久银控股“投资+投行”业务模式研究
专业：工商管理硕士
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摘要
受宏观经济下行、监管政策趋严和行业竞争加剧等多重因素影响，私募股权基金大多面临募资难、投资难、退出难等困境。私募机构亟需在当前激烈的竞争环境中创新业务模式，建立其自身优势。
本文以在新三板挂牌的私募机构久银控股作为案例公司，通过文献分析及案例研究的方式，探讨“投资+投行”业务模式的利弊及优化建议。主要的结论归结如下：首先，“投资+投行”业务模式可以有效降低项目退出难度，缩短项目退出周期，通过并购退出获取可观的投资收益，有利于私募股权基金“募、投、管、退”的良性循环；其次，“投资+投行”业务模式实现私募机构业务收入的多元化，通过投资银行业务提升经营业绩，改善经营现金流；最后，“投资+投行”业务模式的实践经验有较好的参考意义，可为其他私募机构拓展退出渠道、构建自身竞争力提供一种新的视角。
关键词：私募股权基金，并购退出，投资银行，投资+投行
Research on the "investment + investment banking" business model of EAGLE HOLDINGS
Major: Master of Business Administration
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ABSTRACT
Under the influence of multiple factors such as macroeconomic downturn, stricter regulatory policies and intensified industry competition, most private equity funds are faced with difficulties in fund-raising, investment and exit. Private equity institutions need to innovate business models and establish their own advantages in the current fierce competition environment.
This paper takes EAGLE HOLDINGS, a private equity firm listed on the new third board, as a case company. Through literature analysis and case study, this paper discusses the advantages and disadvantages of "investment + investment banking" business model and optimization suggestions. The main conclusions are as follows: firstly, "investment + investment banking" business model can effectively reduce the difficulty of project exit, shorten the project exit cycle, and obtain considerable investment income through M&A exit, which is conducive to the benign cycle of private equity fund; secondly, the "investment + investment banking" business model can realize the diversification of business income of private equity institutions Finally, the practical experience of "investment + investment banking" business model has good reference significance, which can provide a new perspective for other private equity institutions to expand exit channels and build their own competitiveness.
Keywords: Private equity fund, M&A exit, Investment bank, Investment + investment bank
目录
摘要
ABSTRACT
目录
第1章 绪论
1.1 研究背景
1.2 研究意义
1.3 研究方法
1.4 结构安排
第2章 文献综述
2.1 私募股权基金
2.2 并购退出
2.3 投资银行
2.4 投资+投行
2.5 本章小结
第3章 久银控股“投资+投行”业务模式介绍
3.1 久银控股公司简介
3.2 “投资+投行”业务模式
3.3 经典案例：维力医疗并购狼和医疗
3.4 本章小结
第4章 久银控股“投资+投行”业务模式分析
4.1 久银控股实施“投资+投行”模式的原因
4.2 久银控股实施“投资+投行”模式的要点
4.3 久银控股实施“投资+投行”模式的成效
4.4 久银控股实施“投资+投行”模式的不足
4.5 本章小结
第5章 久银控股“投资+投行”业务模式优化建议和启示
5.1 久银控股“投资+投行”模式优化建议
5.2 “投资+投行”模式对私募机构转型的启示
5.3 本章小结
第6章 结论与展望
6.1 研究的结论
6.2 未来研究的展望
参考文献
后记
