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A Study on the Relationship between the Attributes of Capital Markets and the Exit of Private Equity Investment

Author: YuanMingJie
Tutor: FeiYiWen
School: Shanghai Jiaotong University
Course: Business Administration
Keywords: private equity investment exit of investment target company attributes of capital markets
CLC: F832.48
Type: Master's thesis
Year: 2011
Downloads: 105
Quote: 1
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Abstract


The urbanization and stimulation of consumption in China have driven a great upsurge in private equity investment. Exits of investment, as the end of a cycle, are central to the PE investing process. Generally speaking, the business model and the performance evaluation system determine that the performance of managing a PE fund depends on the absolute rate of return as well as the effective cash-out upon the exit of investment. In practice, due to the significantly high return of exit in the capital market and an increasing expectation of internal rate of return from LP investors, the private equity investment in China is particularly inclined to choose going-public as the route of exit. Nevertheless many investment cases fall into dilemma of exit due to the failure of going public. On the premise of this fact, this thesis analyzed the relationship between the attributes of capital markets and the exit of the private equity investment. The conclusion drawn from this study is supposed to provide the theory evidence to PE funds in terms of investment decision and exit management. This thesis first discussed how the typical attributes of main stream capital markets such as US, Hong Kong and China, namely the industry preference, the position of the target company in the niche market, the recognition of entrepreneurs, and the compliance of target company with technical rules in terms of going-public, play a role in the exit of PE investment. After that, to support the conclusion from an empirical perspective, the thesis comprehensively analyzed a typical successful exit of investment and carried out a statistical analysis of a questionnaire survey among PE institutions.It is concluded from the research that the attributes of capital markets are closely concerned with the exit of private equity investment. The target company’s capability of matching the attributes of capital market plays an important role in the exit of private equity that invests in it. This conclusion of research, which focuses on the result of investment, also has a reverse significance on the judgment of corporate valuation which contributes value to managing private equity capital.

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