投行、PE和VC的区别

投行、PE和VC的区别 本文由tanbeijing贡献 doc文档可能在WAP端浏览体验不佳。建议您优先选择TXT，或下载源文件到本机查看。 投行、 投行、PE 和 VC 的区别 投行、PE 和 VC 对于做金融的猎头顾问一定会遇到这三个词，他们之间到底有什 么区别呢,如何精准地帮客户企业猎寻相关的候选人呢, 投行、PE 和 VC 的区别 1、投行是中介机构，为企业、PE 及 VC 服务。 2、PE 和 VC 都是投资者，而不是中介，这是与投行最大的分别。一些大投行下面也设 有自己的 PE 或者 VC，所以也可以把 PE 和 VC 看作广义的投行业务。 3、PE 一般投资于成熟期的企业，盈利模式已经比较稳定，可以较快的退出，PE 做的 比较多的是 PRE-IPO 业务。 4、VC 一般投资初创期的企业，企业还不成熟，未来存在较大不确定性，投 10 个可能 成功一两个。 PE(私募股权投资)、VC(风险投资) Private Equity (简称“PE”)也就是私募股权投资，从投资方式角度看，是指通过私募形 式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的 退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。 PE , PRICE / EARNING PER SHARE PE 是指股票的本益比， 也称为“利润收益率”。 本益比是某种股票普通股每股市价与每股 盈利的比率。所以它也称为股价收益比lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 率或市价盈利比率(市盈率) 市盈率 PE 分为静态市盈率 PE 和动态市盈率 PE :静态 PE=股价/每股收益(EPS)(年) 动态 PE=股价*总股本/下一年净利润(需要自己预 测) 市盈率把股价和利润连系起来，反映了企业的近期表现。如果股价上升，但利润没有变 化，甚至下降，则市盈率将会上升。 ;wtp=wk PE 代表市盈率，VC 代表风险投资。 PE , PRICE / EARNING PER SHARE PE 是指股票的本益比， 也称为“利润收益率”。 本益比是某种股票普通股每股市价与每股 盈利的比率。所以它也称为股价收益比率或市价盈利比率(市盈率) 市盈率把股价和利润连系起来，反映了企业的近期表现。如果股价上升，但利润没有变 化，甚至下降，则市盈率将会上升。 一般来说，市盈率水平为: 0-13 - 即价值被低估 14-20 - 即正常水平 21-28 - 即价值被高估 28+ - 反映股市出现投机性泡沫 股市的市盈率 股息收益率 lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 上市公司通常会把部份盈利派发给股东作为股息。上一年度的每股股息除以股票现价， 是为现行股息收益率。 如果股价为 50 元， 去年股息为每股 5 元， 则股息收益率为 10%， 此数字一般来说属于偏高，反映市盈率偏低，股票价值被低估。 一般来说，市盈率极高(如大于 100 倍)的股票，其股息收益率为零。因为当市盈率大于 100 倍，表示投资者要超过 100 年的时间才能回本，股票价值被高估，没有股息派发。 VC Venture Capitalist，风险投资商，风险投资也叫“创业投资”,一般指对高新技术产业的 投资。作为成熟市场以外的、投资风险极大的投资领域,其资本来源于金融资本、个人 资本、公司资本以及养老保险基金和医疗保险基金。就各国实践来看, 风险投资大多采 取投资基金的方式运作。 风险投资具有与一般投资不同的特点,表现在: 1)高风险性。风险投资的对象主要是刚刚起步或还没有起步的中小型高新技术企业,企 业规模小,没有固定资产或资金作为抵押或担保。由于投资目标常常是“ 种子”技术或是 一种构想创意,而它们处于起步设计阶段,尚未经过市场检验, 能否转化为现实生产力, 有许多不确定因素。因此,高风险性是风险投资的本质特征。 2)高收益性。风险投资是一种前瞻性投资战略,预期企业的高成长、高增值是其投资的 内在动因。一旦投资成功,将会带来十倍甚至百倍的投资回报。高风险、高收益在风险 投资过程中充分体现出来。 lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 3)低流动性。风险资本在高新技术企业创立初期就投入 ,当企业发展成熟后, 才可以 通过资本市场将股权变现,获取回报,继而进行新一轮的投资运作。因此投资期较长,通常 为 4,8 年。另外,在风险资本最后退出时,若出口不畅,撤资将十分困难, 导致风险投资 流动性降低。 从本质上来讲, 风险投资是高新技术产业在投入资本并进行有效使用过程中的一个支 持系统,它加速了高新技术成果的转化,壮大了高新技术产业, 催化了知识经济的蓬勃发 展,这是它最主要的作用。当然,对于整个国家经济而言, 风险投资在推动企业技术创新, 促进产业机构的调整、改变社会就业结构、扩大个人投资的选择渠道、加强资本市场的 深度等方面都有重要的意义。 =========================================================== ==== 风险投资(Venture Capital，VC) 风靡全球的投资方式。Venture Capital 五个阶段的种子期、初创期、成长期、扩 张期、成熟期无不涉及到较高的风险，具体表现有项目的筛选、尽职调查、后期监控、 知识产权、选择技术、公共政策、信息高度不对称、道德品质、管理团队、商业伙伴、 财务监管、环境、税收、政治、沟通平台等。在西方国家，据不完全统计， Venture Capitalists(风险投资家)每投资 10 个项目，只有 3 个是成功的，而 7 个是失 败的。正是因为这样，在风险投资界才会奉行“不要将鸡蛋lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 放在一个篮子里”的分散组合 投资原则。“在高风险中寻找高收益”，可以说，VC 具有先天的“高风险性”。 风险投资的目的不是控股，无论成功与否，退出是风险投资的必然选择。引用风险 投资的退出方式包括首次上市(IPO)、收购和清算。目前国内风险投资公司进行 IPO 的 退出渠道主要有: 以离岸公司的方式在海外上市; 境内股份制公司去境外发行 H 股的形 式实现海外上市;境内公司境外借壳间接上市、境内公司在境外借壳上市;境内设立股 份制公司在境内主板上市; 境内公司境内 A 股借壳间接上市; 另外一种间接上市的方式 就是境内公司 A 股借壳上市。 