基于内部评级系统的私募股权基金价值评估研究

本文的研究是从我国私募股权市场的快速发展与私募股权基金价值评估相对滞后的现实出发,通过深入研究境外尤其是美国和欧洲私募股权基金价值评估理论,结合我国情况提出了一种对私募股权基金价值进行评估的新思路,即寻找和筛选与待评估基金具有相似类型的基金群体,并使用内部评级的手段获得基金未来可能的发展趋势,最后采用蒙特卡洛模拟和现金流折现的方式来计算基金的经济价值,以作为基金投资者在选择和评价投资对象时的辅助工具。

Research on the PE's Evaluation of Interior Grading System

After studying of foreign theories in PE's evaluation, especially American and European ones, the paper, on the basis that PE market develops rapidly and PE fund's evaluation is backward China, has revealed the new way in PE's evaluation--to scan and to screen peer groups.Then we can speculate the future tide of the fund by interior Grading. Finally, its economic value will be calculated by adopting Monte Carlo Simulation and DCF, which can be an assistant tool for all the investors to choose and estimate a fund.