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摘要:私募股权基金是一种在新经济形势下的金融创新。这篇文章将说明私人股本基金的定义和特点。然后分析私募股权基......

1.0摘要-1.0 Abstract

 

私募股权基金是一种在新经济形势下的金融创新。它在促进储蓄向投资转化,改善多层次资本市场、降低金融风险、促进高新技术产业发展中都扮演了一个关键的角色。它在美国,欧洲、日本等发达地区已经得到了实际经历的证明。在金融危机之后,私人股本基金显示出了其新特性和新发展。本文将在基础上的界定上去分析私募股权基金几个方面的形式。首先,这篇文章将说明私人股本基金的定义和特点。然后,基于现实,将分析私募股权基金的现状。接下来,讨论几个不同方面投资策略的形成。此外,还将讨论一个特定战略合并和收购。然后,列举一些在澳大利亚私人股本基金下的合并和收购案例。然后本文将提出一些私人股本基金的问题。最后,本研究将讨论双重税收协定和资本弱化规则。

 

2.0引言-2.0 Introduction

 

2.1私人股本基金的定义-2.1 The definition of private equity funds

 

关于澳大利亚私人股本基金的研究-Research On Private Equity Funds In Australian 

 

1.0摘要-1.0 Abstract

 

Private equity fund is a financial innovation in the new economic situation. It plays a key role in promoting the transformation of savings to investment, improving multi-level capital market, reducing financial risks and promoting high-tech industry development. It has been proved by experience of the United States, Europe, Japan and other developed areas. After the financial crisis, private equity fund shows its new features and new development. This essay analyze private equity funds form several aspects on the basis of definition. Firstly, this essay will illustrate the definition and characteristics of private equity funds. Then, based on reality, it will analyze the current situation of private equity funds in the world. Next, it will discuss the several investment strategies form different aspects. Furthermore, it will talk about one specific strategy-mergers and acquisitions. Then, it will give some cases about merge and acquisition under Private equity fund in Australia. Then this essay will bring up some problems of private equity funds. Finally, this study will discuss the double tax agreement and thin capitalization rules.

 

2.0引言-2.0 Introduction

 

2.1私人股本基金的定义-2.1 The definition of private equity funds

 

The definition of private equity funds can be explained form different aspects. [1] From the view of investment vehicle, private equity fund is a pooled investment vehicle. It is used for making investments according to one of the investment strategies related to private equity. Usually, private Equity Fund is to invest the non-list companies in the form of private equity with the consideration of the future exit mechanism in the process of implementation of transaction. (MVision, 2009) Specifically, the exit mechanism is taking profit by selling shareholdings in the ways of listing, mergers and acquisitions or management buy-back, etc. From the view of investment funds, private equity funds are various types of venture capital fund or industrial investment fund which view non-listed enterprises as the main equity investments. In the broadest sense, it covers the investment of two stages. Firstly, it covers the investment at all stages of Pre-IPO, which are including send stage, Start-up stage, development stage, extended stage, maturity stage and all the other stages of Pre-IPO. The associated capitals, according to the investment stage, may be divided into Venture Capital, development capital, buyout/buy-in fund, Mezzanine Capital, turnaround, Pre-IPO capital (such as bridge finance). Secondly, it covers the post-market investment, such as private investment in public equity (PIPE), distressed debt, real estate, and so on. It's especially necessary to note that the concepts described above have some overlap. In the narrow sense, private equity fund mainly refers to the private investment to the mature enterprises which has formed a certain scale and has generated stable cash flow, and mainly refers to the private investment at the later stage of venture capital, among which buyout/buy-in fund and Mezzanine Capital account for the largest part on the fund scale.

 

In order to know private equity funds deeply, it is necessary to introduce its features. It can be described as follows: (1) It takes more equity-type investment, and rarely touches on debt investment. (2) The popular organizing form is limited partnership, which has a good form of investment management efficiency, and avoids the double taxation of the state. (3) The investment horizon is longer. (Zwart, 2007) In general, it will be up to 3 to 5 years or longer. So it is long-term investment. (4) It can not be listed for transactions with poor liquidity. (Wright, 2009) There is no ready market for transferor and purchaser of non-listing enterprises’ equity to strike a deal directly. (5) Less transparency. In the term of fundraising, it raises funds mainly through the non-public way or from a small number of institutional investors and individuals. (6) It has a wide range of funding sources, such as Wealthy individuals, venture capital, leveraged buyout funds, strategic investors, pension fund, insurance company, etc. (7) Diversification of exit channels for the withdraw investment. There are three main channels, IPO, sale or M&A, capital restructuring.

