我国私募股权投资基金融资模式研究(硕士)(论文35000字)
摘要
近年来我国经济增长迅速，金融资本市场相应也得到了迅猛发展，各类融资创新模式层出不穷。私募股权投资基金是我国融资发展过程中的后起之秀，但是在推动我国各类企业日常经营发展、上市融资、并购重组等方面产生了巨大的积极作用，帮助不少中小实现企业的迅速壮大和多元化发展，创造了一个又一个资本市场的神话，而管理私募股权投资基金的企业也获得了丰厚的回报。
2017年以来，虽然全球总体经济复苏势头良好，但随着国际政治、经济形势的变化，世界各国逐步由资本宽松转为资本紧缩模式。我国经济金融领域在发展迅速，增量巨大的同时，也存在一些监管不足的地方，在急剧变化的国际经济形势下面临着较大的挑战。在应对防范国家整体经济风险，守住不发生系统性金融风险底线的前提下，我国金融领域监管力度日趋严厉。2016年以来，私募股权投资基金领域出台了目前最为严厉的监管政策，显示国家对私募基金行业的政策由鼓励创新的宽松监管模式逐步向防控金融风险的强监管模式推进。日前，已经出现了数家新三板挂牌私募股权投资基金管理人因整改不到位，被强制摘牌的事件，并且监管层明令限制私募基金从事债务类产品投资。因而，私募股权投资基金运营需要从自身的业务模式出发，结合国内外的融资运营经验，调整私募股权投资基金投资方向和融资渠道，优化私募股权投资基金融资管理，以适应新形势下国家大资管政策的管理要求，拓宽股权基金的生存道路。
本文从私募股权投资基金管理人的角度出发，对当下我国私募股权投资基金融资模式的现状及问题进行分析，同时借鉴国外优秀私募股权投资基金管理人的发展运作发展经验，拓展我国私募股权基金融资渠道，提出完善我国私募股权投资基金融资模式的政策建议。文章分为五个部分。
第一部分为导论。首先，介绍了本文的研究背景及意义，对相关文献进行综述，阐明了本文的研究思路和方法，以及创新和不足之处。
第二部分为理论描述。主要对私募股权投资基金的融资理论进行了简要的介绍和描述。
第三部分是对我国私募股权投资基金融资模式的现状及问题进行分析。简述了我国私募股权投资基金的发展历程、主要的业务结构模式、融资渠道及现状。并以九鼎集团、中科招商为例，分析、归纳我国私募股权投资基金管理人的融资问题。
第四部分介绍了优秀私募股权投资基金运作的国际经验。根据对美国黑石集团、凯雷集团、日本软银集团基金运作模式的分析研究，总结了国外私募股权投资基金的运作发展经验。
第五部分介绍了我国私募股权投资基金融资模式优化的路径选择及建议。我国私募股权投资基金融资模式优化路径的总体思路是以基金融资渠道及政府政策支持两大路径为出发点，提出完善我国私募股权投资基金融资模式的建议。本文提出我国私募股权投资基金资金来源渠道的完善，主要通过资本市场直接融资、政府引导基金、拓展机构投资者资金融入渠道、对高净值个人资金的规范性融资管理等方面来实现。最后，针对私募股权投资基金需要提高监管力度及发展规范的现状，提出了完善私募股权投资基金融资模式的政策支持建议。首先，需要完善建设政府扶持政策及监管体系。其次，构建融资增信体系。再者，完善信息披露体系。最后，建立投资者保护体系。通过上述途径，实现我国私募股权基金融资渠道的通畅及资金投向的规范性管理，从而实现基金投资者、管理者及政府监管需求的多赢发展，进而促进私募股权投资基金服务于我国实体经济的发展。
本文通过对国内外私募股权投资基金运作模式进行案例分析，将已有研究成果和实践经验进行有机结合。但因个人专业研究水平有限且经验欠缺，文中仍存在不少不足之处，希望得到老师们的批评与指正。本人将在今后的学习和工作中不断研究和完善。
关键词：私募股权投资基金，融资，资本市场，监管
Abstract
In recent years, China's economy has been growing rapidly, and the financial capital market has also developed rapidly. Private equity fund is a rising star in the development of finance in our country. But it made big contributions to enterprise operations, financing, merger and acquisition, and also helped small and medium-sized enterprise to create the myth of the capital market. Private equity investment fund management companies also received big returns.
Since 2017, the global economic recovery has been in good shape, but as the international political and economic situation has changed, countries around the world have gradually shifted from capital easing to capital tightening mode. China's economic and financial sector is developing rapidly and with great increment. There are also some areas with insufficient supervision, which are facing great challenges in the rapidly changing international economic situation. Under the premise of preventing the overall economic risk of the country and guarding against the bottom line of systemic financial risk, China's financial sector supervision is becoming more and more stringent. Since 2016, private equity funds field introduced the most stringent regulatory policy, national policy by encouraging innovation in the private equity fund industry's loose regulatory approach to the prevention and control of financial risk gradually strong regulatory model. Recently, several new third board listed private equity firms have been forced to delisting due to the inadequacy of the rectification, and the regulation has restricted private equity funds from investing in debt products. Therefore, private equity investment enterprises need starting from its own business model, combining with the experience of financing at home and abroad, the adjustment of private equity investment fund investment direction and the financing channels, optimize the mode of private equity investment fund management, to adapt to the national policy of information management under the new situation, broaden the enterprise survival road.
