中文摘要
私募股权基金(PE),是最近几年我国社会经济发展中曝光频率最高新词汇
之一,作为一种投资方式和投资组织形式,PE经过了 20世纪80年代的喧嚣和
90年代的沉寂后,在21世纪初从西半球重新崛起,并一路高歌向新兴市场扩张,
在全球轰然引起一波又一波的投资风潮。如今,在欧美发达国家,PE每年投资
额已占到GDP的4%到5%,成为仅次于银行贷款和IPO (首次公开发行)的重要
融资手段。随着外资私募基金大量涌入中国,私募股权基金在我国逐步走入正
轨。2001年以来,中国创业环境不断变化,各种优惠政策激励着创业者与资本
的结合,私募股权投资市场更是受到政策的直接影响,募资门槛不断放幵,投
资空间逐渐释放,退出渠道更加通畅,而随着证券公司、保险公司等相继获批
进入PE市场,私募股权投资行业已成为中国经济体最活跃的组成部分。PER
业的发展壮大,对于扩容资本市场,促成投资者和筹资者的趋利共赢,资助创
业企业走出融资困境,提升企业价值注入了活力和动力。
本文以甘肃生物医药产业创业投资基金公司拟对陇西中天药业公司进行股
权投资为前提,在股权投资和投资可行性分析理论的指导下,从基本情况、行
业概况及市场分析、主营业务及经营成果、主要竞争优势、公司财务分析、投
资收益测算及风险分析几个方面,对陇西中天药业公司的各项指标进行了详细
的评价分析,得出该投资是否可行并给出具体建议。
本文运用公司实例,同时参考相关文献资料,按照不同于项目投资的产业
投资基金公司的股权投资分析流程,建立了一套投资可行性分析评价模型,希
望对其他股权投资基金公司的投资分析有借鉴意义。
关键词:股权投资,股权投资基金,可行性分析
ABSTRACT
Private Equity Funds (PE), as a form of investment, is one of the new words which are very
popular in socio-economic development in recent years. PE went through the bustle of 1980s and
the silence of 1990s, and reemeiged from the Western Hemisphere in the early 21st centuiy and
expanded into the newly emerging market, causing numerous waves of investment. Nowadays,
in Europe and America developed countries, the annual amount of investment of PE account for
4% to 5% of the total GDP and PE become important financing means, ranking only second to
loans from banks and IPO. With the pour of foreign PE into China, PE is becoming more and
more normal. Since 2001,the entrepreneurial environment keeps changing,all kinds of
preferential policies lead to the integration of entrepreneurs and capital, PE investment market is
directly influenced by policies,the limit of collect become fewer and fewer, investment in space
is gradually released,exit channels become easy and smooth .With the approval of security and
insurance company into PE market, PE investment industry is becoming the most active
constituent part of China's economic entity. The development of PE can expand the capital
market, lead to win-win situation of investors and raisers, help entrepreneurial companies solve
financing problems and promote enterprise value.
This article takes the example of the equity investment of Gansu biological medicine
investment fund company to Zhong tian Pharmaceutical company, under the direction of theory
of equity investment and analysis of investment feasibility, from the basic situation, industry
profiles and market analysis, the main business and operating results, the main competitive
advantage,the company financial analysis, investment income estimates and risk analysis,each
target of Zhong tian Pharmaceutical company was evaluated and analyzed , which prove the
feasibility of this investment and provides practical suggestions.
This article used some practical examples of corporations and referred to related literature.
According to process of equity investment, evaluating and analyzing models of investment
feasibility have been established, which give demonstration to other equity investment funding
company.
KEY WORDS: Equity investment, Equity investment fund, Feasibility analysis.