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Old 06-10-2011, 09:21 AM   #1
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Default 私募股权研修班o_中国私募投资企业最关注什么

  他认为,在目前的资本市场中,这类私募已经过热,有大量资金在炒作泡沫。_私募股权研修班_北京大学私 募股权_¥许多人都因大量分析数据中的回报值而心动加入私募,但他看来,几千家企业的平均值根本不能说明问 题。_私募股权研修班_北京大学私募股权_¥
  “大家都是有从业经验的,这样来上专业PE课更能事半功倍,理解快,同时对事物也有自己的看法原则,不 会一味受老师专家的影响。_私募股权研修班_北京大学私募股权_¥”
  欧阳良宜表示,目前江浙投资人大部分比较“现实”,最青睐的私募形式是Pre﹣IPO,即在某公司上市 前突击入股,成功上市后抛售套现。_私募股权研修班_北京大学私募股权_¥尽管主板市场这样的股份需要一定 时间后才能解禁,然而超高的回报率依旧吸引大笔私募前赴后继。_私募股权研修班_北京大学私募 股权_¥
  上周六,北大汇丰商学院“私募股权投资(PE)与企业上市”高级研修班在杭城接连开课两天,吸引了众多 对私募跃跃欲试的学员。_私募股权研修班_北京大学私募股权_¥他们大部分是来自金融投资、房产、科技等行 业领域的高管,其中一些“五道杠”学员更是身经百战,拥有丰富的私募投资经验。_私募股权研修班_北京大学 私募股权_¥
不是成长前景、盈利能力,而是“CEO私生活调查”
 如果不是从他们的名片中获悉身份,你也许想像不到,这一班20多名顶着大太阳、放弃周末赶来听课的“大龄 学员”,就是一群来自浙江省内及周边地区、各行业“金字塔顶端”的投资人士。_私募股权研修班_北京大学私 募股权_¥
  欧阳良宜风趣的授课风格有目共睹。_私募股权研修班_北京大学私募股权_¥他会申明自己课堂的宗旨:“ 只要不打呼噜就是好同学。_私募股权研修班_北京大学私募股权_¥”一连两个多小时讲下来,有前排学员请他 休息一下,喝口水,他笑称:“没关系,不喝水,这属于可控风险。_私募股权研修班_北京大学私 募股权_¥”
  在介绍企业投资估值和签订条款时,欧阳良宜以某国外资本与企业签订的一份金额1亿多元人民币的谈判合作 框架协议书为例分析。_私募股权研修班_北京大学私募股权_¥他表示,目前私募行业双方签订对赌条款是非常 普遍的,虽然大多数合作都以企业上市为目标,但一些谨慎的投资方都会以最终达到一定估值作为附加退出条件, 而国内私募合同并不重视细节。_私募股权研修班_北京大学私募股权_¥
  在北大PE班的学员中,不少是来自大型金融行业的中高管理层人员。_私募股权研修班_北京大学私募股权 _¥欧阳良宜称,在他之前的几次授课中,曾拿国内一些投资公司作分析,还有“反面案例”;结果发现“该公司 高管就坐在学员中听课”,这也间接印证了国内这个圈子的“小”。_私募股权研修班_北京大学私 募股权_¥
  杭州华元房地产集团有限公司副总经理、美林项目总经理韩静是众多“女高管”学员之一,她对记者表示:“ 许多人认为学习金融投资,如果没有实践的条件和资源,纯理论性地听课实在意义不大,还不如从一个项目开始边 做边学。_私募股权研修班_北京大学私募股权_¥但我发现,实践和理论结合才是最好的学习方式。_私募股权 研修班_北京大学私募股权_¥欧阳老师讲的都是一些‘有料’的投资案例,甚至是一 些行业‘潜规则’,感觉就像在和其他行业的同学分享经验,受益良多。_私募股权研 修班_北京大学私募股权_¥”
  “中国现在还没有成熟的二级市场,专门接别人的盘。_私募股权研修班_北京大学私募股权_¥现在创投就 像击鼓传花,要赶上时机脱手才暂时安全了,运气不好,接了抛不出。_私募股权研修班_北京大学私募股权_¥ 同时也印证了目前私募界一个普遍价值观:买你的公司股份,是为了总有一天把它卖出去。_私募股权研修班_北 京大学私募股权_¥”
  他告诉记者,参加PE班,除了吸收最新的专家观点,最重要的就是找到一个投资圈子的平台,彼此分享投资 经验,甚至成为合作伙伴,都是比较常见的。_私募股权研修班_北京大学私募股权_¥
  “CEO资质”关注被放在首位
