本文關(guān)鍵詞：投資者背景與PE基金運(yùn)營(yíng)模式的選擇　出處：《上海交通大學(xué)》2013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)基金 投資者背景 運(yùn)營(yíng)模式 有限合伙人（LP）

【摘要】：自20世紀(jì)90年代私募股權(quán)投資（Private Equity，或簡(jiǎn)稱(chēng)PE）在國(guó)內(nèi)開(kāi)始興起以來(lái)，中國(guó)私募股權(quán)投資行業(yè)得到較大發(fā)展，由于中央及地方政府對(duì)私募股權(quán)投資行業(yè)的大力扶持，國(guó)內(nèi)大量財(cái)富高凈值家庭和個(gè)人、（房地產(chǎn)）企業(yè)、專(zhuān)業(yè)機(jī)構(gòu)投資人、地方政府等投資群體踴躍參與，掀起“全民PE”熱潮。近年來(lái)，學(xué)者較多對(duì)私募股權(quán)投資機(jī)構(gòu)的投資、運(yùn)作、退出以及私募股權(quán)投資基金市場(chǎng)發(fā)展?fàn)顩r進(jìn)行研究，較少對(duì)私募股權(quán)投資基金的參與者進(jìn)行研究。 鑒于此，本文立足于我國(guó)的實(shí)際情況，收集大量的數(shù)據(jù)資料，在國(guó)外對(duì)私募股權(quán)基金市場(chǎng)的研究基礎(chǔ)上，對(duì)國(guó)內(nèi)私募股權(quán)投資市場(chǎng)的參與者（包括管理人和投資人）進(jìn)行分類(lèi)，總結(jié)不同參與者的總體特征以及其對(duì)私募股權(quán)投資基金市場(chǎng)的偏好特征，以及參與者如何影響私募股權(quán)投資基金管理公司和私募股權(quán)基金的運(yùn)營(yíng)管理，并以此預(yù)測(cè)未來(lái)私募股權(quán)基金的最佳運(yùn)營(yíng)模式。 本文研究發(fā)現(xiàn)，根據(jù)發(fā)起人角度的不同，我國(guó)私募股權(quán)基金設(shè)立模式主要有投資人主導(dǎo)發(fā)起型、管理人主導(dǎo)發(fā)起型、混合模式以及特殊形式；在公司治理方面，，投資群體一般通過(guò)直接或間接渠道參與私募基金市場(chǎng)；在公司組織形式方面，私募股權(quán)基金管理者可以適采取公司制或合伙制以適應(yīng)當(dāng)下形勢(shì)，但私募股權(quán)基金以有限合伙制的組織模式更優(yōu)、效率更高；在激勵(lì)機(jī)制設(shè)計(jì)方面，激勵(lì)機(jī)制體現(xiàn)為一個(gè)大框架和小框架，大的框架由公司管理人員的薪酬機(jī)制構(gòu)成，小框架由員工級(jí)別的薪酬機(jī)制構(gòu)成。而未來(lái)私募基金基金運(yùn)作模式的影響因素包括政策、市場(chǎng)成熟度、以及國(guó)內(nèi)投資人群體的發(fā)展和成熟度等。 總得說(shuō)來(lái)，由于私募股權(quán)行業(yè)發(fā)展時(shí)間較短，行業(yè)發(fā)展不健全，表現(xiàn)出了許多有中國(guó)特色的行業(yè)現(xiàn)象；在私募股權(quán)的不斷發(fā)展過(guò)程中，本文從參與者角度展開(kāi)的分析是對(duì)學(xué)術(shù)界研究的補(bǔ)充，同時(shí)研究結(jié)論將對(duì)我國(guó)私募股權(quán)基金發(fā)展、運(yùn)營(yíng)、趨勢(shì)預(yù)測(cè)具有重要的參考意義。
[Abstract]:Since 1990s, when Private Equity, or PEI, began to rise in China, the private equity industry in China has been greatly developed. Due to the strong support of the central and local governments to the private equity investment industry, a large number of domestic wealth high net worth households and individuals (real estate) enterprises, professional institutional investors, local governments and other investment groups enthusiastically participated. In recent years, scholars have studied the investment, operation, withdrawal and market development of private equity investment institutions. Less research on private equity investment fund participants. In view of this, this paper based on the actual situation in China, collect a large number of data, on the basis of foreign research on the private equity fund market. The participants in the domestic private equity investment market (including managers and investors) are classified to summarize the overall characteristics of different participants and their preferences to the private equity investment fund market. And how participants influence the operation and management of private equity fund management companies and private equity funds, and predict the best operating mode of private equity funds in the future. This paper finds that according to the different perspectives of sponsors, the establishment mode of private equity funds in China mainly includes investor-led initiation, manager-led initiation, mixed mode and special form. In terms of corporate governance, investment groups generally participate in the private equity market through direct or indirect channels; In terms of corporate organization, private equity fund managers can adopt corporate or partnership to adapt to the current situation, but private equity funds with limited partnership is better and more efficient. In the aspect of incentive mechanism design, the incentive mechanism is embodied in a large framework and a small framework, which is composed of the compensation mechanism of company managers. The small framework is composed of employee level compensation mechanism. The influencing factors of the future private equity fund operating model include policy, market maturity, and the development and maturity of the domestic investor group. In general, due to the short development time of the private equity industry, the development of the industry is not perfect, showing a lot of Chinese characteristics of the industry phenomenon; In the process of the development of private equity, the analysis from the perspective of participants is a complement to the academic research, and the conclusion of the research will develop and operate the private equity fund in China. Trend prediction has important reference significance.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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