【作者】 王磊；

【导师】 严渝军；

【作者基本信息】 对外经济贸易大学 ， 金融学， 2017， 硕士

【摘要】 随着我国经济的发展,私募股权投资基金也得到了快速的发展,私募股权市场已经成为除银行、IPO以外企业第三大融资渠道,为中小企业的融资带来了经济支撑,不仅增强了对新兴产业、中小微企业的服务能力,还有利的促进了创新企业和经济结构转型升级,推动了直接融资和资本市场的发展。私募股权运作流程包括:募资、投资、管理、退出四个环节。四个环节环环相扣,每一步运作是下一步运作的起点,而退出环节是兑现收益的环节,也是最关键的环节,因此本文选取退出环节作为重点研究对象。本文通过首先对PE各种退出方式进行比较,得出要因地制宜的选择退出渠道,目前,IPO的回报率依然是最高的,因此仍然是PE最喜爱的退出方式,新三板自2014年扩容以来,投资规模及投资案例呈爆发性增长,成为PE最受欢迎的退出方式,而随着我国并购市场的健全和完善,并购退出则是未来最主流的退出方式。其次结合最新数据采用图表和表格的形式对当前现状进行分析,理论联系实际,深入分析我国私募股权退出市场所面临的问题及诸多不完善之处,再次,用红杉中国IPO退出贝达药业和2015年PE最佳退出十大案例之一—同创伟业退出众安康的并购退出案例来分析实际情形中退出方式的选择,最后,结合前面我国PE退出现状的分析及目前存在的问题,提出完善法律法规、建立多层次资本市场、完善中介机构、加快PE二级市场建设及吸引优秀人才的建议。更多还原

【Abstract】 With the development of China’s economy,the private equity investment fund has also developed rapidly.The private equity market has become the third largest financing channel except for banks and other IPO enterprises,which has brought economic support to the financing of small and medium-sized enterprises.It not only enhances the service capabilities of new industries,small and medium-sized micro-enterprise,but also helps to promote innovative enterprises and economic restructuring and upgrading,driving the development of the direct financing and capital market.Private equity’s operations include: fund raising,investment,management,exit four sections.The four sections are interlocking,and each step is the starting point of the next operation,and the exit is the link of the proceeds and the most important link.Therefore,this article chooses the exit as the key research object.In the present paper,through the first way to compare the various exit ways of PE,we conclude that we must choose the exit channel according to the surrounding environment.Currently,IPO’s rate of return on investment is still the highest,which is still the PE’s favorite exit,the National Equities Exchange and Quotations since 2014 expansion,investment Scale and investment cases explosively grow,becoming the most popular way to exit for PE,and with China’s M & A market is sound and perfect,mergers and acquisitions is the most mainstream way to withdraw in the future.Secondly,we combined with the latest data using the form of charts and tables to analyze the current situation,the theory with practice,in-depth analysis of China’s private equity market out of the problems and many imperfections.With the SCC IPO exit Beida pharmaceutical and 2015 PE is one of the best cases out of ten co-win exit the Zhongankang case,which is used to analyze the choice of the ways of exit in the actual circumstances.We put forward advice of perfect laws and regulations,establishing a multi-level capital market,improving the intermediary and speeding up the PE secondary market construction and attracting talented people.更多还原