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设立私募基金应考虑哪些关键因素?

来源: 南方日报网络版     时间: 2019年08月21日 06:23:17
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pc28实力微信群平台直招龙虎代理客服QQ【3512770174】诚招代理【在线开户网址um996.com】龙虎和龙虎1赔2.211合1赔9.95,定位胆1赔9.95腾讯分分彩,5分,10分彩,最高返水100反9快,最高赔率,正规信誉大平台平台24h提供注册及登录。设立私募基金应考虑哪些关键因素?

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(3、管)(理)(公)(司)(内)(部)(组)(织)(架)(构)(的)(设)(计)(。包)(括)(公)(司)(股)(权)(结)(构)(以)(及)(组)(织)(机)(构)(设)(计)(。(1)管)(理)(公)(司)(股)(权)(结)(构)(,会)(影)(响)(公)(司)(的)(所)(有)(制)(性)(质)(、股)(东)(对)(公)(司)(的)(控)(制)(权)(、预)(期)(收)(益)(的)(分)(配)(。所)(以)(在)(考)(察)(管)(理)(公)(司)(的)(股)(权)(结)(构)(时)(,是)(否)(有)(国)(资)(以)(及)(境)(外)(资)(本)(,国)(资)(和)(境)(外)(资)(本)(的)(审)(查)(有)(特)(殊)(法)(律)(规)(定)(。(2)管)(理)(公)(司)(的)(组)(织)(机)(构)(设)(计)(。管)(理)(公)(司)(组)(织)(结)(构)(设)(计)(主)(要)(考)(虑)(部)(门)(设)(置)(健)(全)(程)(度)(以)(及)(与)(风)(险)(控)(制)(和)(隔)(离)(匹)(配)(程)(度)(、投)(资)(决)(策)(权)(限)(的)(分)(配)(等)(,通)(过)(组)(织)(机)(构)(设)(计)(重)(点)(考)(察)(机)(构)(的)(内)(部)(风)(险)(控)(制)(是)(否)(得)(当)(。
二)(、基)(金)(名)(称)(、经)(营)(范)(围)(、设)(立)(地)(的)(选)(择)(
1、基)(金)(名)(称)(
根)(据)(《企)(业)(名)(称)(登)(记)(管)(理)(规)(定)(》,企)(业)(名)(称)(一)(般)(由)(“所)(在)(地)(+字)(号)(+行)(业)(+组)(织)(形)(式)(”四)(部)(分)(构)(成)(。虽)(然)(《私)(募)(基)(金)(监)(督)(管)(理)(暂)(行)(办)(法)(》没)(有)(对)(基)(金)(名)(称)(作)(出)(明)(确)(的)(要)(求)(,概)(括)(的)(规)(定)(为)(“本)(办)(法)(所)(称)(的)(私)(募)(投)(资)(基)(金)(,是)(指)(在)(中)(华)(人)(民)(共)(和)(国)(境)(内)(,以)(非)(公)(开)(方)(式)(向)(投)(资)(者)(募)(集)(资)(金)(设)(立)(的)(投)(资)(基)(金)(”,在)(部)(分)(地)(方)(文)(件)(中)(还)(是)(会)(对)(基)(金)(名)(称)(做)(出)(规)(定)(,比)(如)(深)(圳)(市)(发)(布)(的)(《关)(于)(促)(进)(股)(权)(投)(资)(基)(金)(业)(发)(展)(的)(若)(干)(规)(定)(》明)(确)(规)(定)(“股)(权)(投)(资)(基)(金)(、股)(权)(投)(资)(基)(金)(管)(理)(企)(业)(可)(在)(企)(业)(名)(称)(中)(使)(用)(“基)(金)(”或)(“投)(资)(基)(金)(。”通)(常)(,当)(基)(金)(组)(织)(形)(式)(选)(择)(使)(用)(公)(司)(形)(式)(设)(立)(时)(,会)(在)(名)(称)(中)(标)(注)(为)(“股)(权)(投)(资)(”或)(“股)(权)(投)(资)(基)(金)(”。
