银行系私募股权基金的法律规制：国际经验与中国对策

商业银行不仅发挥服务性金融功能，更以主导者身份直接参与全球私募股权基金的发起和投资，形成了诸多银行系私募股权基金。中国银行业在综合化转型进程中也间接性地参与私募股权基金业务，但在保险、券商、信托等金融机构已经获准开展私募股权基金业务的同时也受制于法律限制和监管约束。建立银行发起和投资私募股权基金的政策框架，已成为中国银...     

我国信托公司开展私募股权投资基金业务的策略研究

本文针对我国信托公司开展私募股权投资基金业务面临的问题,提出了我国信托公司应采取努力推动政策、法规环境的改善,与国内外知名的股权投资机构、直投券商和产权交易所合作和加强市场培育等策略,抓住机遇,加快像私募股权投资基金这样创新业务的发展,树立品牌,增强实力,在残酷的竞争环境中立于不败之地。     

中国券商直投基金的未来发展方向

券商直投基金的获准设立,将开启券商直投业务的"自有资金+第三方资金"时代,可以预见,未来直投基金管理模式将成为国内券商直投业务发展的重要方向。本文先就券商直投基金目前的整体布局、投资方向等情况进行初步分析,以此总结出当前直投基金设立的三大模式,并作出各自优劣对比。同时,文章将借鉴高盛股权投资基金的运作经验,给出中国券商直投基金未来发展道路的选择方向。     

证券公司直接投资业务研究

无论从学术理论还是试点实践,抑或国外经验,都说明我国券商开展直投业务对券商自身的发展和对我国资本市场的发展都具有重要作用和深远意义,券商直投业务的方向是正确的、毋庸置疑的。然而我国券商直接投资业务起步较晚,目前仍处于试点阶段,无论从政策层面还是券商直投业务自身层面仍存在诸多问题,迫切需要相关政策给予规范,并推动其可持续发展。     

商业银行视角下的私募股权融资研究

中国是一个私募股权融资正在勃兴的巨大市场,私募股权融资不仅有利于我国产业结构的调整、行业的整合,而且可以促进我国多层次资本市场的发展。商业银行特别是大型商业银行为私募股权融资提供服务具备多种优势。商业银行的介入既推动了私募股权融资的发展,也拓展了自身的业务领域,增加了中间业务收入。虽然私募基金和商业银行选择项目都采用定性分析与定量分析相结合的方法,但是它们选择项目的方法论是不同的,前者一般以静止的观点看待企业,而后者则用发展的眼光选择企业,它们选择项目的具体标准存在较大区别。     

我国私募股权投资基金市场的现状及发展方向

近几年来,私募股权基金已成为除银行、IPO以外企业第三大融资渠道。目前我国的私募股权基金发展迅猛,已经成为世界上最具活力的新兴PE市场。但由于我国私募股权基金的发展还处在起步阶段,自身存在一定的问题阻碍其发展。本文通过研究我国私募股权投资基金市场的现状,借鉴国外监管制度,对我国私募股权基金的发展方向具有重要意义。     

国际私募巨头“入侵”人民币基金

合众集团在进入中国6年后,终于决定开始在投资业务领域大施拳脚。这是国际资本瑞士合众集团进入中国的第六个年头。这家管理着超过300亿欧元的全球私募市场投资管理公司,主要投资于私募股权（基金投资、二次基金份额转让投资和直投）、私募债权、私募房地产及私募基础设施类项目。在观察中国PE产业的发展和变化多年后,合众集团试图在中国复制出其在全球的投资布局。     

我国商业银行私募股权基金业务发展问题研究

金融危机之后,我国商业银行的运营面临更加复杂的市场环境,需要面对的问题是自身转型和可持续发展两方面,私募股权基金为我国商业银行的转型和发展提供了机会,但在运营环境和监管环境下,我国商业银行发展私募股权基金业务过程中面对很大的困境和挑战,文章主要围绕商业银行私募股权基金业务发展问题展开,分析发展中面临的外部困境和内部挑战,最后得出发展建议。     

规范和加快我国券商直投业务的探讨

2007年9月,中信债券中金公司取得券商直接投资业务的试点资格,接着08年有华泰、国信、海通、平安、国泰中银国际、广发等券商相继获得直接业务试点资格。随着国内多层次资本市场的建立,证监会努力为券商直接投资拓展开放性的平台,直投业务的开闸鼓励符合要求的债券公司申请参与直投业务的试点;我国券商逐步向创新型业务推进,其中直接投资就是满足创新形式的亮点。本文通过分析我国介绍我国券商开展直投业务含义及对其发展过程和面临的现状,提出规范并加快我国直投业务开展的几点建议。     

私募股权基金与公司治理

近年来,私募股权基金已经成为经济中不可替代的重要组成部分,其对公司治理和业绩的影响也开始受到各方的关注。目前,关于私募股权的研究都集中在国外成熟市场,对中国新兴市场上私募股权基金的研究主要集中在其自身的公司治理问题上,相关的实证研究还很少。本文通过总结国外的研究文献,探究对中国私募股权基金未来的研究方向。     

我国发展私募股权基金的思考

发展私募股权基金可促进金融结构优化、推动企业素质提高.但我国发展私募股权基金还存在许多障碍,我们应从完善有利于私募股权基金发展的法律法规体系、促进创新型企业的发展、完善私募股权基金的退出通道、拓宽私募股权基金资本来源渠道等方面促进我国私募股权基金的发展.     

