体彩排列三跨度和值表

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                              当前位置: 首页 > 大学生创业 > 大学生创业投资 > Pre-IPO与PE的区别 VC、PE和天使投资是什么意思?有什么区别?

                              Pre-IPO与PE的区别 VC、PE和天使投资是什么意思?有什么区别?

                              2016-05-29 15:47:08 大学生创业投资 来源:http://xinsuicc.cn 浏览:

                              Pre-IPOYUPEDEQUBIE(GONG7PIAN)VC、PEHETIANSHITOUZISHISHENMEYISI?YOUSHENMEQUBIE?VC(FENGXIANTOUZI)HEPE(SIMUGUQUANTOUZI)、TIANSHITOUZIGESHISHENMEYISI? 1 VCFENGXIANTOUZI1) VCGAINIANJIYUNZUOJIZHIFENGXIANTOUZIVC(Venture Capital)YOUCHENG“CHUANGYETOUZI”SHIZHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、YOUJUDAJINGZHENGLIDEQIYEZHONGDEYIZHONGQUANYIZIBEN,SHIYIGAOKEJIBENWENSHICHUANGYEXIANGMUWANG(xinsuicc.cn)DAXUESHENGCHUANGYETOUZIPINDAOWEIDAJIAZHENGLIDE《Pre-IPOYUPEDEQUBIE VC、PEHETIANSHITOUZISHISHENMEYISI?YOUSHENMEQUBIE?》,GONGDAJIAXUEXICANKAO

                              Pre-IPO与PE的区别 VC、PE和天使投资是什么意思?有什么区别?

                              VC、PE和天使投资是什么意思?有什么区别?
                              Pre-IPO与PE的区别 第一篇

                                VC(风险投资)和PE(私募股权投资)、天使投资各是什么意思?

                                1. VC风险投资

                                1) VC概念及运作机制风险投资VC(Venture Capital)又称“创业投资”是指由职业金融家投入到新兴的、迅速发展的、有巨大竞争力的企业中的一种权益资本,是以高科技与知识为基础,生产与经营技术密集的创新产品或服务的投资。

                                风险投资在创业企业发展初期投入风险资本,待其发育相对成熟后,通过市场退出机制将所投入的资本由股权形态转化为资金形态,以收回投资。风险投资的运作过程分为融资过程、投资过程、退出过程。

                                2) 风险投资的作用风险投资是企业成长与科技成果转化的孵化器。主要表现在:

                                a) 融资功能:风险资本为创新企业提供急需的资金,保证创业对资金的连续性。

                                b) 资源配置功能:风险资本市场存在着强大的评价、选择和监督机制,产业发展的经济价值通过市场得以公正的评价和确认,以实现优胜劣汰,提高资源配置效率。

                                c) 产权流动功能:风险资本市场为创新企业的产权流动和重组提供了高效率、低成本的转换机制和灵活多样的并购方法,促进创新企业资产优化组合,并使资产具有了较充分的流动性和投资价值。

                                d) 风险定价功能。风险定价是指对风险资产的价格确定,它所反映的是资本资产所带来的未来收益与风险的一种函数关系。投资者可以参照风险资本市场提供的各种资产价格,根据个人风险偏好和个人未来预期进行投资选择。风险资本市场正是通过这一功能,在资本资源的积累和配置中发挥作用的。

                                风险资本市场是一个培育创新型企业的市场,是创新型企业的孵化器和成长摇篮。风险投资是优化现有企业生产要素组合,把科学技术转化为生产力的催化剂。风险投资不同于传统的投资方式,它集金融服务、管理服务、市场营销服务于一体。风险投资机构为企业从孵化、发育到成长的全过程提供了融资服务。风险投资不仅为种子期和扩展期的企业带来了发展资金,还带来了国外先进的创业理念和企业管理模式,手把手地帮助企业解决各类创业难题,使很多中小企业得以跨越式发展。

                                2. 天使投资

                                1) 天使投资的概念传说中的天使,是长着洁白羽毛翅膀的少女或婴儿,担负着使者的职责,由上帝派来赐福给需要帮助的人。在创业和投资圈,有一种投资人被创业者称为“天使投资人”,意思是这些投资人给处于困难之中的创业者带来希望和帮助,是帮助他们渡过难关的“天使”,这个称谓表达出了创业者对这些天使投资人的崇敬和尊重。

                                天使投资(Angels Invest)是指个人出资协助具有专门技术或独特概念而缺少自有资金的创业家进行创业,并承担创业中的高风险和享受创业成功后的高收益。或者说是自由投资者或非正式风险投资机构对原创项目构思或小型初创企业进行的一次性的前期投资。它是风险投资的一种形式。而“天使投资人(Angels)”通常是指投资于非常年轻的公司以帮助这些公司迅速启动的投资人。

                                在国内,尚没有商业协会或研究机构对天使投资人给予明确的定义,我们沿用了国外那个流行很广的说法:天使投资人就是3“F”——家人(Family)、朋友(Friends)和傻瓜(Fools)。

                                家人和朋友这两个F,很好理解。创业者的家人和朋友与之相识、相处多年,在创业者开口向他们要钱之前,甚至是在他创业之前,就已经对他非常了解。家人和朋友给他的初创公司投资更多的是,为了对他本人及他的梦想表示支持,相信他能够把公司做好。他们不会去审核商业计划书,更不会在经过细致地研究他的公司之后,看是否有利可图才决定是否投资,他们的投资更像是感情投资。所以严格说来,家人和朋友只能算作是创业者的天使,他们并不能算是天使投资人。

                                至于第三个F,也不难理解。初创公司的风险很大,对于跟创业者非亲非故的外部投资人来说,他对创业者的历史和背景毫不知情,聪明和理性的投资人在把钱投进去之前当然也会做一些研究和尽职调查,但是无论多少研究和调查都无法消除全部的投资风险,因此,他们也获得“傻瓜”的称号。但并不是这些人真傻,实际上往往相反,他们都独具慧眼、思维前瞻,投钱给一些别人没有眼光看出其前景的企业。这些人可能在某个领域经验丰富,或者本身就有成功的创业经历,他们才是真正意义上的天使投资人。

                                2) 天使投资人的典型代表

                                浙商、苏商等沿海发达地区的商人。

                                PE私募股权投资

                                1) PE概念及运作机制PE(Private Equity)私募股权投资是通过私募形式对非上市企业进行的权益性投资,在交易实施过程中附带考虑了将来的退出机制,即通过上市、并购或管理层回购等方式,出售持股获利。广义上的PE对处于种子期、初创期、发展期、扩展期、成熟期等各个时期的企业进行投资。

                                狭义的PE主要指对已经形成一定规模的,并产生稳定现金流的成熟企业的私募股权投资部分,主要是指创业投资后期的私募股权投资部分,而这其中并购基金和夹层资本在资金规模上占最大的一部分。(并购基金是专注于对目标企业进行并购的基金,其投资手法是,通过收购目标企业股权,获得对目标企业的控制权,然后对其进行一定的重组改造,持有一定时期后再出售。并购基金与其他类型投资的不同表现在,风险投资主要投资于创业型企业,并购基金选择的对象是成熟企业;其他私募股权投资对企业控制权无兴趣,而并购基金意在获得目标企业的控制权。并购基金经常出现在MBO和MBI中。)

                                2) 私募股权投资的作用私募股权投资基金是推动资本市场可持续发展的力量。私募股权基金产业的快速发展将为提高金融业的收益率提供新的方法,也为解决民营小企业的金融困境提供有效的途径,打通产业需求和金融资本获利的需求。

                                VC和天使投资有什么区别?

                                VC就是所谓的风险投资:

                                1、是企业行为;

                                2、投资金额多在1000万RMB以上,多的也有几家VC联合投上亿的,前几年VC以美元投资比较多,最近几年人民币投资也在逐步增加。VC的资金来源,大多是利用国外的投资基金为主,中国本土的资金用于VC的近年也开始增加;

                                3、VC投资的企业,一般是处于成长期的企业,也就是说,已经有比较成熟的盈利模式后,他们才会介入;

                                4、VC一般都不参与公司管理,对企业经营团队要求很高;

                                5、VC的退出机制,卖给私募基金或者上市的方式在中国比较多,在美国则以企业兼并的形式退出的占大部分。

                                天使投资:

                                1、天使投资人一般是事业比较成功的个人,所以一般的天使投资,基本都是个人行为,或者是一些小的投资公司运作;

                                2、投资的金额不限,可能只有20万,也可能是几百万,要看投资人的实力和投资项目需要的钱;一般天使投资的资金来源,都是个人募集或者就是投资者本人在工作中的收入;

                                3、天使投资往往进入初创期的企业,这些钱更多的是鼓励创业者敢于创新,并用来创立盈利模式。同时在模式不成熟之前,用于支付创业者工资,促成其坚持下去;

                                4、天使投资一般都会参与到企业管理中来,并会做到密切的监督,当然这个不是坏事,毕竟能做天使投资的人,对怎样创立企业,怎样建立模式会有更多的经验和办法;

                                5、TIANSHITOUZIDETUICHUJIZHI,YIBANSHIMOSHICHENGSHULE,JIUMAIJIVCHUOSIMUJIJIN,BIJINGZUOWEITOUZI,JIUBUKENENGPEINIWANDAOZUIHOU。

                                天使投资、VC、PE 介入企业的节点是什么样的?分别起什么作用?

