The Optimized Design Of Exit Management Of State-owned Private Equity Investment Funds

After more than twenty years of development,China's private equity investment funds have gradually matured.However,because the exit channel is not smooth and can not achieve the smooth realization of value-added,there is still no better change,especially in the withdrawal of state-owned private equity funds in the decision-making process,the timing of choice,exit channel choice have some irrational consideration,making the exit choice to realize value-added income becomes more complex.This paper studies the difficulties faced by the withdrawal mechanism of the state-owned private equity fund and puts forward some ideas to solve the problem.It is of great significance to help the state-owned private equity invest successfully to complete the withdrawal and gain the value-added income in order to guarantee the survival of the fierce competition.This paper analyzes the withdrawal of state-owned private equity investment fund by the comprehensive application of normative theoretical analysis method,literature analysis method and case analysis method,and reveals the existing problems and puts forward some suggestions for improvement.First of all,the relevant concepts of private equity and the theory of information asymmetry in economics,principal-agent theory,risk control theory three theories are systematically expounded.Secondly,on the basis of analyzing the current situation of the withdrawal of private equity fund in China,this paper reveals the deep reasons of the problem of the withdrawal of the state-owned private equity fund on the basis of the three major theories,and points out that the state-owned private equity fund has a series of problems,such as incentive mechanism,administration,administrative intervention,legal system and so on.On the basis of this,the rationalization design of exit mechanism is put forward.Thirdly,the paper analyzes the problems in the withdrawal of the G company of the state-owned private equity fund and puts forward the Countermeasures of optimizing the salary system,simplifying the decision-making process,setting up the equity incentive and implementing the investment system.