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Private Equity in China - Booming or Dying?在中国私募股权投资 - 蓬勃发展或死亡？
A Comprensive Study of Private Equity Industry in China and its Impact on Firms' Development
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 growing rapidly in terms of GDP, China’s private equity industry is still a fraction of the size of larger developed economies.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 to examine the peculiarities of the Private Equity market in China as well as analyze its impact on the Chinese firms’ performance, the most important industry in China’s economy.本研究旨在探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 Europe目前在中国和欧洲的回顾
- Part 2: Literature Review (only journal paper, official research reports only government reports and central banks’ reports, common theory as independent paragraph)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 Concept
私募股权投资的商业模式和一般概念
• Venture Capital创业投资
• Growth Capital创业投资
• Buyout Fund并购基金
• Mezzanine Capital夹层资本
PIPE (Private Investment in Public Equity)
• PIPE（私人投资公开股票）
• Others (Real Estate Fund, Distressed Fund, etc)
• （房地产基金仿旧基金等）
In this paper, I will focus mainly on the Growth http://www.ukassignment.org/fxgllw/ Capital/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 first part will start by introducing the major forms of traditional PE and its universe definition. It will then be followed by presenting the main PE characteristics such as investing targets, capital structure, exit options, legal compliance, investors, etc. Lastly Part One will also introduce the major global PE players.
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 behind the success of a PE investment in Chinese SMEs.
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 emergence of PE industry in China. It will then discuss the unique characteristics of PE investment in China and explain the rationale behind these characteristics:
• Capital Structure (Significantly levered in West V.S Pure equity in China)
• Fund form (Mainly leveraged buyout in West V.S Growth capital in China)
• Exit Options (Much more IPO exit in China)
• Legal & Compliance (More strictly regulated by government in China)
• Investors (Mostly institutional investors such as pension funds, insurance companies, banks, etc in West V.S Government owned entities or rich individuals in China)
Lastly part two will also introduce the major Chinese PE players
- Part 6: Comparative Analysis of PE Returns in Chinese and Western European
PE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 Chinese industrial sector and compare it with Western Europe. Presumably PE returns in China will be c. 3-5 times that in West Europe, which justifies the growing trend of PE investment in China
- Part 7: Impact of PE investment on Chinese Firms’ Performance– A Comparison of PE Financing Firms with Non-PE Financing Firms
PE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 in terms of financial performance as well as stock performance. C. 30-50 samples will be identified (depending on data availability) in order to conduct the analysis. The samples will include those who received PE investment after 2002 and have already exited before end of 2010. Presumably PE financing firms will have a higher growth rate as well as high profitability ratio comparing to Non-PE financing firms.
- Part 8: Conclusion 结论
• PE firms normally generates a much higher return in Chinese industrial sector comparing to that in West Europe, which encourages them to invest further
• Within Chinese industrial sector, PE financing firms usually have a much better financial performance comparing to Non-PE financing firms, which creates a significant demand for PE investment within the sector
• Chinese PE market has its own characteristics and this unique feature will not be changed in the short term
- Part 9: Refreshing刷新
Questions: 问题
- Possibility to conduct interviews (after the data analysis as supplementary)
- Determination of samples (Mergemarket, Dealogic, Factset, Capital IQ, Bloomberg, Wind, China Venture, Zero2IPO). How to deal with bias/small problems?
- Empirical study/Regression/Correlation
- Enlightening conclusion?
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