我國私募股權(quán)基金投資并購?fù)顺鲅芯?/H1>
發(fā)布時間：2018-01-15 10:46
本文關(guān)鍵詞：我國私募股權(quán)基金投資并購?fù)顺鲅芯?/strong> 出處：《天津商業(yè)大學(xué)》2017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)基金 并購 退出方式
【摘要】：私募股權(quán)基金的退出是指私募股權(quán)投資者在投資企業(yè)之后,對企業(yè)進(jìn)行資金、管理上的支持,使得該企業(yè)能夠得到價值增值,最終完全撤出在該企業(yè)中的資金獲得投資回報。投資退出作為私募股權(quán)基金投資周期最重要的環(huán)節(jié),其退出回報是私募股權(quán)基金的后續(xù)投資資本,不僅如此,能夠成功的退出也能夠奠定私募股權(quán)基金的行業(yè)地位與市場聲譽(yù)。因此,成功退出所投資的企業(yè)對于私募股權(quán)基金來說關(guān)系到其生存和發(fā)展。目前國內(nèi)最為常見的私募股權(quán)基金投資退出方式有主板IPO退出、新三板退出、并購?fù)顺�。其中主板IPO退出作為私募股權(quán)基金獲取高額收益的重要方式,受到國內(nèi)的私募投資機(jī)構(gòu)普遍青睞,但是考慮我國上市的排隊審核時間與苛刻的上市條件,通過主板IPO退出顯得越發(fā)困難,嚴(yán)重制約我國私募股權(quán)基金行業(yè)的發(fā)展,并且企業(yè)通過IPO上市后受到資本市場的影響導(dǎo)致股票價格波動,私募機(jī)構(gòu)股東因此而獲得的退出收益也有極大的不確定性。此外,新三板掛牌這種退出方式雖然退出比例非常高,但是受制于該市場的流動性缺陷,私募機(jī)構(gòu)在企業(yè)掛牌上市后很難將所持股份轉(zhuǎn)讓出去,所以私募股權(quán)基金投資者希望在新三板二級市場上轉(zhuǎn)讓股份實現(xiàn)退出也顯得非常困難。本文是基于這樣的背景下,針對私募股權(quán)基金投資并購?fù)顺鲞M(jìn)行研究。文章首先對各種退出方式進(jìn)行比較分析,認(rèn)為并購?fù)顺鲭m然退出收益不如主板IPO和新三板,但是并購?fù)顺鲈谕顺鰰r間、可操作性、信息披露的程度等方面有著其他退出方式不可比擬的優(yōu)勢。其次是對并購?fù)顺龅囊?guī)�，F(xiàn)狀、收益現(xiàn)狀以及發(fā)展前景進(jìn)行分析,其退出規(guī)模雖然不如主板IPO退出和新三板退出,但是并購市場一直保持在火熱的發(fā)展?fàn)顟B(tài)中,從而刺激了并購?fù)顺龅母咚侔l(fā)展,并且并購?fù)顺龅氖找鎸ν獠凯h(huán)境不敏感,從而規(guī)避了收益大幅波動的風(fēng)險,通過并購?fù)顺龅默F(xiàn)狀分析并結(jié)合其優(yōu)勢總結(jié)出并購?fù)顺龅陌l(fā)展前景和退出障礙,然后文章結(jié)合具體案例來說明并購?fù)顺鲈趯嶋H中的績效表現(xiàn)并提出了對于私募投資者在進(jìn)行并購?fù)顺鲞^程中的一些普遍性啟示。最后是對于并購?fù)顺鋈绾螒?yīng)對其障礙提出了具體建議。
[Abstract]:The withdrawal of private equity funds refers to the private equity investors in the investment enterprise, capital, management support, so that the enterprise can get value added. As the most important part of the private equity fund investment cycle, the exit return is the subsequent investment capital of the private equity fund. A successful exit can also establish the industry position and market reputation of private equity funds. The successful exit of the private equity fund is related to the survival and development of the private equity fund. At present, the most common private equity fund investment exit is the main board IPO exit, the new third board exit. M & A exit, in which the main board IPO exit as an important way for private equity funds to obtain high returns, is generally favored by domestic private equity investment institutions. However, considering the queuing time and harsh listing conditions, it is more and more difficult to exit through the main board IPO, which seriously restricts the development of private equity fund industry in China. And after listed through IPO, the stock price fluctuates due to the influence of the capital market, and the exit income of private equity shareholders is also highly uncertain. Although the exit rate of the new third board listing is very high, it is restricted by the liquidity defects of the market. Private equity firms are very difficult to transfer