私募股权投资在中国的影响力研究

FORE WORD 

PRIVATE EQUITY: WHAT’S IN IT FOR CHINA ?

前言

私募股权投资：在中国它意味着什么？

In just 10 years, the venture capital and private equity (PE) industry in China has become adriving force for economic growth, job creation, innovation and entrepreneurial success.

  在短短10年间，风险投资和私募股权投资（PE）行业已经成为中国经济增长的的动力，更是促使就业，创新和创业的成功因素。

China has emerged as one of the leading destination for PE capital, and though slowed bythe business-cycle downturn, this trend is continuing through the current turbulence.

This spectacular growth, the entrepreneurial achievements it created and the stellar initialpublic offerings (IPOs) it generated on both Foreign and Chinese stock markets have beenwell received. Private equity enjoys a positive image in China with stakeholders: governmentofficials, financial institutions, the general public and, particularly, with entrepreneurs andmanagement teams.

But private equity’s favorable image in China might in some cases be challenged, as theongoing financial turmoil could trigger poor investment returns, questionable managementbehavior and failed deals.

在某些情况下，私募股权在中国的良好形象可能会受到挑战，金融市场持续动荡可能引发较差的投资回报，导致管理行为和交易失败。

This survey is the contribution of the European Union Chamber of Commerce in China, inpartnership with Bain & Company, to evaluate private equity’s role in China at this importantjuncture in its development. It applies a unique social and economic perspective to anindustry often regarded as pure financial engineering. In short, it mobilizes rigorous data toanswer the question: “Private equity: What’s in it for China?”

Transparency creates trust. It is our goal to strengthen that trust by explaining how thisimportant industry works and describing its contributions to China and its people.透明才能产生信任。我们的目标是加强信任，解释这个重要的行业是如何工作的，并描述其带给中国和中国人民的贡献。This survey, the first of its kind to be conducted in China, shows that PE, both foreign structuredand domestic, has been a driving force in improving companies’ financial performance, socialoutcomes and company governance.We hope all industry participants – fund managers, fund of funds sponsors, governmentbodies, professional associations, advisors – will use the data and findings of this surveyextensively.   http://www.ukassignment.org/fxgllw/  The European Chamber and Bain look forward to participating in future con-ferences and workshops with industry stakeholders.I would like to express my thanks to the European Chamber team that contributed tothe survey, to its president Joerg Wuttke, for his continuous support; to my vice-chairs, inparticular Roslina Chai; and to Bain & Company and its partners, Michael Thorneman andWeiwen Han, for producing the underlying analysis upon which this report is based.

EXECUTIVE SUMMARY内容提要

This first survey on the social and economic impact of private equity in Chinademonstrates that PE firms provide a strong source of support in helpingChinese companies to grow and contribute to China’s macroeconomic anddevelopment goals. PE firms transfer management know-how to businessesin their portfolios, build globally competitive companies, improve corporategovernance, developaninnovativeprivatesector,supportinland developmentand foster domestic consumption.The purpose of the survey was to documentthe above mentioned effects based on facts and figures.调查的目的是记录上述基于事实和数据的影响的文件。

It is in this context that the Private Equity and Strategic M&A Working Group of the EuropeanUnion Chamber of Commerce in China and its survey partner, Bain & Company, set out toexamine PE’s social and economic impact in China. This report presents data on key socialindicators, including job creation, spending on research and development and the distributionof investment to inland provinces. It evaluates key measures of economic performance,including revenue and profit growth, the stimulation of greater domestic consumption andtax contributions. The study also aims to be a major source of quantitative information aboutprivate equity in China and to contribute to a constructive debate about its current role andfuture development.

Covering the period from 2002 to 2008, the survey included a highly representative panelof companies, representing more than 50 percent of all private equity investments through2006. We excluded deals completed after 2006 in order to be able to track post-investmentperformance for a period of at least two years. Supplemented by 17 in-depth interviewswith PE-backed company executives, this report reveals private equity’s social and eco-nomic contribution through their portfolio companies.

  Private equity’s SOCIAL impact on China is notable in three principal areas:First, PE-backed companies created more jobs and paid higher wages andsalaries.私募股权投资的社会对中国的影响是显著的，主要是在三个主要方面：首先，PE支持的公司创造了更多的就业机会，并支付更高的工资，获得高薪金。Total employment at private equity-financed companies increased by 16 percent over thesurvey period compared with just 8 percent at publicly listed companies. PE-backedcompanies also pay significantly higher wages. The gross salary growth rates at PE-backedcompanies outperformed those of the listed companies by seven percentage points.Witha 50 percent higher growth rate of employment than their peers for graduates withassociate degree or higher, PE-backed companies are also raising job quality. Privateequity’s qualitative impact on hiring and compensation is helping to move China’s econo-my toward greater domestic consumption and more social stability.

Second, innovation and efficient spending on research and developmentare important goals for PE-backed firms.

其次，创新和高效的研究和开发上的支出是PE支持的企业的重要目标。

Measured as a percentage of revenue, R&D spending at PE-backed companies was morethan two-and-a-half times that of their publicly listed counterparts. Not only do PE inves-tors raise awareness of innovation’s importance at the companies in which they invest, theyalso frequently disseminate best practices and increase the productivity of R&D spending.By helping Chinese companies to climb the value chain, PE firms further the public policygoal of establishing China as an innovative society.

Finally, PE is a strong contributor to the government’s “Go West” policies.

Not confined to the coastal regions that have attracted disproportionate investment capital,private equity is flowing across all provinces. The survey found that 42 percent was directedto companies headquartered in inland provinces.

调查发现，42％的公司总部设在内陆省份。