A Study On Exit Manner Of Private Equity Fund In China

Private equity fund originated in the United States, after 30 years of development, so far we have thousands of private equity fund company. Private equity funds as a commercial operation mode, the investment is an expert in enterprise management of funds, currently has stake IPO after bank loans and become the important financing methods. Any a private-equity fund, only complete withdrawal mechanism, the capital will release from one project smoothly into another project. Private equity funds to ensure stable in enterprise after retreats, continuously supporting new enterprise, in sequential and space realization of circulation; Otherwise, investment funds reached the expected purpose but difficult to value cash, will lose the point of investment. Because China's private equity fund development in late start, there are still many obstacles from link with problems so as to restrict the private-equity fund market in China.The paper is about some realistic reflections of the exit mechanism of private equity fund based on the current economic situation. It can be divided into five parts altogether. The first chapter is PE related literature review, from the concept of PE to the current research situation at home and abroad. Chapter 2 is private equity investment related theory is introduced, the concept of private-equity investment and exit significance, mainly introduces four kinds of exit manner. Chapter 3 firstly analyzes private equity fund development present situation of our country, then use data indicates that our private equity funds exit manner the status. And puts forward some problems existing private equity exit. At present our country domestic still with IPO exit manner primarily. The fourth chapter compares the emphasis on American, European and Japanese private equity market exit status of China, and draw the relevant enlightenments. Chapter 5 proposed perfecting private equity exit manner proposal, put forward the focus should be on government establish macroeconomic and institutional environment, private equity investment institutions should be on constant innovation in exit manner, and should be laid special emphasis on the merger exit manner, rather than blindly pursuing enterprise its IPO etc viewpoint.