私募股权基金促进战略性新兴产业发展研究

战略性新兴产业是我国转变经济发展方式的必然选择,而资金融通是其发展的基础和保障。文章在分析我国战略性新兴产业现有融资途径以及传统的融资手段无法适应创业期的战略性新兴产业发展的基础上,提出私募股权基金是现阶段战略性新兴产业最优的融资手段,文章阐述了私募股权基金培育战略性新兴产业的作用机理及积极效应,然后结合现阶段我国私募股权基金发展现状与存在的问题,从加强政府领导、完善各层次私募股权基金发展和私募股权基金退出机制等方面提出了私募股权基金促进战略性新兴产业发展的思路与对策。     

基于私募股权基金的我国中小企业融资刍议

融资难是阻碍中小企业健康发展的主要因素。私募股权基金为中小企业提供了新的融资渠道,而且能为其提供管理、技术、市场等资源,帮助企业成长。本文通过讨论中小企业融资的问题．以及中小企业选择私募股权基金的必要性。提出中小企业引进私募股权基金的建议．认为利用私募股权基金能较好解决我国中小企业的融资问题。     

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。     

浅谈我国私募股权投资发展形势

私募股权投资在美国和欧洲等国家已经成为重要的融资手段,在我国应大力发展私募股权投资已成为广大有识之士的共识。最近几年,我国的私募股权投资发展迅速,规模空前膨胀,从外国私募基金独领风骚到现在本土基金迅速发展,本文是对我国私募股权投资发展现状的分析和总结。     

我国私募股权基金投融资问题研究

私募股权基金对我国经济的推动意义重大.投资选择和融资渠道是私募股权基金面临的首要问题.本文主要写了私募股权基金定义、组织以及运作.探讨了国内目前私募股权基金投融资问题.文章简述了私募股权基金投融资现状及现有的不足,并提出建议.     

私募股权并购基金的后期运作

私募股权基金（PrIvate EquitY,PE）的运作包括五个阶段：融资、投资、增值管理、退出以及收益的分配。理论研究表明,并购基金可以通过收购、控制公司涉猎广泛的行业．直接参与企业集团竞争。此外,并购基金能使被收购企业高负债财务结构发生变化,使后者债务增加,从而享受政府税收优惠,降低成本,公司的市值随着经营的好转而上升。对美国、英国等发达市场大型杠杆收购的案例实证研究也表明,并购基金对被收购企业一般都有资产重新调整、成本降低计划启动,以及营销战略改变、公司整合活动。     

私募股权并购基金的后期运作

私募股权基金（PrIvate EquitY,PE）的运作包括五个阶段：融资、投资、增值管理、退出以及收益的分配。理论研究表明,并购基金可以通过收购、控制公司涉猎广泛的行业．直接参与企业集团竞争。此外,并购基金能使被收购企业高负债财务结构发生变化,使后者债务增加,从而享受政府税收优惠,降低成本,公司的市值随着经营的好转而上升。对美国、英国等发达市场大型杠杆收购的案例实证研究也表明,并购基金对被收购企业一般都有资产重新调整、成本降低计划启动,以及营销战略改变、公司整合活动。     

私募股权基金在我国的利器特征及成器方略

私募股权基金是产业基金的一种,它对高成长产业的巨大推进作用,始于对单个微观企业的孵化,中经对成长型产业的扶持,最终促成国家先导型竞争优势的形成。目前国内学术界对私募股权基金的研究零星、散乱,认识模糊。本文研究后认为,私募股权基金在我国创新型国家建设中的利器特征至少表现在它是重要的战略工具、有效的投资工具、现实的融资工具和精巧的杠杆工具;认清这些利器特征,理论上有益于研究深入,实践上有助于为谋取后发创新优势拟定对策。     

