本文關(guān)鍵詞： 新常態(tài) 私募股權(quán) 投后管理　出處：《首都經(jīng)濟貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：新常態(tài)下,經(jīng)濟發(fā)展方式的轉(zhuǎn)變、產(chǎn)業(yè)結(jié)構(gòu)的升級、供給側(cè)改革的推出、資本市場的逐漸完善等給我國企業(yè)在新一輪的發(fā)展中帶來新機遇,國務(wù)院提出了中國依然要堅定不移地發(fā)展多層次的資本市場,加大企業(yè)的直接融資力度,通過市場化債轉(zhuǎn)股的方式逐降低企業(yè)杠杠率和融資成本,其中私募股權(quán)市場是多層次資本市場體系的重要組成部分�；诋�(dāng)前中國私募股權(quán)投資快速發(fā)展的大背景下,隨著近幾年政府在監(jiān)管轉(zhuǎn)型、行業(yè)探討、登記備案等一系列改革措施的逐漸鋪開,中國私募市場在募資、投資、管理與退出機制上都取得了長足的發(fā)展,大量的人民幣本土基金如雨后春筍般迅猛發(fā)展。相比較在全球私募股權(quán)基金經(jīng)歷了各時期發(fā)展走過近百年歷程的西方成熟私募市場,我國私募股權(quán)市場仍存在相當(dāng)差距,仍需在投資者結(jié)構(gòu)、退出渠道、監(jiān)管機制、人才培育等方面有所突破,尤其在私募基金追逐優(yōu)質(zhì)投資項目的時候,投后管理的作用和重要性往往沒有被真正認(rèn)識到。因此,本文所研究的私募股權(quán)投后管理問題具有很強的針對性和現(xiàn)實性,對此問題的研究將有助于把握私募股權(quán)投資投后管理的運作規(guī)律,有助于從事PE行業(yè)的工作者對在投后管理中遇到的相關(guān)問題的解決,同時提升投后管理的質(zhì)量和水平。長期發(fā)展以來,我國私募基金重點關(guān)注投資方面而不注重管理方面,但隨著經(jīng)濟新常態(tài)下項目投資的競爭力加強及退出渠道的改變,必須改革這種運作方式。本文基于這種大背景,對私募股權(quán)投資投后管理的概念進(jìn)行相應(yīng)的介紹,并且對其進(jìn)行投后管理的必要性和作用進(jìn)行進(jìn)一步的說明和分析;針對我國私募股投資的投后管理在當(dāng)前運行過程中出現(xiàn)的問題以及不足進(jìn)行相應(yīng)的分析和總結(jié);以美國KKR投資公司所投資的項目的具體情況和方式為中心進(jìn)行深入的分析,并且和我國私募股權(quán)的具體投資項目和方式形成對比,找出其中的差距;最后針對與國外案例的分析和對比,就我國私募股權(quán)投資投后管理的發(fā)展和完善給予一定的建議。本文在總體結(jié)構(gòu)規(guī)劃上,基本遵循著傳統(tǒng)的提出、分析和解決問題的論文模式,其中較為突出的是對國際國內(nèi)的一些學(xué)者關(guān)于投后管理方面的研究成果進(jìn)行了闡述,通過國內(nèi)外案例的比較分析,對目前國內(nèi)私募基金投資后期管理工作發(fā)展現(xiàn)狀進(jìn)行了詳細(xì)分析,同時總結(jié)了關(guān)鍵性問題,并針對私募基金管理人在投后管理方面存在的問題提出了相應(yīng)改進(jìn)建議。由于主客觀方面的原因,私募股權(quán)投后管理操作層面尚有待進(jìn)一步深化和研究。
[Abstract]:Under the new normal, the transformation of economic development mode, the upgrading of industrial structure, the introduction of supply-side reform and the gradual improvement of capital market bring new opportunities to Chinese enterprises in the new round of development. The State Council has proposed that China should unswervingly develop the multi-level capital market, increase the direct financing of enterprises, and reduce the ratio of bars and financing costs of enterprises one by one by means of market-oriented debt-equity swaps. The private equity market is an important part of the multi-level capital market system. Under the background of the rapid development of private equity investment in China, with the government in recent years in the regulatory transformation, industry discussion, With the gradual opening of a series of reform measures, such as registration and filing, China's private equity market has made considerable progress in raising funds, investing, managing and withdrawing from the market. A large number of RMB local funds have been developing rapidly. Compared with the mature private equity market in the West, which has experienced nearly 100 years of development in various periods, there is still a considerable gap in the private equity market in China. We still need to make some breakthroughs in the aspects of investor structure, exit channels, regulatory mechanism, talent cultivation, etc. Especially when private equity funds pursue high-quality investment projects, the role and importance of post-investment management are often not really recognized. The management of private equity investment in this paper has strong pertinence and reality, and the study of this problem will help to grasp the operation law of private equity investment post investment management. It is helpful for the workers engaged in PE industry to solve the related problems encountered in post-investment management, and at the same time to improve the quality and level of post-investment management. Since the long-term development, private equity funds in China have focused on investment rather than on management. However, with the strengthening of the competitiveness of project investment and the change of exit channels under the new normal state of economy, we must reform this mode of operation. Based on this background, this paper gives a corresponding introduction to the concept of post-investment management of private equity investment. And the necessity and function of the post-investment management are further explained and analyzed, and the problems and shortcomings of the post-investment management of private equity investment in China are analyzed and summarized accordingly. Taking the specific conditions and methods of the projects invested by KKR Investment Company of the United States as the center, this paper makes a deep analysis, and compares with the specific investment projects and methods of private equity in China, and finds out the gap among them. Finally, in view of the analysis and comparison with foreign cases, this paper gives some suggestions on the development and improvement of the management of private equity investment in China. The thesis model of analyzing and solving problems, among which the more outstanding is the elaboration of the research results of some scholars at home and abroad on post-investment management, through the comparative analysis of domestic and foreign cases. This paper analyzes the current situation of the management of private equity fund investment in China, and summarizes the key problems. This paper also puts forward corresponding suggestions for improvement of the management of private equity funds after investment. Due to subjective and objective reasons, the operational level of management after private equity investment needs to be further deepened and studied.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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