私募权益资本的循环增值和宏观经济效应

:2010-4-6:,,,,:私募权益资本的循环增值和宏观经济效应TheCircularIncrementandtheMacroImpactofPrivateEquity刘旸LIUYang(130012)[]私募权益资本的兴起为资本市场开辟了新的投资领域,弥补了资本市场的缝隙,完善了资本市场的功能,其积极投资的理念也使资本市场能够更好地为实体经济服务本文在介绍私募权益资本在资本市场中的位置和主要功能基础上,探讨了其在经济体系中募资投资增值退出回报的循环增值运动,以及私募权益资本在各种因素的驱动下如何为被投资企业带来价值提升,从而促进实体经济发展,继而给金融经济带来积极影响的宏观经济效应[]私募权益资本循环增值宏观经济效应[]F830[]A[]1000-1549(2010)07-0044-06(PrivateEquity,PE)(assetclass),,,,,,,,,,,,,,1,:1,,,,,,,(alternativeinvestment),,,,,,,,44201072,,,,,,,,,,,,,,,,,3(activeinvestors),,Jenson(1989,1997),,,,,,,,,,,,,,,,,,,,,()2,,,(2)1(fundraising),4520107,,CISDM(2006),ThomsonFinancialandNVCAMergenthalerKandChadMoten(2008),,,,,,2(investment),,,,,,,,,,3(valueaddedmanagement),,,,,KaplanandSchoar(2005),(),,,,,4(exitordivestment),,,,,,,,,5(return),,,,3,,(3)4620107,(LP),(GP),1:,,,,,,,,,(Loos,2004),,,,,,,IBMCEO(LouGerstner),!(JohnBond)KKR,WellPointCEO(LeonardSchaffer)TPG(GeorgeWBush)!(FrankCarlucci)(JohnMajors),,,,,,,,,,,,,80%;2%20%,,,,,,2,,:,,,;,,,;,,;,,,;,,4720107PrivateEquityCouncilPublicValue:aPrimeronPrivateEquity[R]2007,p14,,,;,,,3,,,,,19602009,5430131:197019601788;1980101814;1990101977;2000-2009,,1641(1)11960-2007:1960-19691970-19791980-19891990-19992000-20096086787396871166413305N/A1788181419771641N/A29%23%20%14%:(OECD),ShapiroandPham(2008),,,,;,,,DavisandLerneretal(2009),1980-2005500025:,,,,;,()38%,52%;,,,;,,,72%,36%;,11%,,(corporategovernance)BlackandGilson(1997),,,;,,4820107GaribaldiP,PaoloMauroJobCreation:WhySomeCountriesDoBetter[C]EconomicIssues,No20,InternationalMonetaryFund,2000,,,,IPOCornelliandKarakas(2008),,,4:,;,,,;,,,,,;,,,,;,,,,,,,,,,,:[1]Black,BS,andRJGilson,1998VentureCapitalandtheStructureofCapitalMarkets:BanksVersusStockMarkets[J]JournalofFinancialEconomics47,1998:243-277.[2]CISDMTheBenefitsofPrivateEquity:2006Update[R]CenterforInternationalSecuritiesandDerivatesMarketsResearchDepartment,IsenbergSchoolofManagementUniversityofMITMay2006.[3]CornelliFand?guzhanKarakasPrivateEquityandCorporateGovernance:DoLBOsHaveMoreEffectiveBoards?[R]//WorldEconomicForumGlobalizationofAlternativeInvestmentsWorkingPapersVolumeI,theGlobalEconomicImpactofPrivateEquityReport2008:65-84.[4]DavisSJ,JoshLerner,JohnHaltiwanger,JavierMirandaandRonJarminPrivateEquity,JobsandProductivity[R]//WorldEconomicForumGlobalizationofAlternativeInvestmentsWorkingPapersVolumeII,theGlobalEconomicImpactofPrivateEquityReport2009:27-33.[5]GaribaldiP,PaoloMauroJobCreation:WhySomeCountriesDoBetter[C]EconomicIssues,No20,InternationalMonetaryFund,2000.[6]Jensen,MCEclipseofthePublicCorporation[J]HarvardBusinessReview,Sept-Oct1989,Revised1997.[7]Kaplan,SN,andASchoarPrivateEquityPerformance:Returns,PersistenceandCapitalFlows[J]JournalofFinance,2005,60(4).[8]Loos,NValueCreationinLeveragedBuyouts[D]London:theUniversityofStGallen,GraduateSchoolofBusinessAdministration,2005.[9]MergenthalerKandChadMotenPrivateEquityforInstitutionalInvestors:CurrentEnvironmentandTrends[R]JPMorganInvestmentAnalytics&Consulting,2008.[10]PrivateEquityCouncilPublicValue:aPrimeronPrivateEquity[R]2007.[11],[J],2010(3):20-25.(责任编辑:韩元)4920107