The Analyze Of RMB Private Equity Fund Operation State

In recent years, RMB Private Equity Fund is receiving increasing attention. According to Zero2IPO, a Venture Capital research firm, released report<>showed RMB Private Equity Fund only all of China Venture capital funds 16.5%. the proportion of investment of RMB Private Equity Fund is up to 23.59 billion yuan in the first half part of 2007 that contribute 7.7% of the total investment. In the September of 2007 iD TechVentures Inc. ("iDT") constitute the first RMB Private Equity Fund and begin to operate. This fund registered in china hinterland whose monetary formation is RMB, all the invest activity is limited in the local area and prepared to boost the enterprise's stock into the market at an opportune time. At the meanwhile another found"hongshanmoumou"constituted by the combination between Shenzhen Capital Group (SCG) and sequoia Capital China has also achieved its preliminary protocol. This fund intent to fund the capital 1 billion yuan, all of the money will be used in investing begin an undertaking program. Most of the company such famous as IDG,SAIF Partners,CDH Investments are also take constitute a RMB fund into their consideration.In fact,RMB Fund has been existed a so long time。In China ,the venture capital investment start from1986. For a long time, Chinese native country venture capital adopt to REB investment in the background of the Chinese government,but it can hardly wide speared. Foreign venture capital introduce into China which promote the development of Chinese venture capital and it made China rise to the second largest venture capital country quickly. This time, RMB Fund received much concern from the foreign venture capital's"collective act", too.Before 2005, foreign VC always adopt the red-chip of"raise and exit overseas"as its main mode, used monetary unit dollar in their mainly investment activity. After a proper program has been found, in the oversee, such as found a shell company in kaiman archipelago(SPV),which incorporated the native company and come into the oversea stock market consequently. That opportunity was called the"golden years"for foreign VC. But because of worrying about such relevant problems as capital out flow, tear elude and so forth, the manipulation for red-chip oversee was begin in 2005. in the beginning year 3 documents was promulgated in order to intensify the supervise. On 8th September 2006, (short for:"document 10") was issued by allayed of the six ministries: The ministry of commerce, the state-owned assets supervision and administration commission, the state administration of taxation, the state administration of industry and commerce, the state administration of foreign exchange and the China securities regulatory commission, its operation ordered that the before native person and company begin a program at abroad such behavior must be promised by the commerce ministry and the commercial blueprint of the program and the information relevant to the relevant person are also need to be provided, after such procedure the company was allowed to registered in other relevant ministries. The same requests are in incorporating other company by merging its stocks with some special intend, China detailed divided the VC program in different industries and issued some special laws oriented to each other. The oriental"red-chip mode"were limited almost in every process not only the whole procedure were prolonged but the cost and the indecisive factors in recombine procedure were also increased, in additional, the recombine structure and redeem mechanism were limited by various factors."red-chip IPO"was pronounced to be a periodic final, many companies which intend to IPO abroad were change their planning back into native.Due to the ministry of commerce and the CSRC began to control the red-chip IPO mode of Chinese enterprises, the overseas IPO channel was restricted, foreign institutions'"raise and exit overseas" mode was encountered. Thus, the RMB fund massive rised, began to enter a fast development period. In just a few years, including government Industrial fund, guide fund, the fund of market operation (including foreign and domestic institutions) RMB fund market consisting of three basic pattern.This article studied the RMB PE fund Evaluation of operational efficiency. First of all, the first chapter of this article is Literature reviews of venture capital, venture capital funds and RMB venture capital funds, provides the paper a theoretical basis; Then, the second and three chapters are introduces of Venture Capital Fund, RMB PE funds'concepts, operation and so on; the focus research in this paper is the fourth chapter, here I comprehensive analyzed Internal and external factors which influences RMB PE funds Operating efficiency, build the operation of venture capital funds model of efficiency evaluation index system, and on this basis, establish a evaluation model, thus, build the operation of venture capital funds model of efficiency evaluation index system; in Chapter six of this article, select a well-known domestic RMB PE fund as an example, operation of the evaluation, using the paper proposed evaluation methods; Finally, on the basis of the study, I presents the local and foreign RMB funds'problems, as well as countermeasures.The long term, the RMB Private Equity Fund in China will play a more active and important role in the next few years. The rise and development of the RMB PE funds are in keeping with development trend of the diversification of capital market , but because of incomplete of relevant laws, Lack of experience of Capital operation, Policy factors fluctuation, RMB will also have a tough development in a few years. Altogether, the study of RMB Private Equity funds'operation efficiency and the suggests of problems and countermeasures are the great significance for the healthy development of the development of venture investment in China.