私募股权投资基金退出机制探讨.docx

摘要：私募股权投资基金的退出关系到基金的回收和投资者的利益。文中从私募股权投资基金退出的涵义入手，分析其退出时机，然后从最佳方式、中等方式及最差方式四个方面具体阐述了私募股权投资基金的退出方式。关键词：私募股权投资基金;退出;涵义;时机;方式一、私募股权投资基金退出的涵义私募股权投资基金的退出是指在所投资企业的价值达到私募股权投资基金所预期的水平后，将所持有的企业股权在合适的时间以最高效的方式通过资本市场转化为资金形态以达到收益最大化并退出企业的目的，实现资本价值的增值或者减少损失。由此可以看出其具有以下特点：将股权转化为资本。私募股权投资基金主要收益来源不是被投资企业的股息和分红，而是等到被投资企业达到私募股权投资基金所预期的规模时，通过股权转让等方式，将股权出售进行套现，实现资本增值。企业发展的每个阶段都有可能退出。与企业的发展一样，资本也有阶段性的分工，在企业的初创期有创业资本为其提供资本支持，在企业成长期主要有发展资本为其服务，在企业的成熟期有并购资本来保证其资本融通。在股权传递中实现退出。具有评价功能。私募股权投资基金的退出对投资的企业和自身都具有评价功能。私募股权投资基金所投资的对象是极具发展潜力的、具有新技术和新理念并拥有对市场吸引力的产品和服务的企业，只有在通过市场的选择和考验后，才能发现和实现企业的价值，其最好的判断标准就是私募股权投资基金出售企业的股权时能否卖个好价钱。二、私募股权投资基金退出时机权衡第一，私募股权投资基金的预期标准。通过出售被投资企业的股权来取得丰厚的投资回报，在其投资企业的股权时，对被投资企业的股权价值进行过科学计算并制定了预期收益标准，会在被投资企业达到自己的预期标准后出售所持有的股权第二，被投资企业的业绩。被投资企业的财务报表漂亮必然使企业的投资价值不断上涨，作为企业投资人私募股权投资基金所享有的企业股权价值必定会水涨船高，这说明被投资企业有很高的投资价值，会吸引很多的投资者来购买企业的股权，如果私募股权投资基金在一个高价位将手中持有的股权出售必定获得丰厚的利润，考虑公司以后的业绩下滑加上后期的风险等问题，所以很多私募股权投资基金仍然在这个时候退出。三、私募股权投资基金的退出方式第一、最佳方式：首次公开发行(IPO)退出。IPO是最理想的和使用最多的退出方式，因为通过这个方式一般能取得最大的收益。首次公开发行(IPO)是指非上市公司通过证券监管机构的审核后在证券市场公开出售其股份给公众投资者。通过IPO退出，一方面，私募股权投资基金能获得较好的收益，在退出的几种方式，首次公开发行退出所获得的回报率是最高的;另一方面既能为私募股权投资基金和企业赢得信誉、提高知名度，又能帮助企业拓宽融资的渠道以得到更多的资金支持，待企业上市后，私募股权投资基金能够以满意的价格出售股权。第二、中等方式：并购退出。兼并收购是一个企业或企业集团通过购买其他企业的全部或部分股权或资产，从而影响、控制其他企业的经营管理，其他企业保留或者消灭法人资格。私募股权投资基金通过并购退出优势有：(1)能快速回收资金，实现全面从业退出。具有并购其他企业的企业一般都拥有较强的资金实力和融资能力，能够提供足够的资金，让其全面迅速退出企业。(2)较低的交易成本。企业并购一般只需要和几家有意向的企业谈判，没有很复杂的手续，因此可以节省时间和成本。(3)信息披露较少，保密性高。第三、保守方式：股权回购退出。管理层回购主要是企业的管理层收购企业的股权，大多数股权回购采取这种方式，这样既降低了私募股权投资基金的投资风险，管理层也重新获得企业的所有权和控制权，它是比较保守的方式且使用比较少，一般出现在公司的早期投资中，这时的公司估值相对较低，私募股权投资基金可以低价购进股权。管理层回购的优势：(1)交易简便。管理层回购使得企业和私募股权投资基金双方都有效降低资金成本和节省时间，交易过程中不需要很复杂的手续，基金退出时也会比较彻底;(2)能够保持企业管理层的积极性。第四、最差方式：清算退出。公司清算是指公司解散后，处分公司财产以及了结各种法律关系并最终消灭公司人格的行为和程序。清算是私募股权投资基金在迫不得已的情况下选择的最不成功的一种退出方式，等到了破产清算的时候，私募股权投资基金作为企业股东在偿还完所有债权人的债务后所能收回的投资基本上都很少了，意味着私募股权投资基金的投资失败。不同的行业在这四种退出渠道上的比例是不同的一般回购的比例最高，兼并收购比例其次，公开发行与兼并收购接近。Abstract: the exit of private equity investment fund is related to the funds recovery and the interests of investors. In this paper, from the meaning of private equity investment fund exit, analyze its exit timing, then, from the best way to moderate way and worst way four aspects this paper expounds the way of private equity investment fund exit.Key words: private equity investment fund; Exit; Meaning; The timing; wayFirst, the meaning of private equity investment fund exitExit of private equity investment fund is to point to in the value of the investment enterprises to private equity funds expected level, will be held by the enterprise equity at the right time in the most efficient way through the capital market into money form to achieve the goal of profit maximization and exit the enterprise, to achieve capital appreciation or reduce the loss of value. This can be seen that it has the following features:(1) the equity into capital. Private equity investment fund, the main source of income is not the invested enterprise dividends and share out bonus, but wait until the invested enterprise to achieve the scale of private equity funds expected, through the equity transfer, the sale for cash, to achieve capital appreciation.(2) the development of the enterprise each stage are likely to quit. As well as the development of the enterprise, also have capital stage of division of labor, the enterprises have the early-stage venture capital to provide capital support, in the enterprise growth development main capital for its service, merger and acquisition of enterprises have the maturity to ensure that its capital financing. Implement exit in the equity transfer.