1. 鑲＄エ鍩洪噾鍏鍕熺佸嫙鏄浠涔
鑲＄エ鍩洪噾鍏鍕熺佸嫙鏄浠涔坃鑲＄エ鍩洪噾鏈変粈涔堝ソ澶
鑲＄エ鍩洪噾鍏鍕熺佸嫙鍒嗗埆鎸囩殑鏄浠涔?鎴戜滑璐涔拌偂紲ㄥ熀閲戞湁浠涔堟牱鐨勫ソ澶勫憿?浠ヤ笅鏄灝忕紪涓哄ぇ瀹舵暣鐞嗙殑鑲＄エ鍩洪噾鍏鍕熺佸嫙鏄浠涔堬紝甯屾湜鍙浠ュ湪涓瀹氱▼搴︿笂甯鍒板ぇ瀹躲
鑲＄エ鍩洪噾鍏鍕熺佸嫙鏄浠涔
鍏鍕熷熀閲戞槸鐢變笓涓氱殑鍩洪噾綆＄悊鍏鍙告垨鍩洪噾鎵樼′漢鍙戣岀殑鎶曡祫浜у搧錛屽悜鍏浼楀嫙闆嗚祫閲戱紝闆嗕腑鎶曡祫浜庝笉鍚岀殑閲戣瀺甯傚満錛屼互鑾峰彇鏀剁泭騫跺垎閰嶇粰鎶曡祫鑰呫傜浉姣斿叾浠栭噾鋙嶄駭鍝侊紝鍏鍕熷熀閲戝叿鏈夋姇璧勯棬妲涗綆銆佹祦鍔ㄦу己銆侀庨櫓鍒嗘暎銆佷笓涓氱＄悊絳変紭鐐癸紝鎴愪負浼楀氭姇璧勮呯殑閫夋嫨銆
鑲＄エ鐨勭佸嫙鏄浠涔
縐佸嫙鏄鎸囧悜灝忚勬ā鏁伴噺鎶曡祫澶ф埛鍑哄敭鑲＄エ錛屼竴鑸鎶曡祫浜烘暟鍦35浜轟互涓嬨傜佸嫙閫氫織鏉ヨ叉槸縐佸簳涓嬭繘琛屽彂琛岀殑錛岄氬父鎶曡祫浜庡垰鍒氫笂甯傜殑浼佷笟錛屾垨鑰呮槸鎴愰暱鍨嬩紒涓氥傛姇璧勮呬笉閮借兘鍙傚姞縐佸嫙鐨勶紝鍥犱負瀹冪殑闂ㄦ涢珮錛屾瘡涓鎶曡祫鑰呴兘鏄鎴愮櫨涓婂崈涓囩殑璧鋒ヨ祫閲戱紝榪欏艱嚧鑲＄エ縐佸嫙鐨勯庨櫓鉶界劧澶э紝浣嗘槸鏀剁泭涔熷緢楂樸
浠涔堟槸縐佸嫙鍩洪噾
縐佸嫙鍩洪噾錛氫竴縐嶉珮闂ㄦ涖佸畾鍚戝嫙闆嗐佹姇璧勮寖鍥村箍娉涚殑鎶曡祫浜у搧銆
縐佸嫙鍩洪噾鏄鐢卞熀閲戠＄悊浜烘垨鍩洪噾鎵樼′漢瀹氬悜鍕熼泦璧勯噾錛屽悜鐗瑰畾鐨勬姇璧勮呯兢浣撳彂琛岀殑鎶曡祫浜у搧銆傜浉姣斿叕鍕熷熀閲戱紝縐佸嫙鍩洪噾鐨勬姇璧勯棬妲涙洿楂樸佹姇璧勮寖鍥存洿騫匡紝涔熷叿鏈夋洿鐏墊椿鐨勬姇璧勭瓥鐣ュ拰鏇撮珮鐨勫洖鎶ユ綔鍔涖
縐佸嫙鍩洪噾鐨勬姇璧勫硅薄閫氬父鏄鏈烘瀯鎶曡祫鑰呭拰楂樺噣鍊間漢澹錛屾姇璧勯棬妲涜緝楂橈紝閫氬父闇瑕佹姇璧勮呮弧瓚充竴瀹氱殑璐㈠姟鏉′歡鍜屾姇璧勭粡楠岃佹眰銆傜佸嫙鍩洪噾鐨勫嫙闆嗘柟寮忛氬父鏄闈㈠悜灝戞暟鐗瑰畾鎶曡祫鑰咃紝浠ュ畾鍚戝嫙闆嗙殑鏂瑰紡榪涜岋紝鍕熼泦璧勯噾閲忛氬父杈冨皬錛屼絾鍙浠ユ牴鎹鎶曡祫鑰呴渶奼傚拰甯傚満鎯呭喌榪涜屽氭″嫙闆嗐
