| In contemporary society, PE has enjoyed a rapid development worldwide, especially in the Asia-Pacific area. China, however, occupies a significant position in the world economy, whose development of PE is in the full swing.The past century witnessed the enormous progress of PE in foreign countries, whose researches in related fields are gradually becoming systematic and improved. By contrast, PE in China started late, there are, therefore, a great many problems existing in market maturity, institutional mechanisms, laws, regulations and development patterns. Although existing studies have yielded few results, it is convincing that researches would be in full fruit as time goes on. On the basis of reality, this thesis unfolds its researches theoretically and empirically.Initially, this thesis sorted out relative materials from experts and scholars at home and abroad, summed up the definition of PE, namely equity activities that in private market funds in the form of monetary assets, intangible assets and other physical assets going directly into the purchase of an enterprise’s equity. Additionally, it was assumed that PE was a combined investment of financing and intelligence.Besides, the scope of definition of PE was extended further, four characteristics of that is put forward as well, that was poor mobility, high risk, strongly specialized, the problem of asymmetric information.Then, PE was divided into seven categories, Angel Investing, Venture Capital, Development Capital, Buyout Capital, Mezzanine Capital, Pre-IPO and other types.In addition, from perspectives of management level, ability regarding continuing operation, potential concerning product market, a brief summary of the characteristics of projects of PE was given.Furthermore, this thesis adopted a three dimensions method to analyze the key factors about the choice of PE. One was from the macro dimension including country’s macroeconomic situation, industrial policies, fiscal and monetary policy and so on. Meso level was second to consider focusing on the construction of the PE institutions, which points out the right direction involving organizations quality themselves. Another was micro viewpoint, where an enterprise was treated as centre. This thesis explained thoroughly regarding three aspects namely entrepreneurship, core of enterprise competencies, product market, laying a solid theoretical foundation for the subsequently use of model. It is worth mentioning that Michael Porter’s five forces model is modified by adding an element of industrial policy to explain market characteristics thoroughly.Finally, this thesis utilized the analytic hierarchy process and fuzzy evaluation model, combining the case of the Tianlong Environmental Protection Technology Co., Ltd. to conduct empirical research. According to the results of questionnaires from experts, mathematical analysis is occupied, at same time a complete set of forty-three index systems was constructed to consider and evaluate the company. Ultimately the corresponding conclusion is drawn. |
