中国私募股权投资决策与绩效研究
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摘要
全球经济状况波动大环境下,私募股权行业管理的资产规模仍旧持续增长。私募股权投资市场的存在改善了企业融资环境,提高了资本市场效率,对资源配置具有重大意义。尽管国内外学者和实务界对私募股权投资给予了广泛的关注并进行探讨,但对PE发展的环境系统分析比较少,而且针对投资决策与投资绩效关系的研究仍十分有限。其一,有关私募股权基金募资量的基本面分析和量化分析模型基本还没有进行系统研究。其二,投资决策的研究还是比较杂乱。尽管有关决策研究成果颇多,如传统估值研究、决策树、层次分析等,但哪些变量是主要因子,变量之间的互相影响、传导和规律发现尚需要进一步研究和佐证。其三,随着PE更快发展,对PE还需要从双重代理的角度进行私募股权基金治理结构的分析和优化,并对投资决策与绩效的研究要用系统的角度去指导实践。
论文设计为七章。
论文的引言部分,在问题提出基础上进行了概念的界定,简要介绍了本文选题的背景,研究目的和研究意义,论文研究思路和方法。
论文的第一章对已有的国内外关于私募股权投资基金的研究成果进行了简要的文献述评,根据研究的逻辑分别从基金公司投资决策、投资绩效、基金投资人的绩效与风险、被投资公司的绩效与风险四个角度进行了评述,并切合了第二章的理论分析。
论文的第二章综述了投资决策与绩效的理论框架。从私募基金的完整流程出发,结合私募股权基金的不同组织模式,提出了基金与基金投资人、基金与被投资企业、基金自身的治理结构与绩效的理论研讨,提出了提出本文的理论创新之处。
论文的第三章回顾了中国私募股权基金的发展,分析了私募股权基金发展的经济背景与制度支持。
论文的第四章从结构和实证两个角度队中国私募股权基金的募资能力进行分析。并根据基金募资的特点与迅速发展的原因,提出了私募基金募资能力基本面分析及创造性的提出募资能力的灰色系统定量模型lnX0(k+1)=8.35+0.0693k,并进行实证。
论文的第五章以现代公司金融和财务理论为基础,通过数据收集和调查整理,采用实证分析和逻辑演绎的方法对私募股权基金投资决策与投资绩效等问题进行具体分析。在研究基础上,设计出39个指标研讨了投资决策的影响因子,4个指标研究了投资绩效的指标数据。通过调研访谈得到属性数据后,通过SPEARMAN得出投资决策因子的主成份,之后又运用SPEARMAN相关系数阵对主成份进行相关性分析,再通过得分矩阵得出影响投资绩效的决策因子,并对模型的影响因子进行了解释。
论文的第六章就肯定私募股权基金发挥积极作用的同时,也针对第五章SPEARMAN因子研究深入分析基金发展的不足之处,并提出了私募基金发展的对策建议和发展模式。
Under the fluctuations in the global economy environment, the size of assets in the the private equity industry is still grows. The presence of private equity investment has improved the corporate finance environment, and the efficiency of capital markets, has the great significance in the allocation of resources. While the scholars and practitioners have provided a wide range of concerns to discuss in the private equity, but still there's not many in the development of PE environmental systems analysis, and even less in the investment decisions for the relationship between research and investment performance. First, the fundamental analysis of the PE fund-raising amount and the quantitative analysis of the basic model has not systematically studied. Second, the investment decision-making research is quite messy. Although there's many studies on decision-making, such as traditional valuation studies, decision tree, the level of analysis, but which variable is the main factor, the interaction between variables, conduction and laws that still need further research and evidence. Third, with the faster development of PE, the analysis of PE need to go in the double agents point of view, to prospect the private equity fund management structure analysis and optimization, and use the system analysis to guide the performance of investment decisions.
Thesis designed of seven chapters.
The introduction part of thesis, based on the issues to definition of the concept, this article briefly introduces the topic of the background, purpose and significance, the thesis research ideas and methods.
The first chapter has a brief literature review of the existing domestic and international private equity investment funds on the research results, and base on the thesis logic, research from the fund investment decisions, investment performance, fund performance and risk investors four parts of performance were reviewed, and with the second chapter of the theory.
The second chapter reviews the theory of investment decisions and performance framework. Start from the complete process of PE funds, combined with different organizational model, the theoretical discussions of proposed funds and fund investors, fund and invested enterprises, the Fund's own governance structure and performance, show the innovation proposed part of this paper.
In the third chapter, we have reviewed the development of Chinese private equity fund, and analysis the development of the economic background and institutional support.
In the fourth chapter, we have analysis from the perspective of the structure and empirical team of Chinese private equity fund of fund-raising ability. Base on the Fund Prospectus in accordance and the reasons for the rapid development, gives the PE fund-raising ability of the proposed fundamental analysis and creative fund-raising ability of the quantitative gray model system In x0(k+1)=8.35+0.0693.
The fifth chapter is based on the modern corporate finance and financial theory, sorting through data collection and surveys, use of empirical analysis and logical interpretation of the method of private equity fund investment decision-making and investment performance and other issues specific analysis. Base on the study, we have designed 39 indicators to discuss the impact of the investment decision-making factor, four indicators of the investment performance indicator data. After the research interviews of Property data, by using SPEARMAN to get the main component of the investment decision-making factors, followed by the use of SPEARMAN to correlation coefficient matrix of principal component analysis, and then drawn through the score matrix factors affecting investment decision-making performance, then explained the impact factor of the model.