                                天使投资:

                                公司初创、起步期,还没有成熟的商业计划、团队、经营模式,很多事情都在摸索,所以,很多天使投资都是熟人、朋友,基于对人的信任而投资。

                                熟人、朋友做天使投资人,他的作用往往只是帮助创业者获得启动资金;而成熟的天使投资人或者天使投资机构的投资,则除了上面的作用外,还会帮助创业者寻找方向、提供指导(包括管理、市场、产品各个方面)、提供资源和渠道。

                                VC:

                                公司发展中早期,有了比较成熟的商业计划、经营模式,已经初见盈利的端倪,有的VC还会要求已经有了盈利或者收入达到什么规模。

                                VC在这个时候进入非常关键,可以起到为公司提升价值的作用,包括能帮助其获得资本市场的认可,为后续融资奠定基础;使公司获得资金进一步开拓市场,尤其是最需要烧钱的时候;提供一定的渠道,帮助公司拓展市场。

                                PE:

                                一般是Pre-IPO时期,公司发展成熟期,公司已经有了上市的基础,达到了PE要求的收入或者盈利

                                通常提供必要的资金和经验帮助完成IPO所需要的重组架构,提供上市融资前所需要的资金,按照上市公司的要求帮助公司梳理治理结构、盈利模式、募集项目,以便能使得至少在1-3年内上市。这个时候选择PE需要谨慎,没有特别声望或者手段可以帮助公司解决上市问题的PE或者不能提供大量资金解决上市前的资金需求的PE,就不是特别必要了。

                                风险投资、天使投资及私募股权投资三者的关系:

                                天使投资是风险投资的一种。风险投资一般投资额较大,在投入资金的同时也投入管理,并且会随着所投资企业的发展逐步增加投入。天使投资投入资金额一般较小,一次投入,不参与企业直接管理,对投资企业的选择更多基于投资人的主观判断甚至喜好。

                                PE与VC虽然都是对上市前企业的投资,但是两者在投资阶段、投资规模、投资理念和投资特点等方面有很大的不同。

                                QUFENVCYUPEDEJIANDANFANGSHI:

                                VCZHUYAOTOUZIQIYEDEQIANQI,PEZHUYAOTOUZIHOUQI。DANGRAN,QIANHOUQIDEHUAFENSHIDEVCYUPEZAITOUZILINIAN、GUIMOSHANGDOUBUJINXIANGTONG。PEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIHE Pre-IPOGEGESHIQIQIYEJINXINGTOUZI,GUGUANGYISHANGDEPEBAOHANVC。ZAIJILIEDESHICHANGJINGZHENGXIA,VCYUPEDEYEWUSHENTOUYUELAIYUEDA。HENDUOCHUANTONGSHANGDEVCJIGOUXIANZAIYEJIERUPEYEWU,ERXUDUOCHUANTONGSHANGBEIRENWEIZHUANZUOPEYEWUDEJIGOUYECANYUVCXIANGMU,YEJIUSHISHUO,PEYUVCZHISHIGAINIANSHANGDEYIGEQUFEN,ZAISHIJIYEWUZHONGLIANGZHEJIEXIANYUELAIYUEMOHU。BIRUZHUMINGDEPEJIGOURUKAILEI(Carlyle)YESHEJIVCYEWU,QITOUZIDEXIECHENGWANG、JUZHONGCHUANMEIDENGBIANSHIVCXINGSHIDETOUZI。

                              Pre-Ipo投资对目标企业的估值
                              Pre-IPO与PE的区别 第二篇

                              Pre-IpoTOUZIDUIMUBIAOQIYEDEGUZHI

                              Pre-IPOTOUZI,SHIZHIZAIMUBIAOQIYESHANGSHIZHIQIAN,HUOYUQIMUBIAOQIYEKEJINQISHANGSHISHITOUZI。QITUICHUFANGSHI,SHIZAIBEITOUZIQIYESHANGSHIHOU,CONGGONGKAIZIBENSHICHANGCHUSHOUGUPIAOTUICHU。TONGTOUZIYUZHONGZIQI、CHUCHUANGQIDEFENGXIANTOUZIBUTONG,Pre-IPOTOUZIYOUDIANSHITOUZIFENGXIANXIAO,HUISHOUKUAI,BINGQIEZAIQIYEGUPIAOSHANGSHIHOUSHOUDAOTOUZIZHEZHUIGOUQINGKUANGXIA,KEYIHUODEJIAOGAODETOUZIHUIBAO。YINCI,Pre-IPOTOUZISHOUDAOGEZHONGFENGXIANTOUZIZIBEN(PE)DEZHUIPENG,DANSHI,ZAIPEMENXUANZEMUBIAOQIYESHI,RUHEBAOJIASHIKAOLIANGGEJIAPEGUANLIZHEDEYIDAONANTI。

                              PEDUIPre-IPOGONGSIJINXINGSHANGSHICAOZUOSHIDEGUQUANDINGJIAFANGSHI,YIBANSHISHANGSHIQIANPUBIANYIJINGZICHANHUODANGQIYINGLIWEIJICHUDUIGUQUANJINXINGDINGJIA,ERSHANGSHIHOUDEDINGJIAZESHIJIYUQIYEWEILAIDEYINGLI,GUQUANJIAZHISHIWEILAIYINGLIDETIEXIANZHI。ERZHEIQIZHONGDEDINGJIACHAYIZHENGSHIPETOUZIPre-IPOQIYESHIXIANZENGZHIDEZUIZHONGYAOJICHU。

                              体彩排列三跨度和值表SHOUXIAN,PETOUZIZHEHUIGENJUMUBIAOQIYESUOZAIXINGYE,FENXIBENXINGYEZHONGQIYEJINJINIANSHANGSHIDESHIYINGLVBEISHU。YOUYUPre-IPOJIJINDEHUOLIXING,CANZHAOSHANGSHIJIAGE,TONGCHANGHUIZAIZHEIGESHIYINGLVJICHUSHANGZUOYIDINGDEJIANGDI,GUONEIDEPre-IPOJIJINCHUJIADAYUEJIANGDI30%ZUOYOU。

                              QICI,GENJUMUBIAOQIYEDEJINGZICHANJIXIANJINLIU,FENBIEDUIQIYEDETOUZIJIAGEQUEDINGCHUYIGEGUZHIQUJIAN;ZHIHOU,PETOUZIZHEHUIGENJUZHEISANGEZHUYAOZHIBIAO,ZAIHUITONGQITAYIXIEYINGXIANGPre-IPOSIMURONGZIZHONGDEDINGJIAYINSU,BAOKUOGONGSISUOCHUFAZHANJIEDUAN、TOUZIFANGHUIBAOYAOQIU、GUQUANBILI、ZIJINZHOUQI、SIMURONGZIFEIYONG、ZHONGJIEFEI、YONGJINDENG,QUEDINGCHUYIGEJIANYICHUJIA。

                              ZUIHOU,Pre-IPOTOUZIZHEHUIJIYUZHEIGEJIANYIJIAGEYUMUBIAOQIYESHANGYI,ZHENDUIQIYEDERENLIZIYUANSHUIPING、YUNYINGZHUANGKUANG、YINGSHOUZHANGKUANGUIMODENGJINXINGDIAOZHENG,QUEDINGYIGEZUIZHONGDEPre-IPOJINRUJIAGE。

                              PE与VC的区别
                              Pre-IPO与PE的区别 第三篇

                              体彩排列三跨度和值表VC、PE、MADEQUBIE:

                              VCSHIVenture CapitalDESUOXIE,JIFENGXIANTOUZI。

                              PESHIPrivate EquityDESUOXIE,JISIMUGUQUANTOUZI。

                              体彩排列三跨度和值表MASHIMerger and Acquisition(JIANBINGYUSHOUGOU)。JIANBING(Merger)SHIZHILIANGJIAGONGSIHEERWEIYI,FENWEILIANGZHONGBUTONGXINGSHI,YIWEIYUANYOULIANGJIAGONGSIHEWEIYIXINGONGSI,YUANYOULIANGJIAJUNBUFUCUNZAI;YIWEIYUANYOULIANGJIACUNXUYIJIAGONGSI,DANLINGYIJIABUFUCUNZAIERBINGRUGAICUNXUZHIGONGSI。SHOUGOU(Acquisition)DEGAINIANZEHEJIANBINGBUTONG,SHOUGOUSHIZHIYIJIAGONGSIJIANGLINGYIJIAGONGSIHUOZHEZICHANCHIWEIJIYOU,MUBIAOGONGSIYUMUBIAOZICHANRENGRANDANDUCUNXU,ZHISHIZAIJIAOYIWANCHENGHOU,BEISHOUGOUFANGSUOCHIYOU。

                              IPOSHIInitial Public OfferingsDESUOXIE,ZHONGWENYISISHISHOUCIGONGKAIMUGU,YEJIUSHISHOUCIGONGKAIFAXINGGUPIAO。JIANDANSHUOJIUSHIFAXINGXINGU。ZAIAGULISHISHANG,GONGYOU7CIZANTINGIPOHOUDE6CIZHONGQI,DOUWEIDUISHICHANGDEZHONGDUANQIYUNXINGQUSHICHANSHENGYINGXIANG,DANLISHIGUILVZHISHIYIGEGAILVSHIJIAN,BUSHIBIRANJIEGUO。

                              PE YUVCDOUSHITONGGUOSIMUXINGSHIDUIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,RANHOUTONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。QUFENVCYUPEDEJIANDANFANGSHISHI,VCTOUZIQIYE DEQIANQI,PETOUZIHOUQI。DANGRAN,QIANHOUQIDEHUAFENSHIDEVCYUPEZAITOUZILINIAN、GUIMOSHANGDOUBUJINXIANGTONG。PEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIHEPre- IPOGEGESHIQIQIYEJINXINGTOUZI,GUGUANGYISHANGDEPEBAOHANVC。

                              ZAIZHONGGUO,VCSHIGEBOLAIPIN,GANGKAISHIBEIZHONGGUOMEITIFANYIWEI“FENGXIANTOUZI”QIEYIZHIYANYONGDAO20SHIJIMOQI,HOULAIYIXIERENGENJUBAIKEQUANSHUJIESHIJIANGQIFANYIWEI“CHUANGYETOUZI”。YUSHI,YUANLAI DEYIXIEWENXIAN、ZHENGFUWENJIANSUOSHIYONGDE“FENGXIANTOUZI”GAINIANJIANJIANYANBIANWEI“venture capital”GEZIBIAOSHU,ZAIGUOJIAFAZHANYUGAIGEWEIYUANHUI、KEJIBUDENGBUWEIWENJIANZHONGXIANGJICHUXIANLE“CHUANGYETOUZI”ZHEIGEYIFA。ERZHEILIANGZHONGBIAOSHUHOULAIJINGRANYANBIANCHENGLESHUIHUOBUXIANGRONGSHENZHIYOU CIKAOLVDEZHENGCEZHEYANDIANDOUDAXIANGJINGTING,“FENGXIANTOUZI”LUNZHETOUZIZHEDEFENGXIANYISHIHETOUZICHONGDONG,“CHUANGYETOUZI”LUNZHEQIANGDIAOBEITOUZIDUIXIANGDECHUANGYETEXING。YOUYUZHENGZHISHUANGFANGDOUYOUXINGZHENG、LIFAHUA YUQUAN,SUOYIYOURENDAHEGUOWUYUANCHUTAIDEWENJIANCHANGCHANGSHI“FENGXIANTOUZI”,ERYOUGUOJIAFAGAIWEI、KEJIBU、SHANGWUBUDENGBUWEIFABUDEWENJIANZEDUOSHI“FENGXIANTOUZI”,RU2006NIAN3YUE1RISHENGXIAO DE《CHUANGYETOUZIQIYEGUANLIZANXINGBANFA》DENG。HOULAIJINGGUODUOFANGCHAKAO,LIANGZHONGLIJIEQISHISHIZHANZAIBUTONGDEJIAODUHELICHANGJINXINGBIAOSHU,RANERYOUBUNENGWANQUANGAIKUO。YINCI,ZAIGUOWUYUANFABUDE《GUOJIAZHONG ZHANGQIKEXUEHEJISHUFAZHANGUIHUAGANGYAO(2006-2020NIAN)》JIPEITAOZHENGCEZHONG,DIYICIBA“venture”DELIANGZHONGHANYIDOUXIERULEZHENGFUWENJIAN。WEICI,YOUKEJIBU、SHANGWUBUHE GUOJIAKAIFAYINXINGLIANHETUICHUDEDAXINGDIAOCHABAOGAOYECONG2006NIANGENGMINGWEI《ZHONGGUOCHUANGYEFENGXIANTOUZIFAZHANBAOGAO》。ZHICI,GUANFANGDEJIESHIHEBIAOSHUKOUJINGCAIJIANJIANZOUXIANGTONGYI。FENGXIANTOUZI (Venture Capital,VC),Venture CapitalWUGEJIEDUANDEZHONGZIQI、CHUCHUANGQI、CHENGZHANGQI、KUOZHANGQI、CHENGSHUQIWUBUSHEJIDAOJIAOGAODEFENGXIAN。

