近几年私募股权投资基金发展迅速，并且已形成很大规模，截至 2018 年 12 月 底，已备案私募证券投资基金 35688 只，基金规模达到 2.24 万亿元，私募基金管 理人员工总人数达到 24.57 万人。私募股权投资基金的健康发展不仅可以完善我国 的资本市场、调整我国的产业结构、拓宽企业的融资渠道还可以输入先进的企业管 理，促进企业更加健康快速的发展。近年来，随着我国法制化进程加快，关于私募 股权投资领域的法制建设提上日程，一些列监管指导意见、办法纷纷出台。2018 年 随着《关于规范金融机构资产管理业务的指导意见》等一系列金融监管制度的发布 与实施，我国私募股权投资机构在募资端、投资端、退出端都遇到了一些困难，本 文旨在结合当前私募股权投资基金的市场表现，通过结合昆吾九鼎投资控股股份有 限公司（600053）兴衰历程案例，探讨私募股权投资基金的运作机制及问题，借以 希望找出一些对策帮助我国私募机构可以更好的运作发展。 为了更好的分析我国私募股权投资机构的运作机制，我把运作机制主要分为四 个阶段：组织设立、募资、投资管理、退出四个阶段。通过文献证明、案例分析法， 一层一层进行剖析各个子阶段存在的问题。整片文章的架构是先抛出理论、分析现 状、提出问题，再结合案例进行分析，最后提出对策。 最终本文得出：结合当前我国私募股权投资基金市场的发展，以九鼎投资为代 表的私募机构：在募资方面，应苦练内功紧跟时代潮流，打造自己的品牌，跟紧政 府政策，提高产品研发能力；在投资方面，调整投资领域方向，优化投资管理策略， 加强机构合作；在退出渠道上，动态调整退出策略，充分利用海外资本退出通道， 充分利用科创板。作为政府：在募资端，开拓募资渠道显得格外重要，其中放开社 保基金、保险资金、银行机构等机构资金进入私募股权投资市场关乎着私募机构未 来的发展。在投资端，提高设立准入门槛、健全问责制度、加强人才培养才能避免 机构的地区、行业、规模、退出方式的趋同性，提高资金效率。在退出端，尽快明 确私募基金法律上的地位，建立多层次的资本市场体系，积极发展二级市场，充分 发挥科创板的特点实现多渠道退出。 本文的创新之处在于首次结合案例系统的分析我国私募股权投资基金的整个 运作机制，以往文献中结合案例的只是分析其中的一个环节，或者纯理论的解剖整 个机制。不足之处在于受知识水平限制，研究的还不够全面，很多问题未全面展开。 关键词：私募股权投资；运作机制；问题；对策ABSTRACT In recent years, private equity investment funds have developed rapidly and formed a large scale. By the end of December 2018, 35,688 private equity investment funds had been filed, with the fund scale reaching 2.24 trillion yuan. The total number of private equity fund managers has reached 245,700. The healthy development of private equity investment fund can not only improve China's capital market, adjust China's industrial structure, expand the financing channels of enterprises, but also import advanced enterprise management and promote the healthy and rapid development of enterprises. In recent years, with the acceleration of the process of legal system in China, the legal construction in the field of private equity investment has been put on the agenda, and a series of regulatory guidance and measures have been issued. In 2018 as the guidance about the regulate financial institutions in the asset management business, and a series of release and implementation of financial regulatory system, China's private equity investment institutions on raising, investment, end, exit end are met with some difficulties, the purpose of this paper is to combine the market performance of the current private equity funds, transformation through combining our dominant investment holding co., LTD. (600053) the rise and fall history cases, investigate the operational mechanism of private equity funds and problems, so as to hope to find out some countermeasures to help private equity firms can better operation development in our country. In order to better analyze the operation mechanism of China's private equity investment institutions, I divided the operation mechanism into four stages: organization establishment, fund raising, investment management and exit. Through literature proof and case analysis, problems in each sub-stage were analyzed layer by layer. The framework of the whole article is to first throw out the theory, analyze the current situation, put forward the problem, then combine the case to analyze, and finally put forward the countermeasures. Finally, this paper concludes that, based on the current development of China's private equity investment fund market, private equity institutions represented by JiuDing investment should: in terms of fund-raising, they should train their internal skills to keep up with the trend of The Times, build their own brands, follow the government policies, and improve their product research and development capabilities. In terms of investment, we will adjust the direction of investment, optimize investment management strategiesand strengthen institutional cooperation. In terms of exit channel, the exit strategy should be adjusted dynamically to make full use of the exit channel of overseas capital and the innovation board. As the government: at the end of fund-raising, it is particularly important to explore fund-raising channels, among which the release of social security fund, insurance fund, banking institutions and other institutional funds into the private equity investment market is related to the future development of private equity institutions. On the investment side, it is necessary to raise the threshold for entry, improve the accountability system and strengthen talent training so as to avoid the convergence of regions, industries, sizes and exit modes of institutions and improve the capital efficiency. At the end of withdrawal, the legal status of private equity should be clarified as soon as possible, a multilevel capital market system should be established, the secondary market should be actively developed, and the characteristics of the technology innovation board should be given full play to realize multichannel withdrawal. The innovation of this paper lies in the analysis of the whole operation mechanism of China's private equity investment fund for the first time combined with the case system. The previous literature combined with the case is only an analysis of one link, or pure theoretical dissection of the whole mechanism. The deficiency lies in the limitation of knowledge level, the research is not comprehensive enough, and many problems are not fully developed. KEYWORDS: Private equity investment; Operational mechanism; Problem; countermeasures目 录 第一章 绪论...................................................................................................1 第一节 选题背景与研究意义 ........................................................................................1 一、选题背景................................................................................................................1 二、研究意义................................................................................................................2 第二节 文献综述 ............................................................................................................3 