【摘要】：有學(xué)者戲稱,在中國(guó)的北京、上海等一線城市,隨便從樓上掉下一塊磚頭都會(huì)砸傷一個(gè)搞“PE”投資的。隨著我國(guó)中小板和創(chuàng)業(yè)板市場(chǎng)的啟動(dòng)與發(fā)展,所引起的財(cái)富效應(yīng)正激發(fā)著一撥又一撥海內(nèi)外私募股權(quán)投資者蜂擁而至,PE機(jī)構(gòu)、天使投資、創(chuàng)業(yè)投資如雨后春筍般蓬勃而起。這種過(guò)度繁榮的背后卻蘊(yùn)含著重重危機(jī)和令人深思的憂慮：一方面,眾多的PE機(jī)構(gòu)沉醉于“賺快錢”的投機(jī)情緒中,樂此不彼,追求著100%甚至更高的年化回報(bào)率,對(duì)潛在項(xiàng)目的篩選標(biāo)準(zhǔn)不斷降低,卻忽略了背后隱藏的巨大風(fēng)險(xiǎn)；另一方面,實(shí)體經(jīng)濟(jì)舉步維艱,優(yōu)秀的項(xiàng)目不僅越來(lái)越少,甚至出現(xiàn)了僧多粥少的尷尬局面；對(duì)于那些帶著一筆錢來(lái)短時(shí)間內(nèi)就想獲得暴利走人的PE機(jī)構(gòu)退避三舍；當(dāng)然,個(gè)別無(wú)奈的企業(yè)面對(duì)越來(lái)越惡劣的經(jīng)營(yíng)環(huán)境和融資環(huán)境,有時(shí)又被迫接受PE機(jī)構(gòu)“敲骨吸髓”似的股權(quán)投資和對(duì)賭協(xié)議,重復(fù)著“飲鴆止渴”的經(jīng)典悲劇。金融資本與實(shí)業(yè)資本天上人間的生存狀態(tài)掩飾不了越發(fā)加劇的“兩張皮”矛盾,暴露出分道揚(yáng)鑣的發(fā)展方向。 私募股權(quán)基金(簡(jiǎn)稱PE)是通過(guò)非公開發(fā)行的方式募集資金,以非上市企業(yè)的股權(quán)為投資標(biāo)的物,待股權(quán)增值后擇機(jī)退出的基金。私募股權(quán)基金是金融工具的一種,是市場(chǎng)經(jīng)濟(jì)發(fā)展至一定階段的產(chǎn)物�，F(xiàn)代意義上的私募股權(quán)基金于上世紀(jì)五十年代起源于美國(guó),且隨著全球經(jīng)濟(jì)的發(fā)展而發(fā)展,在歐美等國(guó)的資本市場(chǎng)中已發(fā)展成熟,逐漸在金融系統(tǒng)中占據(jù)著重要的位置。我國(guó)的私募股權(quán)基金起步較晚,1985年國(guó)內(nèi)才出現(xiàn)第一家私募股權(quán)基金管理機(jī)構(gòu)。前期由于我國(guó)正處于計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)過(guò)度的轉(zhuǎn)軌期,私募股權(quán)基金行業(yè)極不活躍。學(xué)術(shù)界相關(guān)研究也處于停滯中。2009年隨著創(chuàng)業(yè)板的推出,我國(guó)的私募股權(quán)基金進(jìn)入活躍期,國(guó)內(nèi)相關(guān)理論研究也有了較大的發(fā)展。 目前國(guó)內(nèi)正處于經(jīng)濟(jì)轉(zhuǎn)型的關(guān)鍵時(shí)期,原有粗放型發(fā)展方式已經(jīng)和我國(guó)目前的經(jīng)濟(jì)現(xiàn)狀極不適應(yīng)。黨的十八大報(bào)告明確的把產(chǎn)業(yè)結(jié)構(gòu)調(diào)整列為未來(lái)經(jīng)濟(jì)工作的重點(diǎn),宏觀上的調(diào)控帶來(lái)市場(chǎng)自發(fā)性的調(diào)整,而這種調(diào)整會(huì)影響目前所有的行業(yè)與產(chǎn)業(yè)。包括但不僅限于私募股權(quán)基金的金融資本發(fā)展只有緊緊依托實(shí)體經(jīng)濟(jì)、服務(wù)于實(shí)體經(jīng)濟(jì),才具有蓬勃的生命力；只有有助于促進(jìn)國(guó)家正努力推行的產(chǎn)業(yè)結(jié)構(gòu)調(diào)整,促進(jìn)國(guó)民經(jīng)濟(jì)的快速發(fā)展,加快資源的優(yōu)化配置,才具有自身的核心競(jìng)爭(zhēng)優(yōu)勢(shì),達(dá)到成熟金融資本的標(biāo)志。 正是基于上述宏觀背景,本文針對(duì)私募股權(quán)基金及PE投資熱展開研究,重點(diǎn)探討私募股權(quán)基金如何回歸金融資本的本質(zhì)功能,通過(guò)改變自身的定位和盈利模式,更好的服務(wù)于實(shí)體經(jīng)濟(jì),起到助推經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型和產(chǎn)業(yè)升級(jí)的作用。因此,筆者在前人研究的基礎(chǔ)上,把私募股權(quán)基金劃分為財(cái)務(wù)型和服務(wù)型兩種,首次系統(tǒng)研究了服務(wù)型私募股權(quán)基金的概念、特征和功能。 本文以理論分析為主要研究手段,同時(shí)輔以案例分析來(lái)討論在經(jīng)濟(jì)增長(zhǎng)模式轉(zhuǎn)型、產(chǎn)業(yè)結(jié)構(gòu)調(diào)整、傳統(tǒng)行業(yè)急于尋找新的商業(yè)模式時(shí)代背景下,私募股權(quán)基金如何改變自身的定位來(lái)適應(yīng)新的經(jīng)濟(jì)形勢(shì)。本文將沿著文獻(xiàn)綜述、分析背景、提出理論、案例驗(yàn)證最后到得出結(jié)論與政策建議的技術(shù)路線來(lái)搭建研究的框架。