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专业金融学

班级12金融

（2）班

学号104172622

姓　名蒋伟剑

指导教师吴琛　　　

开题日期2015.11.27

文献一：

IndustryChoiceBehaviorofChina'

sPrivateEquity

InvestmentinThePerspectiveofBehavioralFinance

1.Introduction

PrivateequityinvestmentfundshavedevelopedinChinafornear3Oyears,fromforeignprivateequityinvestmentfundssummoningwindandcallingforraininthemarket,toChina’sprivateequityinvestmentfundsstaggerstart,toRMBfundsgraduallyoccupyingthemarketnow,China'

sprivateequityfundindustryhasdevelopedandgrowntogetherwiththeChineseeconomy.Duringtheinvestmentexperienceofnearly3OyearsinChinesemarket,whetherforeignordomesticprivateequityinvestmentfundshaveformedsomeuniquecharacteristicsinChinesemarket.Especiallyintheindustrychoicebehavior,privateequityinvestmentfundsinthewesterndevelopedcountriesfocusedonM&

A 

fundsandmainlyinvestedinhighandnewtechnologyindustry,butChina'

sprivateequityfundsmainlyinvestedintraditionalindustriesinthewayofgrowthfunds.Inaddition,therearealotofotherprivateequityinvestmentmarketphenomenonswhicharedifferentfromabroadandareworthourattentionandexploration.Theinvestmentbehaviorofprivateequityinvestmentfundsisaninvestmentbehaviorundertheconditionofuncertainty,soithascertain 

practicalsignificanceandtheoreticalvaluetostudytheinvestmentchoicebehaviorofChineseprivateequityinvestments.

2.IndustryChoiceBehaviorofPrivateEquityInvestment

Certaintyeffect

Thecertaintyeffectisthattheindividualpayedmoreattentiontheoutcomeofresultdeterminationthantheuncertainoutcome.Thatistosay,undertheinfluenceofthecertaintyeffect,inthespecificcase,peoplewillbeinaccordancewiththeutilityfunctiontoresultinanunderestimationoftheresultoftheprobabilityandanoverestimationofthedeterministicresults,whichwillleadpeopletoacceptthecertaintyprofitintheprofitopportunitiesofthesamecondition.TakingthedevelopmentoftraditionalindustryinChinaasanexample.Intheperiodof"

Fiveeleven"

China'

sindustrialeconomyhasmadegreatachievementswhichmadetheworldshock;

afterthegreatdevelopmentof"

fiveeleven"

period,China'

sindustrialeconomicstrengthhasbeensignificantlyenhanced,fromtheworldrankingfourthintheearlyof"

toworldrankingsecond.In2009,theproportionwhichChina'

smanufacturingindustryaccountedforintheglobalmanufacturingindustrycrewuptol5.6%,andChinabecametheworld'

ssecondlargestindustrialmanufacturingcountrybehindtheUnitedStates.In2010,China'

sgrossdomesticproductpassedJapan,andChinajumpedtotheworld'

ssecondlargesteconomy.Thereisnodoubtthat,theindustrywhichaccountedfor40%shareofournationaleconomyhasplayedahugepromotingroleincontinuingtomoveforwardthepositionofChinaintheworldeconomy.Preliminaryaccounting,thetotalindustrialaddedvalueof2010exceededthe16trillionyuanwhichincreased8.3trillionyuancomparedwith2005;

itincreased73.7%accordingtothecomparablecalculation;

itwastheaverageannualgrowthof11.7%,whichwas 

morethantwotimesoftheworldaveragegrowthrateinthesameperiod.

Fromtheabovedata,thefirstreasonwhythetraditionalindustrygotaspecialfavorofprivateequity 

investmentfundsisthatthetraditionalindustry'

sprofitisrelativelystableandthetraditionalindustryhasthelowerinscrutablerisk,whichispreciselyinlinewiththeinvestors'

characteristicofdeterministiceffectofselection.Therefore,inthenoncommittalinternationalmacroeconomicenvironment,thetraditionalindustryofChinawhoseeconomicdevelopmentisstillinthegrowthperiodisrelativelystablecomparedwithotherindustries;

second,dailyconsumergoodsincludingfoodandbeverageinthetraditionalindustriesisthemainindustryofstimulatingdomesticdemandinChinaandthenationalkeyinvestmentindustry,sothecountryhasaspecialpreferentialpoliciesinthepolicylevel,theintroductionofthepolicyisrelativelyconsistent,andithasadvantagesofobviouspolicycertainty;

third,aftermanyyearsofsupportinChina,enterprisesinthetraditionalindustryhavedevelopedalargenumberofoutstandingenterprises,theaspectsoffinance,businessandotherare 

relativelycriterion,andIPOlistingisrelativelyeasy,sothattheprofitmechanismalsohasacertaintyeffect.

So,basedonaccumulationofthethreeaspectsofcertaintyeffect,theChinesetraditionalindustryisboundtoattractprivateequityinvestmentintothegold.

Over-reaction

Overreactionrefersthatinvestorswillappearirrationalbiasintheunderstandingandreactionofinformation,accordinglyresultinginphenomenonsofoverloadedinformationweightandaggressivebehavior.

