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在中国,私募股权基金从目标企业退出渠道其实和美国基本类似,包括公开上市、目标企业回购、管理层收购、兼并收购和企业清算。但在实践中,中国资本市场的发展状况和近年来经济形势以及监管政策的变化决定了退出渠道和方式遭遇诸多瓶颈。(一)“唯IPO退出论”遭遇挑战1.中国私募股权投资IPO退出路径对于私募股权基金而言,以公开上市方式退出目标公司是最理想的方式,也是最优先考虑的方案。因为目标企业上市后私募股权基金可以将拥有的目标企业的股份通过二级市场转让获得高对价从而成
In China, private equity funds exit from target companies in fact similar to the United States, including public listings, target corporate repurchase, management buyouts, mergers and acquisitions, and corporate liquidations. However, in practice, the development of China’s capital market and changes in the economic situation and regulatory policies in recent years have determined many bottlenecks in the exit channels and methods. (A) “IPO exit ” encountered a challenge 1. China’s private equity IPO exit route For private equity funds, the exit of the target company by way of public listing is the best way, is the highest priority program. Because the target company after the listing of private equity funds can own the target shares of the company through the secondary market to obtain high transfer price