their shares after the enterprises are listed on the stock market. So private equity fund investors want to transfer shares in the new secondary market is also very difficult to withdraw. This paper is based on this background. In this paper, the private equity fund investment M & A exit is studied. Firstly, the paper compares and analyzes the various exit methods, and thinks that the exit income of M & A exit is not as good as the main board IPO and the new third board. However, the exit of M & A has incomparable advantages in terms of exit time, maneuverability, degree of information disclosure and so on. The second is the current situation of the scale of the exit of M & A. Income status and development prospects are analyzed, its exit scale is not as large as the main board IPO exit and the new third board exit, but the M & A market has been kept in a hot state of development. Thus stimulating the rapid development of M & A exit, and the M & A exit income is not sensitive to the external environment, thus avoiding the risk of large fluctuations in earnings. Through the analysis of the current situation of merger and acquisition exit and combined with its advantages summed up the development prospects of merger and acquisition exit and exit obstacles. Then the paper combined with specific cases to explain the performance of merger and acquisition exit in practice and put forward some general enlightenment for private equity investors in the process of merger and acquisition exit. Finally, how to deal with the merger exit. The obstacles put forward concrete suggestions.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 朱元甲;劉坤;祝玉坤;;私募股權(quán)資本退出的新途徑[J];銀行家;2016年04期
2 朱鴻偉;姚文燕;;我國私募股權(quán)投資退出決策研究——基于2003-2012年數(shù)據(jù)的Logit模型分析[J];南方金融;2014年01期
3 方紅艷;付軍;;我國風(fēng)險投資及私募股權(quán)基金退出方式選擇及其動因[J];投資研究;2014年01期
4 趙吟;;論我國公司型私募股權(quán)投資基金的退出機(jī)制[J];上海金融;2013年01期
5 張亦春;林木順;;我國私募股權(quán)基金退出方式偏好與障礙分析[J];現(xiàn)代管理科學(xué);2012年09期
6 王平;;全球私募股權(quán)基金的新動向及啟示[J];投資研究;2011年03期
7 戰(zhàn)雪麗;;風(fēng)險投資退出時機(jī)和退出方式選擇研究[J];中國證券期貨;2010年11期
8 黃宜平;李兆軍;;私募基金退出風(fēng)險管理-IPO和M&A的績效比較[J];現(xiàn)代財經(jīng)-天津財經(jīng)大學(xué)學(xué)報;2009年04期
9 闕澄宇;;風(fēng)險投資退出的相關(guān)問題探析[J];財經(jīng)問題研究;2008年12期
10 馮進(jìn)路;;私募股權(quán)投資基金(PE)國內(nèi)外研究評述[J];經(jīng)濟(jì)師;2008年05期
相關(guān)碩士學(xué)位論文 前9條
1 周宇函;私募股權(quán)投資退出方式的比較研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2016年
2 王曉明;私募股權(quán)投資對新三板市場企業(yè)績效影響的實證分析[D];吉林大學(xué);2016年
3 雷煉;基于并購的私募股權(quán)投資基金退出方式研究[D];西南財經(jīng)大學(xué);2016年
4 吳玲;中國私募股權(quán)基金退出方式選擇的研究[D];遼寧大學(xué);2015年
5 范鵬;私募股權(quán)基金并購?fù)顺鍪袌鲆蛩匮芯縖D];南京大學(xué);2013年
6 茆德軍;私募股權(quán)投資以并購方式退出的研究[D];安徽大學(xué);2012年
7 柳翔鵬;我國私募股權(quán)基金退出模式研究[D];暨南大學(xué);2011年
8 王漢昆;我國私募股權(quán)投資基金退出機(jī)制研究[D];天津財經(jīng)大學(xué);2009年
9 陳偉萍;我國私募股權(quán)投資退出機(jī)制研究[D];廈門大學(xué);2008年
，
本文編號：1428029
本文鏈接：http://sikaile.net/jingjilunwen/jinrongzhengquanlunwen/1428029.html
