本文關(guān)鍵詞：我國(guó)私募股股權(quán)投資基金組織形式和融資問(wèn)題研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資基金 組織形式 公司制 信托契約制 有限合伙制 融資規(guī)模 融資渠道

【摘要】：私募股權(quán)投資基金作為進(jìn)入我國(guó)僅發(fā)展了十余年的一種全新的證券投資模式,其不僅大大豐富了我國(guó)的資本市場(chǎng),使我國(guó)不斷積累的個(gè)人財(cái)富和社會(huì)財(cái)富多了一種新的投資渠道,更重要的是解決了我國(guó)資本市場(chǎng)特別是高新技術(shù)中小企業(yè)的融資問(wèn)題。這對(duì)于優(yōu)化我國(guó)資本市場(chǎng)的資源配置,促進(jìn)我國(guó)投融資體系的健全有著十分重要的意義。 2005年開(kāi)始的股權(quán)分置改革使我國(guó)真正意義上進(jìn)入了全流通時(shí)代,發(fā)起人股份流通解禁的同時(shí)大大促進(jìn)了我國(guó)私募股權(quán)投資基金市場(chǎng)的發(fā)展壯大。隨著2007年全球金融危機(jī)的爆發(fā),我國(guó)私募股權(quán)投資基金市場(chǎng)也陷入了短暫的低迷期,基金數(shù)量和規(guī)模都相對(duì)較小。其后隨著我國(guó)經(jīng)濟(jì)的復(fù)蘇,股市的回暖,私募股權(quán)投資基金也隨之崛起,并于2011年達(dá)到高潮,出現(xiàn)了所謂的“人人PE”的盛況。如今市場(chǎng)的狂熱度已慢慢褪去,中國(guó)私募股權(quán)投資市場(chǎng)也漸漸暴露出很多問(wèn)題,引起了我國(guó)學(xué)者的廣泛探討和研究,比如我國(guó)私募基金應(yīng)該采取的組織形式、私募基金最優(yōu)融資結(jié)構(gòu)、退出渠道選擇等。 本文便是結(jié)合私募股權(quán)投資基金市場(chǎng)自身的特征和運(yùn)營(yíng)方式,對(duì)我國(guó)私募股權(quán)投資基金市場(chǎng)現(xiàn)狀作了深入的分析,并選擇了我國(guó)私募股權(quán)投資基金“組織形式”和“融資”兩方面的問(wèn)題進(jìn)行了深入研究分析,認(rèn)為我國(guó)私募股權(quán)投資基金因公司制的雙重課稅難題應(yīng)少采用公司制的組織形式,較多采取信托契約制和有限合伙制,并對(duì)我國(guó)現(xiàn)有信托制和有限合伙制私募股權(quán)投資基金在政策制度上和操作上出現(xiàn)的種種不足和問(wèn)題加以分析,并提出了相應(yīng)的政策建議以及新的操作模式建議。在融資問(wèn)題上,本文根據(jù)清科集團(tuán)提供的我國(guó)私募股權(quán)投資市場(chǎng)數(shù)據(jù)得出我國(guó)私募市場(chǎng)存在融資結(jié)構(gòu)不穩(wěn)定,融資規(guī)模總額偏小等諸多問(wèn)題,在詳細(xì)分析了這些問(wèn)題出現(xiàn)的原因后,本文給出了解決這些問(wèn)題切實(shí)可行的政策建議和管理操作建議。
[Abstract]:Private equity investment fund as a new mode of securities investment into China only more than ten years of development, it can not only enrich the capital market of our country, make our country the accumulation of personal wealth and social wealth more of a new investment channels, more important is to solve the capital market of our country especially the problem of financing of high-tech SMEs. For the optimization of China's capital market allocation of resources, promoting investment and financing system of our country, the sound has a very important significance.
2005 start of the equity division reform in the true sense of China into the era of full circulation of shares in circulation, the promoters of the lifting of the ban and greatly promote the development of China's private equity fund market in 2007. With the outbreak of the global financial crisis, China's private equity investment fund market is in a short period of downturn, the number of and the size of the fund are relatively small. Then with China's economic recovery, the stock market rebound, private equity investment fund also will rise, and reached a climax in 2011, the emergence of the so-called "all PE" event. Now the market fever has slowly faded, Chinese private equity market has gradually exposed many problems that caused extensive discussion and research by Chinese scholars, such as private equity fund in China should adopt the organizational form of private equity funds, the optimal financing structure, exit channel selection.
This paper is a combination of private equity investment fund market has its own characteristics and operation mode, the status quo of China's private equity investment fund market is analyzed deeply, and select the two aspects of China's private equity investment fund "organization" and "financing" problems are analyzed deeply, that China's private equity the investment fund for the double taxation problem, should be less adopted corporate organizational form, more trust contract and limited partnership, and the problems and shortcomings of the existing trust system in our country and the limited partnership private equity investment funds in the policy system and operations appear to be analyzed, and put forward the corresponding the policy suggestions and new mode of operation. In terms of financing, according to China's private equity market data provided by the Qing Branch group that China's private equity market financing After the detailed analysis of the causes of these problems, the paper puts forward feasible policy recommendations and management operation proposals for solving these problems.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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