【作者】 张扬；

【导师】 王月溪；

【作者基本信息】 东北财经大学 ， 金融工程， 2016， 硕士

【摘要】 私募股权投资是以私募股权投资基金为载体,以未上市公司股权为主要投资对象的一种股权投资方式。而私募股权投资基金会在金融市场中充当中介的角色,起到杠杆作用,他通过集中社会上的闲散资金,形成可以进行长期投资的资本,并向融资企业投资,支持企业的经营生产。私募股权投资推动了高科技产业的快速发展,促进了新经济和创新的不断向前,并不断驱动着经济增长、产业重构与技术变革。而随着资本市场在全球范围内的壮大,私募股权投资在繁荣国民经济、完善资本市场、丰富企业融资形式上都起着很大的积极作用。而联合投资作为降低风险的有力手段,在私募股权投资行业被广泛的运用。私募股权投资基金虽然在联合投资过程中结成了以相互信任、共同分享和互惠互利为基础的联合投资网络,但是其对投资绩效的影响作用机制仍不清晰。从理论角度来说,联合投资网络对于私募股权投资绩效的影响分为两方面：一方面的好处在于可以通过风险分散、信息分享、经验学习、共同协商来避免“黑天鹅”事件的发生；另一方面联合投资网络中有可能存在套牢问题、搭便车问题、道德风险问题等对投资绩效会产生负向影响的机制。正是因为对投资绩效的影响作用机制仍不清晰,我们有必要对其进行进一步的探索。在中国短暂的私募股权投资行业发展进程中,联合投资是其一种重要的策略和行为。而本论文将着重研究如何测度与反映中国私募股权投资行业的业态,这是本论文的核心价值。另一方面,中国所面临的市场背景与西方的成熟市场背景是有差异的,这就使得我国私募股权投资网络效力边界可能发生了改变,而对这种改变的研究也是论文的价值所在。论文将以中国市场的私募股权投资事件为研究对象,并且研究范围不受投资机构自身性质的限制,而是从投资事件的融资方式入手,研究融资方式为“私募股权”的投资事件所涉及的投资机构,进而探究联合投资网络对私募股权投资绩效的影响。论文使用社会网络分析方法,以2002-2011年间的私募股权投资机构联合投资网络为分析对象(涉及280家私募股权投资机构和445家融资企业),从中心性、结构洞、关系稳定性等角度,对私募股权投资机构联合投资形成的网络结构特征进行测度研究,探讨了特殊网络位置对于私募股权投资机构投资绩效的影响。实证分析结果表明：1)投资机构在投资网络中的位置的改变会显著影响投资绩效,中心度的提高有助于提高投资绩效；2)在以结构洞信息流交换为基础的联合投资网络中,很有可能因为道德风险、逆向选择等败德问题的发生,使联盟整体绩效因此下滑,而居于网络中心节点位置的投资机构也不能有效发挥其信息流转中心点的优势,反而降低了其本身的投资绩效；3)私募股权投资机构受到联合投资网络的限制越多,其投资绩效越低：4)投资机构间的关系质量对退出率没有显著影响：5)本土机构的投资绩效好于外资机构；6)较大的投资规模能够增强中心性对退出率的正向影响。由以上分析结果可得结论：联合投资的投资模式需要进一步推广,但应使网络中的信息交换机制更为透明,与此同时应减少对投资机构的限制。通过论文研究将进一步丰富私募股权投资机构联合投资理论,并且很好地丰富了私募股权投资产业投资理论社会性不足的缺陷。更多还原

【Abstract】 The target of private equity investment is private enterprise’s equity, its operating carrier is private equity funds. Private equity investment fund acts as an intermediary role in the financial markets, just like a leverage. It comes into being a long term investment capital by focusing on the social idle funds, and invests the financing corporation to support its operation. Private equity is important driving force in the development of high-tech industry, also is the important support of the new economy and innovation, and the "engine" of economic growth, industrial reconstruction and technological change. With the development of the global capital markets, private equity investment has increasingly far-reaching influence. Private equity funds have played a very positive role in the national economy, capital markets and financing corporations, they promote the perfection of the capital market and the development of national economy, and provide a new operation mode for the financing corporations. The syndication is widely used in the private equity industry as a means to reduce risk.In the process of syndication, private equity investment fund formed a network, the main characteristics of the network are trust, sharing and mutual benefit, but its effect on the performance of investment is still not clear. From a theoretical perspective, the effects on the performance of private equity investment can be divided into two aspects:on the one hand, the syndication can avoid "black swan" events through risk diversification, information sharing, experience learning and mutual consultation; On the other hand, the network may have a moral hazard problem, hold up problem, free-rider problem and so on. These problems have negative effect on investment performance. Because the impact on the investment performance is still not clear, it is necessary for us to further explore.The development time of China’s private equity industry is shorter, syndication is an important strategy in private equity, one of the value of the paper is how to measure and research the forms of China’s private equity industry. On the other hand, Chinese and western market have different backgrounds, which makes the syndication network performance in our country may vary with mature market, the effect boundary of China’s private equity investment network may change, which is the other value of the paper. The paper regards Chinese private equity investment events as research object. And the research scope is not restricted by the nature of investment institutions, but rather from the financing ways of investment events. The paper researches investment institutions which involved in the events which financing way is "private equity". And then explore the syndication’s impact on the performance of private equity investment.The paper uses social network as the analysis tool, regards the syndicate network of private equity investment institutions from 2002 to 2011 as analysis object (involving 280 private equity investment institutions and 445 financing enterprises). And research the structure characteristics of the syndication network from the perspectives that centrality, structural hole, relationship stability and so on, probed into the special network location effects on the performance of private equity investment institutions. The empirical analysis results show that:1) The change of investment institutions position in the network will affect investment performance significantly. The improvement of centrality degree contribute to improve the investment performance; 2) If the information exchange mechanism of the syndication network is structural hole, it may result in a loss of the whole investment performance because of the emergence of various problem, which leads to the investors in the location of a center node can’t fully acquire the benefits of information intermediary, instead, it may reduce the investment performance of the individual due to the decline in overall performance; 3) The more a private equity investment institutions is limited by a syndication network, the lower its investment performance; 4) The quality of the relationship between investment institutions has no significant effects on dropout rates; 5) The investment performance of local institutions is better than foreign institutions; 6) Investment scale is helpful to enhance network centricity’s positive influence to exit rate. We can get the conclusion by the above analysis result:it is necessary to further promote syndication, but it should be more transparent in information exchange mechanism, while minimizing the various restrictions to investors. The paper enriches the syndication theory of private equity investment institutions, and adds the application situation of structural holes indicator in syndication network.更多还原