通過(guò)提出服務(wù)型私募股權(quán)基金的概念、特征和作用來(lái)討論新的經(jīng)濟(jì)形勢(shì)下,基金管理公司如何改變?cè)械纳虡I(yè)模式來(lái)適應(yīng)新的變化,同時(shí)發(fā)揮金融機(jī)構(gòu)的作用來(lái)助推產(chǎn)業(yè)升級(jí)與轉(zhuǎn)型。 本文共分為六個(gè)部分,具體如下： 第一章是導(dǎo)論部分。重點(diǎn)介紹本文寫作的研究背景與目的、理論意義與現(xiàn)實(shí)價(jià)值；對(duì)國(guó)內(nèi)外理論界對(duì)于私募股權(quán)基金的研究成果進(jìn)行綜述；并討論了本研究的邏輯思路以及可能的創(chuàng)新點(diǎn)。 第二章介紹本論文研究的時(shí)代背景,從三個(gè)方面入手進(jìn)行論述,首先梳理了我國(guó)目前實(shí)體經(jīng)濟(jì)發(fā)展的現(xiàn)狀,指出我國(guó)目前正處于中等收入陷阱,并討論了中等收入陷阱的形成原因。隨后深入討論了金融資本市場(chǎng)現(xiàn)狀,以及影子銀行的過(guò)多所造成的金融系統(tǒng)風(fēng)險(xiǎn)加大和資金空轉(zhuǎn)所造成的擠出效應(yīng)。最后詳細(xì)討論了實(shí)體經(jīng)濟(jì)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整與金融資本的轉(zhuǎn)型方向,提出我國(guó)未來(lái)金融資本如何更好的服務(wù)于實(shí)體經(jīng)濟(jì),為實(shí)業(yè)發(fā)展提供動(dòng)力。 第三章作為本文的理論提出章節(jié),詳細(xì)討論了私募股權(quán)基金的理論基礎(chǔ),在理論的基礎(chǔ)上提出了服務(wù)型私募股權(quán)基金的概念,隨后討論了服務(wù)型私募股權(quán)基金的特點(diǎn)和產(chǎn)生的必要性。 第四章是上一章的延續(xù),從宏觀、中觀和微觀三個(gè)不同層面詳細(xì)討論了服務(wù)型私募股權(quán)基金所發(fā)揮的作用,即推動(dòng)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整、改善融資結(jié)構(gòu)、提高企業(yè)的核心競(jìng)爭(zhēng)力。 第五章著重討論作為F基金管理公司如何順應(yīng)經(jīng)濟(jì)發(fā)展趨勢(shì)并發(fā)揮自身優(yōu)勢(shì),探索新的金融服務(wù)方式。首先論述了F公司和A公司的概況,發(fā)展歷程以及所遇到的瓶頸；隨后通過(guò)對(duì)A公司進(jìn)行投資與金融服務(wù)的案例來(lái)討論傳統(tǒng)的私募股權(quán)基金如何轉(zhuǎn)型為服務(wù)型基金,詳細(xì)討論了服務(wù)的方式與領(lǐng)域。 第六章作為全文的收尾章節(jié),本章將總結(jié)性地概括本論文研究得到的核心觀點(diǎn),提出相關(guān)的政策建議；同時(shí),針對(duì)本文研究過(guò)程中遇到的問(wèn)題和不足之處,提出未來(lái)可能的研究方向。 本文的創(chuàng)新之處體現(xiàn)在以下兩個(gè)方面： (1)理論創(chuàng)新。首次在理論層面提出了服務(wù)型私募股權(quán)基金的定義,把私募股權(quán)基金劃分成財(cái)務(wù)型私募股權(quán)基金和服務(wù)型私募股權(quán)基金,并詳細(xì)討論了服務(wù)型私募股權(quán)基金的屬性和核心價(jià)值。 (2)應(yīng)用創(chuàng)新。把金融機(jī)構(gòu)的服務(wù)型模式實(shí)際運(yùn)用在私募股權(quán)基金領(lǐng)域,提出服務(wù)型私募股權(quán)基金的理論、價(jià)值和方法。并把具體的理論具體運(yùn)用在A公司的案例中,結(jié)合A公司的情況詳細(xì)討論F公司作為服務(wù)型私募股權(quán)基金的管理人,在目前經(jīng)濟(jì)轉(zhuǎn)型和產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的背景下,如何充分發(fā)揮作為股東的優(yōu)勢(shì),為所投資企業(yè)提供金融服務(wù)助推其達(dá)到成功轉(zhuǎn)型的目的。 最后,由于時(shí)間和個(gè)人能力有限,本文的研究還存在著許多不足和有待改進(jìn)的地方,具體表現(xiàn)在： 第一、本文的研究是以理論創(chuàng)新為主,提出服務(wù)型私募股權(quán)基金的概念、特征,并用案例分析方法加以驗(yàn)證。但是因?yàn)槿鄙贁?shù)據(jù),無(wú)法通過(guò)模型加以驗(yàn)證,在隨后的研究中可以通過(guò)實(shí)證研究的方法來(lái)驗(yàn)證服務(wù)型私募股權(quán)基金在產(chǎn)業(yè)轉(zhuǎn)型中所發(fā)揮的作用。 第二、本文將私募股權(quán)基金劃分為財(cái)務(wù)型私募股權(quán)基金和服務(wù)型私募股權(quán)基金,并且初步討論了兩者之間的區(qū)別。但因作者能力有限,未能更深入的劃分出兩者的界限,隨后的研究可以進(jìn)一步討論兩者的區(qū)別。 第三、服務(wù)型私募股權(quán)基金在實(shí)際應(yīng)用中有其局限性,并非所有的行業(yè)和企業(yè)都適用這種全新的模式。因此,隨后的研究可詳細(xì)討論出服務(wù)型私募股權(quán)基金的適用范圍。
