私募股权退出

IPO是私募股权退出投资实现收益的重要方式，私募基金的投资对于企业IPO发行价格有着重要的影响。

Initial public offering ( IPO ) is the most important way for private equity fund to withdraw from the investment and realize their profit .

报告显示，首次公开募股（IPO）仍是私募股权公司退出投资的主要渠道。由于很多公司上市后的股价表现令人失望，这种退出途径在今年可能更具挑战性。

Initial public offerings remained the main way in which private equity firms exited investments , although this method may prove more challenging this year as post-listing share prices have disappointed , according to the report .

并提出我国私募股权投资退出存在问题。

And puts forward some problems existing private equity exit .

私募股权资本退出与公司治理因素关系的实证研究

Empirical Research on the Relationship between PE Capital Exit and Corporate Governance Factors

主要包括六个部分：第一章是导论，主要介绍选题背景和意义，以及国内外对私募股权投资退出的研究现状。

Mainly includes six parts : the first chapter is introduction , mainly introduces to choose a background and significance .

在第二章阐述了私募股权基金退出决策内涵和退出作用，结合实物期权思想分析了私募股权基金退出决策的实物期权特性。

In chapter two , the paper expounds private equity fund exit decision connotation and exit role , combined with the real options thought , analysising real options properties in private equity exit decision .

对于私募股权基金的退出有着极大的推动意义。

It has a great driving for the private equity fund .

我国私募股权投资基金退出机制研究

A Study on Exit Mechanism of Private Equity Fund in China

私募股权投资的退出意味着其最终利益的实现。

Private equity withdrawal means that the final implementation of interests .

投资者是整个投资活动资金的供给者，投资者利益保护是私募股权投资基金退出需解决的核心问题。

To protect the interests of investors are the core problem to be resolved in the exit of Private Equity Fund .

最后，总结前文中论述的私募股权投资基金退出时的问题及应对策略，希望能够对私募股权投资基金退出的实际操作提供帮助。

Finally , concluding the problems and strategies of private equity fund exit in the hope of providing the practical help to private equity funds .

第四部分重点比较了美国、欧洲和日本私募股权投资市场退出方式，并得出对中国的相关启示。

The fourth chapter compares the emphasis on American , European and Japanese private equity market exit status of China , and draw the relevant enlightenments .

其次，对私募股权投资基金退出机制的四种主要方式（首次公开上市、兼并收购、管理层回购、破产清算）予以阐述。

Second , exit mechanism of private equity fund of four major methods ( such as IPO , M & A , Buy-back , Liquidity etc. ) to be described .

解决私募股权投资基金退出监管所存在的问题有利于规范退出活动，保障私募股权投资基金顺利退出，实现投资目的。

To solve the problems on the exit of Private equity fund will help standardize exit activities , ensure the smooth exit of private equity fund , and achieve the investment objectives .

近年来学术界对私募股权基金的退出时间和退出方式等问题进行了一定的研究，但总的来看，这些研究无论是从深度还是广度方面都有待进一步拓展。

In recent years , some scholars do some reaches on the timing and way of private equity exit , but , generally speaking , these studies need to be expanded from the depth and breadth .

在国外，并购退出和IPO退出是私募股权基金的主要退出方式。

M & A-exit and IPO-exit are the main exit models of private equity funds in foreign markets .

这就牵涉到私募股权投资基金的退出途径。

This involves private equity funds out of way .

私募股权投资不同的退出方式影响着企业价值与利益流入。

Different ways of withdraw of private equity investment affects enterprise value and interests .

本文除引言与结语外，分6个部分对私募股权投资基金的退出本土化进行研究。

This paper except preface and epilogue outside , points in six parts for private equity funds exit localization for research .

私募股权投资基金以退出投资主体实现盈利，而如今在退出环节面临前所未有的困境。

Profit model for private equity investment fund is exiting from the investing project and reaping dividends , and now part of the exit phase faces unprecedented difficulties .

再次，运用定性和定量的方法对我国目前私募股权投资行业的退出方式和相关制度的现状进行分析，指出目前我国各主要退出方式面临的障碍。

Third , it analyses the status of exit ways and interrelated system in quantitative analysis way and qualitative analysis way , and point out the obstacles in every main exit way in China .

然后通过对国际上私募股权基金比较发达的国家和地区私募股权基金退出进行分析，并从中找出影响私募股权基金退出的主要因素，为完善我国私募股权基金退出提供借鉴。

Then through the analysis on exit of international private equity developed countries and regions , find out the major influence factors of private equity exit , to improve our private equity exit for reference .

利率是资本的价格，可以调节私募股权基金产业风险资本的稀缺程度，对私募股权基金产业退出时间结构具有重要影响。第三，构建了影响退出方式选择的因素体系。

The interest rate is the price of capital , which regulate the degree of scarcity of venture capital and have a great influence to the exit structure of private equity fund industry . Thirdly , we constructed a factor system of influencing selection of exit mode .