资源与产业 ›› 2010, Vol. 12 ›› Issue (S1): 157-161.

• 资源经济 • 上一篇    下一篇

浅析私募股权投资在我国资源型企业改制上市中的作用

马天骄   

  1. (中国地质大学 地球科学与资源学院,北京 100083)
  • 收稿日期:2010-03-17 修回日期:2010-05-04 出版日期:2010-06-20 发布日期:2010-06-20
  • 作者简介:马天骄(1969— ),女,博士生,主要从事资源产业经济研究。E-mail:matj@goldstone-investment.com

APPLICATION OF PRIVATE EQUITY FUND IN CHINA’S MINING COMPANIES’ IPO

 MA  Tian-jiao   

  1. (School of the Earth Sciences and Resources, China University of Geosciences, Beijing 100083, China)
  • Received:2010-03-17 Revised:2010-05-04 Online:2010-06-20 Published:2010-06-20

摘要:

私募股权投资基金是一项金融创新,指面向特定对象非公开发行的基金,投资于未上市公司的股权,一般不谋求对被投资企业的长期控制,而是帮助被投资企业上市并在其上市后通过二级市场减持,以实现资本增值后的退出。在证券市场公开发行上市对企业的主体资格、公司治理、财务状况、未来发展等方面有非常严格的要求。而拟上市资源型企业由于历史原因,普遍存在种种不规范之处,造成上市的障碍。私募股权投资基金作为新型的金融资本不仅解决企业发展的长期资金需求、而且能完善法人治理结构、强化企业内部控制机制、通过多层次的金融服务提升企业的竞争力,促使和帮助公司解决历史遗留问题、合法规范经营,尽快达到公众公司的要求,为上市扫清障碍。

关键词: 私募股权投资, 资源型企业, 改制, 上市

Abstract:

Private Equity fund is a financial innovation, is raised from specially appointed investors, who purchase equities of unlisted target companies and help them to be listed on stock markets, and then sell their equities with high liquidity premiums. IPO has many strict requests on companies’ entity, corporate governance, and financial record and future business plan. Resources companies have many irregular factors which will influence IPO approval. As an innovational financial capital, PE fund owns integrative financial service tools which can not only provide longterm development capital to target companies but also promote their corporate governance, intensify their internal controls and improve their competitive power, impel target companies to resolve the historical issues, to run business in accordance with laws, to achieve the requests of public offering as soon as possible.

Key words: private equity fund, resources companies, corporate system reform, IPO

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