全球金融危机后中国PE市场投资特征分析

Analysis on the Characteristics of China's PE Market in the Post-Crisis Era

本文首先就全球金融危机对国际PE市场产生的影响进行概述,并对全球金融危机背景下中国PE市场在投资主体、基金退出形式、投资对象和投资热点方面的显著特征进行总结。文章进一步对当前PE投资的重点行业之一银行业进行了分析,对投资的特点和原因进行了归纳。最后,指出中国PE市场在发展过程中所面临的问题,提出本土私募应该加强对风险投资的参与,PE基金应加强对企业的责任感,应对PE市场和银行借贷市场实行一定程度的隔离,谨防PE市场的过热发展等建议。

This article first focuses on the effects of the financial crisis on the international PE market. Then it gives an overview of the characteristics of China＇s PE market against the background of financial crisis, including the changes of PE market investors in China, the exit channel of PE fund, the investment targets and investment hot spots of PE funds in China. The article also analyzes the PE investment on China＇s banking industry. Finally, the paper discusses the problems of China＇s PE market and proposes the following four suggestions： first, local PE funds should strengthen their participation in venture capital; second, PE fund should take more responsibility of the enterprises in difficult economic period, third, a firewall between PE market and loan market should be established and the last, more attention should be paid to the prevention of overheated development of PE market in China.