摘 要
私募股權(quán)，即通常所說的PE，英文全稱為Private Equity，是指非上市公開交易的股權(quán)融資方式，屬于市場(chǎng)化運(yùn)作的金融工具。私募股權(quán)作為一種新型的投融資體制，因發(fā)展迅速已在金融市場(chǎng)中占有了重要地位。它最明顯的特點(diǎn)是高風(fēng)險(xiǎn)、高收益，通過將私募股權(quán)資金注入具有高風(fēng)險(xiǎn)的企業(yè)形成權(quán)益資本，以期在日后通過上市、兼并或其他股權(quán)轉(zhuǎn)讓方式撤出投資，取得高額回報(bào)。
作為中國經(jīng)濟(jì)重要的組成部分，中小高新技術(shù)企業(yè)的高成長性對(duì)于資金需求很大。該類企業(yè)自身的經(jīng)營狀況、資產(chǎn)水平、管理結(jié)構(gòu)等決定了其在成長階段較難獲得商業(yè)銀行等金融機(jī)構(gòu)的貸款，并且只靠?jī)?nèi)源融資很難滿足企業(yè)發(fā)展需求。基于這些特點(diǎn)，私募股權(quán)資本成為我國中小高新技術(shù)企業(yè)成長過程中重要的推動(dòng)力。中國已加快了建設(shè)中小高新技術(shù)企業(yè)融資的資本市場(chǎng)，中小板市場(chǎng)以及創(chuàng)業(yè)板的推出，都為私募股權(quán)資本的退出提供了途徑，這些必將加速私募股權(quán)融資在中國的發(fā)展。
本文主要內(nèi)容如下：第一部分闡明本文的研究背景、理論意義及實(shí)用價(jià)值，分析國內(nèi)外相關(guān)文獻(xiàn)綜述，確立私募股權(quán)在處于發(fā)展階段的中小高新技術(shù)企業(yè)的應(yīng)用為本文的研究主題并提出本文的研究方法和創(chuàng)新之處。第二部分是我國中小高新技術(shù)企業(yè)的融資情況，主要對(duì)融資結(jié)構(gòu)、融資困境進(jìn)行了分析，并分析了私募股權(quán)應(yīng)用對(duì)中小高新技術(shù)企業(yè)發(fā)展的意義。第三部分闡述了私募股權(quán)的基礎(chǔ)理論。首先，界定了私募股權(quán)的相關(guān)概念，并對(duì)有關(guān)概念進(jìn)行了區(qū)別；其次，明確了私募股權(quán)的主要特征；再次，借鑒美國私募股權(quán)市場(chǎng)的發(fā)展，對(duì)中國國內(nèi)私募股權(quán)投融資市場(chǎng)定位進(jìn)行了概述；最后，闡述了現(xiàn)階段我國發(fā)展私募股權(quán)的意義。第四、五部分是本文的核心，對(duì)中小高新技術(shù)企業(yè)應(yīng)用私募股權(quán)融資的關(guān)鍵點(diǎn)進(jìn)行了分析，包括處于成長階段的融資特征、應(yīng)用私募股權(quán)資金時(shí)所必備的條件、投融資雙方達(dá)成協(xié)議時(shí)進(jìn)行的企業(yè)價(jià)值評(píng)估、融資后的管理及最后私募股權(quán)的退出。第六部分是案例分析。結(jié)合在深圳創(chuàng)業(yè)板上市的合康變頻的私募股權(quán)資金應(yīng)用案例進(jìn)行了實(shí)務(wù)分析，對(duì)其成功融資過程進(jìn)行了總結(jié)分析，為其他企業(yè)的應(yīng)用提供了建議。論文最后對(duì)全篇進(jìn)行了總結(jié)并對(duì)私募股權(quán)投融資市場(chǎng)長遠(yuǎn)發(fā)展提出了展望。

關(guān)鍵詞 私募股權(quán)；中小企業(yè)；高新技術(shù)；財(cái)務(wù)分析體系；創(chuàng)業(yè)板



Abstract
This paper first studies the concept of Private Equity. In private equity investment, high profit goes along with high risk. How to enhance the accuracy for project selection and lower the risk at the same time becomes a very important question.To some extend,the selection of project determines the success of private equity investment. So the study of private equity investment project deserves more and more attention. Then the thesis pay attention to the concept of SMEs (Small and Medium sized company) and High-tech enterprise. Being the important part of Chinese economics situation, the financing demand is very significant for the development of the high-tech SMEs. The operation situation, the pessession of assets, the management structure and so on, caused the high-tech SMEs would be hard to get the loan from the bank of business or some other kinds of economic institution. And , it does not enough to get the fund for the accumulation in the company. So, the development of Private Equity will be an very important push power for the high-tech SMEs. Furthermore, the capital market for this kinds of company is developing quickly, Big expansion of the small and medium enterprise board and the introduction of GEM, means the birth of new financing opportunities. Therefore, it is important to broaden the financing channels and circumvent the risks.The investor and financing enterprises can achieve win-win situation.
The main contents of this article are as follow: the first part introduces the background and the meanings of the subject, the domestic and overseas literature review, the research scope, the research method and the innovation of the thesis. The second part focuses on the fundamental theory of private equity. Firstly, the thesis defines the concepts and the natures of private equity. It clarifies the subject from private fund and public fund, private equity and venture capital, the thesis ascertained the chief characteristics of private equity. Finally, the thesis introduces the practical value of developing private equity in China.The third part focuses on the necessity, feasibility and motive analysis of financing situation in high-tech small and medium sized enterprises. Firstly, the thesis analyzes the financing constucture. Secondly, the thesis analyzes the hard situation to get enough capital for these new companies,and anayzes the reasons that why it’s hard for them. So, we get the private equity’s practical value for development of high-tech small and medium sized companies(high-tech SMEs) in China. The fourth part is the nucleus of this thesis, it focuses on the key points’ analysis of the private equity application in high-tech SMEs. Firstly, the
financing feature of these companies in growing stagements. Secondly, the neccessaries for applicate the private equity. Thirdly, the correct company value eva luation for the transactors make the deal. Fourth, the management of the transcators to the company after the deal, and the ways withdraw from the company。The sixth part focuses on the case analysis. The thesis selects Hiconics Drive Technology Co., ..