2、经)(营)(范)(围)(
根)(据)(私)(募)(基)(金)(投)(资)(方)(向)(不)(同)(,可)(以)(将)(私)(募)(基)(金)(类)(型)(划)(分)(为)(私)(募)(股)(权)(投)(资)(基)(金)(、私)(募)(证)(券)(投)(资)(基)(金)(、创)(业)(投)(资)(基)(金)(以)(及)(其)(他)(类)(型)(投)(资)(基)(金)(。鉴)(于)(基)(金)(业)(协)(会)(对)(专)(业)(化)(经)(营)(的)(要)(求)(,一)(般)(单)(只)(基)(金)(经)(营)(范)(围)(应)(根)(据)(确)(定)(的)(投)(资)(方)(向)(进)(行)(明)(确)(,例)(如)(单)(独)(股)(权)(投)(资)(,或)(证)(券)(投)(资)(,不)(设)(立)(既)(进)(行)(股)(权)(投)(资)(又)(进)(行)(证)(券)(投)(资)(的)(基)(金)(。
但)(是)(自)(2016年)(年)(初)(,为)(了)(打)(击)(非)(法)(集)(资)(,维)(护)(金)(融)(秩)(序)(,全)(国)(各)(地)(工)(商)(局)(内)(部)(陆)(续)(下)(发)(了)(关)(于)(暂)(停)(投)(资)(类)(企)(业)(登)(记)(的)(通)(知)(,暂)(停)(办)(理)(投)(资)(类)(企)(业)(的)(登)(记)(注)(册)(,但)(是)(下)(发)(通)(知)(之)(日)(前)(以)(取)(得)(名)(称)(核)(准)(的)(,可)(以)(办)(理)(登)(记)(注)(册)(手)(续)(。“一)(、暂)(停)(核)(准)(包)(含)(“投)(资)(”、“资)(产)(”、“资)(本)(”、“控)(股)(”、“基)(金)(”、“财)(富)(管)(理)(”、“融)(资)(租)(赁)(”、“非)(融)(资)(性)(担)(保)(”等)(字)(样)(的)(企)(业)(和)(个)(体)(户)(名)(称)(。二)(、暂)(停)(登)(记)(“项)(目)(投)(资)(”、“股)(权)(投)(资)(”、“投)(资)(管)(理)(”、“投)(资)(咨)(询)(”、“投)(资)(顾)(问)(”、“资)(本)(管)(理)(”、“资)(产)(管)(理)(”、“融)(资)(租)(赁)(”、“非)(融)(资)(性)(担)(保)(”等)(投)(资)(类)(经)(营)(项)(目)(。”
3、设)(立)(地)(选)(择)(
在)(考)(虑)(基)(金)(设)(立)(地)(时)(,需)(要)(考)(虑)(各)(地)(方)(税)(收)(优)(惠)(政)(策)(、投)(资)(环)(境)(以)(及)(其)(他)(政)(策)(优)(惠)(,根)(据)(目)(前)(全)(国)(工)(商)(部)(门)(对)(投)(资)(类)(公)(司)(名)(称)(及)(经)(营)(范)(围)(的)(限)(制)(,截)(至)(2016年)(11月)(,目)(前)(只)(有)(广)(州)(以)(及)(宁)(夏)(市)(工)(商)(局)(放)(开)(限)(制)(,不)(再)(对)(基)(金)(名)(称)(及)(经)(营)(范)(围)(加)(以)(限)(制)(。
4、基)(金)(注)(册)(
在)(确)(定)(基)(金)(名)(称)(、经)(营)(范)(围)(、设)(立)(地)(后)(,需)(要)(进)(行)(工)(商)(登)(记)(注)(册)(。
三)(、基)(金)(运)(作)(组)(织)(形)(式)(的)(选)(择)(
(一)()有)(限)(合)(伙)(制)(
