Study On Investment Stage Selection Of PE

With the development of economic activities,various types of investment activities are gradually increasing,and private equity investment is an essential part,which is mainly for the investment of unlisted enterprises and gains from the withdrawal of investment.However,starting from the fourth quarter of 2017,the choice of the investment stage of private equity funds gradually moved back,and the proportion of early investment continued to decline,with a decline of 37.6%.In addition to the reduction of high-quality targets,the choice of investment institutions also tends to be late,and the reasons behind are worth exploring.Due to JUMEI with the help of private equity funds obtained high speed development,ultimately successful IPO has become a typical representative of the private sector,the private sector has strong reference significance,this paper select probe into private equity fund in JUMEI is superior in different phases of financing into motivation,hoping to improve the investment efficiency of China's private equity market.This paper combines two methods of case analysis and fuzzy evaluation.Firstly,it introduces and analyzes the financing background of JUMEI.Secondly,the background of JUMEI and the basic situation of JUMEI were analyzed.Then,the reasons for the two venture capital firms to enter the early stage and the late stage of JUMEI were analyzed,and the reasons were scored by fuzzy evaluation.Finally,on the basis of the above analysis,find out the differences between different investment institutions,and solve the current private equity fund investment phase selection problem.The main conclusions of this paper are as follows :(1)at the early stage of investment,more attention should be paid to market prospect and founding team quality,including learning ability,work experience and leadership;(2)in the later stage of investment,more attention should be paid to product conditions and profitability;(3)risks and returns of different investment stages are matched.In early times,business model and profit model is not yet clear,and it remains to be the market inspection,late into the venture capital enterprises,compared to under more uncertainty,and late in the development of venture enterprises,there has been a successful experience and profitable business model,investors then tend to massive investment by copying business model to the pursuit of short-term profit.