{"id":172232,"date":"2018-12-07T17:54:29","date_gmt":"2018-12-07T09:54:29","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/172232.html"},"modified":"2018-12-07T17:54:29","modified_gmt":"2018-12-07T09:54:29","slug":"%e5%a4%b9%e5%b1%82%e8%9e%8d%e8%b5%84%e6%98%af%e4%bb%80%e4%b9%88%e6%84%8f%e6%80%9d_%e8%82%a1%e7%a5%a8%e5%85%ac%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=172232","title":{"rendered":"\u5939\u5c42\u878d\u8d44\u662f\u4ec0\u4e48\u610f\u601d_\u80a1\u7968\u516c\u5f0f"},"content":{"rendered":"
\n

\u6743\u76ca\u62ab\u9732\u662f\u4ec0\u4e48\u610f\u601d<\/p>\n

\u3000\u3000\u6743\u76ca\u62ab\u9732\u8d2f\u7a7f\u4e8e\u4e0a\u5e02\u516c\u53f8\u6536\u8d2d\u8fc7\u7a0b\u4e2d\u7684\u5404\u4e2a\u73af\u8282\uff0c\u4f53\u73b0\u7740\u4e0a\u5e02\u516c\u53f8\u5bf9\u4e8e\u793e\u4f1a\u516c\u4f17\u516c\u5f00\u4fe1\u606f\u7684\u8d23\u4efb\u548c\u4e49\u52a1\u3002 \u6295\u8d44\u8005\u5728\u4e00\u4e2a\u4e0a\u5e02\u516c\u53f8\u4e2d\u62e5\u6709\u7684\u6743\u76ca\uff0c\u5305\u62ec\u767b\u8bb0\u5728\u5176\u540d\u4e0b\u7684\u80a1\u4efd\u548c\u867d\u672a\u767b\u8bb0\u5728\u5176\u540d\u4e0b\u4f46\u8be5\u6295\u8d44\u8005\u53ef\u4ee5\u5b9e\u9645\u652f\u914d\u8868\u51b3\u6743\u7684\u80a1\u4efd\u3002\u6295\u8d44\u8005\u53ca\u5176\u4e00\u81f4\u884c\u52a8\u4eba\u5728\u4e00\u4e2a\u4e0a\u5e02\u516c\u53f8\u4e2d\u62e5\u6709\u7684\u6743\u76ca\u5e94\u5f53\u5408\u5e76\u8ba1\u7b97\u3002\u6839\u636e\u300a\u8bc1\u5238\u6cd5\u300b\u548c\u300a\u6536\u8d2d\u7ba1\u7406\u529e\u6cd5\u300b\u7684\u6709\u5173\u89c4\u5b9a\uff0c\u6295\u8d44\u8005\u901a\u8fc7\u8bc1\u5238\u4ea4\u6613\u884c\u4e3a\uff0c\u6743\u76ca\u8fbe\u5230\u4e00\u5b9a\u9650\u5ea6\u65f6\uff0c\u5e94\u5f53\u53ca\u65f6\u5bf9\u62e5\u6709\u4e0a\u5e02\u516c\u53f8\u7684\u6743\u76ca\u8fdb\u884c\u62ab\u9732\u3002<\/p>\n<\/blockquote>\n