私募股权投资(Private Equity，PE) 在中国通常称为私募股权投资。指通过私募形式对私有企业，即非上市企业进行的 权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理 层回购等方式，出售持股获利。 按照投资阶段，广义的私募股权投资可划分为创业投资、发展资本、并购基金、夹 层资本、重振资本、Pre-IPO 资本，以及其他如上市后私募投资、不良债权 Distressed Debt 和不动产投资等等。 业界大多认为，中国内地第一起典型的 PE 案例，是 2004 年 6 月美国著名的新桥 资本(New Bridge Capital)， 12.53 亿元人民币， 以 从深圳市政府手中收购深圳发展银 行的 17.89%的控股股权，这也是国际并购基金在中国的第一起重大案例。 现在国内活跃的 PE 投资机构大致可以归纳为以下几类: lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 一是专门的独立投资基金，如 The Carlyle Group，3ipuorgetc; 二是大型的多元化金融机构下设的直接投资部，如: Morgan Stanley Asia，JP Morgan Partners，Goldman Sachs Asia， CITIC Capital etc; 三是中外合资产业投资基金的法规出台后，新成立的私募股权投资基金， 如弘毅投资，申滨投资等; 四是大型企业的投资基金，服务于其集团的发展战略和投资组合，如 GE Capital 等; 五是其他如 Temasek，GIC。 PE 与 VC 的区别 PE 与 VC 虽然都是对上市前企业的投资，但是两者在投资阶段、投资规模、投资 理念和投资特点等方面有很大的不同。 很多传统上的 VC 机构现在也介入 PE 业务，而许多传统上被认为专做 PE 业务的 机构也参与 VC 项目，也就是说，PE 与 VC 只是概念上的一个区分，在实际业务中两 者界限越来越模糊。比如著名的 PE 机构如凯雷(Carlyle)也涉及 VC 业务，其投资的携 程网、聚众传媒等便是 VC 形式的投资。 另外，PE 基金与内地所称的“私募基金”有着本质区别。PE 基金主要以私募形式投 资于未上市的公司股权，而私募基金主要是指通过私募形式，向投资者筹集资金，进行 管理并投资于证券市场(多为二级市场)的基金。 lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla". 1 lujianhua (South area ahead Office Director and to war victory)]. County Government operates 3 Civil Affairs, finance, education and Finance Committee, with espionage, sabotage, standing and political team. Soon, the tomb of the Wujiang District Committee of the Kuomintang relocated to the countryside village. Pre-war, strict tomb for seventh district, its regional range for this Taoyuan town and town of Nan Ma Street, and Tan Qiu street of rotten Brook Tang West of area, in Wujiang South border, and Zhejiang Province Tongxiang County, and Wuxing County adjacent, ancient for two province (River, and Zhejiang) three House (Suzhou, and huzhou, and jiaxing) seven County (wuxing, and return Ann, and Tongxiang, and jiaxing, and show water, and Wujiang, and earthquake Ze) of make, is located in remote, territory size Lake swing dotted, river port criss-cross, easy hidden combat, and no Highway, traffic inconvenience. Therefore, this has become the refuge of many, where Wujiang gentleman most of the refuge is not the fall of four townships, at this time of grave, there has been a monstrous prosperity, Nanxun town, even the neighboring Zhejiang Province, there are also some merchants to Yan Tao DUN Cun opened shop. Cang during the depression as a regional political center and military base in the area. In May 1938, Chairman Mao Zedong in the guerrilla war in the strategic issues of: "North zone, South of the Lake of hongze Lake area branching stream of all enemy-occupied areas and along the coastal areas, should be well organized guerrilla and in rivers, lakes and estuaries and build lasting base nearby, as one aspect of the development of the national guerrilla".