A Study On The Exit Of China's Private Equity

Private equity is the result of financial innovation and industrial innovation, its operating mode broaden the financing channel for enterprises, promote the value discovery and value added of the target enterprise, while provide a high-yield investment for investors. It can be said that private equity not only plays an important role in the financial system but also has a pivotal role in the enterprise and national economic development. Perfect exit is the necessary condition for the development of private equity, without a well exit, private equity is difficult to implement the recovery and added of private equity capital, detriment the virtuous cycle of its investments, harm to development of itself, can not play its role in the national economy, so the study of private equity exit for the development of private equity funds is necessary.First, this paper reviews the related concepts on private equity, concludes that the exit play an important role in the private equity operations. Then through the analysis on exit of international private equity developed countries and regions, find out the major influence factors of private equity exit, to improve our private equity exit for reference. Basis on that, it analysis the macro environment and micro factors which influence our country's private-equity fund smooth exit, and using the method of game theory gives a specific game analysis in the exit manner and exit time for private equity exit from the target enterprise.Finally, it provide some suggestions to robust the private equity exit from establishing the multi-level market system, perfect private equity legal system, efficient fair objective intermediary service system and other aspects.