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私募基金的成功退出必须依赖于良好的退出机制。私募基金理论的发展和风险资本市场的完善使得私募基金退出机制的创新成为必然的趋势,从而为私募基金的退出提供了更多的路径选择。从目前各国的发展情况看,首次公开发行和企业并购已经成为私募基金最主要的两种退出方式。本文以上述两种方式的比较为主线,来分析两种方式的优缺点。
The exit of private equity funds must rely on a good exit mechanism. The development of the private equity theory and the improvement of the venture capital market make the innovation of the private fund exit mechanism become an inevitable trend, which provides more options for the exit of private equity funds. Judging from the current developments in various countries, initial public offering and mergers and acquisitions have become the two main exit ways for private equity funds. This article compares the above two methods as the main line to analyze the advantages and disadvantages of the two methods.