有)(限)(合)(伙)(企)(业)(是)(由)(普)(通)(合)(伙)(人)(和)(有)(限)(合)(伙)(人)(组)(成)(,有)(限)(合)(伙)(人)(以)(其)(认)(缴)(的)(出)(资)(额)(为)(限)(对)(合)(伙)(企)(业)(债)(务)(承)(担)(责)(任)(,普)(通)(合)(伙)(人)(对)(合)(伙)(企)(业)(债)(务)(承)(担)(无)(限)(连)(带)(责)(任)(。在)(中)(国)(,大)(部)(分)(采)(用)(有)(限)(合)(伙)(制)(方)(式)(的)(,基)(金)(管)(理)(人)(会)(成)(为)(普)(通)(合)(伙)(人)(,以)(此)(达)(到)(增)(信)(的)(目)(的)(。有)(限)(合)(伙)(制)(基)(金)(中)(,基)(金)(管)(理)(人)(作)(为)(普)(通)(合)(伙)(人)(,是)(基)(金)(的)(执)(行)(事)(务)(合)(伙)(人)(,代)(表)(基)(金)(执)(行)(各)(项)(投)(资)(事)(务)(。
有)(限)(合)(伙)(制)(主)(要)(有)(以)(下)(的)(优)(点)(:
1、治)(理)(结)(构)(合)(理)(、自)(治)(广)(度)(和)(深)(度)(高)(于)(公)(司)(制)(基)(金)(。有)(限)(合)(伙)(制)(基)(金)(中)(,根)(据)(《合)(伙)(企)(业)(法)(》,如)(管)(理)(人)(是)(普)(通)(合)(伙)(人)(,就)(会)(是)(基)(金)(的)(执)(行)(事)(务)(合)(伙)(人)(,代)(表)(基)(金)(开)(展)(各)(项)(投)(资)(业)(务)(。公)(司)(制)(基)(金)(中)(,管)(理)(人)(并)(不)(当)(然)(取)(得)(此)(项)(代)(表)(人)(的)(身)(份)(。
2、税)(收)(便)(利)(。根)(据)(《合)(伙)(企)(业)(法)(》第)(6条)(“合)(伙)(企)(业)(的)(生)(产)(经)(营)(所)(得)(和)(其)(他)(所)(得)(,按)(照)(国)(家)(有)(关)(税)(收)(规)(定)(,由)(合)(伙)(人)(分)(别)(缴)(纳)(所)(得)(税)(”。合)(伙)(企)(业)(所)(得)(税)(按)(照)(“先)(分)(后)(税)(”原)(则)(,在)(合)(伙)(企)(业)(层)(面)(不)(缴)(纳)(税)(收)(,而)(是)(由)(合)(伙)(人)(承)(担)(。
(二)()公)(司)(制)(基)(金)(
公)(司)(制)(基)(金)(中)(,管)(理)(人)(与)(其)(他)(投)(资)(人)(一)(样)(,仅)(以)(出)(资)(额)(为)(限)(对)(基)(金)(的)(债)(务)(承)(担)(责)(任)(。
公)(司)(制)(基)(金)(主)(要)(有)(以)(下)(优)(点)(:
1、治)(理)(结)(构)(完)(善)(和)(成)(熟)(,有)(法)(可)(依)(、有)(章)(可)(循)(。
2、更)(多)(体)(现)(投)(资)(者)(的)(权)(利)(。
3、稳)(定)(性)(更)(好)(。有)(明)(确)(的)(出)(资)(时)(间)(。
4、治)(理)(难)(度)(低)(于)(有)(限)(合)(伙)(。公)(司)(制)(基)(金)(的)(制)(度)(和)(结)(构)(设)(计)(更)(为)(规)(范)(。
(三)()契)(约)(型)(基)(金)(
契)(约)(型)(基)(金)(由)(基)(金)(投)(资)(者)(、基)(金)(管)(理)(人)(、基)(金)(托)(管)(人)(之)(间)(所)(签)(署)(的)(基)(金)(合)(同)(而)(设)(立)(,基)(金)(投)(资)(者)(的)(权)(利)(主)(要)(体)(现)(在)(基)(金)(合)(同)(的)(条)(款)(上)(。
契)(约)(型)(基)(金)(最)(主)(要)(的)(优)(势)(:
1、操)(作)(方)(便)(和)(灵)(活)(。
