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The Research About the Risk Control Through the Operation Process of the Private Equity in China

Author: LiQiong
Tutor: ZhouZaiQing
School: Hunan University
Course: Finance
Keywords: Private Equity Fuzzy Comprehensive Evaluation Risk Control Operation Current Situation
CLC: F832.5
Type: Master's thesis
Year: 2010
Downloads: 125
Quote: 2
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Abstract


The financing of a enterprise consists of indirect financing and direct financing.The former refers to the bank credit,well the latter is mainly completed through the capital market.Since 2008,with the spread and deepening of the global financial crisis,the development of the enterprise is increasingly difficult,especially many of the Small and Medium-Sized Enterprises,because they are not qualified for the Initial Public Offering(IPO) and the bank credit.In this case,the Private Equity(PE) is more and more active in the capital market,which provides service for those enterprises as a new financing channel.According to incomplete statistics,there are 5000 institutions that are engaged in the PE investment, which covers many industries of the national economy ,such as the manufacturing industry ,the energy industry and the financial industry.There were 23 enterprises that have obtained supports from the PE out of the 28 enterprises which were approved for the IPO through the Growth Enterprise Market(GEM) in October 2009.Thus,Private Equity is increasingly important in China’s financial system.As a product of financial innovation and industrial innovation, the main characteristics of PE during its operation process are high yields and high risks.High risks are the premise of high yields,meanwhile,high risks penetrate in the whole operation process of PE ,including financing,investment and exit. Therefor,the primary task of PE is to control risks and increase yields. In recent years,our country offered many conveniences for the operation of PE from the legal,the policies and the market operation.For example,we revised the Law of the People’s Republic of China on Partnerships,which established limited partnership ,and approved the Social Security Fund investing in PE which is authorized or recorded by the National Development and Reform Commission.What’s more,we established the GEM,which provided a new exit channel for PE.But there are still many risks existing on the whole operation process of financing,investment and exit of China’s PE.The main point of this paper is to identify and measure the risks of China’s PE during its operation process,and put forward the corresponding risk control measures.The contents are as follows,in part one,the concept of PE along with its operation process and risks during the operation process are discussed ,which set theoretical basis for the later study.In the second part, risks are analysed from the source of funds,organization forms ,investment and exit channels during the operation process of China’s PE.In the third part,fuzzy comprehensive evaluation method is used to measure risks in the operation process of China’s PE.In section four,foreign experiences are used to put forward corresponding risk control measures in our country.Finally,the conclusion of the study is made ,as well as the limitations and the future directions.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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