发展中国家的私募基金

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1、PrivateEquityinDevelopingCountries小丸子小新PresentByWHYHOWWHATof1LoadingWHYPrivateEquityDevelopingCountriesChina&India123of2WhyPrivateEquityAttractiveReturnMitigateRiskBusinessUncertaintyHard-to-valueAssetsInfoAsymmetriesof13Exhibit1WhyDevelopingCountries“Economicgrowthremainstheprimarydriverofincreasin

2、gemergingmarketprivateequitycommitments.Source:www.empea.net”2Exhibit2HighergrowthLowerleverageHighrateofjobcreationSupportforsmallercompany4WhyDevelopingCountriesEU36%26%Asia/Oceania27%15%2Exhibit3For2010&2011,Asia/Oceania'sshareishigherthanboththeEU15andtheUSA5WhyDevelopingCountriesEmergingmarkets

3、increaseUSoneofcountriesthatdeclinedfastest2Exhibit4&5Theindexmeasures:sizeofgov,expenditures,taxes,enterprises,legalstructureandsecurityofpropertyrights,accesstosoundmoneyfreedomtotradeinternationallyregulationofcredit,labor,andbusiness6WhyDevelopingCountriesExhibit6&7BoththeBreadthandtheQualityoft

4、heEmergingMarketPrivateEquityOpportunityhaveImprovedSince2000.27WhyDevelopingCountriesAttractivenessofDevelopingCountriesEconomicProgressEconomicReformPlannedCapitalist1989BradyPlanRestructureexternaldebtBoosteconomichealthIncreaseinvestorconfidenceTaxReformLowertaxoncapitalgainsRelaxRestrictionofF

5、oreignInvestmentEncourageequityinvestment&stockmarketgrowthImproveAccounting&DisclosureStandardsLowerinvestingcostsDiminishinfoasymmetriesof28WhyChina&IndiaEmergingAsianmarketsNO.1attractivedestinationsforglobalinvestorsChinaNo.1investmenttargetfor9consecutiveyearsIndiaNo.2investmenttargetRisingMidd

6、leClassUrbanMigrationIncreasingMarketDemand310WhyChina&India3111980sForeigndirectinvestmentallowed:4economiczones(1990everycity)19901ststockexchange2001JoinWTO20042ndboardforSMEs—liquidityfor29.3mSMEs(contributes75%workforce,51%GDP2004Legalizedtheownershipofprivatepropertygavecorporationaninfiniteli

7、fe2006Bankruptcylaw—frameworkofbankruptcyinprivateandstate-ownedenterprises,clearproceduresforinsolvententerprisetorestructureorexitallotmentoptiononIPOs,oneyearlockupLoadingHOWFundraisingInvestingExi