即估值定價困難,故本文希望在私募股權基金價值評估方面進行一定的研究。本文旨在回答以下兩個問題：第一,證券投資基金估值方法能否簡單應用于私募股權基金估值中；第二,對私募股權基金估值應如何實施,有哪些關鍵點。針對第一個問題,本文通過對證券投資基金估值方法的梳理及私募股權基金投融資機制的深入剖析,認為,由于兩者的投資標的與組織運作機制的不同,證券投資基金的價值評估方法不能簡單應用于私募股權基金估值中。其局限性主要體現在兩個層面：第一,在估值框架上,凈資產價值(NAV)只能反映私募股權基金投資組合公司的公允價值,并不能反映其“真實”的經濟價值；第二,在投資組合層面上,證券投資基金標的資產估值方法不適用于私募股權基金的標的資產。針對第二個問題,本文在解決第一個問題的基礎上,結合國內外私募股權基金估值經驗,構建出適合我國私募股權基金權益的價值評估模型,并認為私募股權基金持有的資產組合的價值評估、私募股權基金自身的評估及兩者的結合是整個估值過程的關鍵。
[Abstract]:Private equity fund is the bridge between finance and industry, and realizes the function of finance serving the real economy, thus promoting the economic development of various countries. But behind the expansion of private equity fund development. Also gradually showed that its sacrifice liquidity to obtain high return risk hidden danger, more and more LP need to have a channel to provide liquidity, private equity secondary market emerged as the times require. The share transfer of private equity funds depends on the perfection of its valuation pricing system. At present, the biggest reason that hinders the development of the secondary market of private equity in China is the difficulty of valuation pricing. The purpose of this paper is to answer the following two questions: first, whether the valuation method of securities investment funds can be applied to the valuation of private equity funds; Second, how to implement the valuation of private equity funds, what are the key points. In view of the first problem, this paper analyzes the methods of valuation of securities investment funds and the mechanism of private equity investment and financing. It is believed that because of the difference between the investment target and the operating mechanism of the organization, the valuation method of the securities investment fund cannot be simply applied to the valuation of the private equity fund. Its limitations are mainly reflected in two aspects: first. In the valuation framework, the net asset value (NAV) can only reflect the fair value of the private equity fund portfolio company, not its "real" economic value; Second, on the level of portfolio, the valuation method of underlying assets of securities investment funds is not applicable to the underlying assets of private equity funds. In view of the second problem, this paper solves the first problem on the basis of. Combined with the valuation experience of private equity funds at home and abroad, this paper constructs a value evaluation model suitable for the equity of private equity funds in China, and thinks that the value evaluation of the asset portfolio held by private equity funds. Private equity fund itself evaluation and the combination of the two is the key to the whole valuation process.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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1 張曉蓉;黃蓓;;我國中小企業(yè)利用私募股權的機會[J];經濟研究參考;2006年63期

2 王冉;;中國應積極發(fā)展私募股權基金[J];投資北京;2007年11期

3 張艷君;;私募股權基金低收益率的因素分析[J];全球科技經濟w，

本文編號：1397708