Research About Private Equity Fund Operation Model In China

Private-equity investment have started to develop from the20th century40s, but the development has been slow, the true sense of private-equity firms produced in America in the1970s, with the establishment of kohlberg kravis Roberts (KKR) as the main mark. Then, private equity funds (PE) in the United States got a huge development,contribute to achievements of the United States in the90s, and quickly spread to Europe, UK and Asia, etc. No matter from the scale of the market, maturity and historical earnings, U.S. private equity funds are leading in other regions. Private equity fund operation mode includes financing, investment, management and exit assigned four stages. In the private equity fund in the United States and Europe region, on the basis of research, many scholars in America are discussed from the point of view of a variety of private equity fund investment activities, such as investors access, investment mode, exit mechanism, and the industry risk, the study to a certain extent, promote the development of private equity funds. In comparison, China’s private equity fund in theory research and development and larger gap.In this paper, based on the basic theory of private equity funds, on the basis of the development of China’s PE research on the current situation, expounds the characteristics of Chinese private equity fund operation mode and the problems in every link. And then the advantages and disadvantages of PE operation mode of the United States and Japan are studied, mainly draws lessons from the success of the PE and Japan respectively the problems during the development process of PE. Private equity fund is a cycle of investment operation mode, thus ensuring smooth each link is particularly important. This article through the analysis found that the private equity fund development of our country in all of the internal cause of the problem is that our country related legal construction lag behind and the imperfect capital market development in our country and withdrew from the stage in the process of operation.On the basis of the research on the development of PE in China mainly in the construction of legal system construction, capital market and give tips on exit mechanism, in order to rationalize circulation investment operation mechanism.