(3) with functions of evaluation. Private equity investment fund exit to the investment of enterprise and its evaluation function. Private equity investment fund, the object of investment is the most development potential, with new technology and new concept and has attractive to market products and services companies, only through market choice and after the test, to find and achieve the value of the enterprise, its best judgment standard is private equity investment fund sell equity can fetch a good price.Second, the private equity investment fund exit timing trade-offsFirst, private equity funds expected standard. By selling the equity of the invested enterprise to obtain excellent returns on investment, investment in the enterprises equity, the equity of the invested enterprise value for scientific computing standard, and formulate the expected return on the invested enterprises achieve their expected standard after the sale of equitySecond, the performance of the enterprise invested. The financial statements of the enterprise invested rising beautiful must make enterprises investment value, as investors of private equity funds have enterprise equity value must be higher, it shows that the invested enterprise has high investment value, will attract many investors to purchase the equity of the enterprise, if private equity funds in the hands of a high prices will hold sale must get profit, after considering the company declines and the risk for such issues, so a lot of private equity funds are still out at this time.Third, private equity investment fund exit wayFirst, the best way: initial public offering (IPO) exit. IPO is the ideal and most used way of exit, because by this way can obtain the biggest benefit. Initial public offering (IPO) refers to private companies by securities regulators to review in the stock market after the public sale of its shares to the public investors. Through the IPO exit, on the one hand, private equity funds can obtain better benefits, in several ways of exit, gained by the initial public offering to exit the rate of return is the highest; On the other hand for both private equity funds and enterprise credibility, raise awareness, and can help enterprises to broaden the financing channels to get more money, after waiting for listed companies, private equity funds to be satisfied with the price to sell.Second, moderate way: mergers and acquisitions exit. Merger and acquisition is a enterprises or enterprise groups by buying other enterprises of all or part of equity or assets, to influence and control other enterprise operation and management of other enterprises to retain or eliminate the legal person status. Private equity investment fund exit through m&a advantages: (1) to get their money back quickly, achieve full from exit. With mergers and other business enterprises generally have strong financial strength and financing ability, able to provide enough money, let its full quickly out of enterprise. (2) the lower transaction costs. Mergers and acquisitions generally only need and several interested business negotiations, not a very complicated procedure, so it can save time and cost. (3) the disclosure of information is less, high confidentiality.Third, the conservative way: by the way, buy back out. Management to repurchase equity stakes in companies mainly is the enterprises management, most of the share buyback to take this way, both reduced the investment risk of private equity investment fund, the management also to regain the ownership and control of the enterprise, it is a more conservative approach and use less, generally appear in the companys early investment, company valuation is relatively low at this moment, private equity funds could buy stakes at a low price. Management of repurchase advantages: (1) the transaction is simple. Management buybacks both enterprises and private equity funds effectively reduce the cost of capital and save time, dont need a very complicated procedure, in the process of trading funds exits also will b