                              体彩排列三跨度和值表GUANYUPEDEGAINIANZAIGUONEI,YEYOUBUSHAOTONGRENJIANGQIFANYIWEI“SIRENGUQUAN”、“SIRENQUANYI”、“SIRENGUQUANTOUZI”、“SIRENQUANYIZIBEN”DENGDENG,

                              YUQIZHIJIEGUANLIANDEZHONGYAOGAINIANYOU:

                              (1)PE Investment,SIMUGUQUANTOUZI;

                              (2)PE Fund,SIMUGUQUANJIJIN;SIMUGUQUAN(PE)SHIYIZHONGJINRONGGONGJU(FINANINSTRUMENT),YESHIYIZHONGTOURONGZIHOUDEQUANYIBIAOXIANXINGSHI。

                              GUQUAN(PE)YUGONGSIZHAIQUAN(corporate bond)、DAIKUAN(loan)、GUPIAO(stock)DENGJUYOUTONGZHIXING。DANQIBENZHITEZHENG(QUBIE)

                              ZHUYAOZAIYU:

                              DIYI,SIMUGUQUAN(PE)BUSHIYIZHONGFUZHAISHIDEJINRONGGONGJU,ZHEIYUGUPIAO(stock)DENGXIANGSI,BINGYUGONGSIZHAIQUAN(corporate bond)、DAIKUAN(loan)DENGYOUBENZHIQUBIE;

                              DIER,SIMUGUQUAN(PE)ZAIRONGZIMOSHI(financing mode)FANGMIANSHUYUSIXIAMUJI(privateplacement),ZHEIYUDAIKUAN(loan)DENGXIANGSI,BINGYUGONGSIZHAIQUAN(corporate bond)、GUPIAO(stock)DENGYOUBENZHIQUBIE;

                              DISAN,SIMUGUQUAN(PE)ZHUYAOSHITOUZIYUSHANGWEIIPO(SHOUCIGONGKAIMUGU)DEQIYEERCHANSHENGDEQUANYI;

                              DISI,SIMUGUQUAN(PE)BUNENGZAIGUPIAOSHICHANGSHANGZIYOUDIJIAOYI;

                              DIWU,QITACONGLVE。CONGFALVDEJIAODUJIANG,SIMUGUQUAN(PE)TIXIANDEBUSHIZHAIQUANZHAIWUGUANXI。TAYUZHAI(debt)YOUBENZHIDEQUBIE。

                              ZONGZHI,SIMUGUQUAN(PE)SHIEquity(GUQUANHUOQUANYI)ZHIYIZHONG,JINENGFAHUIRONGZIGONGNENG,YOUNENGDAIBIAOTOUZIQUANYI。

                              LIANGZHEDELIANXIHEQUBIE,ZAIGUONEIDEYIBANJIGOUDIAOYANBAOGAOZHONG,YIBANDOUJIANGZHEILIANGGEGAINIANTONGYIWEIFENGXIANTOUZIDETONGYONGBIAOSHU。JIANCHENGZEWEIPE/VC。RUGUOFEIYAOFAJUETAMENDEQUBIE,KEYICONGYIXIAJIFANGMIANJINXINGKAOLV:

                              体彩排列三跨度和值表1) TOUZIJIEDUAN,YIBANRENWEIPEDETOUZIDUIXIANGZHUYAOWEINISHANGSHIGONGSI,ERVCDETOUZIJIEDUANXIANGDUIJIAOZAO,DANSHIBINGBUPAICHUZHONGHOUQIDETOUZI。

                              2) TOUZIGUIMO,PEYOUYUTOUZIDUIXIANGDETEDIAN,DANGEXIANGMUTOUZIGUIMOYIBANJIAODA。VCZESHIXIANGMUXUQIUHETOUZIJIGOUERDING。

                              3) TOUZILINIAN,VCQIANGDIAOGAOFENGXIANGAOSHOUYI,JIKEZHANGQIJINXINGGUQUANTOUZIBINGXIEZHUGUANLI,YEKEDUANQITOUZIXUNZHAOJIHUIJIANGGUQUANJINXINGCHUSHOU。ERPEYIBANSHIXIEZHUTOUZIDUIXIANGWANCHENGSHANGSHIRANHOUTAOXIANTUICHU。

                              体彩排列三跨度和值表4) TOUZITEDIAN, ERZAIXIANZAIDEZHONGGUOZIBENSHICHANGSHANG,HENDUOCHUANTONGSHANGDEVCJIGOUXIANZAIYEJIERUPEYEWU,ERXUDUOCHUANTONGSHANGBEIRENWEIZHUANZUOPEYEWUDEJIGOUYECANYUVCXIANGMU,YEJIUSHISHUO,PE YUVCZHISHIGAINIANSHANGDEYIGEQUFEN,ZAISHIJIYEWUZHONGLIANGZHEJIEXIANYUELAIYUEMOHU。BIRUZHUMINGDEPEJIGOURUKAILEI(Carlyle)YESHEJIVCYEWU,QITOUZIDEXIECHENGWANG、JUZHONGCHUANMEIDENG BIANSHIVCXINGSHIDETOUZI。

                              LINGWAI,PEJIJINYUNEIDISUOCHENGDE“SIMUJIJIN”YOUZHEBENZHIQUBIE。PEJIJINZHUYAOYISIMUXINGSHITOUZIYUWEISHANGSHIDEGONGSIGUQUAN,ERSIMUJIJINZHUYAOSHIZHITONGGUOSIMUXINGSHI,XIANGTOUZIZHECHOUJIZIJIN,JINXINGGUANLIBINGTOUZIYUZHENGQUANSHICHANG(DUOWEIERJISHICHANG)DEJIJIN。

                              体彩排列三跨度和值表【VCANLI】SAIFU800WANMEIYUANFENGTOUWANMEISHIKONGWANGYOU,YINIANHUO50BEISHOUYIHUIBAO

                              CONG800WANMEIYUANDAO4YIMEIYUAN,BUZUYINIANDADAO50BEIDEHUIBAO,ZHEISHISAIFUJIJINZUIXINZHANJI。ERZHEIYANGDEGAOEHUIBAO,ZESHITONGGUODUIBEIJINGWANMEISHIKONGWANGLUOJISHUYOUXIANGONGSIJINXINGFENGXIANTOUZI、BINGZAINasdaqSHANGSHILAISHIXIANDE。

                              ZHEIYISHISAIFUJIJINDIERCITOUZIWANGLUOYOUXIGONGSI,ZAICIZHIQIANSAIFUCENGYINTOUZISHENGDAWANGLUOYOUXIGONGSI,BINGYUNasdaqSHANGSHITUICHUERMINGZAOYISHI,GAIXIANGTOUZI18GEYUENEIYOU4000WANMEIYUANZENGZHIDAO5.5YIMEIYUAN,HUIBAOYUEWEI14BEI。

                              体彩排列三跨度和值表CIFANWANMEISHIKONGDE“WANMEI”TOUZI,ZESHISAIFUYOUYICICAIFUKUANGBIAODESHANGYAN。 50BEIGAOESHOUYIHUIBAO

                              体彩排列三跨度和值表WANMEISHIKONGCHENGLIYU2004NIAN,YOUZHONGGUOZHUMINGDEJIAOYURUANJIANLONGTOUQIYEHONGENRUANJIANGONGSIDONGSHIZHANGCHIYUFENGJIQITAJIWEIITJIERENSHITOUZICHENGLI。QUNIAN9YUECHU,SAIFUJIJINYI800WANMEIYUANRUGUWANMEISHIKONG,SHUANGFANGYUANJIHUAJINNIANDIDENGLUNASIDAKE。

                              体彩排列三跨度和值表WANMEISHIKONGDETUANDUIZAIRUANJIANYEYIJINGFENDOULESHIDUONIAN,JIBENDOUSHIQINGHUADETUANDUI,ZAIYIQISHIJIANNEIMEZHANG,FEICHANGWENDING,ERQIETAMENDEYOUXISHEJIQUANDOUSHIZIYOUDEZHISHICHANQUAN,SAIFUJIJINDANGCHUZHENGSHIJIYUYISHANGKAOLVERJINXINGDEFENGXIANTOUZI。

                              体彩排列三跨度和值表JINNIAN7YUEDI,WANMEISHIKONGZHENGSHIZAINASIDAKEGUAPAISHANGSHI,FAXINGJIA16MEIYUAN,KAIPANJIA17.5MEIYUAN,RONGZIYUE1.88YIMEIYUAN。ZUIJINWANMEISHIKONGGUJIAYIZHIWENDINGZAIMEIGU20MEIYUANYISHANG,ANSAIFUJIJINCHIYOUDESHIZHIJISUANYIDADAO4YIMEIYUAN,JIAOQIYINIANQIANTOURU800WANMEIYUANZENGZHIYUE50BEI。

