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贵州资源开发的私募股权投融资研究

发布时间:2019-01-06 06:13  文章来源:笔耕文化传播
【摘要】:私募股权投资基金在全球经济中发挥着越来越重要的影响。近年来,私募股权投资基金在中国也急剧发展,影响渐增强,涌现出了一大批实力强的私募投资机构,而且在私募投资机构的帮助下,涌现出了一大批特色优质企业和上市公司。本论文认为在贵州当前面临既要转,又要赶双重任务大背景下,充分讨论私募股权投资基金对贵州资源开发具有非常重要的现实意义。其重要性体现在:第一推进资源开发,培育创新能力强和特色显著的产业,需要私募股权投资基金支持。第二,落实贵州省“大规模推进产业结构调整,加快转变经济发展方式”需要私募股权投资基金支持。第三,发展私募股权投资基金有助于解决贵州省产业发展的资金和技术瓶颈问题。第四,发展私募股权投资基金有利于贵州省调整当前的融资机构,扩大直接融资的比重。第五,发展私募股权投资基金有利于贵州加快增加上市公司的数量。通过文献综述,本文阐述了私募股权投资基金在贵州应发挥六大作用:推动创新;产业结构调整与资源优化配置;改善贵州当前融资机构不合理;提高企业管治水平,提高上市企业数量;促进资源优势转变为产业优势,进而再转变为经济优势。基于统计数据,本文在分析了近年来,全国私募股权投资的最新动态、趋势以及三板市场上市企业的私募股权投资背景,发现私募股权投资基金在多元化融资方式以灵活满足企业需求,优化资源配置,提高资本收益、促进企业做大做强、加快企业上市步伐等方面有十分积极的影响。 从实证角度,本文应用了计量模型,剖析中国私募股权投资基金对所投企业业绩改善的作用。本文对15家有私募股权投资基金的投资背景企业成长的实证分析,发现有私募股权投资基金参股支持的企业的业绩、投资收益率都有显著提高。此外,本文还应用西部矿业案例进行分析。 最后,针对私募股权基金的巨大效应和贵州私募股权基金的发展现状,本文提出贵州要想利用私募股权投资基金的促进资源开发,实现产业结构的调整,做大做强相关产业,必须大力重视私募股权基金的发展。为此,文章提出了几条政策建议。本文提出:贵州要大力推进推进资源开发、做大做强相关产业、改善融资结构,增加上市企业家数,在加速经济发展中,实现经济转型,应将PE发展作为一项重要的金融抓手。建议:通过大力宣传培训教育,提高全省企业主及地方官员对私募股权基金的认识程度;建立健全特色优势企业储备库,并定期与大型私募股权基金进行定期对接;大力引进并培养中介服务机构,加快对口人才培养;健全相关法律法规和出台相关优惠政策;注重培育本土私募股权投资基金,尤其是政府引导型基金等等。
[Abstract]:Private equity funds are playing a more and more important role in the global economy. In recent years, private equity funds have also developed rapidly in China, and their impact has gradually increased. A large number of powerful private investment institutions have emerged, and with the help of private equity investment institutions, A large number of characteristic high-quality enterprises and listed companies emerged. This paper holds that under the background that Guizhou is faced with both transition and dual tasks, it is of great practical significance to fully discuss private equity investment funds for the development of Guizhou resources. Its importance lies in: first, to promote resource development and cultivate industries with strong innovation ability and distinctive characteristics, private equity funds are needed to support them. Second, the implementation of Guizhou Province "large-scale industrial restructuring, speed up the transformation of economic development" needs the support of private equity investment funds. Third, the development of private equity investment fund helps to solve the capital and technology bottlenecks of industrial development in Guizhou province. Fourth, the development of private equity investment fund is conducive to readjusting the current financing institutions and increasing the proportion of direct financing. Fifth, the development of private equity funds conducive to Guizhou to accelerate the increase in the number of listed companies. Through literature review, this paper expounds that private equity investment funds should play six roles in Guizhou: promoting innovation, adjusting industrial structure and optimizing allocation of resources, improving the current financing institutions in Guizhou, and improving the current financing institutions in Guizhou; Improve the level of corporate governance, increase the number of listed enterprises, promote the transformation of resource advantages into industrial advantages, and then into economic advantages. Based on the statistical data, this paper analyzes the latest trends and trends of private equity investment in China in recent years, as well as the background of private equity investment of listed enterprises in the third board market. It is found that private equity funds have a very positive impact on the diversification of financing methods to meet the needs of enterprises, optimize the allocation of resources, improve capital gains, promote enterprises to become bigger and stronger, and speed up the pace of enterprise listing. From the empirical point of view, this paper applies the econometric model to analyze the role of Chinese private equity funds in improving the performance of invested enterprises. This paper analyzes the growth of 15 firms with the investment background of private equity investment fund, and finds that the performance of the enterprises supported by the private equity investment fund is significantly improved. In addition, this article also applies the west mining industry case to carry on the analysis. Finally, in view of the huge effect of private equity fund and the development status of Guizhou private equity fund, this paper puts forward that Guizhou should use private equity fund to promote resource development, realize the adjustment of industrial structure, and make the relevant industry bigger and stronger. We must attach great importance to the development of private equity funds. To this end, the article puts forward several policy suggestions. This paper puts forward that Guizhou should vigorously promote the development of resources, expand and strengthen the related industries, improve the financing structure, increase the number of listed entrepreneurs, accelerate the economic development and realize the economic transformation, so that the development of PE should be regarded as an important financial grasp. Suggestions: to improve the awareness of private equity funds among business owners and local officials, to establish and improve the special advantages of enterprise reserves, and to regularly connect with large private equity funds; To introduce and train intermediary services, accelerate the training of counterpart personnel; improve the relevant laws and regulations and introduce relevant preferential policies; pay attention to cultivating local private equity investment funds, especially government-led funds and so on.
【学位授予单位】:贵州财经大学
【学位级别】:硕士
【学位授予年份】:2013
【分类号】:F832.51

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