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                昆仲资本王钧:股权投资基金的退出挑战与机遇

                来源:融中财经   作者:什小瀑   时间:2019-03-21 10:03  字号选择:

                去年科创板成为亮点,今年新三板也有创新,尤其是在精选层的IPO和后续的潜在转板方面。

                YOURONGZIZHONGGUO、SHENGSHITOUZI、QINGTONGXUEYUANQIANGQIANGLIANSHOU,ZHONGGUOTOUZIXIEHUICHUANGTOUWEIZHICHI,YAOQINGZHUANJIA、DAOSHI、ZISHENYIXIANJIJINCHUANGTOURENSHIGONGTONGDAZAODE【BO“YI”】CHUANGTOUXINGYETOURONGGONGYIPEIXUNJIHUAYIZHENGSHIXIANSHANGQIDONG。


                3YUE13RI,DISANQIGONGKAIKESHANG,KUNZHONGZIBENCHUANGSHIGUANLIHEHUORENWANGJUNYI《GUQUANTOUZIJIJINDETUICHUTIAOZHANYUJIYU》WEIZHUTIJINXINGLEFENXIANG,DUIYUDANGXIASIMUGUQUANCUNLIANGSHICHANGJINXINGFENXI,CHANSHUSIMUGUQUANJIJINTUICHUMIANLINDETIAOZHAN、TUICHULUJINGHEZHUYAOCELVE,JIESHILESIMUGUQUANSHICHANGDEQIANZAIJIYU。


                ag棋牌WANGJUNBIAOSHI,SIMUGUQUANSHICHANGZHONG,JIHUIHETIAOZHANBINGCUN。YAOXIANGBATUICHUZUOHAO,GENRONG、TOU、GUANDOUYOUHENDAGUANXI。RONGZISHI,XUYAOJIJINYOUBIJIAOMINGQUEDECHANYESHUXINGHUOXINGYEDINGWEI;TOUDESHIHOUJIUDEZUOHAOTUIDEJIHUA;GUANLIGENJIJINRONGZIDINGWEIYOUHENZHIJIEDEGUANXI,YOUMEIYOUCHANYENENGLIHEZIYUAN?NENGBUNENGJIBEITOUQIYEDAILAIZHIJIEJIAZHI?ZHEIXIEDOUHENZHONGYAO。


                WANGJUNXIANGXIN,2020NIAN,BUGUANSHISHANGSHIGONGSIHAISHIBEITOUQIYE,ZAIIPO、BINGGOUZHENGHE、ZHENGHEZIYUANYIDACHENGKECHUANGBANBIAOZHUNDENGFANGMIANDOUHUIYOUYIGEBIJIAOHUOYUEDEBIAOXIAN。


                私募股权存量市场分析


                2019NIAN,GUQUANTOUZISHICHANGZHONGGONGYOU3000LIZUOYOUDETUICHU。IPOYOU300DUOLI,QIZHONG 202LIZAIAGU, 99LIZAIGANGGU,31LIZAIMEIGU。HEZHIQIANXIANGBI,VC/PEGUQUANTOUZITUICHUBILIYOUHENDATISHENG,ZUIZHUYAODETUIDONGLISHIKECHUANGBANDEHENGKONGCHUSHI。


                ag棋牌ZAIKECHUANGBANZHONG,TUICHUQINGKUANGBIJIAOHAODELINGYUWEISHENGWUJISHU、IT、BANDAOTIYIJIHULIANWANGXIANGGUANANLI。


                CONGGEGEBANKUAILAIKAN,ZHUBANIPOSHOURIZHANGFUZAI40%ZUOYOU,NIANDIZHANGFUGAODA130%,KECHUANGBANSHOURISHANGZHANG115%ZUOYOU,NIANDIZHENGTIGUZHIHUIGUI。CONGSHANGSHIHEDAONIANDIDEBIAOXIANLAISHUO,SHENJIAOSUODECHUANGYEBANHEZHONGXIAOBANBIAOXIANZUIJIA,SHANGSHIPINGJUNZHANGFUWEI44%,DAONIANDIDEZHANGFUYU100%。