                              ZAICICISHANGSHIGUOCHENGZHONG,JIHUSUOYOUZHIMINGDETOUZIYINXINGQUANDOUZHAOSHANGMENLAI,SAIFUXUANZHONGLEMOGENSHIDANLIYURUIXINZUOWEICHENGXIAOSHANG。YIBANSAIFUTOU ZIDEQIYE,HUIDEDAOTOUXINGDEMIQIEGUANZHU,YINWEITOUXINGGUANZHUYIJIAQIYE,KENENGJIUYIDANSHENGYI,DANHESAIFUDAJIAODAOHUIMEINIANDOUYOUSHENGYIZUO。SAIFUDUITOUXINGYETEBIELEJIE,YIFANGMIANSHIZHAOGUSHUXIEDEHAOBUHAO,FENXISHISHUIPINGZENYANG;LINGYIFANGMIANGUPIAOXIAOSHOUDEQUDAOSHIBUSHITONGCHANG。

                              TUICHUZHOUQI

                              体彩排列三跨度和值表SAIFUJIJINWEILAIHUIJINRUYILUNTUICHUZHOUQI,DIERQIJIJINTOUZIDEYIXIEQIYEJIANGHUILUXUSHANGSHI,JINNIANHAIJIANGYOUYUESANJIAQIYEJIHUASHANGSHI,QIZHONGYIJIANIZAINasdaq,YIJIANIZAIXIANGGANGSHICHANG,LINGYIJIAZEKAOLVZAIAGUSHICHANGSHANGSHI。

                              体彩排列三跨度和值表SUIRANDAOGUONEIAGUSHANGSHI,BIXUJIANGHAIWAIJIEGOUZHONGDEYOUXIANGUZHUANHUACHENGPUTONGGU,ZHEIBULIYUDUITOUZIJIGOUDEBAOHU,ERQIEYIDANGUONEISHANGSHISHI BAIZEMUQIANKANLAIWUFAZAIDAOHAIWAISHANGSHI。DANSHI,RUGUOTOUDAOHAODEGONGSI,YOUXIANGUDEYIYIJIUBUHUITAIDA,YINWEITOUZIJIGOUBUHUIZHIXINGTADEYOUXIANGUQUANLI,ERQIEGUONEISHANGSHISHENPIDESUDUZAIJIAKUAI, WEILAIHUICHAOZHEBEIANZHIDEFANGXIANGZOU,YINCIFENGXIANYEBUHUITAIDA,BUGUODUIYUTOUZIJIGOUERYAN,HAISHIXIWANGWEILAIYOUXIANGUYUKEZHUANZHAINENGXIEJINZHONGGUODEFALVLIMIANQU,ZHEIDUIYUXINGYELAIJIANGYOUFEICHANGZHONGDADEYIYI。

                              PE与VC基础知识介绍
                              Pre-IPO与PE的区别 第四篇

                              Pre-IPO与PE的区别

                              VC-PE-天使投资及其区别
                              Pre-IPO与PE的区别 第五篇

                              1. FENGXIANTOUZI

                              1) VCGAINIANJIYUNZUOJIZHI

                              FENGXIANTOUZIVC(Venture Capital)YOUCHENG“CHUANGYETOUZI”SHIZHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、YOUJUDAJINGZHENGLIDEQIYEZHONGDEYIZHONGQUANYIZIBEN,SHIYIGAOKEJIYUZHISHIWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIDECHUANGXINCHANPINHUOFUWUDETOUZI。

                              FENGXIANTOUZIZAICHUANGYEQIYEFAZHANCHUQITOURUFENGXIANZIBEN,DAIQIFAYUXIANGDUICHENGSHUHOU,TONGGUOSHICHANGTUICHUJIZHIJIANGSUOTOURUDEZIBENYOUGUQUANXINGTAIZHUANHUAWEIZIJINXINGTAI,YISHOUHUITOUZI。FENGXIANTOUZIDEYUNZUOGUOCHENGFENWEIRONGZIGUOCHENG、TOUZIGUOCHENG、TUICHUGUOCHENG。

                              2) FENGXIANTOUZIDEZUOYONG

                              FENGXIANTOUZISHIQIYECHENGZHANGYUKEJICHENGGUOZHUANHUADEFUHUAQI。ZHUYAOBIAOXIANZAI:

                              体彩排列三跨度和值表a) RONGZIGONGNENG:FENGXIANZIBENWEICHUANGXINQIYETIGONGJIXUDEZIJIN,BAOZHENGCHUANGYEDUIZIJINDELIANXUXING。 b) ZIYUANPEIZHIGONGNENG:FENGXIANZIBENSHICHANGCUNZAIZHEQIANGDADEPINGJIA、XUANZEHEJIANDUJIZHI,CHANYEFAZHANDEJINGJIJIAZHITONGGUOSHICHANGDEYIGONGZHENGDE PINGJIAHEQUEREN,YISHIXIANYOUSHENGLIETAI,TIGAOZIYUANPEIZHIXIAOLV。

                              c) CHANQUANLIUDONGGONGNENG:FENGXIANZIBENSHICHANGWEICHUANGXINQIYEDECHANQUANLIUDONGHEZHONGZUTIGONGLEGAOXIAOLV、DICHENGBENDEZHUANHUANJIZHIHELINGHUODUOYANGDEBINGGOUFANGFA,CUJINCHUANGXINQIYEZICHANYOUHUAZUHE,BINGSHIZICHANJUYOULEJIAOCHONGFENDELIUDONGXINGHETOUZIJIAZHI。

                              d) FENGXIANDINGJIAGONGNENG。FENGXIANDINGJIASHIZHIDUIFENGXIANZICHANDEJIAGEQUEDING,TASUOFANYINGDESHIZIBENZICHANSUODAILAIDEWEILAISHOUYIYUFENGXIANDEYIZHONGHANSHUGUANXI。TOUZIZHEKEYICANZHAOFENGXIANZIBENSHICHANGTIGONGDEGEZHONGZICHANJIAGE,GENJUGERENFENGXIANPIANHAOHEGERENWEILAIYUQIJINXINGTOUZIXUANZE。FENGXIANZIBENSHICHANGZHENGSHITONGGUOZHEIYIGONGNENG,ZAIZIBENZIYUANDEJILEIHEPEIZHIZHONGFAHUIZUOYONGDE。

                              FENGXIANZIBENSHICHANGSHIYIGEPEIYUCHUANGXINXINGQIYEDESHICHANG,SHICHUANGXINXINGQIYEDEFUHUAQIHECHENGZHANGYAOLAN。FENGXIANTOUZISHIYOUHUAXIANYOUQIYESHENGCHANYAOSUZUHE,BAKEXUEJISHUZHUANHUAWEISHENGCHANLIDECUIHUAJI。FENGXIANTOUZIBUTONGYUCHUANTONGDETOUZIFANGSHI,TAJIJINRONGFUWU、GUANLIFUWU、SHICHANGYINGXIAOFUWUYUYITI。FENGXIANTOUZIJIGOUWEIQIYECONGFUHUA、FAYUDAOCHENGZHANGDEQUANGUOCHENGTIGONGLERONGZIFUWU。FENGXIANTOUZIBUJINWEIZHONGZIQIHEKUOZHANQIDEQIYEDAILAILEFAZHANZIJIN,HAIDAILAILEGUOWAIXIANJINDECHUANGYELINIANHEQIYEGUANLIMOSHI,SHOUBASHOUDIBANGZHUQIYEJIEJUEGELEICHUANGYENANTI,SHIHENDUOZHONGXIAOQIYEDEYIKUAYUESHIFAZHAN。Pre-IPOYUPEDEQUBIE

                              2. TIANSHITOUZI

                              1) TIANSHITOUZIDEGAINIAN

                              体彩排列三跨度和值表TIANSHITOUZI(Angels Invest)SHIZHIGERENCHUZIXIEZHUJUYOUZHUANMENJISHUHUODUTEGAINIANERQUESHAOZIYOUZIJINDECHUANGYEJIAJINXINGCHUANGYE,BINGCHENGDANCHUANGYEZHONGDEGAOFENGXIANHEXIANGSHOUCHUANGYECHENGGONGHOUDEGAOSHOUYI。HUOZHESHUOSHIZIYOUTOUZIZHEHUOFEIZHENGSHIFENGXIANTOUZIJIGOUDUIYUANCHUANGXIANGMUGOUSIHUOXIAOXINGCHUCHUANGQIYEJINXINGDEYICIXINGDEQIANQITOUZI。TASHIFENGXIANTOUZIDEYIZHONGXINGSHI,。ER“TIANSHITOUZIREN(Angels)”TONGCHANGSHIZHITOUZIYUFEICHANGNIANQINGDEGONGSIYIBANGZHUZHEIXIEGONGSIXUNSUQIDONGDETOUZIREN。

                              体彩排列三跨度和值表2) TIANSHITOUZIDEZHUYAOTEDIAN

                              体彩排列三跨度和值表TIANSHITOUZIZUOWEIFENGXIANTOUZIDEYIZHONG,JUYOUQITEXING。ZHUYAOSHI:

                              体彩排列三跨度和值表a) ZIJINEYIBANJIAOXIAO,ERQIESHIYICIXINGTOURU,TOUZIFANGBUCANYUGUANLI,TADUIFENGXIANQIYEDESHENCHAYEBINGBUYANGE。TAGENGDUODISHIJIYUTOUZIRENDEZHUGUANPANDUANHUOZHESHIYOUGERENDEHAOESUOJUEDINGDE。TONGCHANGTIANSHITOUZIZESHIYOUYIGERENTOUZI,BINGQIESHIJIANHAOJIUSHOU。SHIGETIHUOZHEXIAOXINGDESHANGYEXINGWEI。

                              b) HENDUOTIANSHITOUZIRENBENSHENSHIQIYEJIA,LEJIECHUANGYEZHEMIANDUIDENANCHU。TIANSHITOUZIRENSHIQIBU

                              GONGSIDEZUIJIARONGZIDUIXIANG

                              体彩排列三跨度和值表c) TAMENBUYIDINGSHIBAIWANFUWENGHUOGAOSHOURURENSHI。TIANSHITOUZIRENKENENGSHININDELINJU、JIATINGCHENGYUAN、PENGYOU、GONGSIHUOBAN、GONGHUOSHANGHUORENHEYUANYITOUZIGONGSIDERENSHI。

                              d) TIANSHITOUZIRENBUDANKEYIDAILAIZIJIN,TONGSHIYEDAILAILIANXIWANGLUO。RUGUOTAMENSHIZHIMINGRENSHI,YEKETIGAOGONGSIDEXINYU。Pre-IPOYUPEDEQUBIE

