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Exit Mechanism Research Of Private Equity Fund By The Means Of IPO

Posted on:2014-02-10Degree:MasterType:Thesis
Country:ChinaCandidate:C J BaoFull Text:PDF
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Based the current situation of international capitalmarkets, after decades of development, private equity fundsnot only become an important means of financing after thebank loans and IPO, it has also become an effective meansof the growth of high-tech enterprises. Since1990s privateequity investments entering the Chinese market, PE hasplayed a huge role in promoting the economic development ofChina, Especially in the field of new technologies and newindustries. The operation of the private equity investmentis divided into "financing, investment, run, exit” fourmajor areas, the exit of private equity funds isparticularly important as the last step of the operation,IPO, due to its powerful system advantages and gainingability,has become the best choice of private equity exit.As the development of private equity fund in ourcountry is not a long time, the financial sector is still legal, we have no in-depth research and analysis of thedomestic private equity funds, this seriously hampered thedevelopment of China’s private equity fund. Therefore, thisarticle rooted in the development status of China’s capitalmarket, combined private equity funds and IPO system,starting from the basic theoretical study of the concept ofprivate equity funds, characteristics, and IPO exit way, inthe combination of a large number of private equityanalysis based on the case of equity funds through IPO exit,summed up the problems in China’s private equity funds toexit system and a complete set of the idea of the privateequity fund IPO exit mechanism.This paper is divided into three parts, an introduction,main body and conclusion.the main content includes fourparts:The first chapter briefly introduces the general theoryof the private equity fund, specifically for the privateequity fund concept, characteristics and forms of organization. That contrasts the three systems. Then weexamine the current situation of private equity funds exitmechanism, first introduces the withdrawal of several formsof private equity funds, especially in the form of IPOdetails. Then the exit distribution pattern at this stageprivate equity investment in China are analyzed, and thencome to the IPO for China’s private equity fund, the mainexit way to the conclusion.The second chapter use the form of case analysis,selects private equity funds through domestic IPO exit thecase of the target company (Western Mining,iFLYTEK,Mongolian grass Drought) and exit through overseasIPO target enterprise case (7Days Inn, the perfect timeand space, Evergrande Real Estate), from the perspective ofempirical to analyses the situation of China’s privateequity funds IPO exit mechanism.The third chapter elaborates the problem of China’sprivate equity fund the IPO exit mechanism, first introduced the legislative station of the private equityfund, pointed out the existing problems of the privatelegal system; then analyses the problems of the domesticIPO system, including the IPO threshold too high, realizedsluggish, the capital market is not perfect, these factorsbecome serious constraints to private equity funds to exit;final analyses the problems of the overseas IPO system.The last chapter gives a series of suggestions to ourprivate equity funds IPO exit mechanism, designed tofurther promote the rapid development of China’s privateequity investment. First, complete the legal system, theintroduction of the basic laws of private equity funds.Second, private equity funds through the domestic IPO exitsystem perfect views, including the reform the territoryIPO system, complete capital markets; Finally, as now the“red chip” is blocked, we raised a series ofrecommendations for PE exit situation. This paper introduces the basic theory, case studies,ask questions, solve problems, a series of steps, describedin detail the system of our private equity funds to exitthrough the IPO, combined with the development status ofthe private equity funds, and put forward some practicalsuggestions for improvement hope that the meager forces cancontribute to the development of the private equity fundsystem.
Keywords/Search Tags:Private equity funds, IPO, exit, capital market
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