                ag棋牌ALIBABAZAIXIANGGANGZHUBANSHANGSHI,SHIGANGJIAOSUOQUNIANZUIDADEYIBISHANGSHIJIAOYI。MEIGUFANGMIAN,NIUJIAOSUOSUIZAISHANGSHISHOURIXIADIELE8.9%ZUOYOU,DANQUANNIANBIAOXIANBUCUO。QIZHONG,ZHUYAODETUIDONGLISHI“GENSHEIXUE”DESHANGSHIHEJIAZHIZENGZHANG。NASIDAKEZAI2019NIANQUANNIANYOUERSHIDUOJIAQIYESHANGSHI,DAONIANDIZHENGTIDIELEYU30%。


                ag棋牌CONGMUZIQINGKUANGKAN,QUNIANDAYUEYOU10WANYIZUOYOUDEGUQUANTOUZIZIJIN,RUJINCONGGEGEQUDAOSHIXIANTUICHUDEHAIBUDAO1/5,HAIYOUHENDAYIBIZIJINZAISIMUGUQUANSHICHANGDENGDAIHOUXUTUICHU。


                私募股权基金退出面临的挑战


                RUJIN,XINGYERENSHIYUELAIYUEKANZHONGDPI,ZHEIYESHIYIGETIAOZHAN。SIMUGUQUANSHICHANGZHONGHAIYOUDABIZIJINMEIYOUSHIXIANTUICHU,JINNIANYILAIYOUSHIHEITIANEBUDUAN。YIQINGZAIGUONEIJIBENKEKONG,DANZAIOUZHOU、MEIGUOKAISHIMANYANHEBAOFA,ZHEIYEYINFALEDAJIADUIQUANQIUJINGJISHUAITUIDEDANYOU。


                ag棋牌QUNIANKECHUANGBANDEZHIXINGLIDUHESHICHANGBIAOXIANKEQUANKEDIAN,DANZAIGUZHISHANGYEYOUYALI。ZUIJINZAIDUIZIBENSHICHANGDEZHONGSHIXIA,GUONEICHUTAILEYIXIEXINZHENGCE。XIWANGZHEIXIEXINZHENGNENGBAZIBENSHICHANGBIHUANDAZAODEGENGJIAWANBEI。


                ag棋牌XIANGJIAOERYAN,WOMENDUIJINNIANZHENGTIDEMEIGUHEGANGGUIPOYOUYIDINGGULV。


                SHANGZHOUJIELIANLIANGCIDERONGDUANDUIJINNIANZHENGGEMEIGUDETUICHUCHUANGKOUYALIJIAODA。ZHONGGUOQIYEYIFANGMIANMIANLINTILIANGSHANGDETIAOZHAN,LINGYIFANGMIANYOUBUFENKECHUANGLEIQIYESUISHUOTILIANGHECHENGZHANGXINGDENGGEFANGMIANBUCUO,DANYINWEIZUIJINSUOWEIDEZHONGMEITUOGOU,ZHEILEIKECHUANGQIYEMIANLINYIXIEQIANZAIFENGXIAN。ZAIJIASHANGYIQINGHEITIANE,ZHEIJIJIANSHIFUHEZAIYIQI,KONGPADUIJINNIANZHENGGEMEIGUIPOHUIYOUJIAODADEYALI。


                GANGGUQUNIANZHENGTIBIAOXIANBUTAIJINRURENYI,GENQUNIANXIANGGANGDEDAHUANJINGYOUYIDINGDEGUANXI。


                ag棋牌AGUQUNIANHEJINNIANQUESHIHAISHILIANGDIAN。CONGBIANLIXING、SHICHANGTIEHEDU、GUZHIDENGJIFANGMIANLAIKAN,YOUQISHIRENMINBIGUONEIZICHAN,KENENGHUIXUANZESHANGAGU,YINWEIBUGUANSHIJINXINSANBANJINGXUANCENG、HAISHICHUANGYEBANZHUCEZHI、KECHUANGBAN、ZHUBAN,RUJINZHENGGEZIBENSHICHANGDECENGJIJIEGOUYIJINGHENQINGXI。