对私募股权基金的政策扶持和监管

私募股权基金的快速发展是国际金融市场的新趋势,目前全球私募股权基金拥有近万亿美元的融资能力,是继银行信贷和资本市场之后的第三大融资市场。     

私募股权基金积极引入长期资金

<正>通过拓宽和创新长期资本的出资途径和方式、发展市场化母基金、引导国有资金树立长期投资理念，完善私募股权基金行业长期资本的补充和形成机制党中央、国务院高度重视私募股权基金发展，习近平总书记指出，要发展私募股权投资，促进股权融资。2022年9月7日，国务院总理李克强主持召开国务院常务会议，部署加强支持就业创业的政策，并提出鼓励保险资金等依法投资创投基金。近年来，我国私募股权基金（本文中指包括创业投资基金在内的成长性股权基金）蓬勃发展，     

我国上市公司杠杆收购绩效研究

企业资源优化配置,实施并购重组是我国目前资本市场上的一大热点.杠杆收购由于其创新性的并购方式,强大的融资能力,成为近年来在我国并购市场上备受瞩目的商业手段.本文通过对我国上市公司发生的杠杆收购案例进行分析,进一步选用因子分析法对公司杠杆收购绩效进行量化分析,得出结论为：杠杆收购对短期的企业绩效有正向激励作用,但是对长期绩效积极影响不明显,企业总体绩效在杠杆收购第3年后下滑,同时归纳出我国目前杠杆收购融资模式主要集中于商业银行贷款、信托机构融资的方式,融资模式较为局限,现存资本市场条件及政策对杠杆收购绩效有所限制.     

Do LBO Supermarkets Charge More? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing

This article examines changes in supermarket prices in local markets following supermarket leveraged buyouts (LBOs). I find that prices rise following LBOs in local markets in which the LBO firm's rivals are also highly leveraged and that LBO firms have higher prices than their less leveraged rivals, suggesting that LBOs create incentives to raise prices. However, I also find that prices fall following LBOs in local markets in which rival firms have low leverage and are concentrated. These price drops are associated with LBO firms exiting the local market, suggesting that rivals attempt to “prey” on LBO chains.     

Private Equity: Boom and Bust?

The private equity or leveraged buyout (LBO) market in Europe and the U.S. has grown enormously over the last two decades, from $7.5 billion in 1991 to $500 billion in 2006. Much of the financing of recent transactions has come in the form of syndicated debt, which is dispersed after origination to many non‐bank financial institutions. This financing practice has two important possible consequences: First, bankers' incentives to engage in effective ex‐ante screening and ex‐post monitoring of deals have been weakened, which may have led to excessive lending while encouraging buyers to overpay. Consistent with this possibility, the authors provide new evidence that some recent transactions have occurred at very low EBITDA‐to‐capital ratios, financed with high levels of debt that recall those of the late 1980s and early 1990s. Second, there is a scarcity of information about the identity of the ultimate holders of the LBO debt; and as a consequence of the resulting uncertainty, a few defaults of major LBO deals could cause a drying up of new funding for financial institutions. The end result could be that the veil covering the repackaging of LBO debt converts a small shock to the LBO sector into a liquidity crisis for its financiers. Such liquidity problems could in turn affect not the financing and re‐financing of just LBO deals, but other as set classes as well, including lending by banks to public firms. The authors offer a number of suggestions for increasing the transparency of this market.     

The role of private equity group reputation in LBO financing

This paper investigates whether the reputation of acquiring private equity groups (PEGs) is related to the financing structure of leveraged buyouts (LBOs). Using a sample of 180 public-to-private LBOs in the US between January 1, 1997 and August 15, 2007, we find that reputable PEGs are more active in the LBO market when credit risk spreads are low and lending standards in the credit markets are lax. We also find that reputable PEGs pay narrower bank and institutional loan spreads, have longer loan maturities, and rely more on institutional loans. In addition, while we find that PEG reputation is positively related to buyout leverage (i.e., LBO debt divided by pre-LBO earnings before interest, taxes, and amortization (EBITDA) of the target), and leverage is significantly positively related to buyout pricing, we do not find any direct relation between PEG reputation and buyout valuations. The evidence suggests that PEG reputation is related to LBO financing structure not only because reputable PEGs are more likely to take advantage of market timing in credit markets and but also because PEG reputation reduces agency costs of LBO debt.     