鍏鍕熷拰縐佸嫙鐨勫尯鍒鏄浠涔
鍏鍕熷拰縐佸嫙鐨勬姇璧勯棬妲涗篃涓嶅悓銆傜敱浜庨潰鍚戝叕浼楀嫙闆嗚祫閲戱紝鍏鍕熷熀閲戠殑鎶曡祫闂ㄦ涚浉瀵硅緝浣庯紝涓鑸鍙闇瑕佸嚑鍗冨厓鎴栧嚑涓囧厓鍗沖彲鎶曡祫銆傝岀佸嫙鍩洪噾鍒欓氬父闇瑕佹姇璧勮呭叿澶囦竴瀹氱殑璧勮川鍜岀粡楠岋紝騫朵笖鎶曡祫闂ㄦ涜緝楂橈紝閫氬父闇瑕佸嚑鐧句竾鍏冩垨鏇撮珮鐨勬姇璧勯濄
浠涔堟槸鑲＄エ鏉垮潡
鑲＄エ鏉垮潡鎸囩殑鏄榪欐牱涓浜涜偂紲ㄧ粍鎴愮殑緹や綋錛岃繖浜涜偂紲ㄥ洜涓烘湁鏌愪竴鍏卞悓鐗瑰緛鑰岃浜轟負鍦板綊綾誨湪涓璧鳳紝鎴栧皢鏌愪簺澶勪簬鍚屼竴琛屼笟鐨勮偂紲ㄥ垝褰掍竴綾誨緱鍑虹殑涓綾昏偂紲ㄧ被鍒銆傝岃繖涓鐗瑰緛寰寰鏄琚鎵璋撹偂甯傚簞瀹剁敤鏉ュ疄琛岀倰浣滅殑棰樻潗銆
鑲＄エ鏉垮潡鐨勭壒寰佹湁鐨勫彲鑳芥槸鍦扮悊涓婄殑錛屼緥濡傗滄睙鑻忔澘鍧椻濄佲滄鄲涓滄澘鍧椻;鏈夌殑鍙鑳芥槸涓氱嘩涓婄殑錛屽傗滅嘩浼樻澘鍧椻;鏈夌殑鍙鑳芥槸涓婂競浼佷笟緇忚惀琛屼負鏂歸潰鐨勶紝濡傗滆喘騫舵澘鍧椻;榪樻湁鐨勬槸琛屼笟鍒嗙被鏂歸潰鐨勶紝濡傗滈挗閾佹澘鍧椻濄佲滅戞妧鏉垮潡鈥濄佲滈噾鋙嶆澘鍧椻濄佲滄埧鍦頒駭鏉垮潡鈥濈瓑錛屼笉涓鑰岃凍銆傛諱箣錛屽嚑涔庝粈涔堥兘鍙浠ュ啝浠ユ澘鍧楃殑鍚嶇О錛屽彧瑕佽繖涓鍚嶇О鑳芥垚涓鴻偂甯傜倰浣滅殑棰樻潗銆
鏈夊緢澶氣滄澘鍧椻濇槸浣滀負鐐掍綔棰樻潗鑰屾帹鍚戝競鍦虹殑銆備婦涓涓渚嬪瓙璇存槑銆1995騫存湯錛岃偂甯傛帹鍑轟簡鎵璋撶殑鈥滄潈璇佷笌杞閰嶆傚康鑲℃澘鍧椻濓紝濡傛湁鍏磋叮鍙緲婚槄褰撴椂鐨勩婁腑鍥借瘉鍒告姤銆嬫垨銆婁笂嫻瘋瘉鍒告姤銆嬶紝褰撴椂鏈夊叧鎶ュ垔榪炵瘒緔鐗嶅湴鍙戣〃鏂囩珷鎴栬拷鎹э紝鎴栬В鏋愬悇涓鎵璋撴潈璇佷笌杞閰嶆傚康鑲°傚湪榪欎簺鏂囩珷鐨勮儗鍚庯紝娣卞競鐐掓墜澶х倰鏉冭瘉錛屽競鍦轟笂涓鎵圭洸鐩璺熼庤呬篃鐑闂瑰湴榪芥崸銆傜粨鏋滄槸絳夊埌闄ゆ潈鍜屾潈璇佷笂甯傦紝鑲′環涓璺璺屽皢涓嬫潵錛岃窡椋庤呭彧濂借嚜璁ゅ掗湁銆