                RUGUOMEIYOUYIQINGDEHUA,HUIYOUHENDUOQIYEQIDAIZHECHUANGYEBANZHUCEZHIDEGAIGE。CIWAI,WOMENYEXIWANGNENGGOUKANDAOGENGDUODEBINGGOUZHENGHEJIAOYI。QIANDUANSHIJIANDAJIAJIYUHOUWANGDESHANGSHIGONGSIZHONGDAZICHANZHONGZUDEGUANLIBANFA,SHIJISHIDUISHANGSHIGONGSI,YOUQISHIDUIKECHUANGLEIZICHANDEBINGGOUZHONGZUXINGWEIJINXINGLEGUIFAN。


                私募股权基金退出路径和主要策略


                YAOXIANGBATUICHUZUOHAO,GENRONG、TOU、GUANDOUYOUHENDADEGUANXI。


                RONGZISHI,XUYAOJIJINYOUBIJIAOMINGQUEDECHANYESHUXINGHUOXINGYEDINGWEI。TUIDEHAOHE LPZUCHENGYOUHENDAGUANXI,SHIFOUYOUZHANGQIAN、ZHUANYEDE LP,SHIJISHANGDUIJIJINNENGFOUSHIXIANHAODETUICHU、HUODEHAODEHUIBAOSHIHENZHONGYAODE。ZHANGQIANLPBUGUANGGENGJUNAIXIN,YEHUITIGONGJIAOHAODEZIYUANHEDUIJIEDAOHAOJIHUI。


                TOUDESHIHOUJIUDEJIHUAHAOZENMETUI。TOUHOUGUANLIGENJIJINRONGZIDINGWEIYOUHENZHIJIEDEGUANXI,JIJINDAODIYOUMEIYOUCHANYENENGLI?YOUMEIYOUZIYUAN?NENGBUNENGJIBEITOUQIYEDAILAIZHIJIEDEJIAZHI?ZHEIXIEDOUHENZHONGYAO。


                ag棋牌CONGZHENGTIZIBENSHICHANGJIAODU,YIJIJINNIANDESHICHANGHUANJINGKAN,WOMENHUALEBIJIAODADEJINGLIZAIAGUSHANG。WOMENYOUYIGEANLI,GONGSIFAZHANHENHAO,VIEJIEGOUDOUDAHAOLE,ZHUNBEIQUMEIGUSHANGSHILE,TINGDAOCHUANGYEBANZHUCEZHIDENGXIAOXIHOU,JIUZUOLEYIXIEXIANGYINGDEDIAOZHENG,ZHUNBEIDENGCHUANGYEBANZHUCEZHIKAIZHA。


                WOMENXIANGXIN,BUGUANSHISHANGSHIGONGSIHAISHIBEITOUQIYE,2020NIANZAIIPO、BINGGOUZHENGHE、ZHENGHEZIYUANDENGFANGMIANDOUHUIYOUBIJIAOHUOYUEDEBIAOXIAN。


                CONGJIJINGUANLIJIAODUJIANG,XIANZAIIPOTUICHUBINGBUSHIWEIYIDETUJING,YECUNZAIZHEQITAJIHUI。


                ag棋牌RUJINMEIGU、 AGU、GANGGUIPODECHAYIHUA,YIMANMANZHANXIAN。QUNIANDAGAIYOU200JIAAGU、100JIAGANGGU、30JIAMEIGUJINXINGLEIPO。AGUZHENGTIBIAOXIANBUCUO,MEIGUCHUGEBIEMINGXINGXIANGMUWAI,BIAOXIANYIBAN,GANGGUJIBENSHANGSHIALIYIZHIDUXIU。


                CONGQUNIANKAISHI,YOUQISHIZICONGZIGUANXINGUITUICHUHOU,GUFENCHUSHOUHESUOWEIDEGUQUANERJISHICHANGJIAOYIRIYIHUOYUE,JIJINZHUJIANCHENGXIANCHUCHUIZHIHUAHECHANYEHUADETEDIAN,BUSHAOCHANYEKAISHIZUOJIJINYUNYING,CHANYEHEJIJINDEJIAORONGCHENGDUYUELAIYUEGAO,ZHEIQIZHONGYUNYUZHEQIANZAIDETUICHUJIHUI。