Toexplaintheproblembycitingthecaseof“buysiteintheinternetindustryattractsprivateequityinvestment”.Asanewmodelofelectroniccommercemarket,grouppurchaseisreallyafireintheChinesemarket 

dependontheriseoftheconceptof“onlinetooffline”.In2O10,thesceneryofChinesebuymarketisunlimited.Fromtheearlyof2010totheendof20l1,groupbuyingindustryhasdisclosedtheinvestmenteventfor3l,inwhichthenumberofinvestmentcaseofdisclosinginvestmentamountis22,thetotalinvestmentamountis4.97billionUSDollars,theaveragesingleinvestmentamountis22million590thousanddollars.Forexample,handlenetworkbeganfromthestageofangelinvestmentandhasreceivedthreeroundsofdifferentinvestmentinstitutionsincludingTaishanangel,Mai-donandJinshaRiver,thetotalinvestmentamountwhichhasbeendisclosedwasupto1.36billiondollars.However,goodtimesdon'

tlastlong.In20l1,thepartofgrouppurchasewebsiteexperienced 

layoffstide,thecollapseofthetide,poorIPOandotherdifficultsituations,andgrouppurchaseindustrybegantoencountercold.IntheOctoberof2011,Handlenetworkputinlistingapplicationdocumentsandthencanceledthelistingplan.Accordingtothetemporalapplicationdocuments,netrevenueofhandlenetworkwas107millionyuaninthefirst9monthsof20l1,andnetlossofthefirst9monthsof20l1reached572millionyuan.Inaddition,inaccordancewithRenrennet’searnings,netincomeforNuomiwas6.5milliondollarsandthelosswas14.3milliondollarsin2011.Atpresent,marketconditionsofbuyindustrywerenotoptimistic.Insidersrecommendedthatthecurrentgrossmarginofdomesticbuyindustrygenerallyhasbeenreducedfromtheinitial15%-20%toasingledigit,remainingataround5%;

ingeneral,itwasinaloss.AfterthemarketdevelopmentintheChinesegrouppurchasewebsitewasbearishandthetwomarketofIPOfreezed,capitalinvestmentforthegrouppurchasewebsitewasmorecarefully,graduallyfromthestakingeratendstoberation.Inthesecondhalfof2011,buyinvestmentsignificantlybecamecool,andonly4casesweredisclosed.Andfrom2012tonow,nocasehasbeendisclosed.Affectedbythecoldgrouppurchasewebsite,theinvestmentmarketofentireInternetindustrywasrapidlycooling.

Fromthecaseofbuynetwork,andeventotheInternetindustry,thephenomenonofover-reactionofcapitalprofitwasquiteobvious.In2011,thetransactionsizeofgroupbuyingmarketinChinawas19.6billionyuan,whileinvestmenttransactionssizeoftheChineseonlineshoppingmarketamountedto773.6billionyuaninthesameperiod,thescaleofinvestmentandmarketpositionofgroupbuyingindustrywasnotconsistent.Anoverreactiontotheprofitseekingbehaviorofprivateequityinvestmentsmadethegroup-buyingsuper-loadgrowthandmalignantgrowth,andalsospreadtotheentireInternetindustry.Today,aftertheinvestmentheatfade,Thedevelopmentofgrouppurchasemustbeintransition.

Under-reaction

Under-reactionalsoknownasconservatismisaformofresponsetothelackofinformationprocessing.Itmainlyindicatesthatpeople'

sthinkingisdeeplyrootedintheoriginalideaandwithoutthinkingthenewarrivalinformation,andpeoplearenotwillingtochangetheiroriginalbeliefsbecauseoflaziness,therefore,people'

soriginalbeliefrevisionisalsoofteninsufficienteveniftheoriginalfaithisnotcorrect.

Taketherecentnationalplanningnewandhigh-techindustriesasanexampletoillustrate.TheCentralCommitteeoftheCommunistPartyofChinapassedthrough"

suggestionsonformulatingthetwelfthfive-yearplanfornationaleconomicandsocialdevelopment"

OnOctober18,2010,inwhichthenewgenerationofinformationtechnologyislistedinthefirstplaceofthedevelopmentofstrategicemergingindustries.Thegovernmentworkreportin2011putforwardthatthestatewillactivelydevelopanewgenerationofinformationtechnologyindustry.Thenewgenerationofinformationtechnologyindustryonceagainrankedfirstinthesevenstrategicemergingindustries,whichshowedthecountry'

sdeepexpectationsfortheinformationtechnologyindustryinoverallstrategicplanning.Inthe4pillarstrategicemergingindustrieswhichwasconfirmedbyourcountryatpresent（i.e.,thenewgenerationofinformationtechnology,energyconservationandenvironmentprotection,livingthingsandhigh-endequipmentmanufacturingindustry）,anewgenerationofinformationtechnologywillactasavanguardrolefromtheperspectivesofindustrialbase,marketspaceorindustrialrelevance;

onthebasisofindustrialdevelopment,ITindustryinChinahasbecomeacompetitiveadvantageintheworld;

fromtheperspectiveofmarketspace,newapplicationscontinuetoemerge,theupgradingofproductsisaccel