淺析我國(guó)私募股權(quán)投資基金退出機(jī)制

1、淺析我國(guó)私募股權(quán)投資基金退出機(jī)制淺析我國(guó)私募股權(quán)投資基金退出機(jī)制AnalysisAnalysisofofExitExitMechanismMechanismofofChinaChinaPrivatePrivateEquityEquityInvestmentInvestmentFundsFunds摘要摘要隨著我國(guó)經(jīng)濟(jì)的飛速發(fā)展，時(shí)代的進(jìn)步和資本市場(chǎng)的逐步完善，私募股權(quán)投資基金也逐漸備受關(guān)注。私募股權(quán)的發(fā)展不僅促進(jìn)資本市場(chǎng)的發(fā)展和國(guó)民經(jīng)濟(jì)的

2、增長(zhǎng)，同時(shí)為企業(yè)融資的運(yùn)作過(guò)程中提供了有利件。作為私募股權(quán)運(yùn)作的投資基金，其退出是整個(gè)運(yùn)作流程中的重要環(huán)節(jié)，但是我國(guó)私募股權(quán)投資基金退出機(jī)制上還存在諸多問題，本文通過(guò)私募股權(quán)基金的退出機(jī)制研究作為主體，首先介紹了私募股權(quán)投資基金的一些相關(guān)基本理論，根據(jù)私募股權(quán)投資基金退出機(jī)制，系統(tǒng)全面的介紹我國(guó)私募股權(quán)投資基金的現(xiàn)狀以及存在的問題，如創(chuàng)業(yè)板不完善、市場(chǎng)制度不完善、法律法規(guī)欠缺、投資者不成熟、中介服務(wù)不成熟等；繼而通過(guò)借鑒歐美國(guó)家的先進(jìn)經(jīng)

3、驗(yàn)，對(duì)我國(guó)私募股權(quán)投資基金的退出機(jī)制提出一些相應(yīng)對(duì)策和建議。關(guān)鍵詞：關(guān)鍵詞：私募股權(quán)投資基金；退出機(jī)制；市場(chǎng)機(jī)制目錄目錄前言.............................................................................................................................................11私募股權(quán)投資基金理論基礎(chǔ)...

4、..............................................................................................11.1私募股權(quán)投資基金私募股權(quán)投資基金.......................................................................................................11.

5、2私募股權(quán)投資基金退出方式私募股權(quán)投資基金退出方式.......................................................................................21.2.1首次公開上市................................................................................................

6、....21.2.2股權(quán)轉(zhuǎn)讓............................................................................................................31.2.3破產(chǎn)和清算.......................................................................................

7、.................32我國(guó)私募股權(quán)投資基金退出機(jī)制現(xiàn)狀..................................................................................42.1高準(zhǔn)入標(biāo)準(zhǔn)的首次公開上市高準(zhǔn)入標(biāo)準(zhǔn)的首次公開上市...........................................................................

8、............42.2浪潮中的股權(quán)轉(zhuǎn)讓浪潮中的股權(quán)轉(zhuǎn)讓.......................................................................................................52.3困難重重的破產(chǎn)和清算困難重重的破產(chǎn)和清算.............................................................

9、..................................53我國(guó)私募股權(quán)投資基金退出機(jī)制存在問題及原因分析......................................................53.1創(chuàng)業(yè)板不完善創(chuàng)業(yè)板不完善...........................................................................................

10、....................53.1.1創(chuàng)業(yè)板功能發(fā)揮的缺失....................................................................................53.1.2創(chuàng)業(yè)板與投資者.......................................................................................

11、.........63.1.3創(chuàng)業(yè)板機(jī)制不完善............................................................................................63.2市場(chǎng)制度不完善市場(chǎng)制度不完善.......................................................................................

12、....................63.3法律法規(guī)欠缺法律法規(guī)欠缺...............................................................................................................63.4投資者缺乏實(shí)踐經(jīng)驗(yàn)投資者缺乏實(shí)踐經(jīng)驗(yàn)...................................................

13、................................................73.5中介服務(wù)不成熟中介服務(wù)不成熟...........................................................................................................74結(jié)合歐美國(guó)家先進(jìn)經(jīng)驗(yàn)完善我國(guó)私募股權(quán)投資基金退出機(jī)制...................

14、.......................74.1歐美國(guó)家先進(jìn)經(jīng)驗(yàn)歐美國(guó)家先進(jìn)經(jīng)驗(yàn).......................................................................................................74.1.1美國(guó)..................................................................

15、..................................................74.1.2歐洲....................................................................................................................84.2完善我國(guó)私募股權(quán)投資基金退出機(jī)制完善我國(guó)私募股權(quán)投資基金退出機(jī)制..........

16、.............................................................94.2.1健全相應(yīng)的法律法規(guī)........................................................................................94.2.2培育成熟的機(jī)構(gòu)投資者........................................

17、............................................94.2.3借鑒國(guó)外經(jīng)驗(yàn)，探索建立次級(jí)市場(chǎng)................................................................94.2.4抓緊培養(yǎng)我國(guó)私募股權(quán)投資基金專業(yè)人才....................................................94.2.5建立和完善有效的監(jiān)

18、管環(huán)境..........................................................................10結(jié)論.......................................................................................................................................10參考

19、文獻(xiàn)...................................................................................................................................11致謝...................................................................................