                              体彩排列三跨度和值表3) TIANSHIZIBENDEZHUYAOLAIYUAN

                              体彩排列三跨度和值表CENGJINGDECHUANGYEZHE;CHUANTONGYIYISHANGDEFUWENG;DAXINGGAOKEJIGONGSIHUOSHIKUAGUOGUOGONGSIDEGAOJIGUANLIZHE

                              4) TIANSHITOUZIRENDEDIANXINGDAIBIAO

                              ZHESHANG、SUSHANGDENGYANHAIFADADIQUDESHANGREN。

                              3. SIMUGUQUANTOUZI

                              1) PEGAINIANJIYUNZUOJIZHI

                              PE(Private Equity)SIMUGUQUANTOUZISHITONGGUOSIMUXINGSHIDUIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,ZAIJIAOYISHISHIGUOCHENGZHONGFUDAIKAOLVLEJIANGLAIDETUICHUJIZHI,JITONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。 GUANGYISHANGDEPEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIDENGGEGESHIQIDEQIYEJINXINGTOUZI。

                              XIAYIDEPEZHUYAOZHIDUIYIJINGXINGCHENGYIDINGGUIMODE,BINGCHANSHENGWENDINGXIANJINLIUDECHENGSHUQIYEDESIMUGUQUANTOUZIBUFEN,ZHUYAOSHIZHICHUANGYETOUZIHOUQIDESIMUGUQUANTOUZIBUFEN,ERZHEIQIZHONGBINGGOUJIJINHEJIACENGZIBENZAIZIJINGUIMOSHANGZHANZUIDADEYIBUFEN。BINGGOUJIJINSHIZHUANZHUYUDUIMUBIAOQIYEJINXINGBINGGOUDEJIJIN,QITOUZISHOUFASHI,TONGGUOSHOUGOUMUBIAOQIYEGUQUAN,HUODEDUIMUBIAOQIYEDEKONGZHIQUAN,RANHOUDUIQIJINXINGYIDINGDEZHONGZUGAIZAO,CHIYOUYIDINGSHIQIHOUZAICHUSHOU。BINGGOUJIJINYUQITALEIXINGTOUZIDEBUTONGBIAOXIANZAI,FENGXIANTOUZIZHUYAOTOUZIYUCHUANGYEXINGQIYE,BINGGOUJIJINXUANZEDEDUIXIANGSHICHENGSHUQIYE;QITASIMUGUQUANTOUZIDUIQIYEKONGZHIQUANWUXINGQU,ERBINGGOUJIJINYIZAIHUODEMUBIAOQIYEDEKONGZHIQUAN。BINGGOUJIJINJINGCHANGCHUXIANZAIMBOHEMBIZHONG。

                              体彩排列三跨度和值表2) SIMUGUQUANTOUZIDEZUOYONG

                              SIMUGUQUANTOUZIJIJINSHITUIDONGZIBENSHICHANGKECHIXUFAZHANDELILIANG。SIMUGUQUANJIJINCHANYEDEKUAISUFAZHANJIANGWEITIGAOJINRONGYEDESHOUYILVTIGONGXINDEFANGFA,YEWEIJIEJUEMINYINGXIAOQIYEDEJINRONGKUNJINGTIGONGYOUXIAODETUJING,DATONGCHANYEXUQIUHEJINRONGZIBENHUOLIDEXUQIU。

                              4. JIEXIFENGXIANTOUZI、TIANSHITOUZIJISIMUGUQUANTOUZISANZHEDEGUANXI

                              体彩排列三跨度和值表TIANSHITOUZISHIFENGXIANTOUZIDEYIZHONG。FENGXIANTOUZIYIBANTOUZIEJIAODA,ZAITOURUZIJINDETONGSHIYETOURUGUANLI,BINGQIEHUISUIZHESUOTOUZIQIYEDEFAZHANZHUBUZENGJIATOURU。TIANSHITOUZITOURUZIJINEYIBANJIAOXIAO,YICITOURU,BUCANYUQIYEZHIJIEGUANLI,DUITOUZIQIYEDEXUANZEGENGDUOJIYUTOUZIRENDEZHUGUANPANDUANSHENZHIXIHAO。

                              Pre-IPO与PE的区别

                              PEYUVCSUIRANDOUSHIDUISHANGSHIQIANQIYEDETOUZI,DANSHILIANGZHEZAITOUZIJIEDUAN、TOUZIGUIMO、TOUZILINIANHETOUZITEDIANDENGFANGMIANYOUHENDADEBUTONG。QUFENVCYUPEDEJIANDANFANGSHI:VCZHUYAOTOUZIQIYEDEQIANQI,PEZHUYAOTOUZIHOUQI。DANGRAN,QIANHOUQIDEHUAFENSHIDEVCYUPEZAITOUZILINIAN、GUIMOSHANGDOUBUJINXIANGTONG。PEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIHEPre-IPOGEGESHIQIQIYEJINXINGTOUZI,GUGUANGYISHANGDEPEBAOHANVC。

                              ZAIJILIEDESHICHANGJINGZHENGXIA,VCYUPEDEYEWUSHENTOUYUELAIYUEDA。HENDUOCHUANTONGSHANGDEVCJIGOUXIANZAIYEJIERUPEYEWU,ERXUDUOCHUANTONGSHANGBEIRENWEIZHUANZUOPEYEWUDEJIGOUYECANYUVCXIANGMU,YEJIUSHISHUO,PEYUVCZHISHIGAINIANSHANGDEYIGEQUFEN,ZAISHIJIYEWUZHONGLIANGZHEJIEXIANYUELAIYUEMOHU。BIRUZHUMINGDEPEJIGOURUKAILEI(Carlyle)YESHEJIVCYEWU,QITOUZIDEXIECHENGWANG、JUZHONGCHUANMEIDENGBIANSHIVCXINGSHIDETOUZI。

                              天使投资、风险投资(VC)、私募股权投资(PE)三者的异同点-曾招进
                              Pre-IPO与PE的区别 第六篇

                              TIANSHITOUZI、FENGXIANTOUZI(VC)、SIMUGUQUANTOUZI(PE)

                              1. TIANSHITOUZI

                              (1)TIANSHITOUZIDEGAINIAN

                              CHUANSHUOZHONGDETIANSHI,SHIZHANGZHEJIEBAIYUMAOCHIBANGDESHAONVHUOYINGER,DANFUZHESHIZHEDEZHIZE,YOUSHANGDIPAILAICIFUJIXUYAOBANGZHUDEREN。ZAICHUANGYEHETOUZIQUAN,YOUYIZHONGTOUZIRENBEICHUANGYEZHECHENGWEI“TIANSHITOUZIREN”,YISISHIZHEIXIETOUZIRENJICHUYUKUNNANZHIZHONGDECHUANGYEZHEDAILAIXIWANGHEBANGZHU,SHIBANGZHUTAMENDUGUONANGUANDE“TIANSHI”,ZHEIGECHENGWEIBIAODACHULECHUANGYEZHEDUIZHEIXIETIANSHITOUZIRENDECHONGJINGHEZUNZHONG。

                              TIANSHITOUZI(Angels Invest)SHIZHIGERENCHUZIXIEZHUJUYOUZHUANMENJISHUHUODUTEGAINIANERQUESHAOZIYOUZIJINDECHUANGYEJIAJINXINGCHUANGYE,BINGCHENGDANCHUANGYEZHONGDEGAOFENGXIANHEXIANGSHOUCHUANGYECHENGGONGHOUDEGAOSHOUYI。HUOZHESHUOSHIZIYOUTOU ZIZHEHUOFEIZHENGSHIFENGXIANTOUZIJIGOUDUIYUANCHUANGXIANGMUGOUSIHUOXIAOXINGCHUCHUANGQIYEJINXINGDEYICIXINGDEQIANQITOUZI。TASHIFENGXIANTOUZIDEYIZHONGXINGSHI。

                              体彩排列三跨度和值表ER“TIANSHITOUZIREN(Angels)”TONGCHANGSHIZHITOUZIYUFEICHANGNIANQINGDEGONGSIYIBANGZHUZHEIXIEGONGSIXUNSUQIDONGDETOUZIREN。

                              ZAIGUONEI,SHANGMEIYOUSHANGYEXIEHUIHUOYANJIUJIGOUDUITIANSHITOUZIRENJIYUMINGQUEDEDINGYI,WOMENYANYONGLEGUOWAINEIGELIUXINGHENGUANGDESHUOFA:TIANSHITOUZIRENJIUSHI3“F”——JIAREN(Family)、PENGYOU(Friends)HESHAGUA(Fools)。

                              JIARENHEPENGYOUZHEILIANGGEF,HENHAOLIJIE。CHUANGYEZHEDEJIARENHEPENGYOUYUZHIXIANGSHI、XIANGCHUDUONIAN,ZAICHUANGYEZHEKAIKOUXIANGTAMENYAOQIANZHIQIAN,SHENZHISHIZAITACHUANGYEZHIQIAN,JIUYIJINGDUITAFEICHANGLEJIE。JIARENHEPENGYOUJITADECHUCHUANGGONGSITOUZIGENGDUODESHI,WEILEDUITABENRENJITADEMENGXIANGBIAOSHIZHICHI,XIANGXINTANENGGOUBAGONGSIZUOHAO。TAMENBUHUIQUSHENHESHANGYEJIHUASHU,GENGBUHUIZAIJINGGUOXIZHIDIYANJIUTADEGONGSIZHIHOU,KANSHIFOUYOULIKETUCAIJUEDINGSHIFOUTOUZI,TAMENDETOUZIGENGXIANGSHIGANQINGTOUZI。SUOYIYANGESHUOLAI,JIARENHEPENGYOUZHINENGSUANZUOSHICHUANGYEZHEDETIANSHI,TAMENBINGBUNENGSUANSHITIANSHITOUZIREN。