  随着私募界的行事动向越来越受人关注,少数行业大佬的一举一动也时时受人关注。_私募股权研修班_北京 大学私募股权_¥欧阳良宜表示,在国内私募界,“CEO私生活调查”是一项“富中国特色”的尽职调查。_私 募股权研修班_北京大学私募股权_¥在欧美私募行业调查中,最受关注的依次是企业的成长前景、团队资质、盈 利能力等,而在中国,无论是专家学者还是私募大佬,纷纷将“CEO资质”放在首位,对CEO的个人调查,如 偷漏税调查等,甚至婚外情等私生活,都作为影响企业运作的重要因素。_私募股权研修班_北京大学私募股权_ ¥比如,据透露,土豆网CEO在企业赴美上市的前一日,被前妻告上法庭,令公司的上市就此流产。_私募股权 研修班_北京大学私募股权_¥而鼎晖合伙人王功权“高调私奔”,也令鼎晖公司内部人士一致对外沉默。_私募 股权研修班_北京大学私募股权_¥
  欧阳良宜表示,甚至银行对账单,如今也能造假。_私募股权研修班_北京大学私募股权_¥“比如一些公司 为作假账单,会找中介临时打笔钱,甚至直接找银行‘行方便’,所以现在私募还要去 调查客户是否真有其人。_私募股权研修班_北京大学私募股权_¥”
  “江浙私募大部分都太‘现实’
  在众多学员中,不乏有多年投资经验的资本运营高手。_私募股权研修班_北京大学私募股权_¥同时,还有 一些学员上过PE班之后“现学现卖”自己操刀搞私募基金的。_私募股权研修班_北京大学私募股权_¥例如F DS中国资本北京特许经营权交易所温州运营中心的总经理朱孟权,不但自己办了私募投资基金,还拉了不少同学 “入股”。_私募股权研修班_北京大学私募股权_¥
  此次的杭州PE班,主讲人是号称“北大史上最年轻教授之一”、曾获邀任发改委财政金融司PE课题组副组 长的北大金融学副教授欧阳良宜。_私募股权研修班_北京大学私募股权_¥在学员中,既有投资操盘的老手,也 有对私募一知半解的非金融业人士,对具体的金融术语和专业名词并不十分熟悉。_私募股权研修班_北京大学私 募股权_¥
  “有这样一个真实案例,国内某投资人找律师拟一份20亿元的投资协议书,又烦看法律条款,最后要求将二 三十页的内容精简到一页纸上。_私募股权研修班_北京大学私募股权_¥律师说不行,这样少了很多保障性条款 ,以后出了事怎么办?投资人说没关系,被投企业老总是我兄弟,不会坑我的。_私募股权研修班_北京大学私募 股权_¥最后律师说那好吧,这份合同我可以免费帮你拟,不过上面不能有我和事务所的署名。_私募股权研修班 _北京大学私募股权_¥”
  私募圈很小,诚信特别重要
  除了风趣易懂的讲解,“实战性”是欧阳良宜的一大风格,这也是令众多学员在下课后纷纷找他“取经”的重 要原因。_私募股权研修班_北京大学私募股权_¥大量第一手的真实投资案例,不时穿插一些“独家爆料”,很 快吊起了学员的胃口。_私募股权研修班_北京大学私募股权_¥
  在由浅入深的PE运作讲解中,不论是基础概念“扫盲”,还是投资惯用手法讲解,他的幽默风格也时不时引 爆“笑点”。_私募股权研修班_北京大学私募股权_¥如,私募就是“为企业提供从摇篮到坟墓的全部服务”, 风险投资就像“掷硬币”,输赢两面几率对半,只有掷得越多,才可能赢得越多;而那些敢于在计划书阶段就大笔 投资的天使投资人,在大多数人看来是比较“二”的,资金很可能有去无回,但相对而言企业成功回报率也是最大 的。_私募股权研修班_北京大学私募股权_¥
  据他介绍,如今在温州、义乌等民间资本活跃地区,许多“实业型”渴望转型进入私募。_私募股权研修班_ 北京大学私募股权_¥“就在我这次来杭州听课之前,温州几个‘富二代’还找我推介 私募项目,手中有一两亿元的资金。_私募股权研修班_北京大学私募股权_¥”
  同时,欧阳良宜特别分析了国内私募行业和企业上市的造假现象和手法。_私募股权研修班_北京大学私募股 权_¥“虽然目前注册股权投资基金管理有限公司门槛并不高,只需100万元,但私募圈其实很小,如果哪家私 募被证实是坑人,它以后基本也别想翻身了。_私募股权研修班_北京大学私募股权_¥”
  与PE相比,上市公司的造假手法显然花样繁多。_私募股权研修班_北京大学私募股权_¥“就连现在&t imes;大CFA(特许金融师)的学生,每人也至少掌握14种不同的公司造假方法。_私募股权研修班_北 京大学私募股权_¥”欧阳良宜的一番话,让不少学员感叹:“听完课之后,真的不敢投钱了。_私募股权研修班 _北京大学私募股权_¥”
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