研究論文DissertationAimandOutlineLinFeng

1、Private Equity in China - Booming or Dying?在中國(guó)私募股權(quán)投資 -蓬勃發(fā)展或死亡？A Comp rensive Study of Private Equity Industry in China and its Imp act on Firms' Devel op ment綜合研究私募股權(quán)投資行業(yè)在中國(guó)和其對(duì)企業(yè)發(fā)展的影響Table Contents 目錄目標(biāo) Aim: While grow ing rap idly in terms of GDP, China p rivate equity in dustry is still a frac

2、ti on of the size of larger devel oped econo mie雖然在國(guó)內(nèi)生產(chǎn)總值快速增長(zhǎng)，中 國(guó)的私募股權(quán)投資行業(yè)仍然是大型發(fā)達(dá)經(jīng)濟(jì)體中的一小部分。This study seeks iOexamine the peculiarities of the Private Equity market in China as well as analyze its impact on the Chinese firms 'performanee, the most important industry in China' s economy本研究旨在探

3、討私募股權(quán)投資在中國(guó)市場(chǎng)的特殊性，以及對(duì)在中國(guó)經(jīng)濟(jì)中 最重要的產(chǎn)業(yè)的中國(guó)公司的表現(xiàn)來分析其影響。-Part 1: Introduction 介紹-Review of current activities in China and Euro pe目前在中國(guó)和歐洲的回顧 -Part 2: Literature Review (only journal pap er, official research reports only government reports and central banks' reports, common theory as independent paragr

4、aph)文獻(xiàn)綜述(期刊論文，官方研究報(bào)告政府報(bào)告和央行的報(bào)告，常見的理論作為獨(dú)立的段落）-Part 3: Data and Methodology 數(shù)據(jù)和方法-Part 4: Private Equity Business Model and General Conce pt私募股權(quán)投資的商業(yè)模式和一般概念? Ven ture Cap ital 創(chuàng)業(yè)投資Growth Capitai 創(chuàng)業(yè)投資Buyout Fund并購(gòu)基金Mezza nine Capi tai 夾層資本PIPE (P rivate In vestme nt in P ublic Equity)PIPE （私人投資公開股票）Oth

5、ers (Real Estate Fund, Distressed Fund, etc)（房地產(chǎn)基金仿舊基金等）In this pap er, I will focus mai niy on the Growth Cap ital/Buyout Fund/PIPE since these are the main investment forms in China (excl. VC as they are more early stage fund).在本文中，我將重點(diǎn)是放在對(duì)創(chuàng)業(yè)投資 /并購(gòu)基金/管的研究上，因?yàn)檫@些是在中國(guó)主要的投資形式（不包括VC,因?yàn)樗麄兪歉缙诘幕穑?。The fi

6、rst part will start by in troduc ing the major forms of traditi onal PE and its uni verse definition. It will then be followed by presenting the main PE characteristics such as in vesti ng targets, cap ital structure, exit op ti on s, legal cgmp lia nee, inv estors, etc. Lastly Part One will also in

7、 troduce the major global PE pl ayers.Additional Case Study -Successful Investments vs. Unsuccessful investment其他案例研究-成功的投資與不成功的投資The case study will study in details two major transactions happened recently and try to summarise the key points beh ind the success of a PE inv estme nt in Chin ese sMe

8、s.案例研究將研究在最近發(fā)生的兩個(gè)主要交易的詳細(xì)資料，并嘗試總結(jié)中國(guó)中小企業(yè) 的PE投資成功背后的關(guān)鍵點(diǎn)。-Part 5: Private Equity in China and its Unique Characteristics私募股權(quán)投資在中國(guó)和其獨(dú)特的特點(diǎn)Part two will start by presenting the history and background for the emergenceof PE industry in China. It will then discuss the unique characteristics of PE investment

9、in China and explain the rati on ale behi nd these characteristics:Cap ital Structure (Sig nifica ntly levered in West VS Pure equity in Chi na)Fund form (Mai niy leveraged buyout in West VS Growth cap ital in Chi na)Exit Op tio ns (Much more IPO exit in Chi na)Legal & Comp lia nee (More strictl

10、y regulated by gover nment in Chi na)Inv estors (Mostly in stituti onal inv estors such as pension fun ds, in sura nee companies, banks, etc in West V.S Government owned entities or rich in dividuals in Chi na)Lastly part two will also in troduce the major Chin ese PE p layers-Part 6: Comp arative A

11、nalysis of PE Returns in Chinese and Western Euro peanPE在中國(guó)和西歐的返回的比較分析Part three will analyze the returns (IRR or Cash-on-Cash) for private equity funds in Chin ese in dustrial sector and compare it with Wester n Europ e. P resumably PE returns in Chi na will be c. 3-5 times that in West Eur ope, wh

12、ich justifies the grow ing trend of PE in vestme nt in China-Part 7: Impa ct of PE investment on Chinese Firms ' PerfornAaCoenparison of PE Financing Firms with Non-PE Financing FirmsPE投資對(duì)中國(guó)企業(yè)績(jī)效的比較，以及 PE融資公司與非體育專業(yè)融資公司的影響Part four will compare listed PE financing firms with Non-PE financing firms

13、 in terms of finan cial p erforma nee as well as stock p erforma nee. C. 30-50 samp les will be ide ntified (depending on data availability) in order to con duct the an alysis. The samp les will in clude those who received PE inv estme nt after 2002 and have already exited before end of 2010. Presum

14、ably PE financing firms will have a higher growth rate as well as high . p rofitability ratio comparing to Non-PE financing firms.-Part 8: Conclusion 結(jié)論P(yáng)E firms nor mally gen erates a much higher return in Chin ese in dustrial sector comparing to that in West Euro pe, which en courages them to inv e

15、st further?With in Chin ese in dustrial sector, PE financing firms usually have a muchbetter finan cial p erforma nee comparing to Non-PE financing firms, which creates a sig nifica nt dema nd for PE in vestme nt within the sectorChinese PE market has its own characteristics and this unique feature will not be cha nged in the short term-Part 9: Refreshing 刷新Questions:問題 -Po ssibility to con duct in terviews (after the data an alysis as supp