[Abstract]:Some scholars have said that in China's Beijing, Shanghai and other front-line cities, a brick will hurt a "PE" investment. With the start and development of the small plate and gem market in China, the wealth effect is arousing the surge of private equity investors from home and abroad, the PE organization, angel investment. On the back of this excessive prosperity, there are many crises and thought-provoking concerns: on the one hand, many PE institutions are immersed in the "fast money" speculation, and they pursue the 100% or even higher annual returns, and the screening criteria for potential projects are decreasing. On the other hand, the real economy is difficult, the excellent projects are not only less and less, even the awkward situation of the conconge, and the PE institutions who want to gain the profits with a short amount of money in a short period of time; of course, a few helpless enterprises are getting worse and worse. The operating environment and the financing environment are sometimes forced to accept the "rash" equity investment and the betting agreement of the PE institutions, and repeat the classic tragedy of "drinking poison to quench thirst". The existence of the financial capital and industrial capital can not cover the more and more aggravating "two skin" contradictions, exposing the direction of separate development.
Private Equity Fund (PE) is a fund to raise funds through non public distribution, and the non listed company's equity is the object of investment. The private equity fund is one of the financial instruments and the market economy develops to a certain stage. The private equity fund in the modern sense is in the last century. In 50s, it originated in the United States and developed with the development of the global economy. It has developed mature in the capital market of Europe, America and other countries. It has gradually occupied an important position in the financial system. The private equity fund of our country started relatively late, and the first private equity fund management institution appeared in 1985. The private equity fund industry is extremely inactive during the transition period of the economy to the market economy. The related research in the academic circle is still in the stagnation. With the introduction of the gem in.2009 years, the private equity fund in China has entered an active period, and the domestic related theories have also developed greatly.
