Private equity fund is a major financial support for economic growth. After nearly 50 years of growth, the German private equity fund has entered a rapid increase period, and become the German financial market into or lack of the composition of the department. In the peculiar economy, civilization, justice and tax system and other background, the growth of private equity funds in Germany, there are unique characteristics, but also bring the experience of success. Is in the German private equity fund financing and investment driving factors as the research subject, through excavation German private equity fund in from 1991 to 2017 increased at a high speed growth stage, the financing and investment by detailed influencing factor, the desire to help in our deeper geography solution to promote the growth of private equity fund useful way. China is currently in the early stages of the growth of private equity funds, private equity funds can learn from their own experience in the growth of german. This paper first comprehensive explanation of the concept of private equity funds, organizational forms and operational processes. On this basis, the paper introduced the German private equity fund growth faced internal environment, and since the 1960s in the growth process, and further analyzes the increase in speed stage, the financing, investment and disinvestment operation characteristics. Then, this paper begins to analyze the driving factors of the financing and investment of private equity funds in Germany. First, the engagement of the analysis of the German private equity funds and investment driven factors, and then to these drivers to stop the quantitative empirical training, and to analyze the results of the empirical analysis. At first, this paper describes the current situation of the development of private equity funds in China and the challenges faced by the end of this paper, and summarizes the German private equity fund growth experience to the Chinese private equity fund growth brought inspiration. This paper in Jeng and well (2000) driven identity econometric models of basic long expansion, through the process to take from 1991 to 2017 German private equity fund financing and investment as the dependent variable and the independent variables in the model key consideration of the German underground publication in the number of listed companies (IPOs), Germany mergers and acquisitions business revenue accounted for the proportion of GDP, the German stock market business DAX index increase rate, German SMEs own cost rate and Germany self employment rate and driving factors. The innovation point of this paper is, according to the analysis of the model not only consider the before research scholar too many driving factors, combined with the peculiarity of German private equity fund growth, introducing new driving factors (including small and medium sized enterprises in Germany's own cost rate, German self hired ratio) empirical discipline. In addition, this paper in the future to late stage venture capital and early stage venture investment two private equity investment fund stop classification analysis basically, further analysis of the driving factors of leveraged buyout, to drive the verification stage investment risk, expanding the investment stage of venture capital and leveraged buy can be affected by the same identity. Again, this paper will total amount of financing of private equity funds by financing origin division and of banks, pension funds, the government and the other four types of financing stop empirical discipline, to verify the origin of differences in the amount of funding whether to receive the identity of the same driver. After an empirical analysis of the driving factors of private equity fund financing, this paper, in this paper, the overall financing of the new fund depends on the growth rate of R & D, entrepreneurial spirit and the level of the M & a market. Classification, the new fund from the bank's new funds are important to compete with the increase rate of DAX, out of the industry rate and the level of the market boom. While the M & a market is the most crucial factor to promote the financing of private equity funds from the pension fund. The flourishing of M & a market and the increasing rate of R & D revenue are the key factors that influence the amount of funds raised by private equity funds. And about the individual investors and other private equity funds, such as the origin of the company is concerned, the crux of the driving factor is the rate of unemployment, entrepreneurship and mergers and acquisitions market level. In conclusion, differences of other financing have been mergers and acquisitions business accounted for the proportion of GDP this identity driven effect, and is not influenced by the number of IPO companies to this variable to explain IPO market in Germany is absolute in terms of M & a market is not prosperous, so for the past 20 years, the rapid development of the M & a market of Germany is to promote German private equity new fund to increase the amount of the crux of the identity. In addition, different kinds of financing has also been different factors of the driver. Among them, from the bank's private equity funds raised by the DAX index has also been increased rate of drive. With the DAX index increased rate progress, bank assets and profitability in order to progress, promoting the progress of private equity funds from banks to raise funds. From the authorities of the private equity fund financing was R & D increased the rate of the driving, due to investment opportunities in research and development to bring new possessions are often government money in private equity funds disease become attached by. And about the individual investors and companies and other private equity funds raised in terms of financing, the entrepreneurial spirit is the crux of the driving factor. On private equity fund investment 目录: |
