中國私募股權基金產業的SCP研究

Abstract

中國目前是全世界私募股權基金的重點中的重點區域，全球當然也包括中國本土的資金，已經在中國展開近身肉搏了。本文從產業組織理論的角度出發，運用SCP 分析架構，對中國私募股權基金產業的市場結構、市場行為、市場績效與制度的相互影響，進行了研究與分析。 私募股權基金產業在中國當局的刻意引導式的開放政策下，從原本募資與退出都在境外進行的”兩頭在外”的特殊產業生態，為了解決產業空洞化等之經濟安全議題，逐步引導成為以中國境內為主的”兩頭在內”的特性。中國相對於歐美先進國家在私募股權基金的發展屬於剛起飛階段，所以基於民族意識與其他心理層面上，對私募股權基金這種’斬首式’的併購行為的接受程度還在培養之中，當然本土業者在專業經驗與外資業者比較起來也有很大的距離，另外，本土人才的培育正是中國政府最需妥善規劃的百年大計。 私募股權基金在中國的市場結構是屬於高度競爭的型態；在市場行為上，由於中國企業規模相對較小，所以平均投資規模也小很多，另外，本土業者由於資金規模與專業經驗不足，相對在產品上較無差異性。但是本土業者本身又擁有外資業者沒有的優勢，例如與中國政府有較好的關係、對政策敏感度高、能快速反應以及本土業者在中國有較高的知名度，又有相同的文化背景，較易獲得中國企業的信任。所以外資業者也一直尋求與本土業者合資，或到中國設立辦事處及招聘當地人以夷制夷的方式來突破；在績效方面，由於近年中國股市榮景，私募股權基金在中國市場得到超高的報酬，當然更使得全球資金的前仆後繼地湧進。 本研究希望透過架構化分析中國私募股權基金發展的歷程及產業的結構，給予台灣現行私募基金制度及從業者做為參考。

China is now the key focused area for the private equity funds around the world, along with China domestic funding, the competition from the global players is extremely violent in China arena. Starting from the point of view of industrial organization and facilitating the SCP analytical framework, this study intend to have a research and analysis toward the interactive relationships among the market structure, conduct, performance and regulation for the private equity activities in China. The Chinese private equity industrial ecology has turning from the so called “two-end outside” meaning offshore funding and exit to “two-end inside” meaning onshore funding and exit. The change has made intentionally by Chinese Authorities under the guide-style open-door policy. Comparing to those developed countries, China is just entering this arena recently, therefore based on the nationalism and some other psychological consideration, the Chinese people is still needed to educate with those cutting-throat takeovers. While the experiences of local players are far behind the foreign players, thus the cultivation of local professional should be one the the most important and long term plans of private equity development for Chinese Authorities. The market structure of private equity in China is highly competitive; due to the company scale in China is relatively small than those in developed countries, so that the market is conducting a much smaller investment scale on the average basis. Furthermore, because of the insufficient funding and inexperienced professionalism, China’s local private equity funds have much lower degree of product differentiation. However, the local players have their own competitive advantages, such as they do have better relations with China government and they got higher sensitivity toward the policy-making, both can result in fast response to any kind of policy change. Moreover, the local players enjoy higher recognition and share the same cultural background, thus they can be better trusted by the owners of China enterprises. This is why more and more foreign players plan to be localized by seeking the joint venture with local players, opening the offices in China and recruiting the Chinese professionals to be their eyes in China; Moreover, the market performance is much higher than those in developed countries, due to the booming of China stock market in recent years, the ultra high rewards induced global capital moves into China market. By conducting the structural analysis of the development milestones and industrial structure for the private equity activities in China, hoping this study can be an appropriate reference to Taiwan’s regulators and private equity participants.