新闻
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China

私募报告:大象起舞注入新动能 国内市场驶上快车道

2017-08-25 10:06:24   中国经济网

有趣的是,2017年境内资金募集渠道和LP的选择已发生巨大变化。经过数年发展,私募股权基金的募资能力得到大幅提升。在募集渠道的选择上,他们最偏好于自行募集,占比84%。按照该比例的降序排列,依次是富有个人家族、商业银行和保险公司等。由于调查机构中的大多数是已经成名的机构,他们有能力拿到富有家族和大型金融机构的钱或进入其融资平台的准入名单。当然,近年来金融监管政策的加强也可能暂时限制私募股权机构与大型传统金融机构的融资合作。

在LP的选择倾向上,按照给予倾向占比由高到低排序,依次是国有企业、母基金、上市公司等。在投中信息的GP调查中的选择顺序中,上市公司居于首位,且国有企业的地位也要弱得多。这里或许存在样本集合和数据处理方法上的差异。但是,两种调查的共同结果反映出LP机构化或机构LP崛起的现实发展趋势。根据清科在2016年6月底的LP大样本统计,富有家族和个人占比仅半数,其次是企业的数量占比15%,上市公司的占比只有5%。但是,上市公司的出资能力(可投资本量)高居榜首,占比约为25%。由此可见,问卷调查反映的LP偏好随时可能受到阶段性的、出资能力强大的机构LP类型崛起的影响。在这种意义上,国有企业在近年来产业重组和私募股权基金的运作都风生水起,成为最受青睐的LP并不意外。

三、估值偏高投资重视前景和团队

61%的机构认为目前估值水平普遍偏高,存在一定投资风险,而24%认为需要具体而论。对于当前市场上项目估值的市盈率水平,认为处在16-19倍的机构占比最多,为32%。尽管如此,机构们仍然偏向于投资更多的企业。对于选择企业的评判标准,机构对于列举的一些条件都比较重视(图4)。按照重视程度由高到低排序,高成长、优秀团队和潜在市场规模等经典指标较为靠前。紧随其后的产品技术模式创新与过去更受追逐的商业模式创新相比,受到更多关注。

有较多机构对医疗服务、物联网、人工智能、大数据、并购、移动医疗、云服务、在线教育等领域表达浓厚投资兴趣(图5)。这些主题也是在过去三年市场最流行的主题概念或行业机会。例如,TMT(科技、媒体和通信)领域自2013年以来就一直受到追捧。随着一轮投资周期过去,该领域的机构表现参差不齐。近年来逐渐升温的人工智能、共享经济与军工行业,对参与机构的资源背景有一定要求。真实的机构偏好可能并不具备普遍性。

图4投资企业的标准及偏好

上一页6/8下一页
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China

相关阅读

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
分享到:
0 0
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China

美图推荐

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China

为您推荐

加载更多>>
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11038989/20170825/31185020_6.html
Server: cms-8-251
Date: 2024/11/17 13:54:14

Powered by China
China