浅析我国私募股权投资基金退出机制

浅析我国私募股权投资基金退出机制AnalysisofExitMechanismofChinaPrivateEquityInvestmentFunds摘要随着我国经济的飞速发展，时代的进步和资本市场的逐步完善，私募股权投资基金也逐渐备受关注。私募股权的发展不仅促进资本市场的发展和国民经济的增长，同时为企业融资的运作过程中提供了有利件。作为私募股权运作的投资基金，其退出是整个运作流程中的重要环节，但是我国私募股权投资基金退出机制上还存在诸多问题，本文通过私募股权基金的退出机制研究作为主体，首先介绍了私募股权投资基金的一些相关基本理论，根据私募股权投资基金退出机制，系统全面的介绍我国私募股权投资基金的现状以及存在的问题，如创业板不完善、市场制度不完善、法律法规欠缺、投资者不成熟、中介服务不成熟等；继而通过借鉴欧美国家的先进经验，对我国私募股权投资基金的退出机制提出一些相应对策和建议。关键词：私募股权投资基金；退出机制；市场机制ABSTRACTWiththerapiddevelopmentofourcountry'seconomyandcapitalmarketgraduallyimprove,privateequityfundsalsograduallyattention.Thedevelopmentofprivateequitynotonlypromotestheperfectionofthecapitalmarketandnationaleconomicgrowth,atthesametimeforenterprisefinancingoperationprovidesagoodthing.Asprivate-equityinvestmentfundoperation,theexitisakeylinkinthewholeoperationprocess,butalsoonprivateequityinvestmentfundexitmechanisminourcountryhasmanyproblems,thispaperstudytheexitmechanismofprivateequityfundsasthemainbody,firstofall,introducethebasictheoryofprivateequityfunds,onprivateequityfundstoexitmechanism,onthebasisofacomprehensiveintroductionandexitofprivateequityinvestmentfundinourcountrypresentsituationandexistingproblems,suchasthegemisnotperfect,imperfectmarketsystem,lackoflawsandregulations,investorsarenotmature,intermediaryservicessuchasimmature;ThenbyreferringtotheadvancedexperienceoftheEuropeanandAmericancountries,exitmechanismofprivateequityinvestmentfundinChinaputforwardthecorrespondingcountermeasuresandSuggestions.Keywords：PrivateEquityInvestmentFund;ExitMechanism;MarketMechanism目录前言............................................................................................................................................11私募股权投资基金理论基础................................................................................................11.1私募股权投资基金.....................................................................................................11.2私募股权投资基金退出方式.....................................................................................21.2.1首次公开上市...................................................................................................21.2.2股权转让...........................................................................................................21.2.3破产和清算.......................................................................................................32我国私募股权投资基金退出机制现状.................................................................................32.1高准入标准的首次公开上市.....................................................................................42.2浪潮中的股权转让.....................................................................................................42.3困难重重的破产和清算.............................................................................................43我国私募股权投资基金退出机制存在问题及原因分析.....................................................43.1创业板不完善.............................................................................................................43.1.1创业板功能发挥的缺失...................................................................................43.1.2创业板与投资者...............................................................................................53.1.3创业板机制不完善...........................................................................................53.2市场制度不完善.........................................................................................................53.3法律法规欠缺.............................................................................................................63.4投资者缺乏实践经验.................................................................................................63.5中介服务不成熟.........................................................................................................64结合欧美国家先进经验完善我国私募股权投资基金退出机制.........................................64.1欧美国家先进经验.....................................................................................................74.1.1美国...................................................................................................................74.1.2欧洲...................................................................................................................74.2完善我国私募股权投资基金退出机制.....................................................................74.2.1健全相应的法律法规.......................................................................................84.2.2培育成熟的机构投资者...................................................................................84.2.3借鉴国外经验，探索建立次级市场...............................................................84.2.4抓紧培养我国私募股权投资基金专业人才...................................................84.2.5建立和完善有效的监管环境...........................................................................9结论........................................................................................................................................9参考文献..................................................................................................................................10致谢....................................