The six chapter of the paper have prove the positive play role in private equity funds, and also analysis of the inadequacies for factors of Chapter Five of the SPEARMAN-depth in fund development, then proposed countermeasures development of private equity development.
论文设计为七章。
论文的引言部分,在问题提出基础上进行了概念的界定,简要介绍了本文选题的背景,研究目的和研究意义,论文研究思路和方法。
论文的第一章对已有的国内外关于私募股权投资基金的研究成果进行了简要的文献述评,根据研究的逻辑分别从基金公司投资决策、投资绩效、基金投资人的绩效与风险、被投资公司的绩效与风险四个角度进行了评述,并切合了第二章的理论分析。
论文的第二章综述了投资决策与绩效的理论框架。从私募基金的完整流程出发,结合私募股权基金的不同组织模式,提出了基金与基金投资人、基金与被投资企业、基金自身的治理结构与绩效的理论研讨,提出了提出本文的理论创新之处。
论文的第三章回顾了中国私募股权基金的发展,分析了私募股权基金发展的经济背景与制度支持。
论文的第四章从结构和实证两个角度队中国私募股权基金的募资能力进行分析。并根据基金募资的特点与迅速发展的原因,提出了私募基金募资能力基本面分析及创造性的提出募资能力的灰色系统定量模型lnX0(k+1)=8.35+0.0693k,并进行实证。
论文的第五章以现代公司金融和财务理论为基础,通过数据收集和调查整理,采用实证分析和逻辑演绎的方法对私募股权基金投资决策与投资绩效等问题进行具体分析。在研究基础上,设计出39个指标研讨了投资决策的影响因子,4个指标研究了投资绩效的指标数据。通过调研访谈得到属性数据后,通过SPEARMAN得出投资决策因子的主成份,之后又运用SPEARMAN相关系数阵对主成份进行相关性分析,再通过得分矩阵得出影响投资绩效的决策因子,并对模型的影响因子进行了解释。
论文的第六章就肯定私募股权基金发挥积极作用的同时,也针对第五章SPEARMAN因子研究深入分析基金发展的不足之处,并提出了私募基金发展的对策建议和发展模式。
Under the fluctuations in the global economy environment, the size of assets in the the private equity industry is still grows. The presence of private equity investment has improved the corporate finance environment, and the efficiency of capital markets, has the great significance in the allocation of resources. While the scholars and practitioners have provided a wide range of concerns to discuss in the private equity, but still there's not many in the development of PE environmental systems analysis, and even less in the investment decisions for the relationship between research and investment performance. First, the fundamental analysis of the PE fund-raising amount and the quantitative analysis of the basic model has not systematically studied. Second, the investment decision-making research is quite messy. Although there's many studies on decision-making, such as traditional valuation studies, decision tree, the level of analysis, but which variable is the main factor, the interaction between variables, conduction and laws that still need further research and evidence. Third, with the faster development of PE, the analysis of PE need to go in the double agents point of view, to prospect the private equity fund management structure analysis and optimization, and use the system analysis to guide the performance of investment decisions.
Thesis designed of seven chapters.
The introduction part of thesis, based on the issues to definition of the concept, this article briefly introduces the topic of the background, purpose and significance, the thesis research ideas and methods.
The first chapter has a brief literature review of the existing domestic and international private equity investment funds on the research results, and base on the thesis logic, research from the fund investment decisions, investment performance, fund performance and risk investors four parts of performance were reviewed, and with the second chapter of the theory.
The second chapter reviews the theory of investment decisions and performance framework. Start from the complete process of PE funds, combined with different organizational model, the theoretical discussions of proposed funds and fund investors, fund and invested enterprises, the Fund's own governance structure and performance, show the innovation proposed part of this paper.
In the third chapter, we have reviewed the development of Chinese private equity fund, and analysis the development of the economic background and institutional support.
In the fourth chapter, we have analysis from the perspective of the structure and empirical team of Chinese private equity fund of fund-raising ability. Base on the Fund Prospectus in accordance and the reasons for the rapid development, gives the PE fund-raising ability of the proposed fundamental analysis and creative fund-raising ability of the quantitative gray model system In x0(k+1)=8.35+0.0693.
The fifth chapter is based on the modern corporate finance and financial theory, sorting through data collection and surveys, use of empirical analysis and logical interpretation of the method of private equity fund investment decision-making and investment performance and other issues specific analysis. Base on the study, we have designed 39 indicators to discuss the impact of the investment decision-making factor, four indicators of the investment performance indicator data. After the research interviews of Property data, by using SPEARMAN to get the main component of the investment decision-making factors, followed by the use of SPEARMAN to correlation coefficient matrix of principal component analysis, and then drawn through the score matrix factors affecting investment decision-making performance, then explained the impact factor of the model.
The six chapter of the paper have prove the positive play role in private equity funds, and also analysis of the inadequacies for factors of Chapter Five of the SPEARMAN-depth in fund development, then proposed countermeasures development of private equity development.
引文
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①私募股权投资基金的税收问题探讨 禹久泓唐峻：-《税务研究》-2009-07-01
①构建公共财政作为私募股权丛金母基金的框架禹久泓：杨逸青：-《财政研究》-2009-02-05
①基于灰色系统的股票投资价值模型及其应用 聂祖荣.雷泽-《证券市场导报》-2002-01-10
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①私募股权投资基金的税收问题探讨 禹久泓唐峻：-《税务研究》-2009-07-01
①构建公共财政作为私募股权丛金母基金的框架禹久泓：杨逸青：-《财政研究》-2009-02-05
①基于灰色系统的股票投资价值模型及其应用 聂祖荣.雷泽-《证券市场导报》-2002-01-10
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