CAJ | 학술논문

按照私募股权基金（PE）退出方式的主次，分别从首次公开募投（IPO）退出、并购退出、其他退出三个层面对我国PE退出现状进行了实证考察。分析结果显示，IPO退出方式收益可观，因而是PE的首选退出方式。近年来，IPO在政策影响下受阻，导致PE机构变现压力越来越大。在此形势下，我国PE市场亟待开辟新的退出渠道。但是，我国PE市场的退出机制存在场外市场不发达、中介服务体系不完善、PE二级市场功能缺位等主要问题。因此，本文从加快发展新三板，完善多层次资本市场；完善PE市场的中介服务体系；完善PE二级市场，这三个方面提出开辟新退出渠道的措施。
안조사모고권기금（PE）퇴출방식적주차，분별종수차공개모투（IPO）퇴출、병구퇴출、기타퇴출삼개층면대아국PE퇴출현상진행료실증고찰。분석결과현시，IPO퇴출방식수익가관，인이시PE적수선퇴출방식。근년래，IPO재정책영향하수조，도치PE궤구변현압력월래월대。재차형세하，아국PE시장극대개벽신적퇴출거도。단시，아국PE시장적퇴출궤제존재장외시장불발체、중개복무체계불완선、PE이급시장공능결위등주요문제。인차，본문종가쾌발전신삼판，완선다층차자본시장；완선PE시장적중개복무체계；완선PE이급시장，저삼개방면제출개벽신퇴출거도적조시。
Based on the main exit ways of PE, the paper conducts an analysis on the current situation of our PE exits respectively from the IPO, mergers and other aspects. The analysis shows that the income of IPO is considerable. Therefore, IPO is the pre- ferred way of exits. In recent years, under the influence of policies, IPO has been blocked, resulting in a big liquidity pressure of PE. In this context, Chinese PE market needs to open up new exit channels. However, there still exist some problems like undeveloped withdrawal mechanism of Chinese PE market in OTC market, imperfect intermediary service system and the absence of functions of PE secondary market. Accordingly, we propose some measures of accelerating the develop- ment of new third board market and improving the multi - level capital market, the PE market intermediary service system and the PE secondary market.