The Research Of Capital Exit Of State-owned Private Equiy Funds

Along with the improvement of national capital market,both the amount and proportion of direct financing keep increasing rapidly.Private equity investment,as one of the most representative forms of direct financing,plays a vital role in building a well-developed capital market system.It also helps accelerate the commercialization of scientific and technological achievements,contributing to the innovation and vitality of market entities.Some state-owned PE funds such as state-owned venture capital funds or government guidance funds that occupy an important position,have earned considerable financial returns through appropriate investment operations which achieves the goal of preservation and increase of state property.Moreover,those funds encourage social capital to participate in PE investments and to a large extent promotes the development of real economy and regional industries.During the period of investment operations,capital exit of the state-owned PE funds will necessarily be the ultimate goal which attaches great importance to the success of investment.This paper from the viewpoint of capital exit,studies in-depth the current situation and concepts of PE funds,and what’s more,the identification standard,main problems,supervision systems and ways of capital exit of state-owned PE funds,applying to the methods of theoretical analysis,document analysis and case studies,while the principal-agent theory and information asymmetry theory are involved as well.It mainly elaborates the performance and existing problems of capital exit in detail,including the improper decision-making outcomes,complicated process during exit and the absence of market-oriented performance appraisal system.Afterwards,the paper,taking the particular features and demands of state-owned PE funds into account,brings up feasible advice on the the ways of market-oriented operations by analyzing authoritative statistics and representative cases.We hope state-owned PE funds will benefit from the conclusion the paper arrives at,while state-owned investors’interests will be guaranteed to a large extent.