我国私募股权投资退出途径探讨,财务管理论文.docx

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1、我们国家私募股权投资退出途径探讨,财务管理论文【题目】我们国家私募股权投资退出途径讨论 【第一章】 【第二章】 【第三章】 【第四章】 【第五章】 【第六章】 【以下为参考文献】 摘 要 随着我们国家经济快速发展，PE 以其迅猛发展态势成为市场中最为积极、闪耀的气力之一。PE 作为企业的一种重要融资来源，不仅能为企业提供所需资金，同时也为企业长期发展提供相关配套服务，是我们国家资本市场中不可或缺的因素。PE 的运作分为：融集资金、投资企业、退出企业三阶段，作为有机统一的整体，构成 PE 运作全经过。华而不实退出企业阶段又是重中之重，其不仅关系到投资收益的获取，同时也是再投资的资金来源，关系着投

2、资的成败与 PE 的持续发展。因而，对 PE 退出环节的研究尤为重要，而退出方式的选择在一定程度上决定了退出的成败，合理的退出途径关系着 PE 能否顺利实现退出。 本文通过对 PE 各种退出途径的比拟分析，得出各种情形下的最优退出途径，因时因地制宜，进而用案例进行论证。同时，结合我们国家新三板市场快速崛起，介绍了 PE 退出新途径，具有实际指导意义。文章首先对 PE 退出的相关理论进行分析，着重叙述了价值投资理论，同时对 PE 的退出机制、运作流程以及退出阶段进行分析，为下文研究分析奠定坚实的理论基础。其次，介绍了五种主要退出途径并分析比拟各自的优缺点，同时结合新三板市场扩容，比拟了该市场独特

3、的优势，并着重分析了对 PE 退出方式的影响，提供了一条新的退出途径，拓宽了退出渠道。之后，结合当下中国 PE 市场发展现在状况，用数据及图表分析讲明我们国家 PE 投资以及退出方式发展现在状况，理论联络实际，更具讲服力。进而分析得出当前我们国家 PE 退出存在的问题：相关法规体系不健全、资本市场构造发展不完善、退出途径单一以及专业性机构、人才匮乏等。再次，用软银中国通过阿里巴巴赴美上市退出案例分析实际情形中退出方式的选择以及采用IPO方式退出的优缺点，并从中深切进入分析当前我们国家 PE 退出存在的问题，与前面的理论分析相照应，具有实践指导意义。最后，结合前面的分析以及实践中出现的问题，从相

4、关法规完善、构建多层次资本市场、倡导多种退出方式以及培育专业性机构、人才等方面着手，提出完善我们国家 PE 退出方式的详细政策建议，促进我们国家 PE 快速向前发展。在这里基础上总结全文，得出本文的研究结论。 本文关键词语：私募股权投资 退出方式 初次公开发行上市 新三板市场 ABSTRACT With the rapid development of China s economy, private equity funds in its rapid developmentmomentum become as one of the most active force in the capit

5、al market. PE as an important source offinancing for enterprises, can not only provides the funds required, but also provides the enterpriselong-term development related services,is the indispensable factor of the capital market in China. The PEoperation is divided into three stages: financing, inve

6、sting, exiting, as the organic unity of the whole,constitute the whole process of PE operation. The enterprises to exit the stage is the priority amongpriorities, it is not only related to obtain investment returns, but also the sources of funds for investment,the sustainable development of the rela

7、tionship between the success and failure of the investment for PE. Therefore, the research on the exit of PE is very important, and the selection of the exit ways to a certainextent determines the success or failure for reasonable, exit path relationship with PE can be achievedsmoothly exit. Through

8、 the comparative analysis of PE with different exit ways, obtains the different circumstancesof the optimal exit path selection, validation and then use case demonstrates. At the same time, with thedevelopment of China s new sanban market, introduces the new PE exit path, which has practical guiding

9、significance. Firstly, this paper carries on the analysis to the related theory of PE exit, focuses on the theoryof value investment, at the same time, the exit mechanism of PE operation process and exit stage analysis,lay a solid theoretical foundation for the following research and analysis. Secon

