I
摘要
近些年，随着私募基金参与定向增发的放开，使得个人投资者通过私募基金
参与定向增发盛宴愈加普遍。私募股权基金投资获利的关键是找到有发展潜力的
高质量的目标企业。企业为私募股权基金的投资提供了机会，私募股权基金的发
展也反过来影响企业的成长。本文主要采用规范研究和实证分析相结合的研究思
路，研究了私募股权基金参与定向增发的策略问题
本文首先进行了私募股权基金与定向增发的概念界定，继而梳理了本文研究
的相关理论基础，主要包括信息不对称理论、信息传递理论、价格压力假说以及
监管理论。继而，从我国上市公司定向增发特征分析出发，厘清了我国上市公司
增发现状，揭示了我国上市公司定向增发存在的问题。最后，展开了以A私募基
金公司投资B定增项目的案例分析
本文的研究结论认为：我国上市公司定向增发存在股价操纵和利益输送、过
度融资和随意变更资金投向以及再融资结构失衡这三方面的问题，由于私募股权
基金参与定向增发具有审批程序简单、加速企业转型升级以及改善企业股权结构
三方面的优势，所以私募股权基金参与定向增发项目具有重大意义；基于对私募
股权基金A参与B定增项目的案例研究，本文认为私募股权基金参与定增项目的
投资策略应该从行业基本面研究、市场成长性研究、个股分析以及风险分析这四
方面依次展开。对于私募股权基金参与定向增发的对策建议，本文认为一是要完
善定价机制，二是要提高注入资产的评估质量，三是要加强公司治理
关键词：私募股权基金，定向增发，策略研究
II
Abstract
In recent years, with the release of private equity funds from private placements, it
has become increasingly common for individual investors to participate in private
placements through private equity funds. The key to the profitability of private equity
investment is to find high-quality target companies with development potential.
Companies provide opportunities for investment in private equity funds, and the
development of private equity funds in turn affects the growth of companies. This
article mainly adopts the combination of normative research and empirical analysis, and
studies the strategy of private equity funds participating in private placement.
This paper firstly defines the concept of private equity funds and private placement,
and then sorts out the relevant theoretical foundations of this paper, including
information asymmetry theory, information transfer theory, price pressure hypothesis,
and supervision theory. Then, based on the analysis of the characteristics of the private
placement of listed companies in China, the findings of the increase in listed companies
in China were clarified and the problems with the private placement of listed companies
in China were revealed. Finally, a case study of the investment increase project of A
private equity fund company was launched.
The research conclusions of this paper conclude that there are three issues in the
directional increase in the issuance of listed companies in China: stock price
manipulation and interest transfer, over-financing, arbitrarily changing fund investment,
and unbalanced refinancing structure. The private-equity fund's participation in targeted
issuance has a simple approval procedure and accelerates enterprises. There are three
advantages in the transformation and upgrading and improvement of the equity structure
of the company. Therefore, private equity funds participate in the private placement
program is of great significance; based on the case study of the private equity fund A
participating in the B fixed increase project, this paper believes that the private equity
funds participate in the investment of the fixed increase project. The strategy should
start from the four aspects of industry fundamental research, market growth research,
stock analysis and risk analysis. Regarding the countermeasures for the private equity
funds to participate in the private placement, this paper believes that the first is to
improve the pricing mechanism, the second is to improve the assessment quality of
injected assets, and the third is to strengthen corporate governance.
Keywords: private equity fund, private placement, strategic research
III
目录
摘要 .......... I
AbstractII
第1章 导论 .... 1
1.1 选题背景及意义 ........ 1
1.1.1 选题背景 ......... 1
1.1.2 研究意义 ......... 1
1.2 国内外文献综述 ........ 2
1.2.1 国外研究现状 . 2
1.2.2 国内研究现状 . 3
1.3 研究思路与方法 ........ 4
1.3.1 研究思路 ......... 4
1.3.2 研究方法 ......... 5
第2章 相关概念及理论基础 . 6
2.1 私募股权基金与定向增发的概念界定 ........ 6
2.1.1 私募股权基金的定义与特征 . 6
2.1.2 私募股权基金的投资运作流程及退出方式 . 7
2.1.3 定向增发的概念 ......... 9
2.2 相关理论基础.......... 10
2.2.1 信息不对称理论 ....... 10
2.2.2 信息传递理论 ........... 10
2.2.3 价格压力假说 ........... 11
2.2.4 监管理论 ....... 11
第3章 我国私募股权基金参与定向增发的现状及问题 ... 12
3.1 私募股权基金参与定向增发的意义 .......... 12
3.1.1 审批程序简单、操作效率高 ........... 12
3.1.2 加速企业转型升级 ... 12
3.1.3 改善企业股权结构 ... 13
3.2 我国私募股权基金参与定向增发的现状分析 ...... 13
3.2.1 私募股权基金参与定向增发的类型分析 ... 13
IV
3.2.2 私募股权基金参与定向增发的数量分析 ... 14
3.2.3 私募股权基金参与定向增发的发行目的分析 ....... 15
3.2.4 私募股权基金参与定向增发的行业分析 ... 16
3.3 我国私募股权基金参与定向增发存在的问题 ...... 17
3.3.1 股价操纵和利益输送 ........... 17
3.3.2 过度融资和随意变更资金投向 ....... 18
3.3.3 再融资结构失衡 ....... 19
第4章 A私募基金公司参与B定增项目的案例研究 ...... 20
4.1 被投上市企业B公司定增项目的背景介绍 ......... 20
4.1.1 被投上市企业B公司简介 .. 20
4.1.2 定增基金发行背景及目的 ... 20
4.2 A私募基金公司参与B定增项目的投研流程 ...... 21
4.2.1 定增项目综合分析 ... 21
4.2.2 行业基本面研究 ....... 22
4.2.3 市场成长性研究 ....... 26
4.2.4 B公司个股分析 ........ 28
4.2.5 B定增项目风险分析31
4.3 A私募基金公司参与B定增项目的结构化定增方案设计 ........... 32
4.3.1 结构化定增介绍 ....... 32
4.3.2 A公司的产品设计及收益分析 ........ 33
4.4 A私募基金公司参与B定增项目的投资策略小结........... 33
第5章 私募股权基金参与定向增发的对策建议 ... 35
5.1 完善定价机制 .. 35
5.2 提高注入资产的评估质量 ...... 36
5.3 加强公司治理 .. 36
第6章 结语 .. 38
参考文献 ........ 40。。。。。。