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私募股权基金的投资是一项长期活动，其流程包括四步：寻找项目及初步评估、尽
职调查、设计投资方案和交易架构管理、以及项目退出。而项目退出作为私募股权基金
的最后一个环节，决定着私募股权基金的投资回收、以及私募股权基金的再投资，因此
也是私募股权基金投资的关键环节。因此，本文决定对私募股权基金的退出进行研究
一般来讲，私募股权基金的退出渠道包括 IPO 退出、并购退出、回购退出和破产清
算退出四种模式。根据清科研究中心对 2008 年至 2016 年国内私募股权基金的退出现状
进行数据统计和调查研究，可以看出我国私募股权基金的退出存在几个问题：第一，退
出渠道单一，对 IPO 退出依赖较大，易受政策影响，退出风险大；第二，退出模式同质
化，大部分集中在 IPO 退出，随着 Pre-IPO 项目价格成本提高、一二级市场套利空间变
小，退出收益大幅降低。本人作为私募从业人员，所在机构也面临同样问题，因此决定
研究创新一种新的退出模式，以解决目前的退出困境
通过对美国和欧洲等发达国家私募股权基金的退出历史进行研究，我发现并购退出
可以摆脱对 IPO 退出的依赖性，但并购退出中收购方不确定性较大，且退出收益较低
所以，联想到目前上市公司有并购重组进行转型升级的需求，于是创造性的提出了“PE+
上市公司”的运作模式，并对此模式进行了流程设计和具体的尝试运用
在实际案例中，A 私募基金公司与上市公司某基股份通过“PE+上市公司”的合作
模式，完成了对某金文化的收购，虽然还未实现完全退出，但据估算，A 私募基金公司
将从中获利 5143 万元。通过此次实践，验证了本人“PE+上市公司”模式的可行性，为
我国私募股权基金的发展提供了一定的借鉴意义
关键词：私募股权基金；退出渠道；“PE+上市公司”华北电力大学硕士学位论文
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Abstract
Private equity fund is a fund that is raised in the form of non-public funds, to invest in
different types of enterprises in different development stages, and from which to obtain
benefits. At of the end of 2014, China&39;s private equity investment institutions have more than
8000, becoming a new force in the era of equity investment.
Private equity fund&39;s investment is a long-term activity, its process includes four steps:
looking for the project and preliminary assessment, due diligence, design investment and
transaction architecture management, as well as the project exit. And the last part of the
project as the exit of private equity investment fund, determines the investment recovery,
private equity funds and private equity fund investment, so it is the key link of the private
equity invesment funds. Therefore, this paper decided to study the withdrawal of private
equity investment.
Generally speaking, the exit channels of private equity funds, including IPO exit, mergers
and acquisitions exit, repurchase exit and bankruptcy liquidation exit four models. According
to the research center of statistical data and investigation on the status of the exit from 2008
to 2016 domestic private equity fund, we can see that the exit of private equity funds in China
has several problems: first, from the single channel, the withdrawal of IPO is dependent on a
large, easily affected by the policy, the withdrawal of risk; Second, exit mode
homogenization. Most concentrated in the IPO exit, with the price of Pre-IPO project cost
increase, one or two market arbitrage space becomes small, exit income greatly reduced. I as
a private practitioner, the agency also faces the same problem, so decide to study a new exit
mode to solve the current exit dilemma.
Through the study of history from the developed countries such as the US and Europe
private equity fund, I found the exit of mergrs and acquisitions can get rid of dependence on
IPO exit, but acquiring greater uncertainty and low income. So, think of the current mergers
and acquisitions needs of listed companies , I creatively put forward the mode of operation of
“PE+listed companies”, and this mode of proces design and try to use specific.
In the actual case, private equity fund company A and listed companies Taiji Gufen used
the “PE+listed companies” mode , completed the acquisition of Runjin culture.Though not
completely quit, but it is estimated that, the private equity fund will profit from 51 million
430 thousand yuan. Through this practice, I have verified the feasibility of the “PE+listed华北电力大学硕士学位论文
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companies” mode, which provides some reference for the development of private equity fund
in our country.
Key word : Private equity ;Investment exit; PE+ limted company华北电力大学硕士学位论文
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目 录
摘要.....I
Abstract.II
目 录...IV
第 1 章 绪 论...1
1.1 选题背景和意义..........1
1.2 国内外文献综述..........2
1.2.1 国外文献综述...2
1.2.2 国内文献综述...3
1.2.3 文献述评...........4
1.3 论文的研究方法、创新及不足..........5
第 2 章 私募股权基金概述.......7
2.1 私募股权基金相关概念..........7
2.2 私募股权基金运作流程..........8
2.3 私募股权基金退出方式........10
2.4 私募股权基金退出理论........11
2.5 本章小结........13
第 3 章 我国私募股权基金的退出现状及问题.........14
3.1 我国私募股权基金的退出现状........14
3.1.1 退出渠道现状分析.....15
3.1.2 退出收益现状分析.....16
3.1.3 退出行业现状分析.....17
3.2 我国私募股权基金的退出问题.
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