I 摘要 改革开放40年来，中国社会财富实现了传奇般的创造积累，从规模上来看，目 前中国财富管理市场已经达到百万亿级别。在很长一段时期里，财富体量催生出多种 投资渠道，资本脱实向虚，阻碍着中国经济的平稳发展。近年来，国家出台了一系列 政策措施，去杠杆、破刚兑、扶持高新技术产业、引导资本向实体领域流动，股权投 资行业迎来了历史性的发展机遇，如何把握国运大势、分享发展红利成为值得每个人 关注的问题。 在此形势下，私募股权投资基金如何寻找优质项目，以实现最大化的投资收益回 报，另外还有私募股权投资市场如何培育、优化、走上成熟，是当前国内特色市场经 济条件下各方主体政府、企业界、投资者和融资企业等，共同面临的重大课题。基于 此，本研究关于K私募股权基金运作模式优化研究，迎合了当前国内资本研究的趋势， 具有一定研究理论意义和实践意义。 因此，本研究中以K私募股权投资基金的运作优化为具体研究内容，以展开具体 的分析：首先本研究中综合梳理了众多相关的研究文献和资料，结合当前中国私募股 权投资基金发展的状况，在此基础上明晰私募股权投资基金运作优化研究的理论意义 和实践意义。其次，本研究中为明晰关于私募股权投资基金研究的整体环境，从内部 因素和外部因素等方面展开具体分析。再次，本研究选取了K私募股权投资基金为典 型案例，具体展开私募股权投资基金运作模式发展现状的分析。并深入挖掘K私募股 权投资基金当前运作过程中存在的问题。最后，在上述研究的基础上，针对K私募股 权投资基金运作问题，提出针对性的改进建议，以提升K私募股权投资基金运作效率， 同时也为同行业的私募股权投资基金运作提供优化思路和借鉴，从整体上改善国内私 募股权投资基金发展环境，营造积极和谐的金融投资环境。 关键词：K私募股权投资基金 基金募集模式 基金投资模式 基金运行管理模式 基金退出模式 Abstract II Abstract Over the past 40 years of reform and opening up, China's social wealth has achieved legendary creation and accumulation. In terms of scale, China's wealth management market has reached the level of billions of dollars. Over a long period of time, the barbaric growth of wealth has led to dazzling investment channels, which have hindered the steady development of China's economy. In recent years, the state has issued a series of policies and measures, such as deleveraging, breaking the rigidity, supporting high-tech industries, and guiding capital flows to the physical field. Equity investment industry has ushered in historic development opportunities. How to grasp the general trend of national sports and share development dividends has become a problem worthy of everyone's attention. In this situation, how to find high-quality projects to maximize the return on investment, and how to cultivate, optimize and mature the private equity investment market are the main bodies of government, enterprises, investors and financing enterprises under the current domestic characteristic market economy. Major issues facing us. Based on this, this study on the optimization of K private equity fund operation mode, catering to the current domestic capital research trend, has a certain theoretical and practical significance. Therefore, this study takes the operation optimization of K private equity investment fund as the specific research content, and carries out specific analysis: Firstly, this study combs a lot of relevant research literature and information, combines the current development of China's private equity investment fund, and clarifies the operation of private equity investment fund on this basis. The theoretical and practical significance of optimization research. Secondly, in order to clarify the overall environment of the research on private equity funds, this study carries out specific analysis from internal and external factors. Thirdly, this study chooses K private equity fund as a typical case to analyze the current situation of the operation mode of private equity fund. And in-depth excavation of K private equity funds in the current operation process of the problems. Finally, on the basis of the above research, aiming at the operation problems of K private equity investment fund, this paper puts forward some suggestions to improve the operation efficiency of K private equity investment fund. At the same time, it also provides optimization ideas and reference for the operation of private equity investment fund in the same industry, and improves the domestic private equity investment fund as a whole. Developing environment and creating a positive and harmonious financial investment Abstract III environment. Key words: K Private Equity Fund; Fund raising mode; fund investment mode; fund operation and management mode; fund exit mode 目录 IV IV 目 录 摘要 ...................................................................................................................................... I Abstract ................................................................................................................................. II 目 录 ................................................................................................................................. IV 1 绪 论 ................................................................................................................................. 1 1.1研究背景与意义 ...................................................................................................... 1 1.2 研究思路和方法 ..................................................................................................... 3 1.3 创新之处和不足 ..................................................................................................... 5 2 理论基础及文献综述 ....................................................................................................... 6 2.1波特竞争战略理论 .................................................................................................. 6 2.2 SWOT理论 .............................................................................................................. 7 2.3委托代理理论 .......................................................................................................... 8 2.4文献综述 .................................................................................................................. 9 2.4.1国外文献综述 ................................................................................................ 9 2.4.2国内文献综述 ................................................................................................ 9 2.4.3.文献述评 ...................................................................................................... 10 3国内私募股权投资基金行业分析 .................................................................................. 11 3.1私募股权基金投资和获利模式同质化 ................................................................ 11 3.2混业经营竞争加剧 ................................................................................................ 11 3.3市场价差红利消失 ................................................................................................ 12 3.4私募股权退出壁垒增加 ........................................................................................ 13 4 K私募股权基金运作模式现状 ...................................................................................... 16 4.1K私募股权基金发展历程 ..................................................................................... 16 4.2K私募股权基金现有运作分析 ............................................................................. 17 4.2.1K私募股权基金募集渠道 ........................................................................... 18 4.2.2 K私募股权基金投资特点及流程 .............................................................. 19 4.2.3 K私募股权基金运行管理模式 .................................................................. 20 4.2.4K私募股权基金退出模式 ........................................................................... 21 4.3K私募股权基金运作中存在的问题 ..................................................................... 23 4.3.1K私募股权基金募集资金规模失衡 ........................................................... 23 4.3.2K私募股权基金投资僵化 .....................................................