At present, China is in the key period of economic transformation. The original extensive mode of development has not adapted to the current economic status of our country. The eighteen major report of the party explicitly lists the adjustment of industrial structure as the focus of the future economic work, and the macro-control brings the adjustment of the market spontaneity, and this adjustment will affect all the present. Industry and industry, including the development of financial capital which is not limited to private equity funds, only relies on the real economy and serves the real economy, and it has a vigorous vitality. Only it helps to promote the adjustment of the industrial structure, promote the rapid development of the national economy and accelerate the optimization of the allocation of resources. The core competitive advantage of the body reaches the mark of mature financial capital.
Based on the above macro background, this paper studies the private equity fund and the investment heat of PE, and focuses on how the private equity fund returns to the essential function of financial capital. By changing its own positioning and profit model, it can better serve the real economy and boost the economic structure transformation and industrial upgrading. On the basis of previous research, the author divides private equity funds into two types of financial and service types. The concept, characteristics and functions of the service type private equity fund are systematically studied for the first time.
This article is based on the theoretical analysis as the main research means, and with case analysis to discuss the transformation of the economic growth model, the adjustment of the industrial structure, the traditional industry eager to find a new business model era, how the private equity fund will change its own position to adapt to the new economic situation. By putting forward the concept, the characteristics and the role of the service-oriented private equity fund to discuss how the fund management companies can change the original business model to adapt to the new changes and play the role of the financial institutions. To boost industrial upgrading and transformation.
This article is divided into six parts, which are as follows:
The first chapter is the introduction, which focuses on the background and purpose of the study, the theoretical significance and the practical value; the theoretical circles at home and abroad are reviewed on the research results of private equity funds, and the logical ideas and possible innovations of this study are discussed.
The second chapter introduces the background of the study in this paper, and starts with three aspects. First, it combs the current situation of the development of the real economy in our country. It points out that China is now in the middle income trap, and discusses the causes of the formation of the middle income trap. Then it discusses the current situation of the financial capital market and the shadow banking. In the end, the adjustment of the industrial structure of the real economy and the direction of the transformation of the financial capital are discussed in detail, and the future financial capital in China will be better to serve the real economy and provide the impetus for the development of the industry.
The third chapter, as the theoretical chapter of this paper, discusses the theoretical basis of private equity fund in detail, puts forward the concept of the service type private equity fund on the basis of theory, and then discusses the characteristics and necessity of the service type private equity fund.
The fourth chapter is the continuation of the last chapter. It discusses the role of the service type private equity fund from three different levels, namely, macro, medium and micro, that is to promote the adjustment of the industrial structure, improve the financing structure and improve the core competitiveness of the enterprise.
The fifth chapter mainly discusses how the F fund management company should comply with the economic development trend and make full use of its own advantages to explore new financial services. First, it discusses the general situation of F company and A company, the development process and the bottlenecks encountered, and then discusses the traditional private equity through the case of investment and financial integration of A companies. How the fund has been transformed into a service fund has discussed the ways and fields of service in detail.
The sixth chapter, as the final chapter of the full text, will summarize the core views of the study in this paper, and put forward relevant policy suggestions. At the same time, we will put forward the possible future research direction in view of the problems and shortcomings encountered in the process of this study.
The innovation of this paper is reflected in the following two aspects:
(1) theoretical innovation. Firstly, the definition of service-oriented private equity funds is put forward on the theoretical level, and private equity funds are divided into financial private equity funds and service private equity funds, and the properties and core values of service type private equity funds are discussed in detail.
(2) application innovation. Apply the service model of financial institutions to the field of private equity fund, put forward the theory, value and method of the service type private equity fund, and apply the specific theory to the case of A company, and discuss in detail the manager of F company as a service Private Equity Fund in the case of A company. In the background of the former economic transformation and the adjustment of the industrial structure, how to give full play to the advantages of the shareholders and provide financial services for the invested enterprises to help them achieve the goal of a successful transformation.
Finally, due to the limited time and personal ability, there are still many deficiencies and improvements to be done in this study.
First, this study is based on theoretical innovation, put forward the concept and characteristics of the service type private equity fund, and verify it with the case analysis method. But because of the lack of data, it can not be verified by the model. In the subsequent research, the empirical research method can be used to verify the service type private equity fund in the industrial transformation. The role played.
Second, this paper divides private equity funds into financial private equity and service-oriented private equity, and discusses the difference between them. However, because of the limited ability of the author, the difference between them can not be further divided, and the subsequent study can further discuss the difference between the two.
Third, the service type private equity fund has its limitations in practical application, not all industries and enterprises are applicable to this new model. Therefore, the following research can discuss the scope of application of the service type private equity fund in detail.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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