一、关于私募股权投资机构筹资因素简要评述........................................................3 二、关于私募股权投资机构投资选择简要评述........................................................4 三、关于私募股权投资资本退出机制简要评述........................................................5 第三节 研究思路、研究方法和研究内容 ....................................................................5 一、研究思路................................................................................................................5 二、研究方法................................................................................................................6 三、研究内容................................................................................................................7 第四节 研究创新与不足 ................................................................................................7 一、研究创新................................................................................................................7 二、不足之处................................................................................................................8 第二章 私募股权运行机制相关理论与政策背景分析...............................9 第一节 理论基础 ............................................................................................................9 一、私募股权运行机制概述........................................................................................9 二、私募股权投资基金组织形式................................................................................9 三、私募股权投资基金运作流程..............................................................................10 第二节 我国私募股权投资基金的发展现状 ..............................................................11 一、2018 年股权投资市场募资端情况.....................................................................11 二、2018 年股权投资市场投资端情况.....................................................................12 三、股权投资市场募投端综合分析..........................................................................14 四、2018 年股权投资市场退出端情况.....................................................................15 五、投资机构活跃度情况..........................................................................................15 第三节 私募股权运作机制的政策背景分析 ..............................................................16一、市场监管越来越规范.......................................................................................... 16 二、各类支持政策不断推出...................................................................................... 18 第三章 案例分析.........................................................................................20 第一节 昆吾九鼎投资控股股份有限公司概况.......................................................... 20 一、初创发展阶段...................................................................................................... 20 二、新三板上市阶段.................................................................................................. 21 三、借壳上市阶段...................................................................................................... 21 四、行业整顿阶段...................................................................................................... 22 第二节 运作机制分析.................................................................................................. 22 一、融资方式分析...................................................................................................... 23 二、投资方式分析...................................................................................................... 23 三、管理方式分析...................................................................................................... 24 四、退出方式分析...................................................................................................... 24 第三节 九鼎投资运行机制困境分析.......................................................................... 25 一、募资困难.............................................................................................................. 25 二、投资新增规模锐减.............................................................................................. 26 三、退出渠道不畅...................................................................................................... 28 第四章 完善私募股权投资基金发展运行机制的的对策.........................30 第一节 企业苦练内功 政府开源引水......................................................................... 30 一、企业应苦练内功，跟进时代潮流...................................................................... 30 二、政府应开源引水拓宽私募股权资本募集渠道.................................................. 31 第二节 企业调整投资策略 政府规范投资行为......................................................... 31 一、企业应顺应风口，调整投资方向、管理策略.................................................. 32 二、政府应规范私募股权投资基金投资行为.......................................................... 33 第三节 企业拓宽退出视野 政府完善退出渠道......................................................... 33 一、企业应发挥主观能动性积极发掘各类退出渠道.............................................. 34 二、政府应完善我国私募股权投资基金的退出环境.............................................. 34 第五章 研究结论及展望.............................................................................36 第一节 研究结论.......................................................................................................... 36一、我国 PE 机构募资依然困难 ...............................................................................36 二、PE 投资规模大幅度下降 ....................................................................................36 三、PE 资本退出通道不通畅 ....................................................................................36 第二节 相关对策 ..........................................................................................................36 一、募资阶段对策......................................................................................................36 二、投资阶段对策......................................................................................................37 三、退出阶段对策......................................................................................................37 第三节 研究展望 ..........................................................................................................37