近年来随着中国经济的快速发展及海外资本和专业基金管理公司的进入,国内私募

股权投资基金发展迅速,其私募股权投资基金的主要经营模式:私募股权投资,逐渐被

资本市场及广大企业所接受。

私募股权投资领域的发展,为中小企业获得发展资金带来了更为广阔的途径;为诸

多大中型企业拓展业务、延伸产业链条带来了新的方向及渠道;随着各级地方政府对发

展私募股权投资的支持,私募股权投资为各级地方政府的经济发展、产业升级、招商引

资起到了不可替代的积极作用。

私募股权投资涉及面较广,包括私募基金设立、投资决策、投资分析、公司估值等

诸多环节。本文利用相关基本理论并通过剖析投资机构对YX公司的投资过程,详细分

析该投资案例的投资动因及投资过程,结合笔者近期私募股权投资管理工作的实践案例

和工作心得,对私募股权投资中的相关决定因素与相关问题进行总结,针对投资机构投

资YX公司在实施相关重要投资决策过程中的重点关注问题提出自己的见解。

YX公司是新能源光伏产业领先的民营高科技企业,本人当时所在投资机构于2011

年投资入股,投资后该公司在投资方的协作中快速发展。本人于2011年负责此项目,

参与该项目尽职调查、投资分析、投委会投资决策及投资后的管理等系列工作,同时参

与该项目借壳上市工作。

关键词:私募股权投资,投资决策,决定因素

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华东理工大学硕士学位论文

The Key Factors in Private Equity Investments

The Investment of Company YX to Illustrate

Abstract

Recent years with the development of Chinese economy and the rapidly growth of

overseas capital as well as professional fund management companies, domestic private equity

investment fund expands in a high speed. The main mode of operation of the private equity

investment funds — private equity investments, is gradually accepted by the capital market

and the majority of enterprises.

The development of private equity investment leads a new broad way for small and

medium-sized enterprises to obtain capitals to growth. It also indicates a new direction to

many large enterprises to expand their business fields, and to extend the industrial chain as

well. Moreover, with all levels of local governments raise their support to private equity

investments,it plays a more major role in local economic development, industrial upgrading,

and investment abstractions.

There are multi aspects of private equity investments, including private equity fund

establishment, investment decision-making, investment analysis, the valuation of the

company and many other segments.

In this article, I utilise relevant financial theories to explain the investment process of the

private equity investments to Company YX. We would private in-depth analysis towards the

reasoning,logics and methods of this case scenario. Compound with my recent experiences in

the private equity industry, I would like to conclude relevant reasoning and decision making

of the private equity industry, giving opinions and analysis to the critical decision making

proves of the investment of Company YX.

Company YX is a leading new energy photovoltaic private company in China. The

investing institution which I worked, invested in Company YX in 2011,and the company

developed rapidly after the investment. I was responsible for the project in 2011, involved in

the due diligence, investment analysis,investment committee, after investment management

and etc,and also the backdoor listing process.

Keywords: Private Equity, Investment Decision, Determining Factor