本文關(guān)鍵詞：我國私募股權(quán)基金投資并購?fù)顺鲅芯?/strong> 出處：《天津商業(yè)大學(xué)》2017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)基金 并購 退出方式
【摘要】：私募股權(quán)基金的退出是指私募股權(quán)投資者在投資企業(yè)之后,對企業(yè)進(jìn)行資金、管理上的支持,使得該企業(yè)能夠得到價值增值,最終完全撤出在該企業(yè)中的資金獲得投資回報。投資退出作為私募股權(quán)基金投資周期最重要的環(huán)節(jié),其退出回報是私募股權(quán)基金的后續(xù)投資資本,不僅如此,能夠成功的退出也能夠奠定私募股權(quán)基金的行業(yè)地位與市場聲譽(yù)。因此,成功退出所投資的企業(yè)對于私募股權(quán)基金來說關(guān)系到其生存和發(fā)展。目前國內(nèi)最為常見的私募股權(quán)基金投資退出方式有主板IPO退出、新三板退出、并購?fù)顺�。其中主板IPO退出作為私募股權(quán)基金獲取高額收益的重要方式,受到國內(nèi)的私募投資機(jī)構(gòu)普遍青睞,但是考慮我國上市的排隊審核時間與苛刻的上市條件,通過主板IPO退出顯得越發(fā)困難,嚴(yán)重制約我國私募股權(quán)基金行業(yè)的發(fā)展,并且企業(yè)通過IPO上市后受到資本市場的影響導(dǎo)致股票價格波動,私募機(jī)構(gòu)股東因此而獲得的退出收益也有極大的不確定性。此外,新三板掛牌這種退出方式雖然退出比例非常高,但是受制于該市場的流動性缺陷,私募機(jī)構(gòu)在企業(yè)掛牌上市后很難將所持股份轉(zhuǎn)讓出去,所以私募股權(quán)基金投資者希望在新三板二級市場上轉(zhuǎn)讓股份實現(xiàn)退出也顯得非常困難。本文是基于這樣的背景下,針對私募股權(quán)基金投資并購?fù)顺鲞M(jìn)行研究。文章首先對各種退出方式進(jìn)行比較分析,認(rèn)為并購?fù)顺鲭m然退出收益不如主板IPO和新三板,但是并購?fù)顺鲈谕顺鰰r間、可操作性、信息披露的程度等方面有著其他退出方式不可比擬的優(yōu)勢。其次是對并購?fù)顺龅囊?guī)�，F(xiàn)狀、收益現(xiàn)狀以及發(fā)展前景進(jìn)行分析,其退出規(guī)模雖然不如主板IPO退出和新三板退出,但是并購市場一直保持在火熱的發(fā)展?fàn)顟B(tài)中,從而刺激了并購?fù)顺龅母咚侔l(fā)展,并且并購?fù)顺龅氖找鎸ν獠凯h(huán)境不敏感,從而規(guī)避了收益大幅波動的風(fēng)險,通過并購?fù)顺龅默F(xiàn)狀分析并結(jié)合其優(yōu)勢總結(jié)出并購?fù)顺龅陌l(fā)展前景和退出障礙,然后文章結(jié)合具體案例來說明并購?fù)顺鲈趯嶋H中的績效表現(xiàn)并提出了對于私募投資者在進(jìn)行并購?fù)顺鲞^程中的一些普遍性啟示。最后是對于并購?fù)顺鋈绾螒?yīng)對其障礙提出了具體建議。
[Abstract]:The withdrawal of private equity funds refers to the private equity investors in the investment enterprise, capital, management support, so that the enterprise can get value added. As the most important part of the private equity fund investment cycle, the exit return is the subsequent investment capital of the private equity fund. A successful exit can also establish the industry position and market reputation of private equity funds. The successful exit of the private equity fund is related to the survival and development of the private equity fund. At present, the most common private equity fund investment exit is the main board IPO exit, the new third board exit. M & A exit, in which the main board IPO exit as an important way for private equity funds to obtain high returns, is generally favored by domestic private equity investment institutions. However, considering the queuing time and harsh listing conditions, it is more and more difficult to exit through the main board IPO, which seriously restricts the development of private equity fund industry in China. And after listed through IPO, the stock price fluctuates due to the influence of the capital market, and the exit income of private equity shareholders is also highly uncertain. Although the exit rate of the new third board listing is very high, it is restricted by the liquidity defects of the market. Private equity firms are very difficult to transfer their shares after the enterprises