私募股權(quán)投資在全球金融危機(jī)前后都在很大程度上影響了全球經(jīng)濟(jì)。危機(jī)前,私募投資企業(yè)的價(jià)值總額在2001到2007年期間達(dá)到了3.6兆美元（Gurung & Lerner,2008）。在2009年觸底之后,私募投資額在2010年又以142%的速度迅速反彈（Bloomberg,2011）。此外,私募投資正在經(jīng)歷快速的全球化（Cumming, Sapienza, Siegel,& Wright,2009; Guler & Guillen,2010b）.例如,根據(jù)清科數(shù)據(jù),中國(guó)的外資私募投資額在2007年達(dá)到了128億美元。盡管由于經(jīng)濟(jì)危機(jī),這一數(shù)據(jù)在2008和2009年分別下降到96億美元和86.5億美元,但是在2010年,外資私募投資額恢復(fù)到103.8億美元,同比增長(zhǎng)了20%。同時(shí),由于股票交易市場(chǎng)對(duì)資本流向存在的巨大影響（Froot, O’Connell,& Seasholes,2001）,中國(guó)私募的快速發(fā)展也受到了股票市場(chǎng)的巨大推動(dòng)。從意大利私募投資家看來(lái),并購(gòu)交易的宏觀環(huán)境在危機(jī)后得到了很大的好轉(zhuǎn),意大利的投資者已經(jīng)為潛在的收購(gòu)做好了準(zhǔn)備,而對(duì)于金磚四國(guó)... 

【文章來(lái)源】：復(fù)旦大學(xué)上海市 211工程院校 985工程院校 教育部直屬院校

【文章頁(yè)數(shù)】：60 頁(yè)

【學(xué)位級(jí)別】：碩士

【文章目錄】：
中文摘要
Abstract
1. Introduction
2. Literature Review and Theoretical Framework
    Figure 1 Schematic structure of cross-border PE syndication process based on extant literature
    2.1. Motives and Contextual Factors
        2.1.1. Motives on Firm Level
        2.1.2. Motives on Deal Level
        2.1.3. Contextual Factors
    2.2. Compositions and Dynamics
        2.2.1. Structuring
        2.2.2. Partner Selection
        2.2.3. Dynamics of syndicates
    2.3. Effects on Performance
3. Methods
4. Comparative Analyses of Italy- China PE&VC Markets
    4.1. Macroeconomic Framework Analyses
        Figure 2 GDP Growth Contrast of Italy and China, from 2005 to 2010
        Figure 3 Italian Export Performance by% Change
        Figure 4 Inflation Rate Contrast of Italy, China and World, from 2005-2011
    4.2. PE&VC Markets Characteristics
        4.2.1. The Main Players in Each Market
        4.2.2. Fundraising Characteristics
            Figure 5 Contrast of Fundraising Activities in China and Italy, from 2006 to 2010
        4.2.3. Investment Characteristics
            Figure 6 Contrast of PE investment activities in China and Italy, from 2006 to 2010
        4.2.4. Exiting Characteristics
            Figure 7 VC/PE Backed IPOs in China
            Figure 8 Cross Exchanges IPO Multiples of Venture Back Companies from China
5. Case Description
    5.1. Case-Zoomlion's acquisition of CIFA
        5.1.1. The Rationale of the Transaction
        5.1.2. Private Equity Syndication Structure
            Figure 9 Hony Capital's Value-Added Approach
        5.1.3. Highlights of the Deal Structure
            Figure 10 Structure of the Acquisition Deal of CIFA by Zoomlion
    5.2. Case-New Trends of Set up RMB PE Fund Joint-Ventures
        5.2.1. Carlyle Beijing RMB Fund
        5.2.2. Carlyle and Fosun Joint RMB Fund
        5.2.3. Goldman Sachs and Morgan Stanley Launch Their RMB Funds
6. Discussions
    6.1. Appealing Emerging Markets May Reshape the Rules
    6.2. From Foreign PE Perspective
    6.3. From Local PE Perspective
7. Conclusions
8. Appendix
    Table 1 SWOT Analysis of Italy and China PE&VC Industries,2011
    Table 2 Sources of Fundraising in Italy and China
    Table 3 Bank Facility for CIFA Deal
    Table 4 Milestones in the Zoomlion&CIFA transaction
9. Reference
后記



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