本文選題：私募股權投資 + 價值分析　； 參考：《湖南大學》2013年碩士論文

【摘要】：20世紀40年代，美國研究與發(fā)展公司的成立讓私募股權投資從此走上了世界金融市場的舞臺。它的高風險高收益特點成為了世界各地追捧的緣由。二十世紀90年代，私募股權投資正式進入中國金融市場。隨著中國經濟的高速發(fā)展，中國真正進入了投資時代，私募股權投資行業(yè)也經過市場的磨練，逐步得到了認可，培養(yǎng)出了一批批私募股權投資者。近十年，隨著非流通股的改革，中小板、創(chuàng)業(yè)板的推出，新三板的上臺，以及私募股權投資市場不斷開放，募集資金門檻的放低，對投資項目的約束力的放松，退出的渠道的通暢等，極大的推動了我國私募股權的發(fā)展。 從二十世紀70年代開始，私募股權投資行業(yè)對目標企業(yè)價值評估問題就已經有國外學者對其進行研究，至今，國外已經建立了一套較為成熟的評估指標體系。但是由于中國私募股權市場起步較晚，雖然研究在不斷豐富，但是目標企業(yè)評價指標體系尚不成熟，其一是缺乏針對中國市場的目標企業(yè)價值評估指標體系，評估方法還處于摸索期；其二是由于市場缺乏公開性，相關數(shù)據(jù)難以獲得，嚴重影響實證研究的可行性。 本文針對上述問題綜合文獻搜集、專家訪談、問卷調查等研究方法，，建立了基于財務、市場、運營、持續(xù)性、風險五個維度，包含營業(yè)收入增長率、凈利潤增長率、經營性現(xiàn)金流增長率、產品競爭力、客戶滿意度、管理層素質、營銷能力、公司經營發(fā)展策略、研發(fā)能力、上市可能性共10個指標的目標企業(yè)價值評估指標體系。并通過對國外已有評估模型的研究，總結概括了已有模型存在的不足，提出了使用帶偏好DEA模型對中國私募股權投資中目標企業(yè)進行價值分析。該模型能夠根據(jù)私募股權投資經理的決策偏好特點，對目標企業(yè)相對價值進行分析，幫助投資經理縮小篩選范圍。不僅如此，本文對研究得出的評估指標體系及帶偏好DEA模型進行了應用研究。針對私募股權投資公司擬投資的目標企業(yè)的應用結果表明，本文的模型能輔助投資經理篩選出具有競爭力的企業(yè)。
[Abstract]:In the 1940s, the establishment of American Research and Development Corporation put private equity investment on the stage of the world financial market. Its high-risk and high-income characteristics have become the cause of pursuit around the world. In the 1990 s, private equity investment formally entered the Chinese financial market. With the rapid development of China's economy, China has really entered the investment era, the private equity investment industry has also been honed by the market, gradually recognized, and trained a number of private equity investors. In the past decade, with the reform of non-tradable shares, the introduction of the small and medium-sized board, the launch of the gem, the coming into power of the new third Board, and the continuous opening up of the private equity investment market, the threshold of raising funds has been lowered, and the binding force on investment projects has been relaxed. Exit channels, such as smooth, greatly promote the development of private equity in China. Since 1970s, foreign scholars have studied the value evaluation of target enterprises in the private equity industry. Up to now, a set of mature evaluation index system has been established in foreign countries. However, due to the late start of the private equity market in China, although the research is constantly rich, the target enterprise evaluation index system is not yet mature. One is the lack of the target enterprise value evaluation index system for the Chinese market. The second is the lack of openness in the market and the difficulty of obtaining relevant data, which seriously affects the feasibility of empirical research. Based on the five dimensions of finance, market, operation, continuity and risk, this paper establishes five research methods, including the growth rate of operating income, net profit growth rate and so on, based on the comprehensive literature collection, expert interview, questionnaire survey and so on, which are based on financial, market, operation, continuity and risk. The target enterprise value evaluation index system consists of 10 indexes such as operating cash flow growth rate, product competitiveness, customer satisfaction, management quality, marketing ability, company management development strategy, R & D ability, and the possibility of listing. Based on the research of the existing evaluation models abroad, the shortcomings of the existing models are summarized, and the value analysis of the target enterprises in private equity investment in China by using the DEA model with preference is put forward. According to the characteristics of private equity managers' decision preference, the model can analyze the relative value of target enterprises and help investment managers narrow down the scope of selection. Moreover, this paper studies the evaluation index system and DEA model with preference. The results show that the model can assist the investment managers to screen out the competitive enterprises.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51;F224

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