中國大陸私募股權投資退出模式探析

Abstract

邁入21世紀以前，中國大陸之本土私募股權投資帶著濃厚的政府主導意味，直至21世紀創投類法律法規及相關政策之出台，私募股權投資才得以徹底擺脫政府主導形式，步入成熟發展之正軌。\n 私募股權投資運作的整個過程包括融資、運資及退出三大部分，其投資目的為獲取高額投資回報，並非對被投資企業進行實體經營從而獲取經營利潤。因此，退出環節便成為私募股權投資之重心所在，退出之模式選擇及其順暢與否將直接決定該次投資之成功程度，本文將著重探討中國大陸私募股權投資之不同退出模式。\n 傳統退出模式包括首次公開發行股票並上市、公司併購、企業回購及清算退出幾種，本文將設專章，分別對其流程、適用之法律法規、存在之利弊進行完整討論，並輔以經典案例進行分析，深入探討。傳統退出模式已經歷長時間之發展，加之多層次資本市場的不斷完善建設，私募股權投資之退出在傳統領域中亦有新機遇。\n 除去傳統模式，一些新型退出模式如區域性交易所及PE二級市場也在逐漸發展。雖新型退出模式目前為止未能得到關注，甚至還處於發展初期階段，但未來或將有望成為傳統退出模式之有力補充。

Before entering the 21st century, mainland China’s private equity investments were mainly controlled by the government. Not until the regulations on venture capital were carried out in the 21st century, did the private equity get rid of the government’s control and develop in its own way.\n The whole process of private equity investment includes financing, investment and exit. The purpose of the investment is to obtain a high return after the process of exit, not to obtain dividend and bonus. Thus, the process of exit is the most important part. The way by which private equity investors have chosen to exit determines the return rate. This dissertation mainly talks about the different ways of exit.\n Traditional exit ways include IPO, Merger and Acquisition, Repurchase, liquidation and so on. This dissertation will introduce their procedures and regulations respectively, and then analyses their advantages and disadvantages, with some cases to support the analysis. These traditional ways have been developing for a long time, with the constant construction of multi-level capital market, some new ways exist.\n Some regional exchanges and PE secondary market are gradually developing. Although they haven’t got enough attention yet, they may become useful supplements in the future.