私募股权投资基准数据库建立分析Methodology方法论样本

Methodology方法论

 

Benchmark selection基准的选择

 

In the Survey, Bain compared the 100 companies that received private equity investmentswith 2,424 publicly listed companies having major operations in China.在调查中，贝恩公开列举了2,424上市公司，以及主要业务在中国的100家企业获得私募股权投资的列表。 Of these, 1,523companies listed on the Shanghai and Shenzhen stock exchanges. The study also included901 Chinese-affiliated enterprises listed on other major exchanges around the world, includingexchanges in Hong Kong, Korea, Singapore, Europe and the United States. To qualify forinclusion, a company had to be headquartered in China, have China as its primarygeographic location or have the words“China”or“Chinese”as part of its name or in its businessdescription (see chart 13).

To better evaluate the relative performance of companies that had received privateequity investments, Bain developed a company databases to create benchmarks.为了更好地评估公司获得私募股权投资的相对表现，贝恩公司开发了一个创建基准的数据库。

 Thisdatabase included publicly 这个数据库包括公开listed companies having major operations in China from sixindustries—retail; consumer goods; industrial goods & services; healthcare; financialservices; and technology, media & telecommunications. In order to perform industry-levelanalysis, each listed company was assigned to one of the six industries.

Relative performance为了执行工业级分析标准，每一个都被分配到六大优势产业之一的企业之中。

 

To determine the performance of the 100 private equity-backed companies in the surveyrelative to the benchmark groups, Bain first calculated the growth in the relevant metrics forthe private equity-backed company and for both benchmarks for the two-year periodbeginning from the most recent investment by private equity investors. Thus, the performanceof private equity-backed companies that received their initial infusion of PE capital in 2002was compared against that of the benchmark group for the identical two-year period, 2002through 2004. Finally, to aggregate the results from different time periods, the weightedaverage of the relative performance of each company over the relevant period wascomputed to come up with its overall performance for each metric examined.

Sources & NotesChart 1:Source: AVCJ; Bain analysisChart 2:Source: AVCJ; Bain analysisChart 3:Source: AVCJ; Capital IQ; China statistics yearbooks; company annual reports; Bain analysisNote: Analysis based on weighted average compound annual growth rate or CAGR (exceptfor percent full-time employees with associate’s degree or higher, which used weightedaverage annual rate) of 100 companies involved in deals above US$20M during 2002–2006;listed companies benchmark use 2002–2008 weighted average

Chart 4:Source: AVCJ; Capital IQ; China statistics yearbooks; company annual reports; Bain analysisChart 5:Source: AVCJ; literature search; Bain analysisNote:   http://www.ukassignment.org/fxgllw/  Analysis based on companies receiving private equity investment above US$20Mduring 2002–2006; Real estates deals are excluded; financial deals excluded are megadealsof Industrial Bank, Bank of China, China Construction Bank and Bank of Communications

金融交易排除大型交易，兴业银行，中国银行，中国建设银行和交通银行

Chart 6:

Source: AVCJ; Bain analysisNote: Real estates deals are excluded; financial deals excluded are mega-deals of IndustrialBank, Bank of China, China Construction Bank and Bank of Communications; all other dealsabove US$20M during 2002–2008 included

Chart 7:Source: AVCJ; Capital IQ; China statistics yearbooks; company annual reports; Bain analysisChart 8:Source: AVCJ; Capital IQ; China statistics yearbooks; company annual reports; Bain analysis

Chart 9:Source: AVCJ; Bain analysisChart 10:Source: AVCJ; Capital IQ; China statistics yearbooks; annual reports; Bain analysisChart 11:Source: AVCJ; Bain analysisNote: Data including deals in mainland China from 2002 to 2008, excluding real estatedealsChart 12:Source: AVCJ, Euromonitor, Pitchbook, European PE & VC Association, Bain analysisChart 13:Source: Bain analysisPrivate Equity Glossary:Source: http://biztaxlaw.about.com/od/glossaryl/g/limitedpartner.htmSource: Private Equity Glossary, Foster Center for Private Equity.

Acknowledgement to contributors & contact information

Our special thanks go to:

First and foremost, to private equity fund managers and management teams whoanswered our questionnaire and in-depth interviewsTo all people who contributed, from Bain, the European Chamber or outside organizations,and in particular: Ms. Xuan Wang (project leader), Kiki Yang, Stephen Kao, WeiningWang, Serge Janssens, Gregory van Bellinghen, Tony Robinson, Susan Xu, JoanneWood, Lucas Leger, Martin Ready, Landy Yang, Alan Weathley, Adam Dunnett, DirkMoens, Alex Bell, Yann Cohen, Lyn Kok, Kathleen Ng, Dominique de Boisseson,Grace Yao and many others.

 

About the European Union Chamber of Commerce in China关于欧盟商会在中国的情况

 

The European Union Chamber of Commerce in China was originally founded by 51 membercompanies based in China on October 19, 2000. 根据2000年10月19日在中国，欧盟商会的条例中关于欧盟商会在中国最初成立是有51家会员公司的。The rationale for the establishment of theChamber was based on the need of the European Union and local European businesses to finda common voice for the various business sectors. Nine years after its foundation, the EuropeanChamber now has a total of more than 1400 members in seven chapters: Beijing, Chengdu,Nanjing, Pearl River Delta (Guangzhou and Shenzhen), Shanghai, Shenyang and Tianjin. TheChamber is recognized by the European Commission and the Chinese authorities as theofficial voice of European business in China.The European Chamber is an independent member-driven, non-profit, fee-based organizationwith a core structure of 28 Working groups and 6 Forums representing European business inChina. The Chamber is directed by a President and Executive Committee elected each year byand from its members.其成员是由商会直接由总裁兼执行委员会每年选举一次。

 

About the European Chamber Private Equity and Strategic M&A Working Group关于欧盟商会私募股权与战略并购工作组

 

About the European Chamber Private Equity and Strategic M&A Working GroupEstablished in 2008, the working group is established at a national level and is a platformof exchange and expertise on PE and M&A related issues for its members, as well asa communication platform with the Chinese and European governmental authorities ontopics of long-term benefit for the European investment community in China. The objectiveis to achieve a level playing field among all market participants and brings an activecontribution to the development of the industry.我们的目标是实现所有市场参与者之间的公平竞争和

的发展，并为此带来积极的贡献。Its deliverables include the annual Position Paper on PE and strategic M&A, regular meetingsand workshops in several Chinese cities (with professional associations, fund managers,governmental entities), as well as the annual survey on the Social and Economic impact ofPE in China.

Members include first and foremost PE and VC fund managers related to Europe or fromfunds of European origin, as well as heads of M&A for large corporations. The working groupalso includes all advisers working on PE and M&A matters.

工作组还包括所有工作的顾问，PE和并购事宜。