关于S基金评估方法以及实务重难点的思考  

Reflections on the Valuation Methods and Practical Difficulties of S Fund

作　　者：刘帆 李永刚 Liu Fan;Li Yonggang(CHINA ENTERPRISE APPRAISALS Co.,Ltd.Beijing 100020)

机构地区：[1]北京中企华资产评估有限责任公司,北京100020

出　　处：《中国资产评估》2022年第7期37-42,共6页Appraisal Journal of China

摘　　要：S基金是一款专注于私募股权二级市场的基金,其实质为私募股权二次转让,从2008年金融危机以后开始发展,规模在逐年递增。全球S基金在过去十年间的总交易规模和交易量呈逐年上升的趋势。鉴于私募股权基金二级市场的规模和需求越来越大,在S交易市场中转让的基金份额及股权等如何定价,是困扰很多市场参与方的难题,也是S交易过程中的关键环节。越来越多的私募基金尤其是国资基金在S交易的过程中引入评估机构,但是由于市场尚在早期发展阶段,现时评估机构对私募基金相关份额及股权价值的评估仍然存在不少问题,公允性体现不充分。With the rapid expansion of venture capital, the development of private equity in China is facing new problems and challenges. As the final manifestation of the investment value, the exit link is the most important part during the PE “Raising-Investment-Management-Exit” period. When it comes to the exit mode of PE, it generally refers to IPO, M & A and repurchase. There is a new mode-S fund, which is rising rapidly. S fund is a fund focusing on the secondary market of PE. Its essence is the secondary transfer of private equity. It has developed since the 2008 Financial Crisis, and the scale is increasing year by year. The total trading scale and trading volume of global s fund in the past decade have shown an upward trend year by year. In view of the increasing scale and demand of the secondary market of PE funds, how to price the fund shares and equity transferred in the S Fund trading market is a difficult problem that puzzles many market participants, and it is also the key link in the S Fund trading process. More and more private equity funds, especially state-owned funds, have introduced appraisal institutions in the process of S Fund transaction. However, as the market is still in the early stage of development, there are still many problems in the evaluation of private equity fund related shares and equity values by appraisal institutions, and the fairness is not fully reflected.

关 键 词：S基金 基金评估 实务重点 信息化 

分 类 号：F275[经济管理—企业管理]