本文關(guān)鍵詞： PE投資 股權(quán)眾籌 有限合伙制 股權(quán)集中度　出處：《華東理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2015年,私募股權(quán)的大資管時(shí)代開啟,股票、商品等市場(chǎng)的低落行情引發(fā)擠出效應(yīng),大量社會(huì)資本涌入股權(quán)投資領(lǐng)域。PE作為傳統(tǒng)股權(quán)投資中盈利性最好的投資模式搶占自然人投資者市場(chǎng);而股權(quán)眾籌作為一種新型的投資模式,因其自身投資者準(zhǔn)入要求低、投資見效快等優(yōu)勢(shì),發(fā)展勢(shì)頭迅猛,但投資者面臨許多問題。本文首先闡述了國(guó)內(nèi)外的研究文獻(xiàn)中關(guān)于PE和股權(quán)眾籌的定義。其次對(duì)PE和股權(quán)眾籌的投資過程進(jìn)行了總結(jié)和分析。接著我們對(duì)兩種投資模式進(jìn)行了各項(xiàng)要素的對(duì)比分析,我們發(fā)現(xiàn)PE投資仍然是主流的投資模式,股權(quán)眾籌投資者的股東權(quán)力比任何形式PE投資者的權(quán)力都小,PE投資者繳納更多稅收,股權(quán)眾籌投資者面臨更多風(fēng)險(xiǎn)。然后實(shí)證分析了股權(quán)集中度與公司績(jī)效的相關(guān)性,結(jié)果表明股權(quán)眾籌的投資者更有可能獲得不錯(cuò)的企業(yè)經(jīng)營(yíng)結(jié)果。最后我們對(duì)股權(quán)眾籌的融資過程進(jìn)行了采訪調(diào)研,發(fā)現(xiàn)投資者很難做到理性投資。基于投資要素、實(shí)證研究和案例對(duì)比分析的結(jié)果,我們認(rèn)為PE和股權(quán)眾籌這兩種投資模式,在不同的方面暴露出不同的風(fēng)險(xiǎn)特征。此外,本文還詳細(xì)闡述了 PE和股權(quán)眾籌投資的流程、監(jiān)管法律、風(fēng)險(xiǎn)應(yīng)對(duì)建議、估值方法、信用分析框架等,希望對(duì)投資者理性作出投資決策、規(guī)避投資風(fēng)險(xiǎn)提供幫助。
[Abstract]:In 2015, the era of large private equity management began, stocks, commodities and other markets caused by the low market crowding out effect. As the best profit-making investment mode in the traditional equity investment, a large amount of social capital poured into the field of equity investment. As a new type of investment mode, the stock rights crowdfunding has developed rapidly because of its low access requirements and fast investment efficiency. However, investors are faced with many problems. Firstly, this paper describes the definitions of PE and crowdfunding in domestic and foreign research literature. Secondly, we summarize and analyze the investment process of PE and crowdfunding. This kind of investment mode carries on the contrast analysis of each element. We found that PE investment is still the mainstream investment mode, the shareholder power of the shareholder investor is smaller than any form of PE investor's power to pay more tax. Investors face more risks. Then empirical analysis of the correlation between equity concentration and corporate performance. The results show that investors are more likely to get good business results. Finally, we conducted an interview on the financing process of stock crowdfunding. It is difficult for investors to make rational investment. Based on the results of investment elements, empirical research and case analysis, we think PE and equity crowdfunding are two investment modes. In addition, this paper also describes the process of PE and equity crowdfunding investment, regulatory law, risk management recommendations, valuation methods, credit analysis framework and so on. We hope to help investors to make rational investment decisions and avoid investment risks.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F832.48

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