This article from the perspective of private equity fund managers, in China's private equity fund financing mode of the present analysis of the present situation and problems, at the same time of private equity investment enterprises in fund operation development experience, expand the financing channels, private equity fund in our country put forward to perfect our private equity funds financing model of policy recommendations. The article is divided into five parts.
The first part is an introduction. Firstly, this paper introduces the background and significance of the research, summarizes the relevant literatures, and clarifies the research ideas and methods, as well as the innovation and shortcomings.
The second part is the theoretical description. The financing theories of general enterprises and the financing theories of private equity investment fund enterprises are briefly introduced and described.
The third part analyzes the current situation and problems of the financing mode of private equity investment fund in China. The development course, main business structure mode, main financing channels and current situation of private equity investment fund in China are briefly described. In this paper, we analyze and conclude various problems in the financing system of private equity investment enterprises in China.
The fourth part introduces the international experience of outstanding private equity investment enterprise fund. Based on the analysis of the operation mode of American Blackstone group, Carlyle group and Softbank group of Japan, this paper sums up the experience of foreign private equity investment enterprise fund operation and development.
The fifth part introduces the path selection and suggestion of the optimization of the financing mode of private equity investment fund in China. Private equity investment enterprise financing model in our country overall train of thought for the optimized path, from the fund financing channels and two big path of the government policy support, put forward Suggestions of perfecting our country's private equity fund financing mode. In this paper, private equity investment fund in our country the improvement of the capital source channel, the main direct financing through the capital market, the government guiding fund, develop institutional investors of capital into the channel, for high net worth individuals normative financing management to implement. Finally, the paper puts forward some Suggestions on how to improve the financing mode of private equity fund. First, we need to improve the government support policy and supervision system. Second, build the financing and credit system. Secondly, improve the information disclosure system. Finally, establish investor protection system. Through this way, the realization of China's private equity fund financing channel unobstructed and money into standardized management, so as to realize fund investors, managers and government regulatory requirements of development of private equity funds in the service of the development of the real economy in China.
In this thesis, there is a summary of the actual cases and the research result by the way of the quote to the actual cases of several typical private equity investment enterprise. There is still a limit in the thesis with the hoping of the improvement in the study and the work in the future.
Key words: Private equity investment fund, Financing, Capital market, Monitoring
目录
第1章 导论 1
1.1研究背景及意义 1
1.2 文献综述 2
1.2.1国外文献综述 2
1.2.2 国内的文献综述 3
1.3 研究思路与方法 4
1.3.1本文的研究框架 4
1.3.2本文的研究思路与方法 4
1.4本文创新与不足 5
第2章 私募股权投资基金融资理论分析 6
2.1私募股权投资基金融资模式理论 6
2.1.1 私募股权投资基金的定义 6
2.1.2私募股权投资基金种类 7
2.1.3私募股权投资基金的融资来源 10
2.1.4私募股权投资基金融资及管理特点 12
第3章 我国私募股权投资基金融资模式现状及问题分析 14
3.1我国私募股权投资基金的发展历程 14
3.2我国私募股权投资基金融资模式的现状 17
3.3我国私募股权投资基金管理人融资管理案例分析 20
3.3.1九鼎集团融资案例分析 21
3.3.2中科招商退市事件及融资分析 23
3.4我国私募股权投资基金业务产品案例分析 26
3.5我国私募股权投资基金融资模式问题综述 31
第4章 私募股权投资基金融资模式优化的国际经验借鉴 34
4.1美国私募股权投资基金融资运行经验借鉴 34
4.1.1美国黑石集团基金融资运行经验 34
4.1.2美国凯雷基金融资运行经验 36
4.2亚洲国家经验借鉴：以日本软银集团为例 37
4.3国外经验综述 39
第5章我国私募股权投资基金融资模式优化的路径选择及建议 42
5.1我国私募股权投资基金融资模式优化路径的总体思路 42
5.2完善我国私募股权投资基金融资渠道的建议 43
5.2.1资本市场直接融资渠道建设 43
5.2.2推动政府引导基金发展 43
5.2.3拓展机构投资者资金融入渠道 43
5.2.4积极规范引进高净值个人资金 44
5.3完善我国私募股权投资基金政策支持建议 45
5.3.1加强私募股权基金监管体系建设 45
5.3.2构建融资增信体系 46
5.3.3加强项目风险管控，完善项目退出渠道 46
5.3.4完善信息披露体系 47
5.3.5合理公平的税收政策 47
5.3.6建立投资者保护体系，提高私募从业人员素质 48
结论 49
参考文献 50
致 谢 53 |