10、dly, it introduces five mainexit path and compare their advantages and disadvantages, combined with the new third market expansion,compared the advantages of the unique market, and analyzes the influence on the PE exit, provides a newpath to exit, widen the exit channels. Then, combining the current

11、 situation of Chinese PE marketdevelopment, indicating that China s PE investment and exit way development data and chart analysis,theory and practice, is more persuasive. With the analysis of China s current PE exit problems: the relevantlaws and regulations system is not perfect, the structure of

12、the capital market development is not perfect,and the single exit path of professional organizations, such as shortage of talent. Again, with the advantagesand disadvantages of the Alibaba listed exit way of case analysis of the actual situation in the selection andthe use of IPO from Softbank China

13、SoftBank China Venture Capital, and analysis of current PE exitproblems deeply from theoretical analysis, and in front of the echoes, has practical guiding significance. Finally, combined with the previous analysis and practice of the problem, from the perfection of relevantregulations, the construc

14、tion of multi-level capital market, promoting a variety exit and cultivateprofessional organizations, personnel and other aspects, put forward specific policy suggestions to perfectour country PE out of the way, to promote China s rapid development of PE. On the basis of summing up,draw conclusion o

15、f this paper. KEY WORDS: private equity investment, exit manner, initial public offering, the new sanbanmarket 目 录 内容摘要 ABSTRACT 1 绪论 1.1 选题背景和意义 1.1.1 选题的背景 1.1.2 选题的意义 1.2 国内外相关研究综述 1.2.1 国外文献综述 1.2.2 国内文献综述 1.2.3 文献评述 1.3 研究内容与方式方法 1.3.1 研究内容 1.3.2 研究方式方法 1.4 本文的创新之处 2 PE 退出理论分析 2.1 价值投资理论 2.1.1

16、价值投资理论的起源及发展 2.1.2 价值投资的基本投资策略 2.2 PE 退出机制 2.2.1 退出机制的特征 2.2.2 退出机制的作用 2.2.3 退出方式选择原则 2.3 PE 的运作流程及退出阶段 2.3.1 PE 的运作流程 2.3.2 PE 退出阶段 3 PE 退出方式及比拟分析 3.1 PE 退出方式 3.1.1 公开上市 3.1.2 股权转让 3.1.3 兼并收购 3.1.4 股份回购 3.1.5 破产清算 3.2 PE 退出新途径一新三板上市 3.2.1 新三板市场的背景 3.2.2 新三板挂牌的优越条件 3.2.3 新三板市场活泼踊跃态势显现退出新方式 3.3 PE 退出

17、方式比拟分析 3.3.1 PE 退出方式优缺点比拟 3.3.2 PE 退出方式选择偏好 4 中国 PE 退出现在状况及存在的问题 4.1 中国 PE 投资现在状况 4.1.1 PE 投资发展情况 4.1.2 PE 投资行业分析 4.2 中国 PE 退出现在状况 4.2.1 主要退出方式还是 IPO 4.2.2 境内外上市比照 4.2.3 兼并收购方式 4.2.4 其他退出方式 4.3 中国 PE 退出存在的问题 4.3.1 相关法规体系不健全 4.3.2 资本市场构造不完善 4.3.3 退出途径单一 4.3.4 缺乏专业性中介机构及人才 5 案例分析-软银退出阿里巴巴 5.1 相关公司简介 5.1.1 融资企业大概情况 5.1.2 私募股权投资机构大概情况 5.2 投资及退出之路 5.2.1 投资阿里巴巴 5.2.2 境外 IPO-阿里巴巴赴美上市 5.3 绩效评估 5.4 案例评估 6 PE 退出问题的成因及对策建议 6.1 PE 退出问题的成因分析 6.2 完善 PE 退出方式的建议 6.2.1 完善相关的法律法规 6.2.2 加快发展多层次资本市场 6.2.3 积极倡导多种退出方式 6.2.4 培养专业性机构和人才 6.3 研究结论 以下为参考文献 致 谢