价值工程
價值工程
개치공정
VALUE ENGINEERING
2014年
28期
10-13
,共4页
私募股权%退出%股权转让%博弈分析
私募股權%退齣%股權轉讓%博弈分析
사모고권%퇴출%고권전양%박혁분석
private equity%exit%stock right transfer%game analysis
PE 槃资本实现退出的过程可谓之其“涅”，退出的好坏能在很大程度上决定下一次PE循环的起点高低。基于私募股权投资基金退出即股权转让变现的实质，按照股权受让方的不同，将私募股权投资基金退出渠道分为三类：外部转让退出、内部转让退出、公开转让退出。本文通过博弈分析对私募股权投资基金三类退出渠道从公司、投资银行、股票交易市场、股权受让方四个角度进行分析，最终得出公开转让是私募股权投资基金最理想的退出方式。
PE 槃資本實現退齣的過程可謂之其“涅”，退齣的好壞能在很大程度上決定下一次PE循環的起點高低。基于私募股權投資基金退齣即股權轉讓變現的實質，按照股權受讓方的不同，將私募股權投資基金退齣渠道分為三類：外部轉讓退齣、內部轉讓退齣、公開轉讓退齣。本文通過博弈分析對私募股權投資基金三類退齣渠道從公司、投資銀行、股票交易市場、股權受讓方四箇角度進行分析，最終得齣公開轉讓是私募股權投資基金最理想的退齣方式。
PE 반자본실현퇴출적과정가위지기“열”，퇴출적호배능재흔대정도상결정하일차PE순배적기점고저。기우사모고권투자기금퇴출즉고권전양변현적실질，안조고권수양방적불동，장사모고권투자기금퇴출거도분위삼류：외부전양퇴출、내부전양퇴출、공개전양퇴출。본문통과박혁분석대사모고권투자기금삼류퇴출거도종공사、투자은행、고표교역시장、고권수양방사개각도진행분석，최종득출공개전양시사모고권투자기금최이상적퇴출방식。
PE capital exit process can be described as to achieve its"Nirvana". The exit quality can largely determine the level of the starting point of the next PE cycle. Based on the substance of private equity funds exit i.e. stock right transfer realization, and according to different transferees, the private equity investment fund exit channels are divided into three categories: external transfer exit, internal transfer exit and public transfer exit. Through game analysis, this paper analyzes the three exit channels from four aspects: companies, investment banks, stock market and equity transferee. Eventually it is concluded that public transfer is the best exit way for private equity funds exit.
