發(fā)布時間：2018-04-30 06:29

  本文選題：私募股權(quán)投資 + 退出��； 參考：《安徽大學(xué)》2012年碩士論文

【摘要】：私募股權(quán)投資的退出是指私募投資者在投資項目之后,對該項目進(jìn)行技術(shù)、管理上的支持,從而使該項目的價值得到增值,并最終通過撤出在該項目中的資金來獲得投資回報。退出方式主要包括IPO、并購、股權(quán)轉(zhuǎn)讓、清算等,而私募股權(quán)投資者可以根據(jù)退出的時機(jī)和投資回報大小等情況來選擇以何種方式撤出資金。IPO方式是私募股權(quán)資本退出的高收益渠道,并可為私募投資者們帶來較高的名譽。但鑒于目前整個資本證券市場有限的上市機(jī)會和嚴(yán)格的上市條件,IPO方式退出投資項目也越顯現(xiàn)出困難,因此,未來私募股權(quán)投資以并購方式退出是必然的選擇。 本文主要研究私募股權(quán)投資的退出,包括對各種私募退出方式的介紹以及對影響選擇何種退出方式的因素進(jìn)行分析。通過對比國內(nèi)外私募股權(quán)投資市場的退出數(shù)據(jù)情況發(fā)現(xiàn),發(fā)達(dá)國家私募股權(quán)投資退出方式的選擇以并購出售為主,而我國私募股權(quán)投資的退出在很大程度上依賴于IPO方式,以并購出售方式退出投資的比重很小。文章以私募股權(quán)投資的退出為主線,并著重研究了并購?fù)顺龇绞健?文章主要分為五個部分,第一部分為緒論,包括論文研究背景、研究意義以及文獻(xiàn)綜述,通過對當(dāng)前我國私募股權(quán)投資退出方式的不平衡性背景的介紹,引出私募并購?fù)顺龇绞窖芯康谋匾�性；第二部分對私募股�?quán)投資行業(yè)的介紹,包括對私募股權(quán)投資的定義解釋,對私募股權(quán)市場的介紹以及對美國和我國私募股權(quán)投資行業(yè)發(fā)展的概述。該部分還重點研究了私募股權(quán)投資的退出,包括退出的意義、各種退出方式、以及影響選擇何種退出方式所考慮的因素；第三部分分析比較了國內(nèi)外私募股權(quán)投資的退出,然后簡單說明了我國私募退出的現(xiàn)狀,并分析了導(dǎo)致這種狀況的原因。第四部分研究私募的并購?fù)顺龇绞?客觀地分析了并購?fù)顺龅膬?yōu)劣勢以及并購帶來的效應(yīng),并從出售方的視角論述了并購的程序,最后舉例分析了一樁并購?fù)顺龅陌咐�；第五部分給出了關(guān)于如何推動我國私募股權(quán)投資以并購方式退出的一些對策建議。 作者在參考了大量的國內(nèi)外文獻(xiàn)的基礎(chǔ)之上,總結(jié)分析了關(guān)于私募退出方面的內(nèi)容。同時本文結(jié)合了我國私募股權(quán)投資的退出現(xiàn)狀,并分析了產(chǎn)生這種現(xiàn)狀的原因,在此基礎(chǔ)之上給出了相應(yīng)的對策建議。本文的目的是讓企業(yè)家和私募股權(quán)投資者能進(jìn)一步認(rèn)識并購?fù)顺龇绞?為其在實踐操作中提供一定參考；同時本文還希望能為我國私募股權(quán)投資市場退出不平衡性的打破和渠道的拓寬做出微薄貢獻(xiàn)。
[Abstract]:The withdrawal of private equity investment means that private equity investors support the project technically and administratively after investing in the project, so that the value of the project can be added, and finally the return on investment can be obtained by withdrawing the funds in the project. Exit methods mainly include IPO, M & A, equity transfer, liquidation, etc. Private equity investors can choose which way to withdraw funds. IPO is a high income channel of private equity capital withdrawal and can bring a higher reputation for private equity investors according to the exit time and investment return. However, in view of the limited opportunities and strict listing conditions of the whole capital securities market at present, it is more and more difficult to exit from the investment project by IPO, so it is inevitable for private equity investment to exit by means of merger and acquisition in the future. This paper mainly studies the withdrawal of private equity investment, including the introduction of various private equity exit methods and the factors affecting the choice of exit methods. By comparing the exit data of private equity investment market at home and abroad, it is found that the choice of exit mode of private equity investment in developed countries is mainly M & A sale, while the exit of private equity investment in China depends on the IPO mode to a great extent. The proportion of exit investment by M & A sale is very small. This article takes the withdrawal of private equity investment as the main line, and emphatically studies the exit mode of M & A. The article is divided into five parts. The first part is the introduction, including the research background, research significance and literature review. The second part introduces the industry of private equity investment, including the definition of private equity investment. Introduction to the private equity market and an overview of the development of the private equity investment industry in the United States and China. This part also focuses on the withdrawal of private equity investment, including the significance of exit, various exit methods, and the factors that affect the choice of exit. The third part analyzes and compares the withdrawal of private equity investment at home and abroad. Then it briefly explains the current situation of private equity withdrawal in China, and analyzes the reasons leading to this situation. The fourth part studies the private equity merger and acquisition exit, objectively analyzes the advantages and disadvantages of merger and acquisition exit and the effect of merger and acquisition, and discusses the process of merger and acquisition from the perspective of the seller. Finally, an example is given to analyze the case of merger and acquisition exit. The fifth part gives some countermeasures and suggestions on how to push private equity investment to exit by M & A in China. On the basis of reference to a large number of domestic and foreign literatures, the author summarizes and analyzes the contents of private equity withdrawal. At the same time, this paper combines the exit status of China's private equity investment, and analyzes the reasons for this situation, on the basis of this, gives the corresponding countermeasures and suggestions. The purpose of this paper is to enable entrepreneurs and private equity investors to further understand the mode of merger and acquisition exit, and to provide a certain reference in practice. At the same time, this paper also hopes to make a modest contribution to breaking the imbalance of private equity market withdrawal and widening channels.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.48

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前2條

1 戴永忠;中國工商銀行私募股權(quán)投資經(jīng)營模式研究[D];蘭州大學(xué);2012年

2 范鵬;私募股權(quán)基金并購?fù)顺鍪袌鲆蛩匮芯縖D];南京大學(xué);2013年

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本文編號：1823454