私募股权投资主导IPO:行为逻辑与策略选择——基于高特佳控股博雅生物的案例研究

Private Equity Dominating IPO:Behavioral Logic and Strategy Selection:Case Study Based on GTJA Controlling Boya Biotechnology Company

选择高特佳控股博雅生物进行案例分析,旨在探求私募股权投资选择主导企业IPO背后的行为逻辑和策略选择。研究发现,绝对控制权不仅可以改变私募股权投资的相对控制权劣势,而且会为私募股权投资提供足够的激励以改善公司治理和企业业绩,进而实现快速IPO目标。待IPO完成后,源于资产重组将会实现更为广泛的经济利益,此时选择继续持有股份、进行资本市场运作已成为私募股权投资的占优策略选择。因此,研究认为选择IPO前控股、IPO后长期持有股份是中国情境下私募股权投资的另一重要盈利模式。

This article chooses GTJA controlling Boya Biotechnology Company as a case, aiming to find out potential behavioral logic and strategy selection of private equity dominating IPO. It finds out that majority control not only can change relative control rights disadvantage of private equity, but also supplies enough incentives for better corporate governance and operation performance, then IPO process accelerates. After IPO,it is a better strategy for private equity investments to hold shares and engage in capital market operations,because assets restructuring can achieve a broader economic interests. Above all, this article regards controlling before IPO and long-term holding after IPO as another important profit pattern for private equity investment in China＇s context.