基于政府参与情形的混合巨灾债券设计与实证分析

我国是属于自然灾害多发的国家,但由于保险市场与资本市场相对落后,目前对于巨灾的管理仍然主要依靠政府事后的财政拨款与民间捐赠。本文借鉴并改进了国内外相关研究结论,构建了由保险市场、资本市场以及政府所组成的巨灾风险分担模型。在该模型的基础上,以熵测度为准则,设计了一种有政府参与的混合巨灾债券,这种债券是传统的简单巨灾债券与...     

The likelihood of management involvement,offer premiums,and target shareholder wealth effects: Evidence from the 2002–2007 LBO wave

This study analyzes the likelihood of management's involvement, the determinants of the offer premium and the market's reaction to the target in order to evaluate the pervasiveness of the agency cost motive and the information asymmetry motive in LBO transactions in the most recent LBO wave. In addition, we consider the role that market volatility plays in the key elements of LBOs. There is strong evidence to suggest that market volatility plays an important role in determining all three elements under investigation due to its effect on the market value of the firm. In addition, management's involvement has a strong positive effect on offer premiums indicating that positive information asymmetry remains to be a motive for management's involvement in LBOs. The agency cost hypothesis is also supported in all three analyses and there is evidence that increased financial distress costs are a concern to private equity groups.     

基于MSV与CoVaR模型的公司债市场与股票市场间风险溢出效应研究

依据2015—2017年中证公司债指数与沪深300指数的日收益数据,运用GC-t-MSV模型,检验中国公司债市场与股票市场间的风险溢出效应,并通过条件在险价值(CoVaR)模型度量两市场间风险溢出效应。结果表明：公司债市场与股票市场间存在不对称的双向风险溢出效应,且公司债市场对股票市场的风险溢出效应强于股票市场对公司债市场的风险溢出效应;公司债市场与股票市场的波动受其自身波动的影响较大,鉴此,监管部门和投资者应增强对公司债市场的关注,根据公司债市场的风险变化及时采取应对措施,充分发挥其风险信号作用。     

进一步提高Shibor的基准性

该文分别从货币市场、债券市场、存贷款市场、资金拆人和拆出格局变化以及利率互换市场五个方面分析了各个市场对Shibor报价的影响,认为Shibor利率在不同的市场上的表现并非一致,其基准性有待进一步完善;同时这种情况也是我国利率体系二元化的具体体现,具有一定的合理性。文章认为应提高Shibor中长端的拆借交易量,增强其交易的真实性;扩大Shibor基准的资产量和交易量,从而提高Shibor的基准性,进而进一步完善Shibor利率体系。     

可转债上市及转股日的异常收益探讨

本文对可转债上市及转股日前后异常收益分析表明，上市初期累计异常收益与现金流因子成显著正相关，与营运因子成非显著负相关。本文认为，上市初期可转债累计异常收益部分由可转债本身因素来决定，部分由市场的非有效性与心理因素来决定。而转换期前后的累计异常收益完全是由市场的非有效性与心理因素决定的。在转换期前后，公司基本面信息与转债条款信息已在定价中得到反映，转换期前后累计异常收益完全与这些信息无关，可转债价格的异常变化也与这些因素无关。     

2007年债券市场运行情况分析报告

该文首先从债券发行规模、债券余额、回购交易、现券成交量、债券远期、债券远期利率协议和债券借贷等八个方面介绍总结了银行间债券市场的运行情况,并简单介绍了交易所债券市场的运行情况;进而在总结了2007年债券市场运行特点的基础上,对2007年债券市场的运行情况做出基本的判断。