契)(约)(型)(基)(金)(与)(合)(伙)(型)(、公)(司)(型)(不)(同)(,无)(需)(进)(行)(工)(商)(登)(记)(,只)(要)(根)(据)(基)(金)(合)(同)(就)(可)(以)(成)(立)(,在)(操)(作)(上)(更)(加)(便)(利)(和)(灵)(活)(。
2、资)(金)(安)(全)(性)(高)(,契)(约)(架)(构)(中)(可)(设)(定)(委)(托)(人)(、受)(托)(人)(和)(托)(管)(人)(三)(方)(分)(离)(的)(制)(度)(安)(排)(。受)(托)(人)(可)(以)(发)(出)(指)(令)(对)(资)(金)(加)(以)(运)(用)(,但)(必)(须)(符)(合)(契)(约)(文)(件)(的)(约)(定)(,否)(则)(托)(管)(人)(有)(权)(拒)(绝)(对)(资)(金)(的)(任)(何)(调)(动)(。另)(一)(方)(面)(,没)(有)(受)(托)(人)(的)(专)(门)(指)(令)(,托)(管)(人)(无)(权)(动)(用)(资)(金)(。
(四)()信)(托)(型)(基)(金)(
在)(信)(托)(型)(基)(金)(组)(织)(形)(式)(中)(,投)(资)(人)(一)(般)(将)(财)(产)(所)(有)(权)(转)(移)(给)(信)(托)(公)(司)((受)(托)(人)(),信)(托)(公)(司)(亲)(自)(处)(理)(信)(托)(事)(务)(,独)(立)(进)(行)(投)(资)(决)(策)(和)(风)(险)(控)(制)(,但)(是)(为)(了)(建)(立)(管)(理)(费)(和)(业)(绩)(报)(酬)(由)(信)(托)(公)(司)(向)(基)(金)(管)(理)(人)(转)(移)(通)(道)(,根)(据)(《信)(托)(公)(司)(私)(人)(股)(权)(投)(资)(信)(托)(业)(务)(操)(作)(指)(引)(》规)(定)(,信)(托)(公)(司)(可)(以)(聘)(请)(第)(三)(方)(提)(供)(投)(资)(顾)(问)(服)(务)(,一)(般)(是)(基)(金)(管)(理)(公)(司)(,在)(实)(际)(操)(作)(中)(,这)(种)(模)(式)(的)(基)(金)(管)(理)(人)(应)(对)(投)(资)(项)(目)(和)(出)(资)(人)(有)(更)(强)(影)(响)(力)(和)(把)(控)(力)(,否)(则)(基)(金)(管)(理)(人)(的)(存)(在)(价)(值)(将)(大)(打)(折)(扣)(。
鉴)(于)(基)(金)(组)(织)(形)(式)(的)(选)(择)(属)(于)(基)(础)(性)(、根)(本)(上)(、制)(度)(上)(的)(设)(计)(,基)(金)(管)(理)(人)(应)(充)(分)(考)(虑)(利)(弊)(以)(及)(自)(身)(需)(求)(,避)(免)(在)(架)(构)(上)(出)(现)(制)(度)(性)(风)(险)(。
四)(、基)(金)(管)(理)(费)(与)(业)(绩)(报)(酬)(
管)(理)(费)(是)(投)(资)(人)(向)(管)(理)(人)(支)(付)(的)(费)(用)(,一)(般)(是)(出)(资)(人)(承)(诺)(出)(资)(或)(者)(实)(缴)(出)(资)(的)(1.5%-2.5%,在)(实)(践)(中)(一)(般)(是)(按)(照)(2%来)(收)(取)(。
业)(绩)(报)(酬)(是)(管)(理)(人)(获)(得)(股)(权)(投)(资)(利)(润)(的)(分)(成)(,分)(成)(比)(例)(由)(管)(理)(人)(与)(投)(资)(人)(协)(商)(确)(定)(,一)(般)(是)(15%-25%,业)(绩)(报)(酬)(一)(般)(按)(照)(固)(定)(比)(例)(收)(取)(,即)(按)(照)(投)(资)(收)(益)(的)(固)(定)(比)(例)(确)(定)(,一)(般)(是)(20%。当)(然)(,为)(了)(更)(好)(的)(鼓)(励)(管)(理)(人)(的)(积)(极)(性)(,实)(务)(中)(很)(多)(基)(金)(采)(用)(阶)(梯)(性)(回)(报)(收)(益)(,原)(则)(上)(是)(约)(定)(一)(定)(收)(益)(区)(间)(,管)(理)(人)(业)(绩)(报)(酬)(为)(20%,超)(出)(区)(间)(部)(分)(可)(以)(为)(20%以)(上)(,以)(此)(类)(推)(。