                DUIYURENMINBIJIJINERYAN,KECHUANGBANCONGQUNIANDAOXIANZAIWEIZHI,YUEYOU100DUOJIAGUOHUI,90DUOJIAGUAPAI。SHIXIAOLVPSPINGJUNSHUZAI20BEIZUOYOU,SHIYINGLVPEJIANGJIN118.92%。ZHEIGEBILIHAISHIXIANGDANGGAODE。


                ZUIJINBUSHAOTOUXINGDOUBIJIAOGUANZHUCONGXINSANBANZUOJINGXUANCENGIPO,ZHEISHIYIGENENGPANHUOXINSANBANZICHANDELUJING。JIBIANSHIXINQIYE,YEKECHANGSHIZHEITIAOZIBENCAOZUOLUJING。


                ag棋牌JINNIANRENGJIUKENENGHUIZAICHUANGYEBANTUIJINZHUCEZHI。ZICONGQUNIANDIZHENGQUANFAXIUDINGYIHOU,CONGSHANGDAOXIATUIXINGZHUCEZHIDEDONGLIHENQIANG。SUISHUOXIANZAIYINYIQINGHUITUICHI,DANDAJIAHAISHIHENQIDAI。DANGRANZHEIYEYAOKANZHENGTIZHIXINGLIDUHEZHIDU,HAIYOUHOUXUPEITAOZHENGCE。


                ag棋牌SHIJISHANG,JINGXUANCENGYAOGUAPAIWANCHENGIPOYINIANYISHANGKEYIZHUANBAN,BUGUANSHIZHUANDAOKECHUANGBANHAISHICHUANGYEBAN,DOUYAOGENJUGEGEBUTONGBANKUAIDESHANGSHIZHENGCE,JUECECENGDAZAODUOCENGCIZIBENSHICHANGDELUOJIHENQINGXI。


                私募股权市场的潜在机遇


                ZUIJINYIDUANSHIJIAN,BAOKUOWOMENTOUZIDEQIYE,ZAILIANGJIANSHISHANGZUODEBIJIAODUO,YOUBUFENQIYEZHIQIANBEIBINGGOU,YEYOUBUSHAOQIYEZHENGZAIJIJIXUNQIUBINGGOUBIAODE。WORENWEIZHEIGEN IPOHOUXUSHOUYILVZOUDI、ZHOUQIBIJIAOZHANGYOUYIDINGGUANXI。RUGUOSHIYOUTESEDEGONGSI,SUOSHULINGYUCHUIZHIXINGBIJIAOGAO,BINGGOUWEICHANGBUSHIYIGEHAOCHULU。


                ag棋牌CONGLINGYIJIAODUKAN,QUNIANKECHUANGBANQILAIHOU,BUSHAOQIYEJIJIXUNZHAOBINGGOUJIHUI。JUGELIZI,WOMENYOUBUFENBEITOUQIYEHEXINJISHUBIJIAOQIANG,DANSHANGYETUOZHANNENGLIHUOQUDAONENGLIXIANGDUILAISHUOJIAORUO。ZHEIJIUHEYIXIEKEHUBUDEQIYECHANSHENGLEHEBINGDEKENENG。


                CONGXINGYEJIAODUKAN,JIJINZHOUQICHABUDUO,DOUCUNZAITUICHUYALI,SHIBUSHIKEYICAIQUYIGESUOWEIDEGELUNHUIBENCELVE?BIRUSHUOTOULE10%,LIANGLUNZHIHOU,GONGSIGUZHIFANLELIANGBEI,KEYITONGGUOYIBUFENGUQUANDETUICHU,BACHENGBENSHOUHUILAI。ZHEIGELUOJIQISHIHENQINGCHU,DANZHIXINGQILAIBIJIAONAN,HEXINDEWENTISHI,ZAIMUZIYALIJIAODADEQINGKUANGXIA,XINTOUZIRENDUIYULAOGUDONGDETUICHUHAISHIBIJIAOZAIYIDE。


