Research On Exit Route For Private Fund Based On Merger&Acquisition

Although exit stage is the last stage of the private equity fund investment cycle, it is the indispensable stage. On the one hand, It is important to exit successfully for refinancing, on the other hand, it is difficult to exit to makes private equity funds convert their share held by the company into capital, which will seriously affect the enthusiasm of investors to participate in investment. However, due to information asymmetry, exit route singly, imperfect service system, and system and mechanism is not perfect, the current private equity fund exit route is more and more narrow, which seriously restricts the development of private equity fund in China, even affect the growth of the national economy in our country.Under this background, this paper discuss exit route for private equity fund based on the mergers and acquisitions, the full paper is divided into six parts:The first part mainly introduces the research background and research significance of this paper, briefly reviews the research status. The second part expounds the private equity fund exit route, and relevant literature review of the theory. The third chapter compares the current exit routes of private equity fund in our country, research China’s private equity exit status quo and the problems existing in the exit structure. The fourth part is based on private equity exit status and the problems that exist in the exit structure, analysis exit route based on mergers and acquisitions. In fifth part give some advice to improve exit efficiency and perfect the exit mechanism. The last part make a conclusion. The significance of this paper lies in improving private equity exit structure and giving some advice to perfect exit route and service system.