简论私募股权融资的会计处理及风险规避

随着我国多层次资本市场的不断加速,尤其是2012年私募股权基金IPO退出机制以后,私募股权融资愈发成为中小企业的重要融资渠道,基于私募股自身的独特性,为更好地利用金融工具以促进企业的可持续发展,本文对私募股权投资的会计处理进行探讨,并提出相关风险规避的建议.     

私募股权:解决中小企业融资难的有效途径

自2006年起,私募股权基金在中国开展了大规模的投资活动。2007年仅在第一季度,就有17支投资于中国内地的亚洲私募股权基金完成募集,资金额达到75.94亿美元,同比增长329.5%。成长性的中小企业成为其投资热点。对于成长性的中小企业来说,在国内A股市场公开发行股票、通过银行贷款融资和发行企业债券融资均存在较大困难的情况下,通过私募股权融资可以有效解决其融资难问题,同时能为中小企业的发展提供多方面的支持。     

滨海新区科技型中小企业私募股权融资研究

科技型中小企业所具有的高风险、高投入的经营特征,使得其很难从银行及证券市场获得资金。私募股权基金作为一种金融创新机制,在为科技型中小企业提供发展所需要资金的同时,还可以提升科技型中小企业的价值。滨海新区科技型中小企业可以利用新区私募股权投资基金快速发展的优势进行融资,进而发展壮大。     

PE与我国中小企业融资

近年来,PE（私募股权投资）在我国发展迅猛,在全球金融危机的今天,我们如何规范PE的发展,如何发挥PE在帮助企业融资,特别是中小企业融资方面的积极作用,已经成为越来越受人关注的话题。     

江苏省发展私募股权投资模式分析

私募股权基金的发展既可以给江苏民营资本投资指明方向,又可以有效解决中小企业融资难问题,尤其是资金缺口较大的高新技术企业。为此,以私募股权投资的模式建立为角度,结合江苏省的经济特点,分别从引导基金、私募股权投资中心、OTC市场（场外交易市场）建立和法律政策进行分析,为江苏省进一步发展私募股权投资拟定对策。     

论民间融资困境中的私募基金发展问题

近几年私募股权投资基金作为与民间借贷争夺民间资金的一个竞争对手变相参与民间借贷,且较为活跃。这种状况对于民间借贷市场造成了冲击,对于中小企业面临的融资困境的影响有待探究。加之,我国目前对私募基金没有正式承认,它主要依靠市场力量来进行自我调节,这很容易导致在金融证券市场中出现高风险、多骗局的局面。综合以上两点,从现实的金融事件入手关注私募基金问题、总结我国私募基金的基本问题,并探究我国私募基金的完善之路。     

我国中小企业的融资困境及其出路

中小企业融资难是我国乃至世界范围内的问题,也是市场自身调控、金融机构防范风险的一种必然表现。然而,由于中小企业存在着融资渠道单一、融资成本高昂、资本供给结构不均衡及私募股权资本的集体错位等现象,使融资难问题始终困扰着中小企业。文章认为应从和谐发展角度来考虑缓解中小企业融资难的出路,进一步加快现代规范的企业制度建设,还公司制中小企业符合市场经济运行机制要求的自然的直接融资权;建立专门的中小企业金融机构,鼓励中小企业间建立互助金融组织资金扶持政策体系;建立符合我国国情的"第二板块市场";鼓励中小企业的创业者向亲朋好友借资。同时,中小企业亦应更新理念,重塑形象。     

谈目前股权众筹存在的问题与完善措施

2014年12月中国证监会发布的《私募股权众筹融资管理办法(试行)(征求意见稿)》明确股权众筹在中国的合法化地位。但是该法案经过3年的实施暴露出了很多问题,本文以(《私募股权众筹融资管理办法(试行)(征求意见稿)》为依据,就股权众筹平台、投资者和融资者三方主体为着手点,分析我国私募股权所存在的某些主要问题并提出相关建议。     

中国文化传媒产业融资现状分析

融资问题一直是文化传媒产业的热点话题。就目前政府财政投资、银行间接融资、上市融资、政府引导的产业基金以及私募股权投资基金五方面对中国文化传媒产业的融资现状而言。财政投资对文化传媒产业的投入不足,需加大力度;银行融资对以无形资产为主的新兴传媒企业是难以企及的;上市融资是优质传媒企业的首要选择;产业投资基金和私募股权投资基金是传媒产业整合、发展的新力量。只有各方资金共同推动才能有效促使文化传媒产业健康发展。     

论外商境内股权投资中估值调整协议及其履行

估值调整协议多用于引入外资私募股权基金的股权融资中。其实质是附随于股权融资协议的从合同,不是射幸契约,宜认定为附停止条件的合同。外商境内股权投资中,是否需要有关部门审批并不影响协议本身的效力。不能割裂其与股权融资协议、估值方法与公司业绩之间的联系。提出在外资并购审查中对股权融资协议项下的估值调整协议设立＂预批准＂＋＂复核＂制度。     

Access and equity in financing higher education: The case of Morocco

This paper explores the higher education financing policy in Morocco in light of the central issue of equity. First, it surveys the current situation, using a critical approach to the present financing policy, and looking at the three dimensions of adequacy, efficiency, and equity. Second, it describes the principal policy challenges in financing higher education. Third, it presents several public policy proposals likely to bring changes to the financing policy in order to meet these challenges. The analysis shows that the sustainability and the equity of the current financing system are undermined by the dysfunctions introduced by the private/public split in the higher education system and the lack of a clear political strategy pertaining to the medium of instruction.     