are listed on the stock market. So private equity fund investors want to transfer shares in the new secondary market is also very difficult to withdraw. This paper is based on this background. In this paper, the private equity fund investment M & A exit is studied. Firstly, the paper compares and analyzes the various exit methods, and thinks that the exit income of M & A exit is not as good as the main board IPO and the new third board. However, the exit of M & A has incomparable advantages in terms of exit time, maneuverability, degree of information disclosure and so on. The second is the current situation of the scale of the exit of M & A. Income status and development prospects are analyzed, its exit scale is not as large as the main board IPO exit and the new third board exit, but the M & A market has been kept in a hot state of development. Thus stimulating the rapid development of M & A exit, and the M & A exit income is not sensitive to the external environment, thus avoiding the risk of large fluctuations in earnings. Through the analysis of the current situation of merger and acquisition exit and combined with its advantages summed up the development prospects of merger and acquisition exit and exit obstacles. Then the paper combined with specific cases to explain the performance of merger and acquisition exit in practice and put forward some general enlightenment for private equity investors in the process of merger and acquisition exit. Finally, how to deal with the merger exit. The obstacles put forward concrete suggestions.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 朱元甲;劉坤;祝玉坤;;私募股權(quán)資本退出的新途徑[J];銀行家;2016年04期
2 朱鴻偉;姚文燕;;我國私募股權(quán)投資退出決策研究——基于2003-2012年數(shù)據(jù)的Logit模型分析[J];南方金融;2014年01期
3 方紅艷;付軍;;我國風(fēng)險投資及私募股權(quán)基金退出方式選擇及其動因[J];投資研究;2014年01期
4 趙吟;;論我國公司型私募股權(quán)投資基金的退出機(jī)制[J];上海金融;2013年01期
5 張亦春;林木順;;我國私募股權(quán)基金退出方式偏好與障礙分析[J];現(xiàn)代管理科學(xué);2012年09期
6 王平;;全球私募股權(quán)基金的新動向及啟示[J];投資研究;2011年03期
7 戰(zhàn)雪麗;;風(fēng)險投資退出時機(jī)和退出方式選擇研究[J];中國證券期貨;2010年11期
8 黃宜平;李兆軍;;私募基金退出風(fēng)險管理-IPO和M&A的績效比較[J];現(xiàn)代財經(jīng)-天津財經(jīng)大學(xué)學(xué)報;2009年04期
9 闕澄宇;;風(fēng)險投資退出的相關(guān)問題探析[J];財經(jīng)問題研究;2008年12期
10 馮進(jìn)路;;私募股權(quán)投資基金(PE)國內(nèi)外研究評述[J];經(jīng)濟(jì)師;2008年05期
相關(guān)碩士學(xué)位論文 前9條
1 周宇函;私募股權(quán)投資退出方式的比較研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2016年
2 王曉明;私募股權(quán)投資對新三板市場企業(yè)績效影響的實證分析[D];吉林大學(xué);2016年
3 雷煉;基于并購的私募股權(quán)投資基金退出方式研究[D];西南財經(jīng)大學(xué);2016年
4 吳玲;中國私募股權(quán)基金退出方式選擇的研究[D];遼寧大學(xué);2015年
5 范鵬;私募股權(quán)基金并購?fù)顺鍪袌鲆蛩匮芯縖D];南京大學(xué);2013年
6 茆德軍;私募股權(quán)投資以并購方式退出的研究[D];安徽大學(xué);2012年
7 柳翔鵬;我國私募股權(quán)基金退出模式研究[D];暨南大學(xué);2011年
8 王漢昆;我國私募股權(quán)投資基金退出機(jī)制研究[D];天津財經(jīng)大學(xué);2009年
9 陳偉萍;我國私募股權(quán)投資退出機(jī)制研究[D];廈門大學(xué);2008年
，本文編號：1428029
本文鏈接：http://sikaile.net/jingjilunwen/jinrongzhengquanlunwen/1428029.html
