引进私募股权投资基金时机已经成熟

私募基金在中国走过怎样的一个发展历程?有怎样的特点?未来的发展地位如何?这些问题直接关系到此次中国企业国际融资洽谈会的大背景,更关系到今后私募资本在中国发展趋势,对此,全国工商联并购公会会长、本次"融洽会"副秘书长王巍做出了解答     

关注中国私募股权投资基金

正私募股权投资基金现状私募股权投资基金理论解析私募股权投资基金是近年来国内经济界萌生并在不断发生变化的全新事物,对其内涵做出明确界定就是一项具有高度争议的工作。现在谈及的私募股权往往有着不同的含义。其英文简称为PE(Private Equity),直译就是私人权益资本,因此私募股权投资又被业金融界人士称为私募权益资本投资。根据投资的企业成长阶段不同,私募股权投资主要形态包括并购基金、成长资本、重振资本、夹层资本、上市前融资资本(英文简称Pre-IPO)、私人股权投资已上市公司股份资本(英     

国际私募股权基金6月聚集天津

目前,全球私募股权投资基金增长迅速,成为投融资市场的主流渠道之一.越来越多的私募股权投资机构开始把目光投向发展中的亚洲市场,同时,中国企业融资需求也表现了旺盛的态势,在这种背景下,"中国企业国际融资洽谈会",将于2007年6月6日至8日在天津滨海国际会展中心举行,主办方为天津市人民政府、中华全国工商业联合会和美国企业增长协会.     

天津：营造中国最大的股权基金市场

自2007年3月18号，国务院批准在天津举办首届“中国企业国际融资洽谈会”（简称融洽会），由天津市政府，全国工商联和美国企业成长协会共同主办的融洽会已成功举办了第一届，并即将在今年6月10～12日举办第二届。如果沿着这时间隧道回行就会发现，融洽会的价值与意义已远远超越了会议本身。这也是《国际融资》记者一年来跟踪采访后最想说的话。作为中国经济第三增长极核，心区的天津，在国务院批准天津滨海新区为全国综合配套改革试验区后，正以创新的举措实现在直接融资等金融领域的先行先试，加速营造VC／PE市场大手笔。同时，国务院积极支持天津进行全国性OTC市场（柜台交易市场）的试验     

中国股权投资基金发展的硬道理

在天津第三届融洽会期间,第二届中国股权投资基金年会召开,年会的主题是：创新和机遇,全球经济下行中的中国股权投资。演讲嘉宾中的政府官员,对发展中国股权投资基金的进程、意义和对策做了阐述     

天津推动股权投资基金托管业务发展初探

建立托管制度是推动股权投资基金管理规范运作的一项制度安排,对促进股权投资基金稳定持续健康快速发展,有着重大的现实意义和深远的战略意义。本文首先归纳了股权投资基金托管业务的服务内容,然后论述了推动股权投资基金托管业务发展的积极作用,并总结了股权投资基金托管业务的风险防范措施,最后提出了天津市推动股权投资基金托管业务的几点建议。     

中国私募股权投资基金发展概述

美国经验表明,私募股权市场和私募股权投资基金为创新型企业的发展和企业的并购重组提供了巨大支持,已经成为仅次于银行贷款和IPO的重要融资渠道。当下中国面临经济转型、产业结构调整升级和发展创新经济难题,借鉴美国经验,加快发展中国私募股权投资基金有重大意义。中国私募股权投资基金处于初步发展阶段,理论及其实务界对其概念、定位、内部治理机制、外部支持环境、发展模式尚未清晰,一定程度阻碍了其健康发展。文章试图对上述问题予以明晰,并提供政策建议。文章所称中国私募股权投资基金特指在中国注册的私募股权投资基金。     

股权投资基金发展的今天和未来——股权投资基金国际研讨会专题

随着中国逐步融入金融全球化的进程,投资中国资本市场和企业股权并购已经成为国内外资金投资的重要渠道之一。然而,目前我国股权投资市场发育还比较滞后,培育优质的上市公司资源尚不够成熟和规范。研究在金融全球化的背景下发展股权投资基金,对于丰富和发展中国的资本市场十分必要。那么,股权投资基金在全球运行情况、发展趋势及主要特点是什么?中国股权投资基金发展环境及条件如何?股权投资基金进行融资、投资的风险如何控制?政府怎样为股权投资基金发展创造一个良好的环境?……这些都是当前国内外金融界和企业关心关注的热点问题。2007年9月20～21日,由国家外汇管理局中国外汇管理杂志社和摩根大通证券(亚太)有限公司共同主办、中国工商联合会并购工会协办、中国外汇网网络支持的"股权投资基金国际研讨会"在春城昆明的翠湖湖畔隆重召开。政府、监管机构、协会、学者、从业人员,海内外齐聚一堂,围绕股权投资基金发展展开了非常诚恳、全面、深入的交流。论坛分为三个大节:全球股权投资基金运作、中国外汇资源与股权投资基金、创造中国股权投资基金的良好发展环境,每节又分为两个时段,采取发言和提问形式,突出了互动交流。     

权威视野：中国股权投资基金发展趋势

随着中国进入经济发展方式转型期,如何看待中国股权投资基金的发展？有哪些问题？有哪些机遇？面临哪些发展趋势？有哪些新的思路？在第四届中国企业融洽会举办的第三届中国股权投资基金年会上,专家对此发表了他们的看法     

中国私募股权投资基金监管框架探讨

随着中国企业经营和发展理念的提升,对股权运作的本质有更加清晰的理解,私募股权投资基金与中国企业的发展将日益紧密地联系在一起,其对中国经济增长将发挥不可忽视的作用。本文通过介绍发达国家对私募股权投资基金募集、其管理者的监管,对我国私募股权投资基金的未来监管框架进行了探讨。     

Australian equity mutual fund size effects

Berk and Green propose a model of a superannuation fund industry, with a limited population of superior fund managers and a competitive investor market. In this market, superior fund managers capture the value they generate, leaving investors with a normal return on their investment. Furthermore, it is argued that previous period returns, age of the fund and management costs explain variation in net cash flow paid into a fund over time. The Berk and Green predictions find some support in empirical tests, reported in the present paper, based on Australian Morningstar retail and wholesale equity fund data over the period 1995–2005.     

