| Nowadays, private equity investors were everywhere in tier cities of China, Beijing and Shanghai for example. Small plates and GEM brings a lot of wealth that excited a bunch of different corporation like PE firms, angel investors and venture capital which was built by private equity investors come from around the world. However, people now started worried about the risks behind the exuberance. On the one hand, more and more private equity investors were still live in the "fast money maker" which was given by private equity. The investors continue to reduce the screening criteria of the potential projects in order to reach a hundred percent or even higher return from the annual rate. On the other hand, the real economy become struggling and the excellent project started reducing. Most of the company refused to cooperate with those private equity investors who only want to earn huge money in short run, however some of the company have to choose to accept private equity investors base on the poor operating and financing environment. The big gap that exist between financial and industrial force this two capital start to split eventually.Private equity fund is a kind of fund which through non-public offering to raise funds, investments in unlisted companies and sell equity after the value added in right time. Private equity fund is a financial instrument when the market economy is highly prosperous. The modern sense of the private equity fund originated in the United States in the fifties of last century, developing with the global economy, has become a mature industry in the United States and Europe and gradually occupies an important position in the financial system. Our private equity funds started late and the first domestic private equity fund management institutions appeared in1985. Because China was in the transition period of changing from planned economy to a market economy at that time, the private equity fund industry is not very active. Academic research was also at a standstill. After the opening of the GEM in2009, China’s private equity fund industry went into an active phase, and the relevant theoretical research had also been considerable development.At present, the economy in China is in a critical period of transition, the original extensive mode of development no longer meet our current economic situation. The report of the eighteenth Party Congress clearly put industrial restructuring as a key of the future economic work, the macro-control on the market brought a spontaneous adjustment and this adjustment will affect all current industry. Developments of private equity fund industry is contributed to the implementation of the industrial restructuring process, because of its core strengths is that it is a product of market-oriented, and actively support the development of national economy.In the current context, this paper expand research on private equity funds, focusing on the private equity fund how to return to the nature of financial capital function by changing its own position and profit model to be useful in the transformation of the economic structure and industrial upgrading. Based on the previous studies, we divide private equity fund into two kinds of financial and service-oriented. And it’s the first time to systematically study the concept, features and functions of service-oriented private equity fundsThis paper mainly studies the primary means of theoretical analysis coupled with case studies, discuss under the historical background of economic growth mode transformation of industrial structure adjustment, traditional industries looking for new business models, how the private equity fund industry to adapt to the new economic situation by changing their positioning. This paper is divided into several sections:literature review, analysis of the background, put forward the theory, case verification, conclusions and policy recommendations. We discuss the new economic situation and how to change the existing private equity fund business model to adapt to the new changes, while playing the role of financial institutions to boost industrial upgrading and transformation.This paper is divided into six parts, as follows:The first chapter is the introduction part. This section focuses on the background and purpose of the research, theoretical significance, practical value and the overview of research results at home and abroad. The logic and discussed research ideas and possible innovations are also included.The second chapter describes the historical background of this thesis. The discussion is divided into three parts. The first part discusses the current status of the real economy in China, pointing out that China is currently in the middle-income trap and discusses the reasons for the formation of middle-income trap. The second section discusses the current situation in the financial markets, as well as the risks of excessive shadow banking and the crowding-out effect. The third section discusses the industrial structure adjustment of the real economy and the direction of the transformation of financial capital. How the financial capital should serve the real economy and provide the impetus for the Industrial Development.The third Chapter of this paper put forward the theory, discusses the theoretical basis of private equity funds and the concept of service-oriented private equity fund. Then it discusses the characteristics and importance of the service-oriented private equity fund.The fourth chapter is to discuss the role of service-oriented private equity fund:promoting industrial structure adjustment, improving the financing structure and enhancing the core competitiveness of enterprises from three different levels.The fifth Chapter discusses how to explore new forms of financial services in response to the economy and their own advantage as fund management company F. Firstly discusses the overview of Company F and company A, including their development process and the dilemma. Secondly we discuss how Traditional private equity funds transformations into service-oriented funds. And we have a detailed discussion of the way and the areas of the service.The sixth Chapter summarizes the key point of this thesis and put forward relevant policy recommendations. Meanwhile, it put forward the possible directions of the future research for problems and shortcomings encountered during the study.Innovation of this paper is reflected in the following two aspects:(1) Theoretical innovation. The definition of service-oriented private equity funds is first proposed in theoretical circles. We put private equity funds into financial-based private equity funds and service-oriented private equity funds. And we have a detailed discussion of the attributes and core values of the service-oriented private equity funds.(2) The innovation of application. We put service-oriented model of financial institutions in the field of private equity funds and put forward the theories, values and methods of service-oriented private equity funds. And we use case of Company A as an example. We discuss how Company F takes advantage of being a share holder of Company A to provide financial services and push its successful transformation in the background of economic transformation and industrial restructuring as managers of service-oriented private equity fund.Due to time and individual capacity is limited there are still many shortcomings and areas for improvement, in particular in:Firstly, this study is mainly theoretical innovation, however it cannot be verified by the model because of the lack data, In the future we can verify service-oriented private equity funds in the industrial transformation in the role of research through the empirical research method.Secondly, this paper divided into private equity funds of financial private equity funds and service-oriented private equity fund, it also preliminary discuss the different between this two parts. But because of the limited capacity of author, we have not discuss the boundaries between the subsequent further discussion of the difference between theThirdly, service-oriented private equity funds in the practical application have its limitations, not all industries and businesses have to try this new model. Therefore, subsequent studies can discuss in detail the service-oriented private equity funds Scope... |
PDF Full Text Request