私募股权投资在中国—凯雷收购徐工案例分析

论文摘要

近年来,中国吸引了许多国外的私募股权基金,这是由于中国经济的迅速增长、私有企业巨大的资本需求以及众多国有企业改革改制为私募股权投资了带来了大量的机会。然而,中西方文化的差异和多变的监管体系和法律法规环境都为境外私募股权基金在中国的投资带来很多挑战。通过详细描述各个政府部门发布的管理私募股权基金的主要条例法规,本论文可以指导如何在中国建立私募股权基金。通过分析凯雷收购徐工机械案例,中国第一个最大的私募股权投资,同时也是境外投资者首次试图收购工程建筑行业的大型国有企业的案例,论文指出当政府担心境外投资者收购国内大型公司尤其是一些关键行业内的公司会危及国家经济安全时,政府可以通过备案、审批的要求来干预私募股权投资。

论文目录

• 中文摘要
• Abstract
• Introduction
• Chapter 1 Overview of Private Equity Investment
• 1.1 Categories of private equity funds
• 1.2 How private equity investment works
• 1.3 Virtues of private equity investment
• Chapter 2 Overview of China's PE market
• 2.1 The development of private equity in China
• 2.2 Major players in China
• 2.3 Industrial distribution of private equity investment in China
• 2.4 Geographic distribution of private equity investment in China
• Chapter 3 Opportunities for private equity investment in China
• 3.1 China's economic growth
• 3.2 Financing small and medium enterprises
• 3.3 Privatization of state owned enterprises
• Chapter 4 Challenges for private equity investment in China
• 4.1 Culture barriers to foreign private equity investment in China
• 4.2 Legal environment for private equity investment in China
• Chapter 5 Carlyle-Xugong Case
• 5.1 Background of Carlyle
• 5.2 Background of Xugong
• 5.3 Transaction
• 5.3.1 Pre-transaction
• 5.3.2 Bidding Process
• 5.3.3 Negotiation Process
• 5.4.4 Approval Process
• 5.4.5 War of words
• 5.4.6 Hearing
• 5.4.7 Concessions
• 5.4 Results
• Conclusions
• Appendix 1 China Private Equity Annual Ranking 2007
• Appendix 2 Carlyle's Portfolio in Asia Market
• Appendix 3 Carlyle's Investment in Past Three Years in China
• Appendix 4 Organization Chart of Xugong Machinery before Restructuring
• Appendix 5 Organization Chart of Xugong Machinery after Restructuring
• References