五)(、退)(出)(方)(式)(的)(选)(择)(
通)(常)(私)(募)(股)(权)(基)(金)(在)(设)(立)(时)(,就)(已)(经)(确)(定)(了)(退)(出)(方)(式)(,管)(理)(人)(通)(常)(会)(根)(据)(投)(资)(项)(目)(投)(后)(管)(理)(情)(况)(以)(及)(资)(本)(市)(场)(的)(实)(际)(情)(况)(调)(整)(确)(定)(退)(出)(方)(式)(。
通)(常)(退)(出)(方)(式)(主)(要)(由)(以)(下)(几)(种)(方)(式)(:
(一)()资)(本)(市)(场)(退)(出)(
资)(本)(市)(场)(退)(出)(是)(股)(权)(私)(募)(基)(金)(理)(想)(的)(退)(出)(方)(式)(。一)(般)(包)(括)(主)(板)(、中)(小)(板)(创)(业)(板)(上)(市)(、新)(三)(板)(挂)(牌)(。
1、资)(本)(市)(场)(退)(出)(方)(式)(主)(要)(的)(有)(利)(之)(处)(在)(于)(:
(1)能)(够)(让)(投)(资)(者)(获)(得)(较)(高)(的)(收)(益)(回)(报)(。对)(于)(PE的)(投)(资)(方)(来)(说)(,在)(股)(票)(市)(场)(整)(体)(估)(值)(水)(平)(较)(高)(的)(情)(况)(下)(,通)(过)(资)(本)(市)(场)(退)(出)(能)(使)(其)(获)(得)(较)(其)(他)(方)(式)(更)(为)(可)(观)(的)(收)(益)(,一)(般)(可)(达)(投)(资)(金)(额)(的)(几)(十)(倍)(甚)(至)(上)(百)(倍)(。
(2)是)(实)(现)(投)(资)(者)(、企)(业)(管)(理)(层)(、企)(业)(自)(身)(三)(方)(利)(益)(最)(大)(化)(的)(理)(想)(途)(径)(。在)(投)(资)(者)(获)(得)(丰)(厚)(回)(报)(的)(同)(时)(,企)(业)(家)(和)(企)(业)(管)(理)(者)(所)(持)(股)(份)(也)(会)(因)(股)(市)(较)(高)(的)(市)(盈)(率)(而)(获)(得)(大)(幅)(增)(值)(。
(3)有)(利)(于)(提)(高)(PE的)(知)(名)(度)(。目)(标)(企)(业)(在)(资)(本)(市)(场)(的)(成)(功)(,实)(际)(是)(对)(私)(募)(股)(权)(基)(金)(资)(本)(运)(作)(能)(力)(和)(经)(营)(管)(理)(水)(平)(的)(肯)(定)(,不)(仅)(提)(高)(了)(目)(标)(企)(业)(的)(知)(名)(度)(,同)(时)(也)(提)(高)(了)(私)(募)(股)(权)(基)(金)(的)(知)(名)(度)(。
2、现)(实)(情)(况)(来)(看)(,资)(本)(市)(场)(退)(出)(也)(存)(在)(着)(一)(定)(的)(局)(限)(:
1、门)(槛)(高)(。各)(国)(股)(票)(主)(板)(市)(场)(的)(上)(市)(标)(准)(都)(比)(较)(高)(,因)(为)(涉)(及)(到)(社)(会)(公)(众)(投)(资)(者)(的)(利)(益)(,所)(以)(对)(其)(监)(管)(十)(分)(严)(格)(,企)(业)(上)(市)(难)(度)(较)(大)(,所)(以)(很)(多)(公)(司)(选)(择)(在)(监)(管)(较)(为)(宽)(松)(的)(创)(业)(板)(或)(新)(三)(板)(上)(市)(。