                              体彩排列三跨度和值表ZHIYUDISANGEF,YEBUNANLIJIE。CHUCHUANGGONGSIDEFENGXIANHENDA,DUIYUGENCHUANGYEZHEFEIQINFEIGUDEWAIBUTOUZIRENLAISHUO,TADUICHUANGYEZHEDELISHIHEBEIJINGHAOBUZHIQING,CONGMINGHELIXINGDETOUZIRENZAIBAQIANTOUJINQUZHIQIANDANGRANYEHUIZUOYIXIEYANJIUHEJINZHIDIAOCHA,DANSHIWULUNDUOSHAOYANJIUHEDIAOCHADOUWUFAXIAOCHUQUANBUDETOUZIFENGXIAN,YINCI,TAMENYEHUODE“SHAGUA”DECHENGHAO。DANBINGBUSHIZHEIXIERENZHENSHA,SHIJISHANGWANGWANGXIANGFAN,TAMENDOUDUJUHUIYAN、SIWEIQIANZHAN,TOUQIANJIYIXIEBIERENMEIYOUYANGUANGKANCHUQIQIANJINGDEQIYE。ZHEIXIERENKENENGZAIMOUGELINGYUJINGYANFENGFU,HUOZHEBENSHENJIUYOUCHENGGONGDECHUANGYEJINGLI,TAMENCAISHIZHENZHENGYIYISHANGDETIANSHITOUZIREN。

                              体彩排列三跨度和值表(2)TIANSHITOUZIDEZHUYAOTEDIAN

                              TIANSHITOUZIZUOWEIFENGXIANTOUZIDEYIZHONG,JUYOUQITEXING。ZHUYAOSHI:

                              体彩排列三跨度和值表a)ZIJINEYIBANJIAOXIAO,ERQIESHIYICIXINGTOURU,TOUZIFANGBUCANYUGUANLI,TADUIFENGXIANQIYEDESHENCHAYEBINGBUYANGE。TAGENGDUODISHIJIYUTOUZIRENDEZHUGUANPANDUANHUOZHESHIYOUGERENDEHAOESUOJUEDINGDE。TONGCHANGTIANSHITOUZIZESHIYOUYIGERENTOUZI,BINGQIESHIJIANHAOJIUSHOU。SHIGETIHUOZHEXIAOXINGDESHANGYEXINGWEI。

                              b)HENDUOTIANSHITOUZIRENBENSHENSHIQIYEJIA,LEJIECHUANGYEZHEMIANDUIDENANCHU。TIANSHITOUZIRENSHIQIBUGONGSIDEZUIJIARONGZIDUIXIANG

                              c)TAMENBUYIDINGSHIBAIWANFUWENGHUOGAOSHOURURENSHI。TIANSHITOUZIRENKENENGSHININDELINJU、JIATINGCHENGYUAN、PENGYOU、GONGSIHUOBAN、GONGHUOSHANGHUORENHEYUANYITOUZIGONGSIDERENSHI。

                              d)TIANSHITOUZIRENBUDANKEYIDAILAIZIJIN,TONGSHIYEDAILAILIANXIWANGLUO。RUGUOTAMENSHIZHIMINGRENSHI,YEKETIGAOGONGSIDEXINYU。

                              (3)TIANSHIZIBENDEZHUYAOLAIYUAN

                              体彩排列三跨度和值表CENGJINGDECHUANGYEZHE;CHUANTONGYIYISHANGDEFUWENG;DAXINGGAOKEJIGONGSIHUOSHIKUAGUOGUOGONGSIDEGAOJIGUANLIZHE

                              体彩排列三跨度和值表(4)TIANSHITOUZIRENDEDIANXINGDAIBIAO

                              体彩排列三跨度和值表ZHESHANG、SUSHANGDENGYANHAIFADADIQUDESHANGREN。

                              2. FENGXIANTOUZI

                              体彩排列三跨度和值表(1)VCGAINIANJIYUNZUOJIZHIPre-IPOYUPEDEQUBIE

                              体彩排列三跨度和值表FENGXIANTOUZIVC(Venture Capital)YOUCHENG“CHUANGYETOUZI”SHIZHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、YOUJUDAJINGZHENGLIDEQIYEZHONGDEYIZHONGQUANYIZIBEN,SHIYIGAOKEJIYUZHISHIWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIDECHUANGXINCHANPINHUOFUWUDETOUZI。

                              FENGXIANTOUZIZAICHUANGYEQIYEFAZHANCHUQITOURUFENGXIANZIBEN,DAIQIFAYUXIANGDUICHENGSHUHOU,TONGGUOSHICHANGTUICHUJIZHIJIANGSUOTOURUDEZIBENYOUGUQUANXINGTAIZHUANHUAWEIZIJINXINGTAI,YISHOUHUITOUZI。FENGXIANTOUZIDEYUNZUOGUOCHENGFENWEIRONGZIGUOCHENG、TOUZIGUOCHENG、TUICHUGUOCHENG。

                              (2)FENGXIANTOUZIDEZUOYONG

                              FENGXIANTOUZISHIQIYECHENGZHANGYUKEJICHENGGUOZHUANHUADEFUHUAQI。ZHUYAOBIAOXIANZAI:

                              体彩排列三跨度和值表a)RONGZIGONGNENG:FENGXIANZIBENWEICHUANGXINQIYETIGONGJIXUDEZIJIN,BAOZHENGCHUANGYEDUIZIJINDELIANXUXING。 b)ZIYUANPEIZHIGONGNENG:FENGXIANZIBENSHICHANGCUNZAIZHEQIANGDADEPINGJIA、XUANZEHEJIANDUJIZHI,CHANYEFAZHANDEJINGJIJIAZHITONGGUOSHICHANGDEYIGONGZHENGDEPINGJIAHEQUEREN,YISHIXIANYOUSHENGLIETAI,TIGAOZIYUANPEIZHIXIAOLV。

                              体彩排列三跨度和值表c)CHANQUANLIUDONGGONGNENG:FENGXIANZIBENSHICHANGWEICHUANGXINQIYEDECHANQUANLIUDONGHEZHONGZUTIGONGLEGAOXIAOLV、DICHENGBENDEZHUANHUANJIZHIHELINGHUODUOYANGDEBINGGOUFANGFA,CUJINCHUANGXINQIYEZICHANYOUHUAZUHE,BINGSHIZICHANJUYOULEJIAOCHONGFENDELIUDONGXINGHETOUZIJIAZHI。

                              体彩排列三跨度和值表d)FENGXIANDINGJIAGONGNENG。FENGXIANDINGJIASHIZHIDUIFENGXIANZICHANDEJIAGEQUEDING,TASUOFANYINGDESHIZIBENZICHANSUODAILAIDEWEILAISHOUYIYUFENGXIANDEYIZHONGHANSHUGUANXI。TOUZIZHEKEYICANZHAOFENGXIANZIBENSHICHANGTIGONGDEGEZHONGZICHANJIAGE,GENJUGERENFENGXIANPIANHAOHEGERENWEILAIYUQIJINXINGTOUZIXUANZE。FENGXIANZIBENSHICHANGZHENGSHITONGGUOZHEIYIGONGNENG,ZAIZIBENZIYUANDEJILEIHEPEIZHIZHONGFAHUIZUOYONGDE。

                              FENGXIANZIBENSHICHANGSHIYIGEPEIYUCHUANGXINXINGQIYEDESHICHANG,SHICHUANGXINXINGQIYEDEFUHUAQIHECHENGZHANGYAOLAN。FENGXIANTOUZISHIYOUHUAXIANYOUQIYESHENGCHANYAOSUZUHE,BAKEXUEJISHUZHUANHUAWEISHENGCHANLIDECUIHUAJI。FENGXIANTOUZIBUTONGYUCHUANTONGDETOUZIFANGSHI,TAJIJINRONGFUWU、GUANLIFUWU、SHICHANGYINGXIAOFUWUYUYITI。FENGXIANTOUZIJIGOUWEIQIYECONGFUHUA、FAYUDAOCHENGZHANGDEQUANGUOCHENGTIGONGLERONGZIFUWU。FENGXIANTOUZIBUJINWEIZHONGZIQIHEKUOZHANQIDEQIYEDAILAILEFAZHANZIJIN,HAIDAILAILEGUOWAIXIANJINDECHUANGYELINIANHEQIYEGUANLIMOSHI,SHOUBASHOUDIBANGZHUQIYEJIEJUEGELEICHUANGYENANTI,SHIHENDUOZHONGXIAOQIYEDEYIKUAYUESHIFAZHAN。

                              3. SIMUGUQUANTOUZI

                              体彩排列三跨度和值表(1)PEGAINIANJIYUNZUOJIZHI

                              体彩排列三跨度和值表PE(Private Equity)SIMUGUQUANTOUZISHITONGGUOSIMUXINGSHIDUIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,ZAIJIAOYISHISHIGUOCHENGZHONGFUDAIKAOLVLEJIANGLAIDETUICHUJIZHI,JITONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。 GUANGYISHANGDEPEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIDENGGEGESHIQIDEQIYEJINXINGTOUZI。

                              体彩排列三跨度和值表XIAYIDEPEZHUYAOZHIDUIYIJINGXINGCHENGYIDINGGUIMODE,BINGCHANSHENGWENDINGXIANJINLIUDECHENGSHUQIYEDESIMUGUQUANTOUZIBUFEN,ZHUYAOSHIZHICHUANGYETOUZIHOUQIDESIMUGUQUANTOUZIBUFEN,ERZHEIQIZHONGBINGGOUJIJINHEJIACENGZIBENZAIZIJINGUIMOSHANGZHANZUIDADEYIBUFEN。(BINGGOUJIJINSHIZHUANZHUYUDUIMUBIAOQIYEJINXINGBINGGOUDEJIJIN,QITOUZISHOUFASHI,TONGGUOSHOUGOUMUBIAOQIYEGUQUAN,HUODEDUIMUBIAOQIYEDEKONGZHIQUAN,RANHOUDUIQIJINXINGYIDINGDEZHONGZUGAIZAO,CHIYOUYIDINGSHIQIHOUZAICHUSHOU。BINGGOUJIJINYUQITALEIXINGTOUZIDEBUTONGBIAOXIANZAI,FENGXIANTOUZIZHUYAOTOUZIYUCHUANGYEXINGQIYE,BINGGOUJIJINXUANZEDEDUIXIANGSHICHENGSHUQIYE;QITASIMUGUQUANTOUZIDUIQIYEKONGZHIQUANWUXINGQU,ERBINGGOUJIJINYIZAIHUODEMUBIAOQIYEDEKONGZHIQUAN。BINGGOUJIJINJINGCHANGCHUXIANZAIMBOHEMBIZHONG。)

