我国私募股权基金的企业融资效应研究

私募股权投资基金近几年在我国取得了迅猛的发展,拓宽了中国资本市场的融资渠道;PE通过参与企业管理,提高了企业的经营效率;培育企业成长后,实现其价值增值继而成功退出而产生价值创造效应。本文将通过这三个方面论述PE对企业融资带来的影响。     

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.     

谈谈私募股权投资(PE)基金对我国资本市场的影响

在华尔街金融风暴席卷北美、西欧等发达资本主义国家,造成大批金融机构破产,世界金融体系趋于瘫痪的今天,中国的社会主义市场经济更是以其稳健的运行机制成为全世界关注的焦点。在这种经济背景下,私募股权投资基金对中国企业的投资得到了蓬勃发展并引起广泛关注。本文首先阐述了私募股权投资基金的运作机制等相关理论,深入分析其在中国的发展现状和遇到的一些问题,并重点剖析其对中国资本市场的影响,以寻求私募股权投资基金在我国最优的发展道路。     

私募股权融资——"对赌协议"

企业发展需要融资,"对赌协议"是企业直接融资—私募股权融资中的核心条款.通过研究分析企业与资本"对赌"的成功及失败案例,找出企业、资本双赢合作的关键:正确的对企业进行估值,确定切实可行的企业业绩目标.     

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.     

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。     

我国科技型农业企业私募股权融资现状分析及对策研究

私募股权融资为科技型农业企业融资提供了新途径,成为科技型农业企业融资的新选择.本文运用SWOT分析模式对企业私募股权融资的状况进行分析,并提出进一步完善的对策.     

浅谈私募股权融资

本文围绕中小企业融资难的现象,提出私募股权融资的解决方式,并简要介绍私募股权融资在中国的发展现状及遇到的困境;并提出应该充分利用私募股权融资的手段促进企业快速、健康的发展。     

浅谈私募股权融资

本文围绕中小企业融资难的现象,提出私募股权融资的解决方式,并简要介绍私募股权融资在中国的发展现状及遇到的困境;并提出应该充分利用私募股权融资的手段促进企业快速、健康的发展.     

The Private Equity Market: An Overveiw

The private equity market is an important source of funds for start‐up firms, private middle‐market firms, firms in financial distress, and public firms seeking buyout financing. Over the past fifteen years it has been the fastest growing corporate finance market, by an order of magnitude over the public equity and public and private bond markets. Despite its dramatic growth and increased significance for corporate finance, the private equity market has received little attention. This study examines the economic foundations of the private equity market, analyzes its development and current role in corporate finance, and describes the market's institutional structure. It examines the reasons or the market's explosive growth over the past fifteen years and highlights the main characteristics of that growth. It provides data on returns to private equity investors and analyzes the major secular and cyclical influences on returns. It describes the important investors, intermediaries, issuers, and agents in the market and their interactions with each other. Drawing on data from trade journals, the study also estimates the market's size as of year‐end 1995.     

Venture Capital and Other Private Equity: a Survey

We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlight the importance of private ownership, and information asymmetry and illiquidity associated with it, as a key explanatory factor of what makes private equity different from other asset classes.     

我国民营企业融资分析

改革开放以来,我国的民营企业以其蕴含的创新精神和蓬勃活力成为社会财富创造的重要源泉,成为带动我国经济增长的主要力量,截至2000年6月,我国的私营企业已达158.7万户,从业人员2085万多人,注册资金超过1万亿,产值和消费品零售额均在4400亿以上,个体工商户已达3160万户,从业人员6240万人,乡镇企业已达2000多万个,从业人员超过1.2亿人.     

Venture Capital and Private Equity: A Review and Synthesis

This paper reviews the existing literature on venture capital and private equity. The paper emphasises the importance of examining venture capital in the light of recent developments in corporate finance and its distinctiveness from other forms of finance. In order to understand current developments, the paper adopts a framework which combines industry/market and firm levels of analysis. Existing literature is reviewed using this framework. Industry level issues relate to rivalry between firms, the power of suppliers and customers, and the threats from new entrants and substitutes. Firm level issues concern deal generation, initial and second screening, valuation and due diligence, deal approval and structuring, post-contractual monitoring, investment realisation, and entrepreneurs' exit and recontracting with venture capitalists. This is followed by a review of the evidence on the performance of venture capital firms. The paper suggests potentially fruitful areas for further research including the extension of analysis to cover all stages of venture capital investment, examination of the inter-linkages between industry and firm level issues and between stages in the venture capital process, as well as further analysis of deal structuring issues and investment realisation and recontracting.     

场外交易市场、私募股权基金与中小企业融资——基于博弈论的分析

本文建立一个纳入了场外交易市场、私募股权基金和中小企业三方主体的整体分析框架,将三者视为一个相互联系的整体进行研究,运用博弈论的方法和信息经济学的理论,比较分析在有无场外交易市场情况下私募股权基金和中小企业之间投融资博弈结果,并通过求解纳什均衡揭示了场外交易市场对于提高中小企业融资效率和促进私募股权基金的发展都有着积极的作用.最后结合本文的分析和结论,给出了在中国建立场外交易市场的相关建议.     

银行与民营企业融资救助:救助门槛与民营企业风险偏好

本文就救助门槛对民营企业风险偏好的影响进行了分析,得到了以下研究结论:(1)救助门槛的形成在于银行的避险理性所致;因民营企业倒闭而使银行承受的成本越高,则救助门槛越高;民营企业信息透明程度越高,则救助门槛越低。(2)救助门槛对民营企业风险偏好的影响表现为:首先,当不存在救助门槛约束时,民营企业会偏好高风险;其次,当存在救助门槛约束时,救助门槛越高,则民营企业风险偏好越低。本文的研究表明,为了防范区域金融危机的发生,对民营企业的救助应坚持市场化方向,政府不能人为降低商业银行的救助门槛;同时,为了激励银行对陷入困境中的民营企业进行融资救助,除了降低商业银行的救助成本外,政府自身与政策性金融机构应承担相应的救助责任。     

我国私营企业融资倾向与民间借贷的形成

改革开放以来,由于市场经济的产品市场化改革与金融市场化改革的时间不同步,使得体制内的私营企业融资与体制外的民间融资体系并存,并成为互为搭档、相互促进的两个体系.这种二元金融体系的存在具有某种合理成分,对于私营企业的发展起到了某种促进作用,但是随着利率市场化改革的进展和市场经济体制改革的深入,私营企业的融资渠道必将转向正规的金融机构,民间借贷作为某种合理性的存在也必将被纳入正规的金融体系.     

民间资本融资机制及政策研究

民间资本融资的发展,有利于减轻我国金融体系的信贷需求压力,改善我国的融资结构,但也在一定程度上降低了我国宏观调控的效果,存在一定的金融风险.必须采取有效措施进一步完善民间资本融资机制.     

Private Equity Performance: Returns, Persistence, and Capital Flows

This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S&P 500 although substantial heterogeneity across funds exists. Returns persist strongly across subsequent funds of a partnership. Better performing partnerships are more likely to raise follow‐on funds and larger funds. This relationship is concave, so top performing partnerships grow proportionally less than average performers. At the industry level, market entry and fund performance are procyclical; however, established funds are less sensitive to cycles than new entrants. Several of these results differ markedly from those for mutual funds.