试析私募基金合法化对中国证券市场发展的积极影响

私募基金合法化是中国证券市场健康有序发展的内在要求,本文主要介绍了私募基金存在的主要问题,合法化内容以及合法化对中国证券市场的积极影响。     

迎接私募股权基金的时代

私募股权基金这一在全球市场上刚刚流行的东西能这样快就成为我国国内投资界的时尚词汇，这让长期参与本土资本市场过程的人们深有感触。十几年前中国资本市场刚刚培育的时候，做证券、做股票，包括从事投资银行的人，在很大程度上被认为是搞投机倒把，是操纵市场的庄家，基本上都属于旁门左道，属于被严格监控的对象。任何涉及资本交易的新东西进入我国，首先都要被怀疑一番，需要反复论证是否有利于中国的发展，需要先有监管手段。     

我国私募股权基金发展现状分析

通过定量分析法分析了我国私募股权基金的现状,发现2012年其投资总额有所下降,私募股权基金在促进产业结构调整、改善股东结构、提高企业自主创新能力方面依旧是我国产业发展的新动力。所以建立我国多层次的产权交易市场势在必行。     

对于规范我国私募基金的一些看法

近日,备受人们关注的<证券投资基金法>(草案)在十届全国人大常委会第三次会议二审,而今年8月份将进行该法草案的三审.<证券投资基金法>的出台将是指日可待的事情.这对于进一步规范对我国证券投资基金的管理,强化证券投资基金对我国证券市场的积极作用,都具有历史性的意义.     

私募基金迎来法律上的新起点

几经修订的《证券投资基金法》（下称新《基金法》）于2012年12月28日颁布．并将于2013年6月1日起施行。新《基金法》的颁布突破了我国私募基金没有合法身份的立法窘境。     

私募股权基金:非上市企业并购融资的春天?

伴随股权分置改革走向尾声,全流通时代的来临,人民币的激情走高,极大地释放了海外热钱涌现中国的投资热情.私募基金就像嗅觉高敏感度的"狼",早已开始悄然抢滩中国的市场,为中国的新一轮并购热潮推波助澜.     

私募基金：激活中国资本市场

改革开放以来,我国的经济发展取得了举世瞩目的成就,30年间,GDP年均增长率近10％,基本上实现了经济的快速、稳定和持续增长。但是,在看到成就的同时,我们也要清醒地认识到问题。其中,最典型的表现就是企业融资渠道相对狭窄,过多依赖间接融资,直接融资规模小、比重低的局面还没有根本改变。因而,私募股权基金的引进,将是打造我国多层次资本市场体系,扩大企业融资渠道,推进企业陕速成长的重要手段和途径。     

私募基金需要走向阳光地带

股市是多元的,投资理念也应当是多元的。从海外成熟市场的经验看,私募基金的规模要远大于公募基金。     

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。     

全国政协委员献策应对危机

2009年全国政协十一届二次会议上,政协委员围绕如何应对全球金融危机,保经济可持续增长建言献策。2008年全球金融危机给中国带来最大冲击的是中小企业,特别是外贸依存度高的民营中小企业。然而,正是这些中小企业向全社会提供了75％的城镇就业岗位。怎样扶持中小企业可持续发展？怎样解决中小企业融资难问题？成为政协委员热议的话题之一。尽管这场危机对中国金融领域的冲击不大,但这并不代表中国金融市场的完善与成熟,相反,亟待推出的法规政策和急需解决的问题还很多。怎样稳定资本市场？怎样发展中国VC／PE市场？怎样让农业保险落到实处？怎样促进房地产市场理性发展,等等,对此,政协委员纷纷献策.     

真切关注热点——全国政协委员的视角

中国的经济与社会发展进入重要的发展阶段,有太多的牵动全局的问题值得关注,诸如通货膨胀、股市涨涨跌跌,等等。在全     

天津:全力打造私募基金最活跃的舞台

2005年底,在天津设立的第一家全国性股份制商业银行--渤海银行正式开业,2006年底,中国第一支产业投资基金--渤海产业投资基金在天津设立,同时渤海产业投资基金管理有限公司也正式挂牌.     

防范制度风险:政协委员献言

中国经济的快速发展和立法、制度改革的相对滞后,使涉猎资金敏感区的深层次问题愈发凸现出来:股市发展出现了与经济发展背道而驰的问题;金融机构、大型国有企业一再发现巨额不良资产或巨额亏损;当我们的保险公司与国际跨国保险公司同台竞争时,却被我们混业经营中存在的法律障碍     

The risk and return of private equity real estate funds

This study employs an asset pricing approach to quantify the exposure of private real estate funds to both private and publicly traded real estate risk factors. The analysis includes the creation of specific performance indices and the use of methods seeking to address some of the inherent issues with private real estate fund data, such as the high degree of serial correlation in observed total returns. The use of the Driessen et al. (2012) estimator leads to markedly higher risk factor coefficient estimates than seen in the prior literature and estimated with time series regression.     

Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments.     

How do investment patterns of independent and captive private equity funds differ? Evidence from Germany

Empirical literature emphasizes a positive contribution of private equity investors, which results from their combined provision of capital, monitoring, and management support. The aim of this study is to show that these previous results, which are based mostly on the analysis of US independent closed-end private equity funds, cannot be generalized since the private equity industry should not be treated as homogenous. We argue that it is necessary to distinguish between different types of private equity providers because their differing governance structures, strategic goals and experiences have a decisive influence on their value adding activities. The results of this study—which uses a data set of 179 German private equity-backed companies—are consistent with the conjecture that independent and corporate private equity providers tend to have a more pronounced role in corporate governance and monitoring of the companies they finance, than bank-dependent and governmental funds which often serve only as bridge investors.      

Style drift: Evidence from small-cap mutual funds

This paper documents that small-cap mutual funds allocate on average 27% of their portfolio to mid- and large-cap stocks. We find that larger and older small-cap funds are more likely to hold mid- and large-cap stocks, consistent with funds straying from their objective over time. Funds that invest heavily in mid- and large-cap stocks expose their investors to unanticipated risks but investors do not experience higher abnormal returns or performance persistence overall. These funds did outperform their peers by 3% annually in the most recent period between January 2003 and March 2010.     

投资美国，听听美国专业人士怎么说

美国是经济发达的国家,尽管它已经显现出衰落的迹象。美国才是考验中国企业“走出去”真功夫的地方。因为美国市场发育成熟,因为美国是一个法制国家,因为美国文化与中国文化的种种差异性,又因为中国企业投资美国总会带来热议,比如收购悍马和中投投资美国亏损,种种原因使中国投资美国今后仍然是热点。也因为这些原因,中国企业在投资美国之前,一定要记住专家说的话,做好功课再行动,而必要的功课之一就是了解美国最基本的情况