【作者】 李峰；

【导师】 陈松男； 李乃和；

【作者基本信息】 上海交通大学 ， 高级工商管理（EMBA）（专业学位）， 2018， 硕士

【摘要】 私募股权投资基金(PE)的运作依次分为募集、投资和退出三个主要阶段,而退出阶段是决定私募基金能否盈利的关键阶段,私募基金退出包括首次公开发行(IPO)、兼并收购、股份回购、破产清算等多种方式。目前IPO退出仍是我国私募股权基金的主要退出途径,但由于IPO退出的周期较长,成本较高,显然不应是所有PE的最优退出方式选择,因此本文通过理论分析与案例分析相结合的方式,探讨不同影响因素下PE最优退出方式的选择及其效果。首先,在对相关理论进行梳理的基础上,本文对我国私募股权投资基金发展现状进行了概括,并比较了IPO、并购和股权回购三种退出方式的优势与劣势。之后,本文着重分析了影响PE退出方式的四个因素——宏观经济环境、资本市场环境、融资企业与行业特征和交易成本,并探讨各因素对退出方式的选择会造成怎样的影响。在理论分析之后,本文选取IPO、并购和股权回购三种退出方式中的代表性案例进行案例分析,着重分析在各案例中,四个影响因素如何对退出方式的选择产生影响,以及对退出后各参与主体的收益及发展有怎样的影响。通过比较分析本文发现,宏观经济和资本市场环境是私募股权投资能否顺利退出并取得良好收益的决定性的外部影响因素,当宏观经济和资本市场繁荣时,大多企业会选择IPO方式退出;融资企业行业特征及经营绩效则是影响退出方式的重要内部因素,受国家政策支持、自身发展良好的企业更容易通过IPO或并购的方式退出。在当资本市场IPO受限制,或经济发展不景气时,交易成本则是较为重要的影响因素。此外,尽管IPO退出收益最高,但并购和股权回购的退出方式也各有优势,并购退出更为灵活,并且可以通过并购实现企业的多元化发展,股权回购退出则将外部股权全部内部化。最后,对本文的分析进行了总结,并对我国资本市场和私募股权退出环境的完善提出了相关建议。更多还原

【Abstract】 The operation of private equity funds generally involves three phases: raising,investing and exiting.The crucial part of the whole process is the last stage.The exits of private equity funds include IPO,mergers and acquisitions,management buy-backs and bankruptcy liquidation.At present,IPO is still the main exit mode of China’s private equity funds.But due to the longer exit cycle,the higher cost,IPO obviously is not the best choice for all private equity funds exit mode.This paper combined theoretical analysis and case analysis to discuss the influence of different factors on private equity funds exit ways.Firstly,on the basis of combing the relevant theories,this paper summarizes the current situation of the development of private equity funds in our country,and compares the advantages and disadvantages of three exit ways: IPO,mergers and acquisitions,stock repurchase.And that,this paper analyzes four factors that affect private equity funds exit ways: macroeconomic environment,capital market environment,financing industry characteristics and business performance and transaction costs.And explores the impact of various factors on the choice of exit ways.After the theoretical analysis,this article selects the representative cases from the three exit ways of IPO,M&A and stock repurchase for case analysis,and emphatically analyzes how the four influencing factors affect the choice of exit ways in each case,After the participation of the main benefits and development of what kind of impact.Through comparative analysis,this paper finds that the macroeconomic and capital market environment is the decisive external influencing factors for the private equity investment to exit smoothly and obtain good returns.When the macro-economy and capital markets are prosperous,most enterprises will opt out of the IPO way.The financing enterprises Industry characteristics and business performance are important internal factors that influence the exit method.Enterprises supported by the national policy and well developed by themselves can exit by means of IPO or M&A more easily.Transaction costs are a more important factor when the IPOs in the capital markets are limited or the economy is in a downturn.In addition,although the exit from IPOs has the highest return,the exit methods of M&A and stock repurchase also have their own advantages.M&A exit is more flexible and the diversification of enterprises can be realized through M&A.The repurchase of share repurchase will totally internalize external equity.Finally,the paper summarizes the analysis,and puts forward some suggestions on how to improve the exit environment of capital market and private equity in our country.更多还原