研究论文DissertationAimandOutlineLinFeng

1、Private Equity in China - Booming or Dying?在中国私募股权投资 -蓬勃发展或死亡？A Comp rensive Study of Private Equity Industry in China and its Imp act on Firms' Devel op ment综合研究私募股权投资行业在中国和其对企业发展的影响Table Contents 目录目标 Aim: While grow ing rap idly in terms of GDP, China p rivate equity in dustry is still a frac

2、ti on of the size of larger devel oped econo mie虽然在国内生产总值快速增长，中 国的私募股权投资行业仍然是大型发达经济体中的一小部分。This study seeks iOexamine the peculiarities of the Private Equity market in China as well as analyze its impact on the Chinese firms 'performanee, the most important industry in China' s economy本研究旨在探

3、讨私募股权投资在中国市场的特殊性，以及对在中国经济中 最重要的产业的中国公司的表现来分析其影响。-Part 1: Introduction 介绍-Review of current activities in China and Euro pe目前在中国和欧洲的回顾 -Part 2: Literature Review (only journal pap er, official research reports only government reports and central banks' reports, common theory as independent paragr

4、aph)文献综述(期刊论文，官方研究报告政府报告和央行的报告，常见的理论作为独立的段落）-Part 3: Data and Methodology 数据和方法-Part 4: Private Equity Business Model and General Conce pt私募股权投资的商业模式和一般概念? Ven ture Cap ital 创业投资Growth Capitai 创业投资Buyout Fund并购基金Mezza nine Capi tai 夹层资本PIPE (P rivate In vestme nt in P ublic Equity)PIPE （私人投资公开股票）Oth

5、ers (Real Estate Fund, Distressed Fund, etc)（房地产基金仿旧基金等）In this pap er, I will focus mai niy on the Growth Cap ital/Buyout Fund/PIPE since these are the main investment forms in China (excl. VC as they are more early stage fund).在本文中，我将重点是放在对创业投资 /并购基金/管的研究上，因为这些是在中国主要的投资形式（不包括VC,因为他们是更早期的基金）。The fi

6、rst part will start by in troduc ing the major forms of traditi onal PE and its uni verse definition. It will then be followed by presenting the main PE characteristics such as in vesti ng targets, cap ital structure, exit op ti on s, legal cgmp lia nee, inv estors, etc. Lastly Part One will also in

7、 troduce the major global PE pl ayers.Additional Case Study -Successful Investments vs. Unsuccessful investment其他案例研究-成功的投资与不成功的投资The case study will study in details two major transactions happened recently and try to summarise the key points beh ind the success of a PE inv estme nt in Chin ese sMe

8、s.案例研究将研究在最近发生的两个主要交易的详细资料，并尝试总结中国中小企业 的PE投资成功背后的关键点。-Part 5: Private Equity in China and its Unique Characteristics私募股权投资在中国和其独特的特点Part two will start by presenting the history and background for the emergenceof PE industry in China. It will then discuss the unique characteristics of PE investment

9、in China and explain the rati on ale behi nd these characteristics:Cap ital Structure (Sig nifica ntly levered in West VS Pure equity in Chi na)Fund form (Mai niy leveraged buyout in West VS Growth cap ital in Chi na)Exit Op tio ns (Much more IPO exit in Chi na)Legal & Comp lia nee (More strictl

10、y regulated by gover nment in Chi na)Inv estors (Mostly in stituti onal inv estors such as pension fun ds, in sura nee companies, banks, etc in West V.S Government owned entities or rich in dividuals in Chi na)Lastly part two will also in troduce the major Chin ese PE p layers-Part 6: Comp arative A

11、nalysis of PE Returns in Chinese and Western Euro peanPE在中国和西欧的返回的比较分析Part three will analyze the returns (IRR or Cash-on-Cash) for private equity funds in Chin ese in dustrial sector and compare it with Wester n Europ e. P resumably PE returns in Chi na will be c. 3-5 times that in West Eur ope, wh

12、ich justifies the grow ing trend of PE in vestme nt in China-Part 7: Impa ct of PE investment on Chinese Firms ' PerfornAaCoenparison of PE Financing Firms with Non-PE Financing FirmsPE投资对中国企业绩效的比较，以及 PE融资公司与非体育专业融资公司的影响Part four will compare listed PE financing firms with Non-PE financing firms

13、 in terms of finan cial p erforma nee as well as stock p erforma nee. C. 30-50 samp les will be ide ntified (depending on data availability) in order to con duct the an alysis. The samp les will in clude those who received PE inv estme nt after 2002 and have already exited before end of 2010. Presum

14、ably PE financing firms will have a higher growth rate as well as high . p rofitability ratio comparing to Non-PE financing firms.-Part 8: Conclusion 结论PE firms nor mally gen erates a much higher return in Chin ese in dustrial sector comparing to that in West Euro pe, which en courages them to inv e

15、st further?With in Chin ese in dustrial sector, PE financing firms usually have a muchbetter finan cial p erforma nee comparing to Non-PE financing firms, which creates a sig nifica nt dema nd for PE in vestme nt within the sectorChinese PE market has its own characteristics and this unique feature will not be cha nged in the short term-Part 9: Refreshing 刷新Questions:问题 -Po ssibility to con duct in terviews (after the data an alysis as supp