我国私募股权投资退出决策研究——基于2003-2012年数据的Logit模型分析

Research on China's Private Equity Exit Decision:Based on the Logit Model Analysis from 2003 to 2012

适宜的退出决策对私募权投资项目投资收益的实现及投资损失的锁定有着重要的意义。在IPO投资回报趋于理性及审查力度不断强化的背景下,私募股权投资的退出渠道面临考验。本文以2003-2012年披露的私募股权投资项目资料为基础数据,基于Logit模型,从融资企业、私募机构及投资事件的特征等三个方面,分析了影响私募股权投资退出方式决策的因素,并就如何促进私募股权投资健康有序退出提出政策建议。

Appropriate exit decisions are of great significance for private equity projects to realize investment gains and lock investment losses. On the backdrop that IPO investment becomes more rational and censorship intensifies, exit channels are facing a test. Through analyzing the private equity projects from 2003-2012, this paper examines factors that influences private equity exit decision from three aspects including financing ventures, private equity institutions and investment event features based on Logit Model. As for the way to help private equity investment orderly exit, this paper gives the policy suggestion.