2004年以来，众多国际私募股权投资巨头看好中国的投资前景，不断探索并试图深入中国私募股权投资市场，
中华大地自此掀起了私募股权投资基金热潮。私募股权投资基金已被视为新时期中国投融资体制改革和建设的重要力量，其对于中国经济发展的积极作用在业界已经取得共识。文章的研究目的旨在通过比较分析、理论联系实际、综合归纳与具体分析相结合等多种研究方法，探讨中国私募股权投资基金在现有市场、法律和政策环境下所面临的困难和自身存在的问题，并探索其发展的方向和策略。
本文本文首先简要介绍了私募股权投资基金的涵义、分类和特点，其次与发达国家的情况进行了国际比较，并分创业投资市场和非创业投资市场两块细致入微的分析了当前我国私募股权投资基金发展状况。然后对私募股权投资基金进行经济学分析，基于信息不对称及委托代理理论对私募股权基金进行分析，发现不论在基金与所投资公司的层面上还是基金有限合伙人与普通合伙人的层面上，信息不对称及委托代理问题都能得到很好的解决，各方能够实现利益的一致性。最后在以上研究的基础上从多角度提出了改善私募股权基金生存发展环境、提升私募股权基金自身竞争能力、促成职业经理人市场和发展中介机构等建议。对于私募股权基金是否能够明显改善当前我国中小企业融资难的问题，文章给出了不同于一般观点的结论，指出在短期内，中、外资私募股权基金的关注点集中在国企改革、pre-IPO、以及在行业内市场占有率靠前的企业或项目。对于绝大部分的中小企业来说，融资难的问题仍将长期存在。
关键词：私募股权基金，私募股权投资，企业融资
ABSTRACT
Many international private equity firms have come to china to make a profit on Chinesemarket,since 2004.And then an upsurge in private equity funds comes to us.Most peoplebelieve that private equity will be an important and positive part of the Chinese economy and,more importantly,play a role in driving its growth.The purpose of writing this article is to findout that how to set up and develop Chinese private equity funds in available condition by variousresearch methods.
This paper firstly gives the brief definition category and feature of private equity funds.Secondly,it makes an nternational comparison with developed countries and analyses the development of our country from the view of Venture Capital Market and Non-venture capital market. Next is the theoretical analysis for PE,Analyses based on the information.Finally, At the basis of the above, The suggestions such as improving the environment,allowing private capital to be the main investor to privateequity funds instead of government,forming professional manager market and encouragingprofessional and support services are provided in the article.About the question of whether thedevelopment of private equity funds is able to improve medium-sized and small enterprises’problem of financing,the article has given out the conclusion that is unlike the general viewpoint:since most private equity funds in China concentrate on the reform of state-owned enterprises,pre-IPO as well as the firms who occupy high market share,for most medium-sized and smallenterprises,the problem of financing will still exist in a long period.
Key Words: Private Equity Fund,Private Equity Investment, Corporate Finance
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