                HAIYOUYIZHONGQINGKUANG,RUGUOZHANLVETOUZIZHEJINLAILE,BATHUOZHETMDYAOTOUZI,SHIBUSHIYOUJIHUIJINXINGBUFENTAOXIAN?CONGLIANGFANGMIANKAN,YIFANGMIANZHEIZHONGJIAOYIXUYAOZUODAZHEZHUANRANG,YOUSHIBUYIDINGSHEDE,BIRUTENGXUNDOUJINLAILE,JIUHUIKAOLVSHIBUSHIGONGSIMASHANGYAOZHUANXIANGKUAICHEDAOLE,NEIWOWEISHENMEYAOBATAMAIDIAO?RUGUOGONGSIBUMAIDIAO,ZUOWEIYIGEXIAOGUDONG,WOSHIBUSHIKEYIBAGUFENZHUANRANGJIXINTOUZIREN,YISHIXIANHUIBENSUQIU,DANZHEIZAISHIJICAOZUOZHONGNANDUJIAODA。


                VC/PESHICHANGDEERJISHICHANGJIAOYI,YEJIUSHISJIJIN,ZUIJINZAIXINGYENEIXIANQIREYI,BUSHAOJIGOUZAIZUOZHEIXIANGYEWU。YIGEQIANZAIQIANTISHI,DAJIWANYIGUQUANTOUZIHAIMEIYOUTUICHULAI。DANSHIJISHANGZHEIBUFENJIAOYIDEBILIMUQIANLIAN1%DOUBUDAO。DANZHANGXIANKAN,SJIJINSHIYOUQIANJINGDE,HUIMANMANHUOYUEQILAI。SUIRANSHICHANGYOUHENQIANGDEXUQIU,DANSJIJINDEMUJIBINGBURONGYI。RENMINBIDE SJIJIN,YINWEISHEJIDAOHENDUOXIANYOUZICHANDEDINGJIA,DUITOUZIRENHEZHENGGETUANDUIDEYAOQIUDOUHENGAO。


                XIANGDUILAISHUO,MEIYUANSJIJINCHENGZHANGDENIANTOUYAOZHANGYIXIE,DAGAICONG82NIANJIUKAISHILE。XIANZAIYOUBUSHAOGONGSIDEJINZHU,YOUQISHIZHANGXIANJINZHUDOUTOUZIGUO SJIJIN。YAZHOUZHEILIANGNIANFAZHANHENKUAI,OUMEISHICHANGGENGCHENGSHU。


                QUSHIYEBIANDEYUELAIYUEMINGXIAN,BAOKUOWOMENZAIZUOJIJINYUNYINGDESHIHOU,YIFANGMIANWOMENSHICAIWUTOUZIREN,SHIZHUTUIQI,GUANZHUMUBIAOMINGQUE,HECHUANGYEZHEDELIYISUQIUBIJIAORONGYIDACHENGYIZHI。DANCONGLINGYIJIAODUJIANG,BUSHAOCHANYEKAISHIWANGJIJINLISHENTOU,XIANZAIHENDUOJIJINXIWANGSUIZHESHICHANGTILIANGYUELAIYUEDA,NENGGOUYUEZUOYUEZHUANZHU。BAOKUOWOMENZIJIXIANZAIYEKAISHISHEZUYIXIECHANYEJIJIN,DADELUOJIHAISHIXIWANGNENGZAIMOUYILINGYUXINGCHENGBIJIAOSHENDECHANYELIJIE,RANHOUBANGZHUBEITOUQIYEJIAJIEYIXIEYOUXIUDEXINGYEZIYUAN。


                BUGUANSHITONGGUOXINGYEBINGGOUZHENGHE,HAISHITONGGUOTUIDONGBEISHOUGOU、HEXINGYELONGTOULIANSHOUYIQIZUOYIXIESHIQING,GENGRONGYISHIXIANYIXIEQIYEDETUICHU。BIRU,GAOLINGHEDINGHUISHOUGOUBAILIHOU,BAYUNDONGBUFENCHAICHULAIJINXINGLEZHONGXINSHANGSHI。SHANGSHIYIHOU,JIBENSHANGNENGBAYUANLAIDETOUZICHENGBENSHOUHUILAILE。XIANZAIBUSHAOLPDUIYOUMINGQUECHANYEDINGWEIHESUQIUDEJIJINHEGUANLITUANDUIGENGGANXINGQU。SUIZHESHICHANGTILIANGYUELAIYUEDAYUELAIYUEXIFEN,JIGOUYUEDUIXINGYESHENGENG,JIUYUERONGYIBASHIQINGZUOSHEN,CHUANGZAOGENGDUODEJIAZHI。


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