境内外私募股权基金比较研究

在亚洲等新型市场国家,私募股权基金投资并帮助那些优质的公司进一步拓展发展空间,并提供就业机会,引入先进的财务管理经验,且为其投资者提供高额回报,进而促进经济的发展,这使得亚洲尤其是中国地区的私募股权投资得到大幅度发展。本文的研究正是基于全球私募股权市场热火朝天的发展和我国私募股权交易数额呈级数增长的背景下进行。     

勃发2010

正所谓"此一时,彼一时",前两年引发一片寂寥的金融危机,如今在中国似乎已经寻不到踪迹。时移势易如此之快,中国的私募股权投资基金发展又进入了一个新的发展阶段。一直由外币基金唱主角的中国私募股权投资,如今随着创业板这"一夜春风",引得人民币基金"千树万树梨花开",各行各业均以极大的热情投入到这场"全民PE"的运动中来。经历了2008年、2009年金融危机的重创,中国私募股权投资在2010年从复苏走向重新繁荣。如果说代表2009年投资环境"蓄势"的是白色、是冰;那代表2010年投资环境"勃发"的应该是红色、是火。     

中国产业投资基金组织形式探讨

产业投资基金(也称私募股权基金或股权投资企业)已经成为全球资本市场的重要参与者,但在我国尚处于起步阶段.在我国现行法律制度下,产业投资基金可能采取的组织形式分别为公司制、有限合伙制及信托制.本文针对投资者权利、税收地位、激励机制、资金筹集、资本退出、承诺出资制度及监督机制等方而对三种产业投资基金进行了分析比较,认为公司制和有限合伙制提供了较为完备的制度规范和税收优势,应成为未来我国产业投资基金的主要组织形式.     

Scale economies in pension fund investments: A dissection of investment costs across asset classes

Using a unique dataset of 225 Dutch occupational pension funds with a total of 928 billion euro of assets under management, we provide a comprehensive cross-sectional analysis of the relation between investment costs and pension fund size. Our dataset is free from self-reporting biases and decomposes investment costs for 6 asset classes in management costs and performance fees. We find that a pension fund that has 10 times more assets under management on average reports 7.67 basis points lower annual investment costs. Economies of scale differ per asset class. We find significant economies of scale in fixed income, equity and commodity portfolios, but not in real estate investments, private equity and hedge funds. We also find that large pension funds pay significantly higher performance fees for equity, private equity and hedge fund investments.     

美国银行“被瘦身”

随着新的关于另类资产监管条款的出台,面对严苛的政策法规,美国各个银行不得不开始新一轮的"瘦身"潮。     

Is it the Law or the Lawyers? Investment Covenants around the World*

This paper introduces a new dataset from 50 private investment funds from 17 countries around the world. We analyse the frequency of use of investment covenants imposed by institutional investors governing the activities of private investment fund managers in areas pertaining to investment decisions, investment powers, types of investments, fund operations and limitations on liability. While the data indicate a role for country legality in affecting the frequency of use of fund covenants, the data further indicate that the presence of legally trained managers has a more pronounced role in affecting the use of covenants. As private equity and venture capital investment increases across Europe and elsewhere, our results indicate that legal practice factors will matter more than the legal setting for the establishment of covenants governing new funds.     

Performance differentiation: cutting losses and maximizing profits of private equity and venture capital investments

Recent research has pointed out the need to differentiate between good versus poor performance of venture capital and private equity investments and to analyze the factors that determine the ‘winners’ and ‘losers’ of a fund. This study examines the different contractual and behavioral characteristics and their influence on the positive and negative performances of private equity investments. Specifically, we analyze how fund managers apply tools and investment behavior to mitigate risks and maximize returns. The empirical investigation of these questions is based on a merged dataset, which combines the Venture Economics and CEPRES databases. It includes a total of 1,011 investments made by 137 different funds that belong to 54 private equity and venture capital firms worldwide over the period from 1979 to 2003. Our results confirm that the reduction of losses and the maximization of investment profits have different antecedents. Although losses are minimized by the use of convertibles and by increasing the venture capital firms’ accumulated experience, profits are increased by the potential of the fund’s management to allocate resources to portfolio companies. Our findings contribute to the understanding of the determinants of venture capital and private equity returns by differentiating between the mitigation of risks and the maximization of profits.      

萧宇成“非诚勿扰”的投资哲学

几经考验的私募股权投资行业,正是精英辈出之时。在短短不到五个月的时间内,募集到近25亿美元的基金,有些出乎霸菱亚洲投资基金董事总经理萧宇成的意料。之所以能够门庭若市地接受如此众多的全球LP的青睐,霸菱亚洲投资董事总经理萧宇成认为,其最主要的"秘笈"就是真诚,真诚待人,真诚做事。     

Government venture capital and cross-border investment

We use data on venture capital investments from 26 countries from 1998–2013. We investigate the following questions: Do domestic government sponsored venture capital funds augment or curtail domestic private venture capital funds from cross-border investment? Do government sponsored venture capital funds attract or repel foreign private venture capital investment? The results show that a preponderance of mixed-structured over pure-structured government venture capital investment has a crowding-in effect overall: it attracts domestic and international private venture capital to the domestic venture capital market while simultaneously increasing total private venture capital investment. In contrast, a preponderance of pure-government over mixed-government venture capital fund investment repels foreign private venture capital investment (has a crowding out effect). We find that both these effects are more pronounced for domestic rather than foreign private venture capital and that the attraction effect is stronger than the repulsion effect.