On the morning of March 22, 2018, the opening ceremony of the global private equity research institute of Tsinghua University and the Sino US private equity summit were held in Tsinghua University. Chen Yuan, vice chairman of the Twelfth National Committee of the Chinese people's Political Consultative Conference, former chairman of the National Development Bank, Chen Yuan, director of the national financial and development laboratory, and former vice president of the Chinese Academy of Social Sciences, Li Yang, the former director of the Institute of financial research, Chinese Academy of Social Sciences, Wang Guogang, published the keynote speech and then entered the round table forum ring. Festival.
The round table forum is chaired by Xiao Xing, vice president of the global private equity research institute of Tsinghua University, and is head of the accounting department of the school of economics and management, Tsinghua University. Zhang Liping, President of the big China area of Blackstone, Kolk Jerry, the chief technical officer of the U. S. Dow group and the chief technical officer of the United States, and the chairman of China control fund, Ni Zhengdong, the founder and chairman of the Qing Branch Group, participated in the discussion as a guest of the round table forum. Around the topic of "new trend of PE investment in China and the United States", the guests have published the observation and thinking about China's private equity investment industry, discussed the differences and differences between China and the United States private equity investment, and analyzed the trend of private equity investment in the new economic situation.
[cooperation, innovation, breakthroughs]
China and the United States PE investment new trend Round Table Forum
Host：
Xiao Xing, Professor of economics and management of Tsinghua University, director of accounting department, and vice president of global private equity research institute, Tsinghua University.
Distinguished guest：
* Zhang Liping, President of the Great China area of black stone
* Jerry Cristoforo, global executive vice president and chief technology officer of American Dow Fu group.
* chairman Zhang Yang of China control fund
* the founder, chairman and CEO Ni Zhengdong of the Qing Branch Group
Moderator Xiao Xing: the guests here today are very representative of this industry. Although it is an enterprise in the field of private equity, it has been engaged in the research in this industry for a long time, and has accumulated a lot of data in the industry. At the same time, it also continuously releases some research results in the industry. First of all, Mr. Ni Zhengdong, chairman of the Qing Branch Group, has been asked to talk about the issue of the current development of the private equity sector in China. Exhibition situation.
Ni Zhengdong: China's equity investment has great room for growth.
Over the past twenty years, great changes have taken place in the field of equity investment in China, which has changed from a very small industry to a particularly large industry. The total amount of equity investment in China is 4 trillion, and the number of investment enterprises is up to 40 thousand. At present, the rate of development is rapid, and the amount of investment in 2017 is up to 1 trillion and 200 billion. Now the global equity investment scale is about 5 trillion US dollars, China has occupied 1/4 of the global market share. But we also need to see that China's equity investment accounts for 1.5% of China's GDP and that in the United States is 3.5%, indicating that there is still a lot of room for growth in China's equity investment.
It can be said that equity investment has become a very important channel to support the development of China's real economy. At present, the gap between China and the United States is mainly reflected in the debt fund. In addition, the difference between China and the US is more than the angel investment, the angel investment has two kinds, one is the institutional early investment, the other is the individual angel investor. At present, there are very few individual angel investors in China, and there is still a big gap compared with the United States.
In terms of industry, there are about ten thousand equity investment institutions in China and about two hundred thousand employees. In the past, China's equity investment market is very professional, now China is all over the stock investment, and adult light trend, now 00 has become the founding partner of the fund, and also do investment, and do well. The good thing is that a lot of money comes into the real economy. On the wrong side, it's like locusts everywhere, and competition everywhere. Therefore, the industry still needs guidance and carding.
Finally, as the capital of equity investment industry is more and more intensive, the scale of the market is becoming larger and larger, the scale of funds in the industry begins to grow hundreds of times, and the wind is big, which is a noticeable phenomenon at present.
Host Xiao Xing: Ni is starting to start a business from the PhD stage, so he will pay attention to a lot of data, which can make it vivid to see the rapid growth of the private sector in the past few years. In recent years, equity investment industry ushered in prosperity and bustling scenes, but there are also many problems.
The following is to please China control fund Zhang Yang. China control fund is a completely native growth fund company, Zhang is also a very scholar sentiment entrepreneur, I believe Zhang will have a lot of thinking about this industry. Let's ask Zhang to introduce the current situation of China's private equity industry.
Zhang Yang: investing in China is facing two major challenges
Hua control fund is a company that grew up with China's private equity investment. In 2007, it was called the first year of private equity investment. In fact, in the past ten years, China has experienced a series of rain and rain as a local institution, and it also experienced the change of the industry. Investing in China will face two major challenges.
One is the uncertainty of the investment environment. The so-called investment environment includes the fluctuation of the economy, the cyclical nature of the industry, and the promotion of regulatory policies. The first two points are a challenge to an organization, which requires a variety of tools to shield this volatility and periodicity, but one that is more perplexing is the continuity of regulatory policy. Especially for equity investment institutions, policy changes will affect investment production.