 

2.2现如今世界上私人股本基金的状况-2.2Nowadays the situation of private equity fund in the world

 

Private equity fund emerged in American in the 1980s. In 1976, three famous investment bankers in Bear Stearns, which was Wall Street's top investment bank. (Stephanie, 2009) Henry Kravis、George Roberts and Jerome Kohlberg set up an investment company in partnership-KKR, which specialized in mergers and acquisitions. This company was the original private equity investment firm. Through the development of almost three decades, private equity funds achieved a rapid development. (Private Equity Intelligence Ltd., 2006)It has become an important vehicle of financing, and it is second only to bank loans and IPO. Currently, it has a large scale, wide range of investment, diverse funding sources and a number of investment institutions. (Clifford, 2007) Nowadays, the global situation of private equity fund can be illuminated as follows:

 

(1) Achieving a rapid development through the development of almost three decades. It has become an important vehicle of financing, and it is second only to bank loans and IPO. Currently, it has a large scale, wide range of investment, diverse funding sources and a number of investment institutions. According to the data published by PricewaterhouseCoopers and 3i, [2] from 1998 to 2003, the global private equity investment institutions has accumulated to 901.1 billion US dollars, cumulative investment has been up to 683.1 billion US dollars. According to relevant statistics institutions in 2006, the global private equity funds raised to 215 billion U.S. dollars, of which more than 150 billion U.S. dollars went to fund the acquisition-based private equity (buyout funds). In the same year, the global private equity investment fund’s total investment reached 738 billion U.S. dollars, which was doubled in 2005. Blackstone, KKR, Carlyle, Bain, Apollo, Texas Pacific, Goldman Sachs, Merrill Lynch and other agencies appeared frequently in many large scale investment and M&A transactions.

 

(2) Asia becoming a hot spot and an active area for private equity fund, especially China. According to relevant records, United States, Britain, China, France and Japan are the top five regions of private equity fund. After experiencing a financial crisis, the economic of some countries had been through a recession, whose private equity fund showed some declination. On the contrary, China was showing a rising trend. In recent years, private equity investment in China grows at a rate of more than 200% per year. [3] Foreign private equity funds frequently invested in China in a large-scale, such as Morgan Stanley, Macquarie Global Real Estate Company, Dutch real estate fund. Beside the large-scale, the areas of foreign private funds are increasingly wide, such as real estate, financial services, manufacturing, IT, pharmaceuticals, telecommunications and other industries. In the end of 2006, there have been more than 350 private equity and venture capital firms to invest capital to China market. The total amount has been reached 12.4 billion U.S. dollars.

 

(3) Turning to traditional industry, public domain products and financial institutions. Firstly, in the past, private equity fund usually invested to industries of IT, health care industry and business, consumer, retail trade. These three parts accounted for 97% of the total investment. However, in the recent, international large PE deals are frequently involved in telecommunications, wine stores and other traditional industries listed companies. For example, Blackstone spent 26 billion U.S. dollars to purchase the second-largest U.S. hotel chain Hilton Hotels Corporation. Canada’s largest telecommunications company BCE was also bought by leading consortium. Secondly, public utility companies, as non-profit organization, attract the attention of private equity fund. In 2007, KKR, the world’s second largest private equity fund firm, acquired TXU [4] with 45 billion U.S. dollars, which is one of the highest public utility companies in American. Finally, once the financial vulnerability appears, even only because of general performance, the financial institutions will face the possibility of splitting and integration. It is aimed at making better use of resources.

本文标签: EquityPrivateFundsAustralia

[美高 英语essay分不高]关于澳大利亚私人股本基金研究的Essayhttps://www.0592w.com/ESSAY/16611.html

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