A Study Of R Private Equity’s Withdrawing Mode Investment NL Project

After the reform and opening up,the venture capital began to enter the market of our country.The entry into the Bank of Shanghai by the International Finance Corporation(IFC)marks the beginning of the formal opening of private fund in China.With the deepening of reform and opening up,China’s small and medium-sized enterprises have developed greatly in terms of size and quantity.But at the same time,the capital problem of small and medium-sized enterprises has become the main problem that restricts their further development.When funds are trapped,small and medium-sized enterprises gradually begin to pay attention to private equity funds,and frequently send out "rescue information" to private funds,which has injected a strong impetus to the development of private equity funds.Whether private equity funds can exit successfully from investment projects can truly realize the key and symbol of their investment capital appreciation and determine whether their investment is successful or not.However,judging from the current investment situation of private equity funds,there is a dilemma of "easy investment and difficult exit".Therefore,in order to promote the steady and orderly development of China’s capital market and effectively solve the problem of private fund investment exit process,the thesis takes the R private fund company as the research object and studies the exit mode of its investment NL project,hoping to contribute to the healthy development of private equity fund in our country.On the basis of the research on the theory of private fund investment withdrawal,the paper studies the choice of the exit mode of the investment NL project with R private fund company as the research object.NL is a high-tech enterprise specializing in R &D,production and sale of logistics storage and handling equipment.On the one hand,NL company belongs to the national hi-tech enterprise and has a wide market.It is the national strategic new industry,the enterprise has the free brand,the comprehensive strength is in line with the investment demand of the R fund company;on the other hand,the NL company has a single financing channel,low gross profit rate,high expense expenditure and high debt rate.Taking all these considerations into consideration,R company takes the NL asset liability ratio as the trigger of investment,and develops a phased investment mode.When NL’s assets and liabilities are reduced to 75%,67% and 60%,the three stage investment conditions are set forth respectively.In the way of withdrawal,considering that NL company is a non-listed company,R fund company has drawn up three different ways of launching the listing and withdrawal of IPO,the withdrawal of industrial capital M & A and the repurchase of the original shareholders.But there are some legal problems in the concrete operation process of the three ways.For the existing legal problems,the paper proposes to promote the adjustment of the ownership structure,clean up the parallel transactions,improve the governance structure and the working system,strengthen the management supervision,promote the financial standardization work steadily,promote the listing of enterprises,realize the merger and acquisition of the regulatory industrial capital according to the law,and steadily promote the share repurchase and the cultivation of the shares.Suggestions for raising professional intermediaries.