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The Research of Private Equity Funds in China’s Real Estate Investment

Author: ZhongFei
Tutor: PanWenAn
School: Zhejiang Technology and Business University
Course: Technology Economics and Management
Keywords: Private equity fund The real estate industry GameAnalysis Incentives mechanism Exit mechanism
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Type: Master's thesis
Year: 2014
Downloads: 21
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Abstract


In recent years, the central government has implemented a sere of macro-control policies to regulate and guide its sound development, trying to slow down the rapid surge of its price. Besides the restriction of the fund sources, other dilemmas like limited financing channels and overseas finance, overruled on the mortgages from banks, and difficult to IPO, all call for a new financing channel. In this situation, to develop a private equity investment fund becomes a necessity. Meanwhile, the game between multi-stakeholders exist in the real estate private equity fund investment and financing process, and the current research on this aspect is less.By adapting the research methodology of Game Theory and case study, this paper analyzed the investment in private equity investment fund, focusing on this special field. Firstly, it briefly introduced the background of this study, its purposes, methodology, innovation points, also its difficulties. Secondly, it summered related definitions of private equity investment fund and their current researches, and further teased the studies at home and abroad and also in real estate industry. Thirdly, this paper critically analyzed by using two game theory models, one is based on the incentive-constraint mechanism, within the stake holders between investors and private equity investment funding corporations, while the other one is between the interaction between private equity investment funding corporations and the targeted real estate firms based on incentive-constraint mechanism, reinvestment and capital exit choice, and the exit ways. It further theoretic studied its investment practice, combined with related case studies. Finally, there comes suggestion for its further development and possibilities in China’s real estate industry.Based on the above analysis, it comes to the following conclusions:(1) In this research, it was found that under information asymmetry, investors should reduce fixed incomes, reasonably design incentive coefficient and enlarge its control over investment in private equity investment funding corporations, thus better realize the investment management, and create more capital appreciation.(2) Besides, it exist a negative relationship between the stock share held in private equity investment funding corporations and the effort devoted by the invested entrepreneurs. The latter can gradually increase its stock share to better manage its daily operation.(3) Private equity investment funding corporations should design restrictive clauses with the invested real estate firms in order to constrain its illegal behavior. Considering the invested firms, they can make their own decisions based on the forehead evaluation in the aspects of default costs, exit costs, and exit gains, while the private equity investment funding corporations can react accordingly.(4) The choice of whether converting stocks of private equity investment funding corporations is just the reallocation of mutual utilities, it will not necessarily impact on the decision of exit ways. Thus, from theoretic perspective, private equity investment funding corporations and the invested real estate firms can make the best exit decisions based on the predicted performance index of the firm.

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