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从美国股权投资的发展历程来看，私募股权投资的出现支持了实体经济并促
进创新创业企业的快速发展，而私募股权投资母基金（PE FOFs）是私募股权基
金行业发展到一定阶段的产物
本文首先从 PE FOFs 行业发展概况和问题分析、对广州 H 公司的业务现状、
公司发展 PE FOFs 的 SWOT 分析以及未来发展机遇进行一个较为全面的应用梳
理，结合相关理论知识和工作实践经验，在前人对于私募股权投资研究成果基础
上，运用规范研究、比较研究、逻辑推理、案例分析法等研究方法来探讨公司如
何因势导利切入发展 PE FOFs，并制定该业务创设实务和投资战略。从总的战略
规划、组织形式选择和模式设计、创始合伙人选择、运作流程设立、典型条款设
立等方面创设 PE FOFs。制定广州 H 公司的投资策略，包括资产配置策略、选
择子基金管理人策略、募集策略、投后管理策略和退出策略。结合实践过程中的
反馈和评价提出相应的改进建议。最后对文章进行总结，认为广州 H 公司在 PF
FOFs 方面有广阔的发展前景、公司专业化运作 PE FOFs 符合行业趋势、PE FOFs
国际化运作是公司的机遇、PE FOFs 的投资群体将扩展、市场化 PE FOFs 是民营
资本重要出路。虽然 PE FOFs 行业的困难和挑战依然存在，但 PE FOFs 也会促
进股权投资行业更良性的发展，加剧行业的优胜劣汰
关键词：私募股权投资母基金；基金中基金；母基金创设II
ABSTRACT
As the global economy develops gradually from commodity economy towards the
technology-innovative economy which is driven by capital, private equity investment
has been considered as one of the most influential bodies in capital markets with a
non-negligible influence on promoting economy development. After the explosive
development stage during 2015-2016, China’s private equity investment sector has
become the world’s second largest private equity investment market with the AUM
size managed by its private equity funds reaching 6 trillion CNY by H1, 2016.
According to the development of equity investment in USA, the occurrence of private
equity investment assisted the real economy and boosted the rapid development of
innovative start-ups, when private equity fund of funds (hereafter shortly referred as
“PE FOFs”) are the outcome of development of private equity fund sector in certain
stage.
This paper will firstly summarize the development and problems of China’s PE FOFs
sector, and comb rather comprehensively the current business situation with a SWOT
analysis on the company’s development of PE FOFs, and the future development
opportunities of Guangzhou H Company. With combinations of relative theories and
work experience upon the previous researching achievements on PE FOFs, this paper
will adopt scientific and normalized research techniques including normative research,
comparative study, logical deduction, and case study to investigate how a company
can develop its PE FOFs based on the current circumstance and make set-up practice
as well as investment strategy for this business. The foundation of PE FOFs would
consider the aspects including overall strategic planning, organization form selection
and model design, founding partner hunting, operation procedure forming, and typical
terms setting, etc. The formulation of investment strategy of H Company in
Guangzhou will include asset allocation strategy, sub-fund manager selection strategy,
fund-raising strategy, post-investment strategy and exit strategy. Corresponding
suggestion for improvement will be proposed on the basis of the feedback and
comments occurred in the practice. In the last part there comes a summary of this
paper, which considers that H Company in Guangzhou has a bright prospect in
developing PE FOFs, whose professional operation of PE FOFs meets the industrial
trend. The international operation of PE FOFs brings opportunities to H Company asIII
the investors in PE FOFs will expand and the marketization of PE FOFs will be the
significant way out for private capitals. Though there are difficulties and challenges
for PE FOFs, PE FOFs will bring a more benign development to private equity
investment sector and enhance the progress of “the survival of the fittest”.
Key Words：PE FOFs；Fund of FundsIV
目 录
摘要.....I
ABSTRACT......II
1 导论....1
1.1 研究的背景.1
1.2 研究的意义.2
1.3 文献综述.....2
1.3.1 国外研究现状及评述......2
1.3.2 国内研究现状及评述......4
1.3.3 文献述评..5
1.4 研究主要内容和方法.........5
1.4.1 研究内容...5
1.4.2 研究方法...6
1.5 本文主要创新点.....7
2 PE FOFs 基本理论及现状问题......... 8
2.1 PE FOFs 的概述...... 8
2.1.1 PE FOFs 的概念... 8
2.1.2 PE FOFs 的业务模式....... 9
2.1.3 PE FOFs 的作用和现实意义......11
2.2 PE FOFs 相关理论研究与应用... 14
2.2.1 企业生命周期与股权投资关系14
2.2.2 基于价值链的 PE 业务流程再造.........15
2.2.3 PE 业绩对标体系...........17
2.2.4 投资组合理论与 PE FOFs........ 19
2.2.5 人力资源管理 5P 模型与子基金管理人甄选..19
2.3 PE FOFs 现状及存在问题 20
2.3.1 PE FOFs 发展现状......... 20
2.3.2 我国 PE FOFs 存在问题........... 21
2.3.3 美国 PE FOFs 发展对我国的启示....... 24
3 广州 H 公司的现状分析.....27
3.1 广州 H 公司概况..27
3.2 广州 H 公司的 PE FOFs 业务 SWOT 分析........27V
3.3 广州 H 公司的发展困境.......
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