                              (2)SIMUGUQUANTOUZIDEZUOYONG

                              SIMUGUQUANTOUZIJIJINSHITUIDONGZIBENSHICHANGKECHIXUFAZHANDELILIANG。SIMUGUQUANJIJINCHANYEDEKUAISUFAZHANJIANGWEITIGAOJINRONGYEDESHOUYILVTIGONGXINDEFANGFA,YEWEIJIEJUEMINYINGXIAOQIYEDEJINRONGKUNJINGTIGONGYOUXIAODETUJING,DA

                              TONGCHANYEXUQIUHEJINRONGZIBENHUOLIDEXUQIU。

                              4. JIEXIFENGXIANTOUZI、TIANSHITOUZIJISIMUGUQUANTOUZISANZHEDEGUANXI

                              TIANSHITOUZISHIFENGXIANTOUZIDEYIZHONG。FENGXIANTOUZIYIBANTOUZIEJIAODA,ZAITOURUZIJINDETONGSHIYETOURUGUANLI,BINGQIEHUISUIZHESUOTOUZIQIYEDEFAZHANZHUBUZENGJIATOURU。TIANSHITOUZITOURUZIJINEYIBANJIAOXIAO,YICITOURU,BUCANYUQIYEZHIJIEGUANLI,DUITOUZIQIYEDEXUANZEGENGDUOJIYUTOUZIRENDEZHUGUANPANDUANSHENZHIXIHAO。

                              PEYUVCSUIRANDOUSHIDUISHANGSHIQIANQIYEDETOUZI,DANSHILIANGZHEZAITOUZIJIEDUAN、TOUZIGUIMO、TOUZILINIANHETOUZITEDIANDENGFANGMIANYOUHENDADEBUTONG。

                              QUFENVCYUPEDEJIANDANFANGSHI:VCZHUYAOTOUZIQIYEDEQIANQI,PEZHUYAOTOUZIHOUQI。DANGRAN,QIANHOUQIDEHUAFENSHIDEVCYUPEZAITOUZILINIAN、GUIMOSHANGDOUBUJINXIANGTONG。PEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIHE Pre-IPOGEGESHIQIQIYEJINXINGTOUZI,GUGUANGYISHANGDEPEBAOHANVC。ZAIJILIEDESHICHANGJINGZHENGXIA,VCYUPEDEYEWUSHENTOUYUELAIYUEDA。HENDUOCHUANTONGSHANGDEVCJIGOUXIANZAIYEJIERUPEYEWU,ERXUDUOCHUANTONGSHANGBEIRENWEIZHUANZUOPEYEWUDEJIGOUYECANYUVCXIANGMU,YEJIUSHISHUO,PEYUVCZHISHIGAINIANSHANGDEYIGEQUFEN,ZAISHIJIYEWUZHONGLIANGZHEJIEXIANYUELAIYUEMOHU。BIRUZHUMINGDEPEJIGOURUKAILEI(Carlyle)YESHEJIVCYEWU,QITOUZIDEXIECHENGWANG、JUZHONGCHUANMEIDENGBIANSHIVCXINGSHIDETOUZI。

                              投行、PE、VC区别
                              Pre-IPO与PE的区别 第七篇

                              SANFANGQUBIE(TOUXING、VC、PE) YI:DINGYI

                              TOUZIYINXING(investment bank)SHIZHUYAOCONGSHIZHENGQUANFAXING、CHENGXIAO、JIAOYI、QIYEZHONGZU、JIANBINGYUSHOUGOU、TOUZIFENXI、FENGXIANTOUZI、XIANGMURONGZIDENGYEWUDEFEIYINXINGJINRONGJIGOU,SHIZIBENSHICHANGSHANGDEZHUYAOJINRONGZHONGJIEJIGOU。

                              FENGXIANTOUZI(venture capital),GUANGYIDEFENGXIANTOUZIFANZHIYIQIEJUYOUGAOFENGXIAN、GAOQIANZAISHOUYIDETOUZI;XIAYIDEFENGXIANTOUZISHIZHIYIGAOXINJISHUWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIXINGCHANPINDETOUZI。GENJUMEIGUOQUANMEIFENGXIANTOUZIXIEHUIDEDINGYI,FENGXIANTOUZISHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、JUYOUJUDAJINGZHENGQIANLIDEQIYEZHONGYIZHONGQUANYIZIBEN。CONGTOUZIXINGWEIDEJIAODULAIJIANG,FENGXIANTOUZISHIBAZIBENTOUXIANGYUNZANGZHESHIBAIFENGXIANDEGAOXINJISHUJIQICHANPINDEYANJIUKAIFALINGYU,ZHIZAICUSHIGAOXINJISHUCHENGGUOJINKUAISHANGPINHUA、CHANYEHUA,YIQUDEGAOZIBENSHOUYIDEYIZHONGTOUZIGUOCHENG。CONGYUNZUOFANGSHILAIKAN,SHIZHIYOUZHUANYEHUARENCAIGUANLIXIADETOUZIZHONGJIEXIANGTEBIEJUYOUQIANNENGDEGAOXINJISHUQIYETOURUFENGXIANZIBENDEGUOCHENG,YESHIXIEDIAOFENGXIANTOUZIJIA、JISHUZHUANJIA、TOUZIZHEDEGUANXI,LIYIGONGXIANG,FENGXIANGONGDANDEYIZHONGTOUZIFANGSHI。Pre-IPOYUPEDEQUBIE

                              体彩排列三跨度和值表Private Equity (JIANCHENG“PE”)YEJIUSHISIMUGUQUANTOUZI,CONGTOUZIFANGSHIJIAODUKAN,SHIZHITONGGUOSIMUXINGSHIDUISIYOUQIYE,JIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,ZAIJIAOYISHISHIGUOCHENGZHONGFUDAIKAOLVLEJIANGLAIDETUICHUJIZHI,JITONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。 ER:LIUCHENGCHABIE

                              ER:BIJIAOFENXI

                              体彩排列三跨度和值表BUCHONGCAILIAO:JIJINHESIMUJIJIN

                              体彩排列三跨度和值表JIJIN(fund),ZUOWEIYIZHONGZHUANJIAGUANLIDEJIHETOUZIZHIDU,ZAIGUOWAI,CONGBUTONGSHIJIAOFENLEI,YOUJISHIZHONGDEJIJINCHENGWEI,RUANZUZHIXINGSHIHUAFEN,YOUQIYUEXINGJIJIN、GONGSIXINGJIJIN;ANSHELIFANGSHIHUAFEN,YOUFENGBIXINGJIJIN、KAIFANGXINGJIJIN;ANTOUZIDUIXIANGHUAFEN,YOUGUPIAOJIJIN、HUOBISHICHANGJIJIN、QIQUANJIJIN、FANGDICHANJIJINDENGDENG。

                              Pre-IPO与PE的区别

                              SIMUJIJIN(Privately Offered Fund)SHIXIANGDUIYUGONGMU(public offering)ERYAN,SHIJIUZHENGQUANFAXINGFANGFAZHICHAYI,YISHIFOUXIANGSHEHUIBUTEDINGGONGZHONGFAXINGHUOGONGKAIFAXINGZHENGQUANDEQUBIE,JIEDINGWEIGONGMUHESIMU,HUOGONGMUZHENGQUANHESIMUZHENGQUAN。ZAIWOGUO,TONGCHANGERYAN,SIMUJIJIN(Privately Offered Fund)SHIZHIYIZHONGZHENDUISHAOSHUTOUZIZHEERSIXIA(FEIGONGKAI)DIMUJIZIJINBINGCHENGLIYUNZUODETOUZIJIJIN。

                              SUOWEISIMUJIJIN,SHIZHITONGGUOFEIGONGKAIFANGSHI,MIANXIANGSHAOSHUJIGOUTOUZIZHEMUJIZIJINERSHELIDEJIJIN。YOUYUSIMUJIJINDEXIAOSHOUHESHUHUIDOUSHITONGGUOJIJINGUANLIRENYUTOUZIZHESIXIAXIESHANGLAIJINXINGDE,YINCITAYOUBEICHENGWEIXIANGTEDINGDUIXIANGMUJIDEJIJIN。 SIMUJIJINDETEDIAN

                              体彩排列三跨度和值表SHOUXIAN,SIMUJIJINTONGGUOFEIGONGKAIFANGSHIMUJIZIJIN。ZAIMEIGUO,GONGTONGJIJINHETUIXIUJINJIJINDENGGONGMUJIJIN,YIBANTONGGUOGONGKAIMEITIZUOGUANGGAOLAIZHAOLAIKEHU,ERANYOUGUANGUIDING,SIMUJIJINZEBUDELIYONGRENHECHUANBOMEITIZUOGUANGGAOXUANCHUAN,QICANJIAZHEZHUYAOTONGGUOHUODEDESUOWEI“TOUZIKEKAOXIAOXI”,HUOZHEZHIJIERENSHIJIJINGUANLIZHEDEXINGSHIJIARU。

                              体彩排列三跨度和值表QICI,ZAIMUJIDUIXIANGSHANG,SIMUJIJINDEDUIXIANGZHISHISHAOSHUTEDINGDETOUZIZHE,QUANZISUIXIAOMENJIANQUEBUDI。RUZAIMEIGUO,DUICHONGJIJINDUICANYUZHEYOUFEICHANGYANGEDEGUIDING:RUOYIGERENMINGYICANJIA,ZUIJINLIANGNIANGERENNIANSHOURUZHISHAOZAI20WANMEIYUANYISHANG;RUOYIJIATINGMINGYICANJIA,JIATINGJINLIANGNIANDESHOURUZHISHAOZAI30WANMEIYUANYISHANG;RUOYIJIGOUMINGYICANJIA,QIJINGZICHANZHISHAOZAI100WANMEIYUANYISHANG,ERQIEDUICANYURENSHUYEYOUXIANGYINGDEXIANZHI。YINCI,SIMUJIJINJUYOUZHENDUIXINGJIAOQIANGDETOUZIMUBIAO,TAGENGXIANGWEIZHONGCHANJIEJITOUZIZHELIANGSHENDINGZUODETOUZIFUWUCHANPIN。

                              体彩排列三跨度和值表DISAN,HEGONGMUJIJINYANGEDEXINXIPILUYAOQIUBUTONG,SIMUJIJINZHEIFANGMIANDEYAOQIUDIDEDUO,JIAZHIZHENGFUJIANGUANYEXIANGYINGBIJIAOKUANSONG,YINCISIMUJIJINDETOUZIGENGJUYINBIXING,YUNZUOYEGENGWEILINGHUO,XIANGYINGHUODEGAOSHOUYIHUIBAODEJIHUIYEGENGDA。

