Research On Exit Channels Of Private Equity In China

With the development of globalization,private equity fund,which is derived from America,has received increasing recognition globally.Fundraising,investment,management and exit are four of the standard procedures of PE,among which exit constitutes the greatest significance,for it determines whether the investment is successful.The history of PE industry in China is relatively short,and many issues still exist in the exit procedure.And those issues restricted the development of PE industry in China.Utilizing the latest data,this thesis sorted out and compared exit channels of private equity.Through statistics analyses and case study,I focused my research on the problems and causes that existed on mainstream exit channels.According to my analysis,it is shown that IPO,once dominated the exit channels,is no longer a monopolist;while the other exit channels are not smooth enough.In the light of this new situation,and in order to optimize exit channels of private equity,it is required to build multi-level capital markets,to build NEEQ transfer system,and to delegate approval authorities.This thesis is a monographic study.Firstly,the thesis summarized the features and connotative meaning of PE fund in China.Secondly,analyzed & contrasted the five mainstream exit channels,respectively;and analyzed the exit ratio and existing problems regarding PE with the aid of statistics data.Thirdly,in view of the problems,emphatically analyzed the causes of the exit issues regarding IPO,equity transfer and M&A in conjunction with case study.Lastly,this thesis put forward policy suggestions for the exit issues.