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摘要I摘要绩效考核是绩效管理的关键环节，绩效考核的成功与否直接影响到整个绩效管理过程的有效性。绩效考核是指考评主体对照工作目标或绩效标准，采用科学的方法，评定员工的工作任务完成情况、员工的工作职责履行程度和员工的发展情况，并且将评定结果反馈给员工的过程。中国的IT软件研发企业，不同的开发模式、管理模式、企业文化和员工价值的差异，对管理要求的个性化较高，绩效虽是企业和员工发展的推动力，但从绩效考核结果分析，目前IT企业研发人员绩效考核体系存在些问题。本文本着提高软件开发人员的质量为目的，在项目考核的基础上，IT企业绩效考核应针对员工个性化的考核内容。以项目考核为主、部门考核为辅的态势进行设计实现。其中项目考核为员工日常工作考核，根据项目周期进行考核。项目考核指标确定为用户满意度，同时反映了项目的质量;部门考核是考核员工能力、工作态度、工作成果等，工作成果以项目考核结果作参考，将部门考核结果指导员工的成长方向和成长空间。通过项目考核和部门考核，从工作成果和个人成长两个层面完成对员工的考核，实现考核的战略、管理和开发的目的。针对本系统和软件开发绩效考核的实际特点，系统从开发设计形式上采用了B/S架构模式，功能上采用多层次的软件功能架构，使用了DAO技术，将系统底层数据访问逻辑与业务逻辑分离开来，同时，使用了Struts框架，实现了MVC设计模式，将系统视图和业务逻辑，数据模型进行分步式管理，实现本系统在任何时间、任何地点、任何系统，通过使用浏览器上网异地浏览和信息采集的灵活性，并可以保证系统数据的安全性和一致性的特点。。。关键词：私募股权投资；退出；并购东北电力大学硕士学位论文IIAbstractTheexitofprivateequity(PE)investmentreferstoaprocessfortheinvestorstowithdrawtheirvalue-addedcapital.AfterthePEinvestorinvestsaprojectcompany,itcanbringsomesupportabouttechnology,managementandsocialrelationstotheprojectcompany,whichwillincreasetheproject'svalue.Asthevalueadded,it'stimefortheinvestortoexitfromthisprojectcompanytoacquirereturns.TheexitroutesmainlyincludeIPO,M&A,TradeSale,Buyback,Liquidation,andinvestorscanchooseoneormoreoftheseroutestowithdrawtheirinvestmentaccordingtothetimingandreturnoftheexit.Amongallthoseexitroutes,IPOmaybringoutthehighestreturnandreputation,however,asthelistingopportunitiesbecomemorelimitedandthelistingrequirementturnintostricter,difficultieswillarisewheninvestorsexitthroughIPOmanner.Therefore,it'sinevitablethatM&AshouldbetheothermainexitrouteforPE.ThisthesisprincipallystudiestheexitofPE,includingtheintroductionofdominatingexitmannersandtheanalysisoffactorsaffectingexitmannerchoice.Bycontrastingtheexitdatabetweenhomeandabroad,IfindthattheexitmechanismofPEindevelopedcountriesisdominatedbytradesaleorM&A,theproportionofIPOisverylow,butit'soppositeinChina.BasedontheresearchofPEexit,thisthesisemphaticallyfocusesonM&Aexitmanner.Thisthesisismainlydividedinto5parts:The1stpartisintroduction,includingthebackgroundandsignificanceoftheresearch.Theliteraturereviewalsoexistsinthispart.The2ndpartisintroducingsomeinformationaboutprivateequity,suchastherelativedefinitionsanddevelopinghistory.Theexitofprivateequityismainlydiscussedinthispart,involvingtheimportance,afewroutesandsomefactorsabouttheexit.The3rdpartofthisthesisisanalyzingourcountry'sexitstatus,aswellasdiscussingsomemainreasonsforit.The4thpartismainlyabouttheexitrouteofM&A,whichplaysanimportantroleofthisthesis.1makeobjectiveanalysisontheAbstractIIIadvantages&disadvantagesofM&A,andtheeffectsbroughtoutbyimplementingM&A.ProcedureofM&Aisalsodiscussedfromtheperspectiveofsellers,whichispracticalforPEtoexittheinvestmentsbyM&A.Attheendofthispart,atypicalcaseisanalyzedtosupporttheabovecontent.The5thpartofthethesisisaboutthecertainsuggestionsonhowtopropeltheM&Aexitrouteofprivateequityinourcountry.Basedonstudyingmanyliteratureshomeandabroad,thisthesissummarizesandanalyzestherelativecontentabouttheexitofprivateequity.Meanwhile,thethesisillustratesourcountry'scurrentexitsituation,andfiguresoutafewreasonsaboutit.Atlast,someadvicesonhowtoimprovetheunbalancedsituationareprovided.ThepurposeofthisthesisistolettheentrepreneursandPEinvestorsknowmoreabouttheexitrouteofM&A,andoffersomecertainreferenceswhenimplementingthisroute.Atlast,Ihopethisthesiscanmakeasmallcontributiononbreakingtheexitimbalanceandbroadeningtheexitchannels.Keywords:Privateequityinvestment;exit;M&A目录IV目录摘要...............................................................................................................IAbstract.................................................................................................................II第1章绪论.................................................................................................11.1课题研究的背景及意义.....................................................................11.2文献综述.............................................................错误!未定义书签。1.2.1文献分析和评述........................................................................11.3本文研究方法及创新点.....................................错误!未定义书签。1.3.1研究方法....................................................错误!未定义书签。1.3.2本文创新点................................................错误!未定义书签。第2章私募股权投资的退出...........................................................................82.1私募股权投资退出的意义....................................................................82.2私募股权投资退出方式的比较............................................................92.2.1IPO...............................................................................................92.2.2股份转让..................................................................................102.2.3清算退出..................................................................................112.2.4几种退出方式的比较..............................................................12第3章中国私募股权投资退出现状及问题.................................................153.1中国私募股权投资退出情况概述......................................................153.1.1中国私募股权投资IPO方式退出现状................................163.1.2中国私募股并购方式退出现状.