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1、毕设附件:外文文献原文+译文文献出处MarcusA.Thestudyontheoperatingmechanismofprivateequityfunds[J].StrategicManagementJournal,2016,3(2):155-165.原文ThestudyontheoperatingmechanismofprivateequityfundsMarcusAAbstractPrivateEquityfundinvestmentcapitalbelongstothePrivateEquitycapital(Equity,PE).Privateequitycapit
2、alisalsocalledprivateequitycapital,isthroughtheformofprivateinvestmentinequitycapitalofaprivateenterprise,intheimplementationoftradinginvolvestakingintoaccountthefutureexitmechanism,throughlisting,mergerormanagementrepurchase,sellanyprofit.Thispaperanalyzesthemechanismofprivateequityfunds,
3、fundingsources,respectively,organizationformandtheinvestmentprocess,etcarediscussedinthispaper,especiallysummarizestheadvantageofthelimitedpartnership,andprobesintothefundselfprotectionmechanismsintheinvestmentprocess,finally,thecharacteristicsofprivateequityinvestment.Keywords:Privateequi
4、ty;Limitedpartnership;Operationmechanism1IntroductionPrivateEquityfundsbelongtofinancialinvestors.Andthecorrespondingfinancialinvestorisstrategicinvestors-Thetwoisthepersonificationoftheprivateequitycapital,representingdifferentmotives.Privateequityfundasafinancialinvestor,althoughthereisa
5、industryorientationandrichindustryexperienceandresources,butmostsimplypay,inadditiontoparticipateintheenterprise^importantstrategicdecision-making,generallydonotparticipateinthedailyoperationandmanagement,isunlikelytobecomeapotentialcompetitors-Pickoutthegoodmanagementandhighgrowthandhasre
6、liablemanagementteaminvestmentiscriticalforthem,becauseonceinvestment,financialinvestorstoinvestintheirownareoftenmoredifficulttocontrol.Manyinvestmentfundstendtorequiretheyappointedchieffinancialofficerofthejointventure,inordertoensuretheirunderstandingoftheenterpriserealfinancialsituatio
7、n.Financialinvestorsshortinvestmenthorizonoffiveyears,tenyearslong.Comparedwithstrategicinvestors,theypaycloseattentiontoexpandmarketshare,tobuildindustrychain,industryconsolidation,andotherlong-termdevelopmentstrategy,financialinvestorsfocusonthereturnoninves