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文献翻译

2016届本科毕业设计（论文）

文献翻译

题目我国私募股权投资基金的行业选择行为研究

学院法商学院

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"fiveeleven"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