私募股权投资基金退出机制研究

A Study on Exit Route Mechanism of Private Equity Investment

本文从资本流动,收益实现,风险规避和提振经济等四个方面,阐述了退出对私募股权投资的重要性。国际私募股权投资市场三种主要退出方式为首次公开上市、产权出售和资产清算,这三种退出方式各有优缺点。在我国私募股权投资退出中,政府应大力发展产权交易市场,并建立健全法律法规,投资公司应重视退出策略制定,在退出方式上采用借壳上市,买壳上市,APO和混合退出模式等。

The article examines the importance of the exit route mechanism of private equity investment in terms of four aspects: capital flow,proceeds realized,risk aversion and boost the economy.Then it discussed three ways of exit route: IPO,sale of ownership and assets settlement,followed by the comparison of their disadvantages and advantages.The paper concludes with a description of the current exit route in China,and two recommendations.The paper maintains that government should develop property right trading m...