Research Of Merger & Acquisition Exit For Private Equity Fund In China

Private equity(PE)funds exit refers to private equity investors in the investment enterprise,the enterprise funds,management support,makes the enterprise can get value increment,finally completely out of money get return on investment in the enterprise.Investment exit as a private equity fund investment cycle is the most important link,its out of the subsequent investment capital returns is private equity fund,not only such,can successfully quit can also lay the private equity industry status and market reputation.Therefore,the successful exit of the invested enterprise is related to the survival and development of the private equity fund.At present,the most common investment in private equity funds in China is an exit from the main board,the new three exits,and the merger and acquisition exit.The IPO exit as a private equity fund important way to get high profits,private investment by domestic institutions generally favour,but considering our country public listed audit time and harsh conditions,through IPO exit appears increasingly difficult,restricted the development of private equity fund industry in our country,and made the enterprise through the IPO is affected by the capital market leads to stock price fluctuations,private institutional shareholders and exit revenues also have great uncertainty.In addition,the new three board listed this exit way though exit ratio is very high,but subject to the market liquidity of the defect,private equity firms listed in the enterprise is very difficult to transfer the stake out after,so private equity fund investors want to implement exit in new three board transfer of shares in the secondary market is very difficult.This article is based on the background of the research on the investment and exit of private equity funds.Article first exit modes on the comparative analysis,think that M&A exit out of earnings,though less IPO and the new three board,but mergers and acquisitions exit at the time out,maneuverability,and degree of information disclosure of the incomparable advantage with other exit manner.The second is on the scale of the M&A exit status,income situation and development prospect were analyzed,through mergers and acquisitions present situation analysis and combined with the advantages of quitting sums up the development prospects of M&A exit and exit barriers,and then combining with specific cases to illustrate the M&A exit in the actual performance and proposed for private investors in the process of mergers and acquisitions in the exit some general revelation.Finally,there are specific proposals on how to deal with the obstacles.