私募股权投资在中国的重要性分析

BACKGROUND INFORMATION 背景信息

 

Importance of private equity in China私募股权投资在中国的重要性

 

Investing capital raised primarily from institutional investors, private equity funds typicallybuy stakes in operating companies.

投资筹集的资金主要来自机构投资者，私募基金通常通过购买运营公司的股份来获得。 Through boom-and-bust cycles over several decades, PEhas developed into a mature asset class. In the global context, and especially in the UnitedStates and Europe, PE deals in recent years have been concentrated in buyouts, with privateequity investors taking full ownership of the target companies.

Focused on growth capital专注于成长资本

 

By contrast, the private equity industry in China shares characteristics more common toventure capital. 相比之下，私募股权投资行业在中国有着更常见的风险资本的特征。

The main reason is that, in a sense, much of China’s economy has been inhigh-growth mode. Limited access to expansion capital for smaller and midsize companiesand new enterprises have led entrepreneurs to turn to private equity investors for growthcapital to fill the breach: More than 80 percent of private equity investments were in theform of capital to finance expansion (see chart 11).

China is Asia’s top investment destination for private equityChina has become the top destination for private equity investment in Asia over the pastseveral years. 中国是亚洲顶尖的投资目的地，中国私募股权投资已在过去几年成为亚洲的私募股权投资的首选目的地。From 2000 through the peak of global economic expansion in 2007, PE deals inChina grew at a compound annual rate of 45 percent. Yet, even as new investments slowedin 2008 due to the financial crisis, PE activity in China remained strong relative to other Asianmarkets. This trend continued through the first half of 2009, as deal volume topped $7.2 bil-lion, nearly matching the total for all of 2008. No other country is recovering as quickly.   http://www.ukassignment.org/fxgllw/  Chinais now on par with the region’s mature economies such as Japan and Australia/New Zealandas a destination for new investments.

Other indicators point to continued significant growth for PE over the medium term. 其他指标无疑表明PE在中期获得持续的大幅增长。Today,PE investments in mainland China already represent 0.17 percent of GDP. Significant growthcan be anticipated if they were to increase to the European level of 0.47 percent of GDP orthe 1.3 percent level in the U.S (see chart 12).

Evolving trends that could impact China’s private equity industry include, among otherthings: 可能会影响中国的私募股权行业的发展趋势，其中包括其他的事情the introduction of RMB-denominated funds; the closer alignment of domesticregulations with international principles; collaboration with global funds to diversify portfolios;the introduction of industry best practices for limited partners and general partners operatingin China; and higher levels of participation by domestic institutional investors and funds offunds investing in private equity.

 

Private equity glossary私募股权词汇

 

The most common investment strategies in private equity include leveraged buyouts,venture capital, growth capital, distressed investments.最常见的投资策略，私募股权投资包括杠杆收购，风险资本，成长资本，补偿性投资。

Leveraged buyout: Also called LBO or buyout, this is a strategy financial sponsors employto acquire a majority stake in a company, business unit or business assets from the currentshareholders, typically using a combination of equity and debt. The target companiesinvolved in these transactions are typically mature and generate healthy operatingcash flows.Venture capital: This is an equity investment made to finance the launch, early developmentor expansion of a business. Venture investing is most often found in the application ofnew technology, new marketing concepts and new products that have yet to be proven,and it usually involves acquiring a minority stake in the business.Growth capital: This is an equity investment made most often to acquire a minorityposition in a relatively mature company that is looking to expand or restructure operations,enter new markets or finance a major acquisition without ceding control of thebusiness.Distressed investments: Distressed, or special, situations are a broad category referringto investments into financially troubled companies. 

Investors may acquire debt securitiesin anticipation of taking control of the company’s equity after a corporate restructuring.企业重组后，公司的股权会控制在预期投资者手中，并可能获得债务证券。Investors may also provide “rescue financing” typically a combination of debt andequity to companies undergoing operational or financial challenges.Limited Partner (LP): A LP is an investor in a fund. It has a share of ownership in a privateequity partnership but takes no part in managing it. LPs are liable only up to the amountof their original investment in the partnership.General Partner (GP): A GP is a fund manager. He takes part in the daily operations ofthe private equity partnership and is personally responsible for its liabilities.Fund of Funds: It is a pool of capital that invests in several private equity funds.基金中的基金：这是一个投资多家私募股权基金的资金池。 Itsown investors are large institutional investors like pension funds or insurance compa-nies. High net worth individuals and relatively small institutional investors participate ina fund of funds to minimize the effort and costs related to managing their portfolio.Private equity glossaryThe most common investment strategies in private equity include leveraged buyouts,venture capital, growth capital, distressed investments.