浅析我国私募股权投资基金退出机制.doc

浅析我国私募股权投资基金退出机制 Analysis of Exit Mechanism of China Private Equity Investment Funds 摘要 随着我国经济的飞速发展，时代的进步和资本市场的逐步完善，私募股权投资基金也逐渐备受关注。私募股权的发展不仅促进资本市场的发展和国民经济的增长，同时为企业融资的运作过程中提供了有利件。作为私募股权运作的投资基金，其退出是整个运作流程中的重要环节，但是我国私募股权投资基金退出机制上还存在诸多问题，本文通过私募股权基金的退出机制研究作为主体，首先介绍了私募股权投资基金的一些相关基本理论，根据私募股权投资基金退出机制，系统全面的介绍我国私募股权投资基金的现状以及存在的问题，如创业板不完善、市场制度不完善、法律法规欠缺、投资者不成熟、中介服务不成熟等；继而通过借鉴欧美国家的先进经验，对我国私募股权投资基金的退出机制提出一些相应对策和建议。 关键词：私募股权投资基金；退出机制；市场机制 ABSTRACT With the rapid development of our countrys economy and capital market gradually improve, private equity funds also gradually attention. The development of private equity not only promotes the perfection of the capital market and national economic growth, at the same time for enterprise financing operation provides a good thing. As private-equity investment fund operation, the exit is a key link in the whole operation process, but also on private equity investment fund exit mechanism in our country has many problems, this paper study the exit mechanism of private equity funds as the main body, first of all, introduce the basic theory of private equity funds, on private equity funds to exit mechanism, on the basis of a comprehensive introduction and exit of private equity investment fund in our country present situation and existing problems, such as the gem is not perfect, imperfect market system, lack of laws and regulations, investors are not mature, intermediary services such as immature; Then by referring to the advanced experience of the European and American countries, exit mechanism of private equity investment fund in China put forward the corresponding countermeasures and Suggestions. Key words：Private Equity Investment Fund; Exit Mechanism; Market Mechanism  目录 前言 1 1 私募股权投资基金理论基础 1 1.1私募股权投资基金 1 1.2私募股权投资基金退出方式 2 1.2.1首次公开上市 2 1.2.2股权转让 3 1.2.3破产和清算 3 2我国私募股权投资基金退出机制现状 4 2.1高准入标准的首次公开上市 4 2.2浪潮中的股权转让 5 2.3困难重重的破产和清算 5 3我国私募股权投资基金退出机制存在问题及原因分析 5 3.1创业板不完善 5 3.1.1创业板功能发挥的缺失 5 3.1.2创业板与投资者 6