本文關(guān)鍵詞：證券投資基金估值方法應(yīng)用于私募股權(quán)基金的局限性及創(chuàng)新研究　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券投資基金 私募股權(quán)基金 私募股權(quán)二級(jí)市場(chǎng) 估值方法

【摘要】：私募股權(quán)基金是嫁接金融與實(shí)業(yè)的橋梁,實(shí)現(xiàn)了金融為實(shí)體經(jīng)濟(jì)服務(wù)的功能,從而推動(dòng)各國的經(jīng)濟(jì)發(fā)展。但在私募股權(quán)基金膨脹發(fā)展的背后,也逐漸顯示出其犧牲流動(dòng)性獲得高收益的風(fēng)險(xiǎn)隱患,越來越多的LP需要有一個(gè)通道為其提供流動(dòng)性,私募股權(quán)二級(jí)市場(chǎng)應(yīng)運(yùn)而生,而私募股權(quán)基金份額轉(zhuǎn)讓有賴于其估值定價(jià)系統(tǒng)的完善,目前阻礙我國私募股權(quán)二級(jí)市場(chǎng)發(fā)展的最大原因即估值定價(jià)困難,故本文希望在私募股權(quán)基金價(jià)值評(píng)估方面進(jìn)行一定的研究。本文旨在回答以下兩個(gè)問題：第一,證券投資基金估值方法能否簡單應(yīng)用于私募股權(quán)基金估值中；第二,對(duì)私募股權(quán)基金估值應(yīng)如何實(shí)施,有哪些關(guān)鍵點(diǎn)。針對(duì)第一個(gè)問題,本文通過對(duì)證券投資基金估值方法的梳理及私募股權(quán)基金投融資機(jī)制的深入剖析,認(rèn)為,由于兩者的投資標(biāo)的與組織運(yùn)作機(jī)制的不同,證券投資基金的價(jià)值評(píng)估方法不能簡單應(yīng)用于私募股權(quán)基金估值中。其局限性主要體現(xiàn)在兩個(gè)層面：第一,在估值框架上,凈資產(chǎn)價(jià)值(NAV)只能反映私募股權(quán)基金投資組合公司的公允價(jià)值,并不能反映其“真實(shí)”的經(jīng)濟(jì)價(jià)值；第二,在投資組合層面上,證券投資基金標(biāo)的資產(chǎn)估值方法不適用于私募股權(quán)基金的標(biāo)的資產(chǎn)。針對(duì)第二個(gè)問題,本文在解決第一個(gè)問題的基礎(chǔ)上,結(jié)合國內(nèi)外私募股權(quán)基金估值經(jīng)驗(yàn),構(gòu)建出適合我國私募股權(quán)基金權(quán)益的價(jià)值評(píng)估模型,并認(rèn)為私募股權(quán)基金持有的資產(chǎn)組合的價(jià)值評(píng)估、私募股權(quán)基金自身的評(píng)估及兩者的結(jié)合是整個(gè)估值過程的關(guān)鍵。
[Abstract]:Private equity fund is the bridge between finance and industry, and realizes the function of finance serving the real economy, thus promoting the economic development of various countries. But behind the expansion of private equity fund development. Also gradually showed that its sacrifice liquidity to obtain high return risk hidden danger, more and more LP need to have a channel to provide liquidity, private equity secondary market emerged as the times require. The share transfer of private equity funds depends on the perfection of its valuation pricing system. At present, the biggest reason that hinders the development of the secondary market of private equity in China is the difficulty of valuation pricing. The purpose of this paper is to answer the following two questions: first, whether the valuation method of securities investment funds can be applied to the valuation of private equity funds; Second, how to implement the valuation of private equity funds, what are the key points. In view of the first problem, this paper analyzes the methods of valuation of securities investment funds and the mechanism of private equity investment and financing. It is believed that because of the difference between the investment target and the operating mechanism of the organization, the valuation method of the securities investment fund cannot be simply applied to the valuation of the private equity fund. Its limitations are mainly reflected in two aspects: first. In the valuation framework, the net asset value (NAV) can only reflect the fair value of the private equity fund portfolio company, not its "real" economic value; Second, on the level of portfolio, the valuation method of underlying assets of securities investment funds is not applicable to the underlying assets of private equity funds. In view of the second problem, this paper solves the first problem on the basis of. Combined with the valuation experience of private equity funds at home and abroad, this paper constructs a value evaluation model suitable for the equity of private equity funds in China, and thinks that the value evaluation of the asset portfolio held by private equity funds. Private equity fund itself evaluation and the combination of the two is the key to the whole valuation process.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：1397708