私募股权基金地运作机制研究外文文献翻译

毕设附件：外文文献原文+译文文献出处MarcusA.Thestudyontheoperatingmechanismofprivateequityfunds[J].StrategicManagementJournal,2016,3(2):155-165.原文ThestudyontheoperatingmechanismofprivateequityfundsMarcusAAbstractPrivateEquityfundinvestmentcapitalbelongstothePrivateEquitycapital(Equity,PE).Privateequitycapitalisalsocalledprivateequitycapital,isthroughtheformofprivateinvestmentinequitycapitalofaprivateenterprise,intheimplementationoftradinginvolvestakingintoaccountthefutureexitmechanism,throughlisting,mergerormanagementrepurchase,sellanyprofit.Thispaperanalyzesthemechanismofprivateequityfunds,fundingsources,respectively,organizationformandtheinvestmentprocess,etcarediscussedinthispaper,especiallysummarizestheadvantageofthelimitedpartnership,andprobesintothefundselfprotectionmechanismsintheinvestmentprocess,finally,thecharacteristicsofprivateequityinvestment.Keywords:Privateequity;Limitedpartnership;Operationmechanism1IntroductionPrivateEquityfundsbelongtofinancialinvestors.Andthecorrespondingfinancialinvestorisstrategicinvestors.Thetwoisthepersonificationoftheprivateequitycapital,representingdifferentmotives.Privateequityfundasafinancialinvestor,althoughthereisaindustryorientationandrichindustryexperienceandresources,butmostsimplypay,inadditiontoparticipateintheenterprise'simportantstrategicdecision-making,generallydonotparticipateinthedailyoperationandmanagement,isunlikelytobecomeapotentialcompetitors.Pickoutthegoodmanagementandhighgrowthandhasreliablemanagementteaminvestmentiscriticalforthem,becauseonceinvestment,financialinvestorstoinvestintheirownareoftenmoredifficulttocontrol.Manyinvestmentfundstendtorequiretheyappointedchieffinancialofficerofthejointventure,inordertoensuretheirunderstandingoftheenterpriserealfinancialsituation.Financialinvestorsshortinvestmenthorizonoffiveyears,tenyearslong.Comparedwithstrategicinvestors,theypaycloseattentiontoexpandmarketshare,tobuildindustrychain,industryconsolidation,andotherlong-termdevelopmentstrategy,financialinvestorsfocusonthereturnoninvestment.Theylistedasthemainexitmechanism,inordertomakemanagementoffundliquidity.Whenchoosinginvestmentobject,therefore,theywillchecktheenterpriseperformancecanmeetthelistedrequirementsaftersomeyears,itsshareholdingstructurewhichsuitedtothemarketandtheirexperienceinfinancialandnetworkalsoisadvantageoustothefutureofthelistedcompany.Iftheforeigninvestmententerpriseshopetoreducefinancialriskatthesametime,investorsinthecompanymanagementortechnicalsupport,willusuallychoosestrategicinvestors,toimprovethecompany'scompetencyandindustrystatus,andcanobtaintechnology,products,orotheraspectsoftheupstreamanddownstreambusinesscomplementeachother,improvetheabilityofearningsgrowth.addition,furthercapitalrequirementsinenterprise,strategicinvestorshavetheabilitytofurtherfunding.Strategicinvestorsoftenthanfinancialinvestor'sinvestmentperiodislonger,becauseanyequityinvestmentbythestrategicinvestorsmustconformtotheoveralldevelopmentstrategy,isfortheproduction,thecomprehensiveconsiderationofcost,market,andnotjustfocusonshort-termfinancialreturns.ThetypeofprivateequityfundVC(VentureCapital)Venturecapitalismadeupofprofessionalmanagersintotheemerging,developingrapidly,hasahugepotentialcompetitionintheenterpriseanequityinvestment.isusuallytoinvestinstart-uporshorterenterprises,andgiveprioritytowithhigh-techenterprises.Riskinvestmentdoesnotgenerallytoholdingsofentrepreneurialfirms,investmentusuallyaccountedfor10%~25%ofthecompany.Coregoalistomaketheenterprisevalueoftheinvestmentperiodincreases,sothateventuallythroughlisting,merger,managementbuy-outandothermeanstorecovertheinvestment.Riskinvestmentriskisbig,highfailurerate,investmentoncetheprojectissuccessful,however,tendtoyieldisveryhigh.DirectInvestmentfunds(DirectInvestmentFund)Directinvestmentfunds,privateequityfundarespecial,andreferredtointhemainland"privatefund"isnotthesameconcept.Asmentionedabove,theprivateequityfundmainlyintheformofprivateequityinvestmentinunlistedcompany,andcommonlyreferredtoas"privatefund"ismainlyreferstoprivatelytoinvestorstoraisemoney,manageandinvestinpublicsecuritiesmarket(mostly)of2classmarketfund,mutualfundismainlyusedtodifferentiate(mutualfund)andotherpublicfunds,privateequitysecuritiesinvestmentfundnamelyactually.Relativelyaccuratelogicalrelationshipshouldbe:privateequityfundsincludingprivateequitysecuritiesinvestmentfundsandprivateequityfunds(infact,forprivateequitysecuritiesinvestmentfundsmoreaccuratetitleshouldbeprivatepublicsecuritiesinvestmentfund,becauseinadditiontothepartofthepubliclytradedsecurities,alsoincludesthepubliclytraded.Literally,theonlyknownasprivateequitysecuritiesinvestmentfund,iseasytocauseconfusioninconcepts).Buy-outfunds(buy--infund)Buy-outfundsfocusedontheacquisitionofamatureenterprise,thencarriesonthereorganization,improvemanagement;makeitsvaluebeforeasaleorIPO,inordertogetinvestmentincome.Unlikeothertypesofinvestment,buy-outfundstendtotakecontroloftheenterprise(stakeof51%,100%),andthenuseitsrichexperienceinbusiness,globalmarketcoordination,integrationofenterpriseresources,improveenterprisevalue.Acquisitionoffoundationmanagementchangeswhennecessary.Thebuy-outfundsmostlyinlarge,oftenatmorethan$1billion,andoftenadoptthemethodofleveragedbuy-outs.IntheinternationalM&Amarket,everyyeartherearealargenumberofbuy-outfundstoparticipateinMBOandMBI.MezzanineFund(MezzanineFund)Mezzaninefundinvestmentisintermsofriskandreturn,betweentheprioritybetweencreditor'srightsinvestmentandequityinvestmentaformofinvestment.Mezzanineinvestmentsmoresimilartothebridgeloans,generallyadoptthemethodofcreditor'srights,andwithacertainconvertiblesecuritiesorwarrants,equitycapitalnature,isacombinationofcreditor'srightsandequity.Inthehighleverageofcapitalstructure,thestatusofthemezzaninecapitalisinaftertheseniordebt,equity,subordinateddebtintheunpredictablemarketvolatilityduetoitsweakequitypropertiestogetasmallamountofinterestssafeguard,thereforemezzaninefundsmainlythroughearnhigherreturnsthanseniordebttobalancetherisk.Butduetointerestpaymentsandequityparticipationcostshouldbebornebytheequityowners,soiftheleveragedbuy-outinverycompetitiveenvironment,mezzaninefundsandothercreditor'srightswillrarelyhavethecompetitiveadvantage.RevitalizetheFund(TurnaroundFund)Restorefundstypicallyinvestinfacingfinancialdifficulties,needsomemoneytohelpthecompanyoutoftrouble.Afterinvestment,revivethefundsbyimprovingtheoperationandmanagement;improvetheefficiencyofmanagement,restructuringmeasurestohelpthecompanyoutofthewoods.course,onlythosewhodohavethemarket,hasaproductioncapacity,hasthedevelopmentpotentialandfacingfinancialdistressenterprisesappealtorevivethefund'sparticipation.Allinall,venturecapitalandbuy-outfundsfromitsbasicformareriskywayofequityinvestment.Characteristicsandacquisitionofventurecapitalinvestmentintheenterpriseintheearlyexchangeswithhighleveragearesoinvestorsfaceahigherrisk,andthereforeexpectahigherreturnoninvestment.isimportanttonotethatthedistinctionbetweenthesetypesofinvestmentinlawisnocleardefinition.Theyformedintheprivateequityindustry'slong-terminvestmenthistory;differentstyleismoreareflectionofthevariousfundsandexpertise.However,atpresent,theinternationalfundsareatthesametimehastheaboveseveraltypesoffunds,soablurringoftheboundariesarebetweeneachother.3TheoperationmechanismofprivateequityfundThepurposeofsettingupfundsisthatinvestinordertoreaptherewards.Limitedpartnershipagreementtotheinvestmentactivitieshasclearrulesandrestrictions.Limitedpartnershipagreement,usuallythemostinvestmentoffundsshallbeinthefirstfourtosixyearsinduration,onlydohavecontinuedforproject.Despitethegeneralpartnershavetheknowledgeofmanagementandinvestmentdecisions,suchasalimitedpartnerdoesnotparticipateinmanagement,butthelattermayrequiretheformercommitmentonlyinvestinaparticularindustryfieldofgeneralpartnershaverelevantprofessionalexperience.Becauseduetothechangeofmarketcycle,investorswillcontinuetofaceallkindsofnewinvestmentopportunities,inordertoeffectivelyreducetherisk,alimitedpartnermayhavethisrequirement.addition,theagreementwillusuallybannedgeneralpartnerstoinvestinotherprivateequityfunds,publiclytradedsecurities,foreignsecuritiesandsoon,someoftheriskinvestmentfundalsobannedfromleveragedbuy-outs.Agreementontheamountofinvestmentofeachenterprisehavelimit.Doingthiscanpromotethediversityofinvestment,andavoidgeneralpartnersintentionstomoremoneytosavethelong-termunprofitableprojects.addition,generalpartnersfromthefundsintwotothreeofthebiggestinvestmentprojectperformancefeesshallnotexceedacertainproportionofitsoverallperformancefees.Privateequityfundsuseleverage.Theamountofdebtfundsisstrictlylimited.Butthisdoesnotpreventleveragedfundsinvestmententerprises.Eachfundisanindependententity.IfbothAandBofgeneralpartnersforthesamewords,isoriginallyfromaninvestmentcompanyinvestmentbyBwillnolonger.Thisprovisionintheventurecapitalindustryisespeciallywidelyused.Acertainproportioninfundinvestmentislowerthanthepromisedamountbeforeorunderacertaintimelimit,oftenrequiresageneralpartnermaynotraisenewfunds,orsetupanewfundshallnotexceedthescopeofacertainsizeorinvestment.Morethanordinaryindividualpartnershavebeenbannedinself-ownedcapitaltoinvestinfundsinvestmententerprises.Ifhecanpersuadealimitedpartnertojoininvestment,thelimitedpartnerswillaskhimandfundtoinvestinthesameperiodinthesameperiod.Sometimes,alimitedpartnercantoseparateinjectionoffundsInvestmentCompany,butalsothesameasthefundskeepdeadlines.Inthiscase,thelimitedpartneriscalledfundjointinvestors.Ageneralpartnerwillinvestincomereinvestedmustbeapprovedbytheinvestmentdecision-makingcommitteeoralimitedpartner.Fundsremainingafteraperiodoftime,allofthefundinvestmentincomemaynotbereinvested,andmustreturnthefundinvestors,inordertoavoidageneralpartnerattheendofthefunds'durationonthegroundsthattheinvestmentisnotyetfinishedtoextendtheduration.译文私募股权基金的运作机制研究MarcusA摘要私募股权基金的投资资本属于私募股权资本（PrivateEquity，简称募股权资本又称非公开权益资本，是指通过私募形式投资于非上市企业的权益性资本，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。本文对私募股权基金的运作机制进行分析，分别就资金来源，组织形式及投资过程等方面进行了探讨，特别总结了有限合伙制的优势所在，并探讨了基金在投资过程中的自我保护机制，最后对私募股权基金的投资特征加以阐述。关键词：私募股权；有限合伙；运作机制1引言私募股权基金属于金融投资者。与金融投资者相对应的是战略投资者。这二者是私募股权资本的人格化，代表着不同的投资动机。作为金融投资者的私募股权基金虽然有行业倾向性和丰富的行业经验与资源，但多数仅仅出资，除了参与企业的重大战略决策外，一般不参与其日常经营管理，也不太可能成为潜在的竞争者。挑选出管理好、成长性高和拥有值得信赖的管理团队的投资对象对他们十分关键，因为一旦投资，金融投资者对自己的投资往往较难控制。很多投资基金往往要求自己选派合资公司的财务总监，以保障自己对企业真实财务状况的了解。金融投资者的投资期限短则五年，长则十年。相较于战略投资者关注扩大市场份额，构建产业链，行业整合等其他长期发展战略，金融投资者只关注投资回报。他们以上市为主要退出机制，以使管理的资金实现流动性。因此在选择投资对象时，他们就会考查企业若干年后的业绩能否达到上市要求，其股权结构适合在哪个市场上市，而他们在金融方面的经验和网络也有利于公司未来的上市。战略投资者是与引资企业所在行业相同或相关的企业。如果引资企业希望在降低财务风险的同时获得投资者在公司管理或技术上的支持通常会选择战略投资者，以此提高公司资信度和行业地位，并且可以获得技术、产品、上下游业务或其他方面的互补，提高公司盈利增长能力。此外，在企业有进一步的资金需求时，战略投资者有能力进一步提供资金。战略投资者通常比金融投资者的投资期限更长，因为战略投资者进行的任何股权投资必须符合其整体发展战略，是出于对生产、成本、市场等方面的综合考虑，而不仅仅着眼于短期财务回报。2私募股权基金的类型风险投资(VentureCapital)风险投资是由专职管理者投入到新兴的，迅速发展的，有巨大竞争潜力的企业中的一种权益性投资。它通常投资于初创或经营时间较短的企业，并以高科技企业为主。风险投资一般不会对创业公司进行控股，投资额通常占公司股份的10%~25%。投资期内的核心目标是使企业价值不断增加，以便最终通过上市、并购、管理层收购等手段收回投资。风险投资风险大，失败率极高，但投资的项目一旦成功，则往往收益率也极高。直接投资基金（DirectInvestmentFund）直接投资基金，也就是狭义的私募股权基金，与内地所称的“私募基金”不是同一个概念。如上所述，私募股权基金主要以私募形式投资于未上市的公司股权，而通常所说的“私募基金”则主要是指通过私募形式，向投资者筹集资金，进行管理并投资于公开证券市场(多为二级市场)的基金，主要是用来区别共同基金(mutualfund)等公募基金的，即实际上的私募证券投资基金。较为准确的逻辑关系应该是：私募基金包括私募证券投资基金和私募股权投资基金（事实上，对私募证券投资基金更为准确的称谓应该是私募公开证券投资基金，因为有价证券除公开交易的部分外，还包括非公开交易的部分。从字面上看，仅称为私募证券投资基金，仍然容易造成概念上的混淆）。收购基金(buy-out/buy-infund)收购基金专注于收购成熟企业，然后对其进行重组，改善经营，使其增值后再出售或上市，以获取投资收益。与其他类型投资不同的是，收购基金往往要取得企业的控制权（持股可达51%，甚至100%），然后运用其丰富的企业运营经验，全球市场协调能力，整合企业资源，提升企业价值。必要时收购基金会更换管理层。收购基金参与的交易大都规模很大，常在10亿美元以上，且往往采取杠杆收购的方式。在国际并购市场上，每年都有大量收购基金参与MBO和MBI。夹层基金(MezzanineFund)夹层