时 间：2017年3月24日（周五）上午10：15-11：30
地 点：体育外围平台APP紫金港校区行政楼702会议室
主持人：黄英教授，体育外围平台APP
题 目： Private Equity Performance and Capital Flows: Evidence from China
摘 要：
We construct fund level performance metrics with investment level return data and examine performance and capital flows of more than 1,500 private equity funds in China over the period from 1992 to 2015. We use two samples, one original sample that is likely to suffer from an upward bias in performance and one modified sample with less upward bias. Results show that the median (mean) fund IRR (net of fees) without risk adjustment ranges from 9.0% to 12.6% (63.9% to 99.5%). Fund IRRs are neither related to fund own characteristics, such as fund size, nor to overall market conditions around the time when the fund is raised. Although experienced partnerships are more likely to raise a follow-on fund and to raise more capital, fund performance is not related to GP investment experience, except for funds managed by experienced GPs. Further, there is no performance persistence across funds. Compared to performance of prior funds of the same GP, general market conditions account for a larger proportion of variation in fund raising activity, such as the formation of a new fund and the amount of raised capital. Lastly, we show that while there is a trend toward downsizing for PE funds, VC funds tend to increase size in the majority of the performance domain of prior funds until prior funds realize extremely good performance such that the relation becomes concave.
主讲人简介：
方红艳，西南财经大学金融学院副教授，博士生导师。2010年获美国华盛顿州立大学金融学博士学位，本科就读于体育外围平台APP经济学院，硕士毕业于上海对外经贸大学。目前研究兴趣为高管与员工激励，风险投资及私募股权，影子银行。其论文发表于Journal of Banking and Finance, Managerial Finance，曾主持国家自然科学基金一项，目前亦有工作论文进入JBF二审和《金融研究》终审阶段。曾获体育外围平台APP及浙江省优秀毕业生、西南财经大学“我心目中的好老师”及“四川省高等学校优秀共产党员”等荣誉称号。