1996騫村垵錛屾墍璋撯滃熀閲戞澘鍧椻濆張琚縐頒負鈥滆涓ラ噸浣庝及鐨勪綆浠鋒澘鍧椻濊屾帹涓婂墠鍙幫紝鎺ョ潃榪炵畫鎺ㄥ嚭鈥滃熀閲戝競鍦虹殑鍐嶈よ瘑鈥濈郴鍒楁枃絝狅紝澹扮О瑕佲滅畻涓綆楁姇鍏ュ熀閲戣繖絎斿笎鈥濄傛諱箣錛岀粡榪囪В鏋愶紝鍩洪噾鏉垮潡琚璁や負鏄鏈濂界殑鎶曞叆瀵硅薄錛岄殢鍚庝環鏍兼灉鐪熶笂娑ㄣ傛渶鍚庣粨鏋滃備綍鍛?濂芥ⅵ騫朵笉闀匡紝娌¤繃鍑犲ぉ錛屽熀閲戝張璺屼簡鍥炲幓銆
琛屼笟鏉垮潡瀵逛笂甯備紒涓氱殑鑲＄エ瀹炶屽垎綾伙紝渚誇簬鎵懼埌鍏峰囪屼笟鐩稿叧鎬х殑浼佷笟鑲＄エ銆傝屼笟瑙ｆ瀽鏄鑲″競鍩烘湰闈㈣В鏋愮殑閲嶈佷竴鍧楋紝瀹炶岃屼笟鑲＄エ鐨勫垎綾諱究浜庡硅偂紲ㄧ殑瑙ｆ瀽鐮旂┒錛岃屼笟鏉垮潡鏃ユ笎鎴愪負閫夎偂鐨勯噸瑕佷緷鎹銆
2. 鑲＄エ縐佸嫙鎸囩殑鏄浠涔
鑲＄エ縐佸嫙鎸囩殑鏄浠涔坃鑲＄エ縐佸嫙鐨勫叿浣撳惈涔
鑲＄エ縐佸嫙鎸囩殑鏄浠涔堝憿?鎴戜滑瑕佹庝箞鐞嗚В鑲＄エ縐佸嫙鑳屽悗瀛樺湪鐨勪竴浜涘叿浣撳惈涔?鐩鎬俊寰堝氫漢閮藉嶮鍒嗗ソ濂囷紝鍥犳ゅ皬緙栫壒鎰忎負澶у跺甫鏉ヤ簡鑲＄エ縐佸嫙鎸囩殑鏄浠涔堬紝甯屾湜澶у跺枩嬈銆
鑲＄エ縐佸嫙鎸囩殑鏄浠涔
鑲＄エ縐佸嫙涔熷彨璇佸埜縐佸嫙錛屽畼鏂圭殑鍙娉曟槸縐佸嫙璇佸埜鎶曡祫鍩洪噾錛屽畠鏄鍊熷姪淇℃墭鍏鍙稿彂琛岀殑錛岀粡榪囩洃綆℃満鏋勫囨堬紝璧勯噾瀹炵幇絎涓夋柟閾惰屾墭綆★紝鏈夊畾鏈熶笟緇╂姤鍛婄殑鎶曡祫浜庤偂紲ㄥ競鍦虹殑鍩洪噾銆
縐佸嫙鑲℃潈鎶曡祫鏄浠涔堟剰鎬
鑲℃潈縐佸嫙鑲℃潈鎶曡祫(PE)鏄鎸囬氳繃縐佸嫙鑲℃潈鍩洪噾瀵歸潪涓婂競鍏鍙歌繘琛岃偂鏉冩姇璧勩傚湪浜ゆ槗瀹炴柦榪囩▼涓錛孭E鏈鏉ヤ細鑰冭檻閫鍑烘満鍒訛紝鍗抽氳繃鍏鍙擱栨″叕寮鍕熻偂(IPO)銆佸苟璐(MA)鎴栫＄悊灞傚洖璐(MBO)絳夋柟寮忋傛潵鑾峰彇鍒╂鼎銆傜畝鍗曟潵璇達紝PE鎶曡祫灝辨槸PE鎶曡祫鑰呭繪壘浼樼鐨勯珮鎴愰暱鎬ф湭涓婂競鍏鍙革紝鍚戝叾涓錛屾敞璧勮幏寰楀叾涓瀹氭瘮渚嬬殑鑲′喚錛屾帹鍔ㄥ叕鍙哥殑鍙戝睍鍜屼笂甯傦紝鐒跺悗閫氳繃杞璁╄偂鏉冭幏鍒╃殑銆
