本文關(guān)鍵詞：我國私募股股權(quán)投資基金組織形式和融資問題研究　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 私募股權(quán)投資基金 組織形式 公司制 信托契約制 有限合伙制 融資規(guī)模 融資渠道

【摘要】：私募股權(quán)投資基金作為進入我國僅發(fā)展了十余年的一種全新的證券投資模式,其不僅大大豐富了我國的資本市場,使我國不斷積累的個人財富和社會財富多了一種新的投資渠道,更重要的是解決了我國資本市場特別是高新技術(shù)中小企業(yè)的融資問題。這對于優(yōu)化我國資本市場的資源配置,促進我國投融資體系的健全有著十分重要的意義。 2005年開始的股權(quán)分置改革使我國真正意義上進入了全流通時代,發(fā)起人股份流通解禁的同時大大促進了我國私募股權(quán)投資基金市場的發(fā)展壯大。隨著2007年全球金融危機的爆發(fā),我國私募股權(quán)投資基金市場也陷入了短暫的低迷期,基金數(shù)量和規(guī)模都相對較小。其后隨著我國經(jīng)濟的復(fù)蘇,股市的回暖,私募股權(quán)投資基金也隨之崛起,并于2011年達到高潮,出現(xiàn)了所謂的“人人PE”的盛況。如今市場的狂熱度已慢慢褪去,中國私募股權(quán)投資市場也漸漸暴露出很多問題,引起了我國學者的廣泛探討和研究,比如我國私募基金應(yīng)該采取的組織形式、私募基金最優(yōu)融資結(jié)構(gòu)、退出渠道選擇等。 本文便是結(jié)合私募股權(quán)投資基金市場自身的特征和運營方式,對我國私募股權(quán)投資基金市場現(xiàn)狀作了深入的分析,并選擇了我國私募股權(quán)投資基金“組織形式”和“融資”兩方面的問題進行了深入研究分析,認為我國私募股權(quán)投資基金因公司制的雙重課稅難題應(yīng)少采用公司制的組織形式,較多采取信托契約制和有限合伙制,并對我國現(xiàn)有信托制和有限合伙制私募股權(quán)投資基金在政策制度上和操作上出現(xiàn)的種種不足和問題加以分析,并提出了相應(yīng)的政策建議以及新的操作模式建議。在融資問題上,本文根據(jù)清科集團提供的我國私募股權(quán)投資市場數(shù)據(jù)得出我國私募市場存在融資結(jié)構(gòu)不穩(wěn)定,融資規(guī)�？傤~偏小等諸多問題,在詳細分析了這些問題出現(xiàn)的原因后,本文給出了解決這些問題切實可行的政策建議和管理操作建議。
[Abstract]:Private equity investment fund as a new mode of securities investment into China only more than ten years of development, it can not only enrich the capital market of our country, make our country the accumulation of personal wealth and social wealth more of a new investment channels, more important is to solve the capital market of our country especially the problem of financing of high-tech SMEs. For the optimization of China's capital market allocation of resources, promoting investment and financing system of our country, the sound has a very important significance.
2005 start of the equity division reform in the true sense of China into the era of full circulation of shares in circulation, the promoters of the lifting of the ban and greatly promote the development of China's private equity fund market in 2007. With the outbreak of the global financial crisis, China's private equity investment fund market is in a short period of downturn, the number of and the size of the fund are relatively small. Then with China's economic recovery, the stock market rebound, private equity investment fund also will rise, and reached a climax in 2011, the emergence of the so-called "all PE" event. Now the market fever has slowly faded, Chinese private equity market has gradually exposed many problems that caused extensive discussion and research by Chinese scholars, such as private equity fund in China should adopt the organizational form of private equity funds, the optimal financing structure, exit channel selection.
This paper is a combination of private equity investment fund market has its own characteristics and operation mode, the status quo of China's private equity investment fund market is analyzed deeply, and select the two aspects of China's private equity investment fund "organization" and "financing" problems are analyzed deeply, that China's private equity the investment fund for the double taxation problem, should be less adopted corporate organizational form, more trust contract and limited partnership, and the problems and shortcomings of the existing trust system in our country and the limited partnership private equity investment funds in the policy system and operations appear to be analyzed, and put forward the corresponding the policy suggestions and new mode of operation. In terms of financing, according to China's private equity market data provided by the Qing Branch group that China's private equity market financing After the detailed analysis of the causes of these problems, the paper puts forward feasible policy recommendations and management operation proposals for solving these problems.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前7條

1 巴曙松;;私募股權(quán)投資基金面面觀[J];上海國資;2007年08期

2 王海峰;劉莉君;;歐美私募股權(quán)基金運作機制的比較與借鑒[J];金融教學與研究;2008年06期

3 潘從文;潘希宏;張志海;;私募股權(quán)基金治理研究綜述[J];經(jīng)濟學動態(tài);2010年08期

4 汪波;馬海靜;李小敏;;中國私募股權(quán)投資的現(xiàn)狀與風險分析[J];商場現(xiàn)代化;2008年15期

5 齊月;;淺析我國私募股權(quán)基金的發(fā)展現(xiàn)狀及重要意義[J];時代經(jīng)貿(mào)(下旬刊);2008年06期

6 中國人民銀行天津分行課題組;蘇東海;;發(fā)展我國私募股權(quán)投資基金的思考[J];中國金融;2007年21期

7 李海蘋;;淺析中國私募股權(quán)基金發(fā)展中存在的問題及對策[J];中國證券期貨;2010年01期

，

本文編號：1372317