2、所)(需)(时)(间)(长)(、机)(会)(成)(本)(高)(。即)(使)(被)(投)(资)(企)(业)(满)(足)(上)(市)(条)(件)(,繁)(琐)(的)(上)(市)(程)(序)(使)(得)(企)(业)(从)(申)(请)(上)(市)(到)(实)(现)(上)(市)(交)(易)(需)(要)(经)(过)(一)(个)(漫)(长)(的)(过)(程)(,再)(加)(上)(对)(包)(括)(私)(募)(股)(权)(投)(资)(基)(金)(在)(内)(的)(原)(始)(股)(东)(持)(股)(锁)(定)(期)(的)(规)(定)(,PE从)(投)(资)(到)(真)(正)(退)(出)(之)(间)(的)(周)(期)(相)(当)(长)(。从)(机)(会)(成)(本)(考)(虑)(,在)(等)(待)(退)(出)(过)(程)(中)(,市)(场)(上)(一)(定)(存)(在)(很)(多)(投)(资)(机)(遇)(,可)(能)(会)(错)(失)(更)(好)(的)(投)(资)(项)(目)(。
3、退)(出)(面)(临)(诸)(多)(风)(险)(。首)(先)(,国)(内)(的)(证)(券)(监)(督)(管)(理)(机)(构)(有)(可)(能)(根)(据)(市)(场)(情)(形)(,适)(当)(控)(制)(场)(内)(上)(市)(公)(司)(数)(量)(,甚)(至)(阶)(段)(性)(地)(停)(止)(对)(企)(业)(上)(市)(申)(报)(材)(料)(的)(审)(批)(股)(票)(,使)(得)(退)(出)(渠)(道)(受)(阻)(。其)(次)(,目)(标)(企)(业)(上)(市)(后)(的)(股)(票)(价)(格)(直)(接)(影)(响)(到)(PE的)(退)(出)(收)(益)(,如)(PE因)(为)(审)(批)(程)(序)(和)(持)(股)(锁)(定)(期)(的)(耽)(搁)(未)(能)(在)(合)(适)(的)(时)(机)(转)(让)(股)(权)(变)(现)(退)(出)(,其)(预)(期)(收)(益)(可)(能)(无)(法)(实)(现)(,甚)(至)(可)(能)(遭)(受)(严)(重)(损)(失)(。
(二)()并)(购)(
作)(为)(私)(募)(股)(权)(投)(资)(最)(终)(资)(本)(退)(出)(的)(一)(个)(重)(要)(方)(式)(,实)(际)(上)(就)(是)(私)(募)(股)(权)(基)(金)(和)(目)(标)(公)(司)(管)(理)(层)(认)(为)(企)(业)(的)(价)(值)(已)(达)(到)(目)(的)(预)(期)(,把)(企)(业)(作)(为)(一)(种)(产)(品)(推)(介)(,将)(其)(出)(售)(给)(其)(他)(PE或)(者)(另)(一)(家)(公)(司)(。
1、并)(购)(退)(出)(的)(优)(势)(有)(以)(下)(几)(点)(:
(1)并)(购)(退)(出)(更)(高)(效)(、更)(灵)(活)(。相)(比)(较)(IPO漫)(长)(的)(排)(队)(上)(市)(苦)(等)(窗)(口)(期)(、严)(格)(的)(财)(务)(审)(查)(、业)(绩)(的)(持)(续)(增)(长)(压)(力)(,并)(购)(退)(出)(程)(序)(更)(为)(简)(单)(。
(2)并)(购)(退)(出)(只)(要)(在)(并)(购)(交)(易)(完)(成)(后)(,即)(可)(一)(次)(性)(全)(部)(退)(出)(,交)(易)(价)(格)(及)(退)(出)(回)(报)(较)(为)(明)(确)(。
(3)并)(购)(退)(出)(可)(缓)(解)(PE的)(流)(动)(性)(压)(力)(。
2、通)(过)(并)(购)(方)(式)(退)(出)(的)(弊)(端)(主)(要)(表)(现)(在)(:
(1)潜)(在)(的)(实)(力)(买)(家)(数)(量)(有)(限)(。并)(购)(资)(金)(量)(较)(大)(,市)(场)(上)(潜)(在)(的)(购)(买)(者)(数)(量)(有)(限)(,目)(标)(企)(业)(不)(容)(易)(找)(到)(合)(适)(的)(并)(购)(者)(,或)(者)(出)(价)(可)(能)(不)(具)(有)(吸)(引)(力)(。
