Research On Exited Channel & Time Compound Decision Of China Private Equity Funds

Some medium-sized and small enterprises established in 2004 and growth enterprise market 2009 founded in SZSE adds some new channels for china private equity funds Successful exit from private equity fund is the core of the investment,and also the warranty of the captial. At present,the research on the compound decision about exit way&time keeps in low level. In practical cases ,most private equity managers can only analysis exit way&time though former conclusion and their own experience.As a result of no measurable quantitative modle,the compound desion about exit way and time is pretty much unscientific.Based on the above situation,the paper aims to build a proper modle microcosmicly to fix the problem .The research about private equity fund exit ways&time compound decision modle based on real option and optimum stopping time theory provides reference for the further microcosmic study,meanwhile riching the content of exit way&time study.In practical cases ,the modle can help most private equity managers analysis exit way&time ,when exiting investment.At the same time,promoting the circular flows of the social capital.At the beginning,this paper concludes related articles about private equity fund exit channels and exit time.determining the research direction of the paper. In chapter two,the paper expounds private equity fund exit decision connotation and exit role, combined with the real options thought ,analysising real options properties in private equity exit decision. In chapter three,comparing private equity exit decision situation in our country and abroad,find some existing problems: few exit manner exit channels; imperfect exit ways; Exit time too subjective. Drawn from the existing problems of exit route and exit timing influence factors. In chapter four ,Starting with the two main factors of the exit transaction costs and business value, based on real options and optimal stopping theory has been out on the basis of the timing model, establishing Private equity fund exit route and timing of integrated decision-making model. In chapter five,choosing the financial data of Shanghai Han de Information Technology Co. Ltd, this exit route and timing of integrated decision-making model of establishment are empirically tested, confirmed the availability of the model.The paper brings forth two new ideas:Firstly,comprehensive research of private equity fund exit way and exit time.Secondly,it is the new compound decision modle innovation that is established on real option and optimum stopping time theory.In the end, points out the limitation of the paper and the direction of further.