文献翻译.docx

1、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：Industry Choice Behavior of Chinas Private EquityInvestment in The Perspective of Behavioral Finance1. Introduction Private equity investment funds have developed in China

2、 for near 3O years, from foreign private equity investment funds summoning wind and calling for rain in the market, to Chinas private equity investment funds stagger start, to RMB funds gradually occupying the market now, Chinas private equity fund industry has developed and grown together with the

3、Chinese economy. During the investment experience of nearly 3O years in Chinese market, whether foreign or domestic private equity investment funds have formed some unique characteristics in Chinese market. Especially in the industry choice behavior, private equity investment funds in the western de

4、veloped countries focused on M & Afunds and mainly invested in high and new technology industry, but Chinas private equity funds mainly invested in traditional industries in the way of growth funds. In addition, there are a lot of other private equity investment market phenomenons which are differen

5、t from abroad and are worth our attention and exploration. The investment behavior of private equity investment funds is an investment behavior under the condition of uncertainty, so it has certainpractical significance and theoretical value to study the investment choice behavior of Chinese private

6、 equity investments.2.Industry Choice Behavior of Private Equity InvestmentCertainty effectThe certainty effect is that the individual payed more attention the outcome of result determination than the uncertain outcome. That is to say, under the influence of the certainty effect, in the specific cas

7、e, people will be in accordance with the utility function to result in an underestimation of the result of the probability and an overestimation of the deterministic results, which will lead people to accept the certainty profit in the profit opportunities of the same condition . Taking the developm

8、ent of traditional industry in China as an example. In the period of Five eleven , Chinas industrial economy has made great achievements which made the world shock; after the great development of five eleven period, Chinas industrial economic strength has been significantly enhanced, from the world

9、ranking fourth in the early of five eleven to world ranking second. In 2009, the proportion which Chinas manufacturing industry accounted for in the global manufacturing industry crew up to l5.6% , and China became the worlds second largest industrial manufacturing country behind the United States.

10、In 2010, Chinas gross domestic product passed Japan, and China jumped to the worlds second largest economy. There is no doubt that, the industry which accounted for 40% share of our national economy has played a huge promoting role in continuing to move forward the position of China in the world eco

11、nomy. Preliminary accounting, the total industrial added value of 2010 exceeded the 16 trillion yuan which increased 8.3 trillion yuan compared with 2005;it increased 73.7% according to the comparable calculation;it was the average annual growth of 11.7%, which was more than two times of the world a

12、verage growth rate in the same period.From the above data, the first reason why the traditional industry got a special favor of private equityinvestment funds is that the traditional industrys profit is relatively stable and the traditional industry has the lower inscrutable risk, which is precisely

13、 in line with the investors characteristic of deterministic effect of selection. Therefore,in the noncommittal international macroeconomic environment,the traditional industry of China whose economic development is still in the growth period is relatively stable compared with other industries; secon

14、d, daily consumer goods including food and beverage in the traditional industries is the main industry of stimulating domestic demand in China and the national key investment industry, so the country has a special preferential policies in the policy level, the introduction of the policy is relativel

15、y consistent,and it has advantages of obvious policy certainty; third, after many years of support in China, enterprises in the traditional industry have developed a large number of outstanding enterprises, the aspects of finance, business and other are relatively criterion,and IPO listing is relati

16、vely easy, so that the profit mechanism also has a certainty effect.So, based on accumulation of the three aspects of certainty effect, the Chinese traditional industry is bound to attract private equity investment into the gold. Over-reactionOver reaction refers that investors will appear irrationa

17、l bias in the understanding and reaction of information,accordingly resulting in phenomenons of overloaded information weight and aggressive behavior.To explain the problem by citing the case of “buy site in the internet industry attracts private equity investment”. As a new model of electronic comm

18、erce market, group purchase is really a fire in the Chinese market depend on the rise of the concept of“online to offline”. In 2O10,the scenery of Chinese buy market is unlimited. From the early of 2010 to the end of 20l1, group buying industry has disclosed the investment event for 3l, in which the

19、 number of investment case of disclosing investment amount is 22, the total investment amount is 4.97 billion US Dollars, the average single investment amount is 22 million 590 thousand dollars. For example, handle network began from the stage of angel investment and has received three rounds of dif

20、ferent investment institutions including Taishan angel, Mai-don and Jinsha River, the total investment amount which has been disclosed was up to 1.36 billion dollars. However, good times dont last long.In 20l1, the part of group purchase website experiencedlayoffs tide, the collapse of the tide, poo

21、r IPO and other difficult situations, and group purchase industry began to encounter cold.In the October of 2011, Handle network put in listing application documents and then canceled the listing plan. According to the temporal application documents, net revenue of handle network was 107 million yua

22、n in the first 9 months of 20l1,and net loss of the first 9 months of 20l1 reached 572 million yuan. In addition, in accordance with Renren nets earnings, net income for Nuomi was 6.5 million dollars and the loss was 14.3 million dollars in 2011.At present, market conditions of buy industry were not

23、 optimistic.Insiders recommended that the current gross margin of domestic buy industry generally has been reduced from the initial 15%-20% to a single digit, remaining at around 5%;in general, it was in a loss. After the market development in the Chinese group purchase website was bearish and the t

24、wo market of IPO freezed, capital investment for the group purchase website was more carefully, gradually from the staking era tends to be ration. In the second half of 2011,buy investment significantly became cool, and only 4 cases were disclosed. And from 2012 to now,no case has been disclosed. Af

25、fected by the cold group purchase website, the investment market of entire Internet industry was rapidly cooling.From the case of buy network, and even to the Internet industry, the phenomenon of over-reaction of capital profit was quite obvious. In 2011, the transaction size of group buying market

26、in China was 19.6 billion yuan, while investment transactions size of the Chinese online shopping market amounted to 773.6 billion yuan in the same period, the scale of investment and market position of group buying industry was not consistent. An over reaction to the profit seeking behavior of priv

27、ate equity investments made the group-buying super-load growth and malignant growth, and also spread to the entire Internet industry. Today, after the investment heat fade,The development of group purchase must be in transition.Under-reactionUnder-reaction also known as conservatism is a form of res

28、ponse to the lack of information processing. It mainly indicates that peoples thinking is deeply rooted in the original idea and without thinking the new arrival information,and people are not willing to change their original beliefs because of laziness,therefore, peoples original belief revision is

29、 also often insufficient even if the original faith is not correct.Take the recent national planning new and high-tech industries as an example to illustrate. The Central Committee of the Communist Party of China passed through suggestions on formulating the twelfth five-year plan for national econo

30、mic and social developmentOn October 18, 2010, in which the new generation of information technology is listed in the first place of the development of strategic emerging industries. The government work report in 2011 put forward that the state will actively develop a new generation of information t

31、echnology industry. The new generation of information technology industry once again ranked first in the seven strategic emerging industries, which showed the countrys deep expectations for the information technology industry in overall strategic planning. In the 4 pillar strategic emerging industri

32、es which was confirmed by our country at present (i.e., the new generation of information technology, energy conservation and environment protection, living things and high-end equipment manufacturing industry), a new generation of information technology will act as a vanguard role from the perspectives of industrial base, market space or industrial relevance ; on the basis of industrial development,IT industry in China has become a competitive advantage in the world; from the perspective of market space, new applications continue to emerge, the upgrading of products is accel