縐佸嫙鍩洪噾鍜岃偂紲ㄧ殑姒傚康
縐佸嫙鍩洪噾(PrivateFund)鏄縐佷笅鎴栫洿鎺ュ悜鐗瑰畾緹や綋鍕熼泦鐨勮祫閲戙備笌涔嬪瑰簲鐨勫叕鍕熷熀閲(PublicFund)鏄鍚戠ぞ浼氬ぇ浼楀叕寮鍕熼泦鐨勮祫閲戙備漢浠騫沖父鎵璇寸殑鍩洪噾涓昏佹槸鍏卞悓鍩洪噾錛屽嵆璇佸埜鎶曡祫鍩洪噾銆
鑲＄エ鏄涓縐嶆湁浠瘋瘉鍒革紝鏄鑲′喚鍏鍙稿湪絳歸泦璧勬湰鏃跺悜鍑鴻祫浜哄彂琛岀殑鑲′喚鍑璇侊紝浠ｈ〃鐫鍏舵寔鏈夎(鍗寵偂涓)瀵硅偂浠藉叕鍙哥殑鎵鏈夋潈錛岃喘涔拌偂紲ㄤ篃鏄璐涔頒紒涓氱敓鎰忕殑涓閮ㄥ垎錛屽嵆鍙鍜屼紒涓氬叡鍚屾垚闀垮彂灞曘
縐佸嫙鑲℃潈鎶曡祫鍩洪噾鍏鋒湁杈冮珮鐨勯庨櫓
浠峰艱瘎浼板甫鏉ョ殑椋庨櫓鍦ㄧ佸嫙鑲℃潈鎶曡祫鍩洪噾鐨勮繃紼嬩腑錛屽硅鎶曡祫欏圭洰榪涜岀殑浠峰艱瘎浼板喅瀹氫簡鎶曡祫鏂瑰湪琚鎶曡祫浼佷笟涓鏈緇堢殑鑲℃潈姣旈噸錛岃繃楂樼殑璇勪及浠峰煎皢瀵艱嚧鎶曡祫鏀剁泭鐜囩殑涓嬮檷銆備絾鐢變簬縐佸嫙鑲℃潈鎶曡祫鐨勬祦鍔ㄦу樊銆佹湭鏉ョ幇閲戞祦鍏ュ拰嫻佸嚭涓嶈勫垯銆佹姇璧勬垚鏈楂樹互鍙婃湭鏉ュ競鍦恆佹妧鏈鍜岀＄悊絳夋柟闈㈠彲鑳藉瓨鍦ㄥ緢澶х殑涓嶇『瀹氭э紝浣垮緱鎶曡祫鐨勪環鍊艱瘎浼伴庨櫓鎴愪負縐佸嫙鑲℃潈鎶曡祫鍩洪噾鐨勭洿鎺ラ庨櫓涔嬩竴銆
鑲＄エ鍗栧嚭鎸夋墜榪樻槸鎸夎偂鍗栧嚭?
鑲＄エ鍗栧嚭鏃㈠彲浠ユ寜鎵嬪崠鍑轟篃鍙浠ユ寜鑲″崠鍑恆
鏍規嵁鐩稿叧瑙勫垯鏄劇ず錛岃偂紲ㄤ拱鍗栨渶灝戜拱鍏ユ垨鑰呭崠鍑烘暟閲忔槸1鎵嬶紝1鎵嬩篃灝辨槸100鑲°傚湪榪欎箣鍓嶈偂紲ㄩ兘鏄鍙浠ユ寜鐓ф瘡鑲¤繘琛屼氦鏄撶殑錛屽彧涓嶈繃闅忕潃鏃朵唬鐨勫彂灞曪紝涓轟簡浜ゆ槗鐨勬柟渚垮拰鏁版嵁鐨勭粺璁★紝鎵嶅紑濮嬩互1鎵嬫垨鑰呭叾鏁存暟鍊嶄負鍗曚綅榪涜屼氦鏄撱傛墍浠ヨ偂紲ㄧ殑鍗栧嚭鏃㈠彲浠ユ寜鎵嬩負鍗曚綅鍗栧嚭錛屼篃鍙浠ユ寜鑲′負鍗曚綅鍗栧嚭銆
鑲＄エ涔板崠鎿嶇旱瑙勫垯
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