论产业投资基金的市场化和服务型政府的构建

产业投资基金作为一种新型产业融资工具,自出现以来就一直被人们寄予了很高的希望。从产业投资基金在我国的设立和发展来看,均表现出明显的政府主导性特征。政府及相关部门和国有控股企业共同发起并筹建产业投资基金的做法适应了过渡时期实际情况的需要,但就其进一步发展来看,存在一定的隐患,那就是政府力量对产业投资基金的主导和过分渗透将影响产业投资基金规范健康的成长。因此改变政府主导型的发展模式,更多地依靠市场力量来发展产业投资基金,构建一个服务型政府在我国产业基金发展的道路上显得尤为重要。     

我国民办高等教育的现状、问题与发展趋势

我国民办高等教育有如下特点:机构类别呈多层次性、发展模式呈多样性、空间布局呈非均衡性、融资渠道呈单一性、运作机制的准市场化。我国民办高等教育存在以下问题:认识、法律保障和公平待遇问题,产权界定、经费筹集和配套改革问题,办学自主权、内部建设和管理问题,质量评估、信息传递和科学研究问题等。随着社会的发展,民办高等教育的规模将进一步扩大,管理体制将进一步完善,多样化的师资队伍将逐步形成,筹资渠道将进一步拓展。     

South Asian perspectives

This chapter discusses a few select issues relating to the privatization of education in the South Asian countries. Particularly concentrating on India, a few comparisons are made on private and public schools, and in the process a few common postulates are examined relating to equity, quality and financing of education. The complementary nature of public and private sectors, and the correlates of private sector are also briefly probed into.     

我国小微企业融资状况

小微企业在国民经济发展、就业问题解决、城镇化推进、区域差距缩小等方面有着重要作用,但是在其发展中资金不足是面临的主要约束。尽管资料显示我国新增贷款52.5%贷给了中小企业,而小企业只获得了8.5%,微型企业的份额则更低。我国小微企业融资现状表现为：内源性融资是首选融资方式;银行体系是小微企业外源融资的主要渠道;多层次的股票市场体系对小微企业的服务相当有限;创投等私募股权投资是小微企业股权资本的重要来源;小微企业一定程度上依赖非正规借贷渠道;小微企业融资结构性矛盾突出。小微企业融资难的原因主要包括：小微企业自身障碍、信息不对称、金融结构不平衡、信用体系建设仍处于起步阶段。     

Scope, relevance and challenges of financing higher education: The case of Tunisia

Like other developing countries, Tunisia has allocated increasing levels of resources to education, particularly higher education, over the past few decades, mainly through public funding. From 2005 to 2008, public expenditure on education amounted to around 7.4% of GDP, with 2% allocated to higher education. Recently, however, budgetary constraints have increased, student enrollment is increasing rapidly, and the country needs to improve its higher education so that graduates are more employable. In this context, to enhance access and equity, public policy is required to define orientations and programmes to improve quality and efficiency while reducing costs. This article first assesses public expenditure on higher education in Tunisia, with respect to its adequacy, efficiency, and equity, and then explores the challenges posed to financing by demographic changes, the need for higher quality of education, and private provision. It also examines some strategies for reinforcing financing, and analyzes measures to increase private funding.     

Adequacy, efficiency and equity of higher education financing: The case of Egypt

To meet its future challenges in financing higher education, Egypt has no option but to search for alternative funding arrangements. This article considers the question of how to do so, keeping in mind the need to ensure equitable access to good quality education for those who cannot afford it. To this end, the article begins by assessing public expenditure on higher education in Egypt, with respect to its adequacy, efficiency, and equity. Next, it analyzes the impacts that demographic changes, the demand for quality education, and the transition to private provision of education will have on the nature of financing higher education in the future. It concludes by suggesting alternative strategies to address the problem of financing higher education in Egypt.     

The profitability of school investments in an educationally advanced developing country

The Philippines is a country in which phenomenal educational expansion has taken place in the last 30 years. As such, it is a natural case for testing the hypothesis that investment in education is no longer economically valid. In this paper we provide new estimates of the returns to investment in education in that country for 1988. The findings indicate that both social and private rates of return are of conventional levels and therefore a case of overexpansion is not warranted. Among the three educational levels considered, primary education exhibits the highest returns and university education the least. But because of the particular case of the Philippines where private sources are dominant in tertiary education financing, the degree of public subsidization is highest in primary education. This makes the Philippines a world outlier in the structure of public financing of education, and serves equity and poverty alleviation causes as well.