钂欑墰绉佸嫙鑲℃潈鎶曡祫妗堜緥鍒嗘瀽
涓�銆佺鍕熻偂鏉冩姇璧?/p>
(PE)
绠�浠?/p>
绉佸嫙鑲℃潈鎶曡祫锛?/p>
Private
Equity
锛夊湪涓浗閫氬父绉颁负绉佸嫙鑲℃潈鎶曡祫锛屼粠鎶曡祫鏂瑰紡瑙掑害鐪嬶紝渚?/p>
鍥藉鐩稿叧鐮旂┒鏈烘瀯瀹氫箟锛屾槸鎸囬�氳繃绉佸嫙褰㈠紡瀵圭鏈変紒涓氾紝鍗抽潪涓婂競浼佷笟杩涜鐨勬潈鐩婃�ф姇璧勶紝
鍦ㄤ氦鏄撳疄鏂借繃绋嬩腑闄勫甫鑰冭檻浜嗗皢鏉ョ殑閫�鍑烘満鍒讹紝鍗抽�氳繃涓婂競銆佸苟璐垨绠＄悊灞傚洖璐瓑鏂瑰紡锛屽嚭
鍞寔鑲¤幏鍒┿�?/p>
骞夸箟鐨勭鍕熻偂鏉冩姇璧勪负娑电洊浼佷笟棣栨鍏紑鍙戣鍓嶅悇闃舵鐨勬潈鐩婃姇璧勶紝鍗冲澶勪簬绉嶅瓙鏈熴�?/p>
鍒濆垱鏈熴�佸彂灞曟湡銆佹墿灞曟湡銆佹垚鐔熸湡鍜?/p>
Pre-IPO
鍚勪釜鏃舵湡浼佷笟鎵�杩涜鐨勬姇璧勩�傜浉鍏宠祫鏈寜鐓ф姇
璧勯樁娈靛彲鍒掑垎涓哄垱涓氭姇璧?/p>
(Venture
Capital)
銆佸彂灞曡祫鏈紙
Development
Capital
锛?/p>
銆佸苟璐熀閲?/p>
锛?/p>
buyout/buyin fund
锛?/p>
銆?/p>
澶瑰眰璧勬湰
锛?/p>
Mezzanine Capital
锛?/p>
銆?/p>
閲嶆尟璧勬湰
锛?/p>
Turnaround Financing
锛?/p>
锛?/p>
Pre-IPO
璧勬湰锛堝
bridge finance
锛?/p>
锛屼互鍙婂叾浠栧涓婂競鍚庣鍕熸姇璧勶紙
private investment in public equity
锛屽嵆
PIPE
锛?/p>
銆佷笉鑹�烘潈锛?/p>
distressed debt
锛夊拰涓嶅姩浜ф姇璧勶紙
real estate
锛夌瓑绛夈�?/p>
鐙箟鐨?/p>
PE
涓昏鎸囧宸茬粡褰㈡垚涓�瀹氳妯＄殑锛屽苟浜х敓绋冲畾鐜伴噾娴佺殑鎴愮啛浼佷笟鐨勭鍕熻偂鏉冩姇
璧勯儴鍒嗭紝涓昏鏄寚鍒涗笟鎶曡祫鍚庢湡鐨勭鍕熻偂鏉冩姇璧勯儴鍒嗭紝鑰岃繖鍏朵腑骞惰喘鍩洪噾鍜屽す灞傝祫鏈湪璧勯噾
瑙勬ā涓婂崰鏈�澶х殑涓�閮ㄥ垎銆傚湪涓浗
PE
澶氭寚鍚庤�咃紝浠ヤ笌
VC
鍖哄埆銆?/p>
PE
姒傚康鍒掑垎濡傚浘鎵�绀猴細
浜屻�佺鍕熻偂鏉冩姇璧?/p>
(PE)
鐨勪富瑕佺壒鐐?/p>
1
銆佸闈炰笂甯傚叕鍙哥殑鑲℃潈鎶曡祫锛屾姇璧勬湡闄愯緝闀匡紝涓�鑸彲杈?/p>
3
鑷?/p>
5
骞存垨鏇撮暱锛屽洜娴佸姩鎬у樊琚?/p>
瑙嗕负闀挎湡鎶曡祫锛屾墍浠ユ姇璧勮�呬細瑕佹眰楂樹簬鍏紑甯傚満鐨勫洖鎶ャ�?/p>