本文關(guān)鍵詞：我國(guó)私募股權(quán)投資基金退出途徑研究　出處：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資基金 退出 IPO 新三板 并購(gòu)

【摘要】：隨著我國(guó)經(jīng)濟(jì)的發(fā)展,私募股權(quán)投資基金也得到了快速的發(fā)展,私募股權(quán)市場(chǎng)已經(jīng)成為除銀行、IPO以外企業(yè)第三大融資渠道,為中小企業(yè)的融資帶來(lái)了經(jīng)濟(jì)支撐,不僅增強(qiáng)了對(duì)新興產(chǎn)業(yè)、中小微企業(yè)的服務(wù)能力,還有利的促進(jìn)了創(chuàng)新企業(yè)和經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型升級(jí),推動(dòng)了直接融資和資本市場(chǎng)的發(fā)展。私募股權(quán)運(yùn)作流程包括:募資、投資、管理、退出四個(gè)環(huán)節(jié)。四個(gè)環(huán)節(jié)環(huán)環(huán)相扣,每一步運(yùn)作是下一步運(yùn)作的起點(diǎn),而退出環(huán)節(jié)是兌現(xiàn)收益的環(huán)節(jié),也是最關(guān)鍵的環(huán)節(jié),因此本文選取退出環(huán)節(jié)作為重點(diǎn)研究對(duì)象。本文通過(guò)首先對(duì)PE各種退出方式進(jìn)行比較,得出要因地制宜的選擇退出渠道,目前,IPO的回報(bào)率依然是最高的,因此仍然是PE最喜愛(ài)的退出方式,新三板自2014年擴(kuò)容以來(lái),投資規(guī)模及投資案例呈爆發(fā)性增長(zhǎng),成為PE最受歡迎的退出方式,而隨著我國(guó)并購(gòu)市場(chǎng)的健全和完善,并購(gòu)?fù)顺鰟t是未來(lái)最主流的退出方式。其次結(jié)合最新數(shù)據(jù)采用圖表和表格的形式對(duì)當(dāng)前現(xiàn)狀進(jìn)行分析,理論聯(lián)系實(shí)際,深入分析我國(guó)私募股權(quán)退出市場(chǎng)所面臨的問(wèn)題及諸多不完善之處,再次,用紅杉中國(guó)IPO退出貝達(dá)藥業(yè)和2015年P(guān)E最佳退出十大案例之一—同創(chuàng)偉業(yè)退出眾安康的并購(gòu)?fù)顺霭咐齺?lái)分析實(shí)際情形中退出方式的選擇,最后,結(jié)合前面我國(guó)PE退出現(xiàn)狀的分析及目前存在的問(wèn)題,提出完善法律法規(guī)、建立多層次資本市場(chǎng)、完善中介機(jī)構(gòu)、加快PE二級(jí)市場(chǎng)建設(shè)及吸引優(yōu)秀人才的建議。
[Abstract]:With the economic development of our country, private equity investment funds have also got rapid development. Private equity market has become the third largest financing channel for enterprises besides bank IPO. For the financing of small and medium-sized enterprises to bring economic support, not only to strengthen the emerging industries, small and medium-sized enterprises of the service capacity, but also to promote innovative enterprises and economic structural transformation and upgrading. It promotes the development of direct financing and capital market. Private equity operation process includes four links: raising capital, investing, managing and withdrawing. Four links are linked together, each step operation is the starting point of the next operation. The exit link is the key link to realize the profit, so this paper chooses the exit link as the key research object. Firstly, this paper compares the various exit methods of PE. Come to choose exit channels according to local conditions, the current return on IPOs is still the highest, so it is still PE's favorite exit way, the new third board since 2014 expansion. Investment scale and investment cases are explosive growth, become the most popular exit of PE, and with the sound and perfect of the M & A market in China. Merger and acquisition exit is the most mainstream exit in the future. Secondly, combined with the latest data in the form of charts and tables to analyze the current situation, theory and practice. Deeply analyze the problems and many imperfections of private equity withdrawal from the market in China, again. Using Sequoia Capital China IPO to withdraw from Beida pharmaceutical industry and 2015 PE best exit one of the ten cases-Tongzhangye exit from the merger and acquisition exit case to analyze the actual situation in the exit mode of choice, finally. In combination with the analysis of the current situation of PE withdrawal in China and the existing problems, this paper puts forward to perfect the laws and regulations, establish a multi-level capital market, and perfect the intermediary institutions. Speed up PE secondary market construction and attract excellent talent suggestions.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51
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本文編號(hào)：1402728