                              体彩排列三跨度和值表CIWAI,SIMUJIJINYIGEXIANZHUDETEDIANJIUSHIJIJINFAQIREN、GUANLIRENBIXUYIZIYOUZIJINTOURUJIJINGUANLIGONGSI,JIJINYUNZUODECHENGGONGYUFOUYUTAMENDEZISHENLIYIJINMIXIANGGUAN。CONGGUOJIMUQIANTONGXINGDEZUOFALAIKAN,JIJINGUANLIZHEYIBANYAOCHIYOUJIJIN3%— 5%DEGUFEN,YIDANFASHENGKUISUN,GUANLIZHEYONGYOUDEGUFENJIANGSHOUXIANBEIYONGLAIZHIFUCANYUZHE,YINCI,SIMUJIJINDEFAQIREN、GUANLIRENYUJIJINSHIYIGECHUNCHIXIANGYI、RONGRUYUGONGDELIYIGONGTONGTI,ZHEIYEZAIYIDINGCHENGDUSHANGJIAOHAODIJIEJUELEGONGMUJIJINYUSHENGJULAIDEJINGLIRENLIYIYUESHURUOHUA、JILIJIZHIBUGOUDENGBIDUAN。

                              SIMUJIJINDEYUNZUOMOSHI

                              体彩排列三跨度和值表DIYIZHONGSHICHENGNUOBAODI,JIJINJIANGBAODIZIJINJIAOJICHUZIREN,XIANGYINGDESHEDINGDIXIAN,RUGUODIEPODIXIAN,ZIDONGZHONGZHICAOZUO,BAODIZIJINBUTUIHUI。

                              体彩排列三跨度和值表DIERZHONG,JIESHOUZHANGHAO(JIKEHUZHIYAOBAZHANGHAOJISIMUJIJINJIKE),RUGUODIEPOYUEDINGKUISUNBILI(YIBANWEI10%-30%),KEHUKEZIDONGZHONGZHIYUEDING,DUIYUYUEDINGYINGLIBUFENHUOYUEDINGYINGLIDADAOBAIFENBI(YIBANWEI10%)YISHANGBUFENANZHAOYUEDINGDEBILIJINXINGFENCHENG,CIZHONGDOUSHIZHENDUISHUXIDEKEHU,HAIYOUJIUSHIDAXINGQIYEDANWEI。 SIMUJIJINDEZUZHIXINGSHI 1、GONGSISHI

                              体彩排列三跨度和值表GONGSISHISIMUJIJINYOUWANZHENGDEGONGSIJIAGOU,YUNZUOBIJIAOZHENGSHIHEGUIFAN。MUQIANGONGSISHISIMUJIJIN(RU"MOUMOUTOUZIGONGSI")ZAIZHONGGUONENGGOUBIJIAOFANGBIANDICHENGLI。BANKAIFANGSHISIMUJIJINYENENGGOUYIMOUZHONGBIANTONGDEFANGSHI,BIJIAOFANGBIANDIJINXINGYUNZUO,BUBIJIESHOUYANGEDESHENPIHEJIANGUAN,TOUZICELVEYEJIUKEYIGENGJIALINGHUO。BIRU: (1)SHELIMOU"TOUZIGONGSI",GAI"TOUZIGONGSI"DEYEWUFANWEIBAOKUOYOUJIAZHENGQUANTOUZI;

                              (2)"TOUZIGONGSI"DEGUDONGSHUMUBUYAODUO,CHUZIEDOUYAOBIJIAODA,JIBAOZHENGSIMUXINGZHI,YOUYAOYOUJIAODADEZIJINGUIMO;

                              (3)"TOUZIGONGSI"DEZIJINJIAOYOUZIJINGUANLIRENGUANLI,ANGUOJIGUANLI,GUANLIRENSHOUQUZIJINGUANLIFEIYUXIAOYIJILIFEI,BINGDARU"TOUZIGONGSI"DEYUNYINGCHENGBEN;

                              体彩排列三跨度和值表(4)"TOUZIGONGSI"DEZHUCEZIBENMEINIANZAIMOUGETEDINGDESHIDIANZHONGXINDENGJIYICI,JINXINGMINGYISHANGDEZENGZIKUOGUHUOJIANZISUOGU,RUYOUXUYAO,CHUZIRENMEINIANKEZAIMOUYITEDINGDESHIDIANJIANGQICHUZISHUHUIYICI,ZAIQITASHIJIANTOUZIZHEZHIJIANKEYIJINXINGGUQUANXIEYIZHUANRANGHUOSHANGJUJIAOYI。GAI"TOUZIGONGSI"SHIZHISHANGJIUSHIYIZHONGSUISHIKUOMU,DANMEINIANZHISHUHUIYICIDEGONGSISHISIMUJIJIN。

                              BUGUO,GONGSISHISIMUJIJINYOUYIGEQUEDIAN,JICUNZAISHUANGZHONGZHENGSHUI。KEFUQUEDIANDEFANGFAYOU: (1)JIANGSIMUJIJINZHUCEYUBISHUIDETIANTANG,RUKAIMAN、BAIMUDADENGDI;

                              体彩排列三跨度和值表(2)JIANGGONGSISHISIMUJIJINZHUCEWEIGAOKEJIQIYE(KEXIANGSHOUZHUDUOYOUHUI),BINGZHUCEYUSHUISHOUBIJIAOYOUHUIDEDIFANG;

                              1

                              SUOWEITEDINGDEDUIXIANGYOUYOULIANGGEYISI,YISHIZHIDUIFANGBIJIAOYOUQIANJUYOUYIDINGDEFENGXIANKONGZHINENGLI,ERSHIZHIDUIFANGSHITEDINGXINGYEHUOZHETEDINGLEIBIEDEJIGOUHUOZHEREN。

                              (3)JIEQIAO,JIZAIJIJINDESHELIYUNZUOZHONGLIANHEHUOSHOUGOUYIJIAKEYIXIANGSHOUSHUISHOUYOUHUIDEQIYE(ZUIHAOSHIFEISHANGSHIGONGSI),BINGBATAZUOWEIZAITI。 2、QIYUESHI

                              体彩排列三跨度和值表QIYUESHIJIJINDEZUZHIJIEGOUBIJIAOJIANDAN。JUTIDEZUOFAKEYISHI:

                              (1)ZHENGQUANGONGSIZUOWEIJIJINDEGUANLIREN,XUANQUYIJIAYINXINGZUOWEIQITUOGUANREN;

                              (2)MUDAOYIDINGSHUEDEJINEKAISHIYUNZUO,MEIGEYUEKAIFANGYICI,XIANGJIJINCHIYOURENGONGBUYICIJIJINJINGZHI,BANLIYICIJIJINSHUHUI;

                              体彩排列三跨度和值表(3)WEILEXIYINJIJINTOUZIZHE,YINGJINLIANGJIANGDISHOUXUFEI,ZHENGQUANGONGSIZUOWEIJIJINGUANLIREN,GENJUYEJIBIAOXIANSHOUQUYIDINGSHULIANGDEGUANLIFEI。QIYOUDIANSHIKEYIBIMIANSHUANGZHONGZHENGSHUI,QUEDIANSHIQISHELIYUYUNZUOHENNANHUIBIZHENGQUANGUANLIBUMENDESHENPIHEJIANGUAN。 3、XUNISHI

                              虚拟式私募基金表面看来像委托理财,但它实际上是按基金方式进行运作。比如,虚拟式私募基金在设立和扩募时,表面上是与每个客户签定委托理财体彩排列三跨度和值表协议,但这些委托理财帐户是合在一起进行基金式运作,在买入和赎回基金单元时,按基金净值进行结算。具体的做法可以是:

                              (1)MEIGEJIJINCHIYOURENYIQIGERENMINGYIDANDUKAILIFENZHANGHU; (2)JIJINCHIYOURENGONGTONGCHUZIZUJIANYIGEZHUZHANGHU;

                              (3)ZHENGQUANGONGSIZUOWEIJIJINDEGUANLIREN,TONGYIGUANLIGEZHANGHU,SUOYOUZHANGHUTONGYIJISUANJIJINDANWEIJINGZHI; (4)ZHENGQUANGONGSIJINLIANGSHIMEIGEZHANGHUDESHIJISHIZHIYUGENJUJIJINDANWEIDEJINGZHIJISUANDESHIZHIXIANGDENG,RUGUOERZHEBUXIANGDENG,ZAISHUHUISHIYOUZHUZHANGHUYUFENZHANGHUDEZIJINCHAEHUAZHUANPINGHENG。

                              体彩排列三跨度和值表XUNISHIDEYOUDIANSHI,KEYIGUIBIZHENGQUANGUANLIBUMENDUIJIJINSHELIYUYUNZUOFANGMIANDESHENPIYUJIANGUAN,SHELILINGHUO,BINGBIMIANLESHUANGZHONGZHENGSHUI。QUEDIANSHIYIRANMEIYOUBAITUOWEITUOLICAIDESHUFU,ZAIZIJINCHOUJISHANGXUYAOFALVSHANGDEJINYIBUGUIFAN,ZAIZIJINYUNZUOSHANGYIRANSHOUDAOZHENGQUANGUANLIBUMENDUIQUANSHANGDEJIANGUAN,ZAIZIJINGUIMOKUOZHANGSHANGQUEFAJIJINDEFAZHANYOUSHI。 4、ZUHESHI

                              WEILEFAHUISHANGSHU3ZHONGZUZHIXINGSHIDEYOUYUEXING,KEYISHELIYIGEJIJINZUHE,JIANGJIZHONGZUZHIXINGSHIJIEHEQILAI。ZUHESHIJIJINYOU4ZHONGLEIXING: (1)GONGSISHIYUXUNISHIDEZUHE; (2)GONGSISHIYUQIYUESHIDEZUHE; (3)QIYUESHIYUXUNISHIDEZUHE;

                              (4)GONGSISHI、QIYUESHIYUXUNISHIDEZUHE。 5、YOUXIANHEHUOZHI

                              YOUXIANHEHUOQIYESHIMEIGUOSIMUJIJINDEZHUYAOZUZHIXINGSHI。

                              2007NIAN6YUE1RI,WOGUO《HEHUOQIYEFA》ZHENGSHISHIXING,YIPIYOUXIANHEHUOQIYELUXUZUJIAN,ZHEIXIEYOUXIANHEHUOQIYEZHUYAOJIZHONGZAIGUQUANTOUZIHEZHENGQUANTOUZILINGYU, 6、XINTUOZHI

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