Small-cap equity mutual fund managers as liquidity providers

This paper examines the relation between the performance of small-cap equity mutual funds and the liquidity characteristics of their asset holdings. We study the trading behavior of fund managers and show that on average, they tend to buy less liquid stocks and sell more liquid stocks. We introduce the notion of net “liquidity creation” by fund managers and examine its role in explaining the cross section of small-cap equity mutual fund returns. Our empirical results show that on average, small-cap mutual fund managers are able to earn an additional 1.5% return per year as compensation for providing such liquidity services to the market.     

UK equity mutual fund alphas make a comeback

In this study, we re-visit the performance of 887 active UK equity mutual funds using a new approach proposed by Angelidis, Giamouridis, and Tessaromatis. The authors argue that mutual funds stock selection is driven by the benchmark index, so if the benchmark generates alpha, there will be a bias in interpretation of manager's stock-picking ability. In their model, the alpha of a fund is adjusted by the benchmark's alpha. By applying this method, we eliminate bias inflicted by the persistently negative alphas of FTSE 100 Index in the period 1992–2013. We find that adjusted Fama–French and Carhat alphas of UK equity mutual funds are higher than those implied by the standard three- and four-factor models and are overall positive, contrary to most of the existing literature on UK fund performance. This result is consistent across funds' investment styles and robust to the use of FTSE Small Cap as benchmark for a sub-sample of small cap funds.     

Overseas equity analysis by UK analysts and fund managers

This paper examines how UK-based analysts and fund managers cope with international differences in financial reporting systems when analysing overseas equities. This subject has become increasingly important given the internationalisation and institutionalisation of equity markets. Our results indicate that there is a substantial reliance on sources other than the annual report by both groups when analysing overseas companies. We also find considerable variation in the approach to analysing equities internationally. In particular, we find evidence that there is greater reliance on alternative sources to accounting information (such as other foreign analysts) in countries characterised as having weak equity markets. Finally, we examine the coping mechanisms that analysts and fund managers employ when analysing overseas securities, including reliance on locally based analysts, use of non-accounting information, use of more familiar accounting standards and re-stating accounts to a more familiar basis.     

International evidence on Islamic equity fund characteristics and performance persistence

This research examines the presence of performance persistence and the impact of fund-specific characteristics on Islamic equity fund (IEF) performance. We conduct an empirical study based on an extensive Database of 301 IEFs and for the period 1999–2013. Our results reveal that fund age, family size and management fees have a significant positive impact on IEF performance. On the other hand, other characteristics such as flows, minimum investment size, higher liquidity, and load fees have negative effect on fund performance, whereas fund size has no significant impact on IEF performance. Our study reveals that Islamic equity funds exhibit negative performance persistence. The paper provides relevant practical implications for managers, analysts and investors. To our knowledge, this empirical study is the first to investigate the intrinsic determinants of Islamic equity fund performance, with sufficient statistical power that is based on an effective sample size with international diversity.     

The size of venture capital and private equity fund portfolios

We propose a model that examines the optimal size of venture capital and private equity fund portfolios. The relationship between a VC and entrepreneurs is characterized by double-sided moral hazard, which causes the VC to trade off larger portfolios against lower values of portfolio companies. We analyze the structural relations between the VC's optimal portfolio structure and entrepreneurs' and VC's productivities, their disutilities of effort, the value of a successful project, and the required initial investment in a venture. We also test the model's predictions using a small proprietary dataset collected through a survey targeted to VC and private equity funds worldwide.     

对私募基金评价应建规立制

中国私募股权投资行业的三个特点 近年来,中国私募基金行业蓬勃发展,私募股权行业也迎来大发展.自2014年2月中国证券投资基金业协会开始办理私募基金登记备案开始,截至2016年12月底,已登记私募基金管理人17433家,已备案私募基金46505只,实缴规模7.89万亿元,从业人员近28万人.其中,私募股权投资基金管理人7988家,备案基金15789只,实缴规模4.32万亿元.总体来看,中国私募股权投资行业主要呈现以下三个特点: 第一,“中间大、两头小、顶层弱”的格局有所改观,但仍不合理.“两头小”是指早期VC、天使和并购基金的规模小,“顶层弱”是指私募股权母基金的规模、成熟度和活跃度都不够理想.     

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.     

Broker recommendations and Australian small‐cap equity fund management

This study examines whether the abnormal performance of active Australian small‐cap equity fund managers is associated with broker recommendations. Our evidence supports the investment value of broker recommendations, showing significant abnormal returns (ARs) both pre‐ and post‐broker recommendations. We find that when a factor‐mimicking portfolio based on broker recommendations is added to a Carhart (1997) model, annual alphas are reduced by 48 basis points. Using transaction‐level data, buy trades following broker recommendations earn significant cumulative ARs of 1.56 per cent after 60 days. Overall, we find that broker recommendations account for an economically significant component of alphas.