(2)收)(益)(率)(较)(IPO低)(。由)(于)(市)(场)(的)(变)(化)(甚)(至)(是)(信)(息)(的)(不)(对)(称)(,为)(了)(能)(迅)(速)(退)(出)(可)(能)(导)(致)(企)(业)(价)(格)(被)(低)(估)(。
(三)()股)(份)(回)(购)(
股)(份)(回)(购)(是)(指)(企)(业)(或)(者)(公)(司)(管)(理)(人)(员)(按)(照)(约)(定)(的)(价)(格)(将)(公)(司)(的)(股)(份)(购)(回)(,从)(而)(使)(私)(募)(股)(权)(投)(资)(基)(金)(退)(出)(的)(方)(式)(。
1、股)(份)(回)(购)(的)(优)(点)(:
(1)交)(易)(过)(程)(简)(单)(。管)(理)(层)(收)(购)(是)(发)(生)(在)(企)(业)(内)(部)(的)(产)(权)(转)(移)(,明)(晰)(的)(产)(权)(关)(系)(和)(已)(合)(作)(久)(的)(双)(方)(会)(使)(回)(购)(交)(易)(简)(便)(易)(行)(,所)(以)(会)(减)(少)(不)(必)(要)(的)(磨)(合)(期)(。
(2)资)(本)(安)(全)(得)(到)(保)(障)(。在)(目)(标)(企)(业)(难)(有)(大)(作)(为)(的)(情)(况)(下)(,一)(味)(死)(守)(意)(味)(着)(对)(机)(会)(成)(本)(的)(浪)(费)(,回)(购)(可)(以)(保)(证)(资)(本)(安)(全)(并)(使)(其)(重)(获)(自)(由)(为)(投)(资)(者)(带)(来)(更)(大)(收)(益)(。
2、股)(份)(回)(购)(的)(弊)(端)(表)(现)(在)(以)(下)(方)(面)(:
错)(失)(未)(来)(潜)(在)(的)(投)(资)(机)(遇)(。PE投)(资)(的)(企)(业)(多)(为)(成)(长)(类)(型)(,在)(发)(展)(过)(程)(中)(存)(在)(着)(很)(多)(不)(确)(定)(因)(素)(。若)(PE的)(退)(出)(在)(目)(标)(企)(业)(业)(绩)(大)(爆)(发)(之)(前)(,则)(错)(失)(了)(潜)(在)(的)(投)(资)(机)(遇)(。
(四)()清)(算)(
清)(算)(是)(私)(募)(股)(权)(投)(资)(失)(败)(后)(的)(退)(出)(选)(择)(。当)(企)(业)(出)(现)(重)(大)(问)(题)(没)(有)(继)(续)(发)(展)(空)(间)(,抑)(或)(持)(续)(经)(营)(会)(带)(来)(更)(大)(损)(失)(,其)(他)(投)(资)(者)(和)(企)(业)(管)(理)(层)(、原)(有)(股)(东)(等)(内)(部)(人)(员)(也)(不)(愿)(意)(接)(手)(时)(,只)(有)(果)(断)(对)(目)(标)(企)(业)(进)(行)(清)(算)(,才)(能)(及)(时)(收)(回)(资)(本)(,避)(免)(损)(失)(扩)(大)(。
总)(之)(,资)(本)(市)(场)(、并)(购)(、股)(份)(回)(购)(、清)(算)(是)(目)(前)(市)(场)(上)(四)(种)(主)(要)(的)(PE退)(出)(方)(式)(。四)(种)(方)(式)(各)(有)(利)(弊)(,基)(金)(应)(根)(据)(自)(身)(的)(实)(际)(情)(况)(进)(行)(调)(整)(和)(选)(择)(,最)(终)(选)(择)(适)(合)(自)(己)(的)(退)(出)(方)(式)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(
责)(任)(编)(辑)(:
)


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