\u7092\u80a1\u8f6f\u4ef6<\/a>     <\/p>\n

\u3000\u3000\u5939\u5c42\u878d\u8d44\u662f\u4ec0\u4e48\u610f\u601d\uff1f<\/p>\n

\u3000\u3000\u4e00\u79cd\u88ab\u79f0\u4e3a\u201c\u5939\u5c42\u878d\u8d44\u201d\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u8fd1\u671f\u5728\u5e02\u573a\u6084\u6084\u9732\u9762\u3002\u90a3\u4e48\u5939\u5c42\u878d\u8d44\u662f\u4ec0\u4e48\u610f\u601d\u5462\uff1f\u5c42\u878d\u8d44\u662f\u4e00\u79cd\u65e0\u62c5\u4fdd\u7684\u957f\u671f\u503a\u52a1\uff0c\u8fd9\u79cd\u503a\u52a1\u9644\u5e26\u6709\u6295\u8d44\u8005\u5bf9\u878d\u8d44\u8005\u7684\u6743\u76ca\u8ba4\u8d2d\u6743\u3002\u5939\u5c42\u878d\u8d44\u53ea\u662f\u4ece\u5c5e\u503a\u52a1\uff08subordinate debt\uff09\u7684\u4e00\u79cd\uff0c\u4f46\u662f\u5b83\u5e38\u5e38\u4ece\u4f5c\u4e3a\u4ece\u5c5e\u503a\u52a1\u540c\u4e49\u8bcd\u6765\u7528\u3002\u5939\u5c42\u878d\u8d44\uff08MEZZANINE FINANCE\uff09\uff0c\u662f\u6307\u5728\u548c\u56de\u62a5\u65b9\u9762\u4ecb\u4e8e\u662f\u5426\u786e\u5b9a\u4e8e\u4f18\u5148\u503a\u52a1\u548c\u80a1\u672c\u878d\u8d44\u4e4b\u95f4\u7684\u4e00\u79cd\u878d\u8d44\u5f62\u5f0f\u3002\u5939\u5c42\u6295\u8d44\u4e5f\u662f\u79c1\u52df\u80a1\u6743\u8d44\u672c\u5e02\u573a\uff08private equity market\uff09\u7684\u4e00\u79cd\u6295\u8d44\u5f62\u5f0f\uff0c\u662f\u4f20\u7edf\u521b\u4e1a\u6295\u8d44\u7684\u6f14\u8fdb\u548c\u6269\u5c55\u3002<\/p>\n

\u3000\u3000\u5939\u5c42\u878d\u8d44\u6709\u4ec0\u4e48\u4f18\u52bf\uff1f<\/p>\n

\u3000\u3000\u5939\u5c42\u878d\u8d44\u662f\u4e00\u79cd\u975e\u5e38\u7075\u6d3b\u7684\u878d\u8d44\u65b9\u5f0f\u662f\u4ecb\u4e8e\u98ce\u9669\u8f83\u4f4e\u7684\u4f18\u5148\u503a\u52a1\u548c\u98ce\u9669\u8f83\u9ad8\u7684\u80a1\u672c\u6295\u8d44\u4e4b\u95f4\u7684\u4e00\u79cd\u878d\u8d44\u65b9\u5f0f\u3002\u5b83\u7684\u4f18\u52bf\u4e3b\u8981\u4f53\u73b0\u5728\u4e00\u4e0b\u51e0\u4e2a\u65b9\u9762\uff1a<\/p>\n

\u3000\u30001\uff0c\u957f\u671f\u878d\u8d44\uff0c\u9650\u5236\u8f83\u5c11\uff1a\u4e9a\u6d32\u8bb8\u591a\u4e2d\u578b\u4f01\u4e1a\u53d1\u73b0\uff0c\u8981\u4ece\u94f6\u884c\u90a3\u91cc\u83b7\u5f97\u4e09\u5e74\u4ee5\u4e0a\u7684\u8d37\u6b3e\u4ecd\u5f88\u56f0\u96be\u3002\u800c\u5939\u5c42\u878d\u8d44\u901a\u5e38\u63d0\u4f9b\u8fd8\u6b3e\u671f\u9650\u4e3a5\u52307\u5e74\u7684\u8d44\u91d1\u3002\u4e0e\u94f6\u884c\u8d37\u6b3e\u76f8\u6bd4\uff0c\u5939\u5c42\u878d\u8d44\u5728\u516c\u53f8\u63a7\u5236\u548c\u8d22\u52a1\u5951\u7ea6\u65b9\u9762\u7684\u9650\u5236\u8f83\u5c11\u3002\u5c3d\u7ba1\u5939\u5c42\u878d\u8d44\u7684\u63d0\u4f9b\u8005\u4f1a\u8981\u6c42\u62e5\u6709\u89c2\u5bdf\u5458\u7684\u6743\u5229\uff0c\u4f46\u4ed6\u4eec\u4e00\u822c\u5f88\u5c11\u53c2\u4e0e\u5230\u501f\u6b3e\u8005\u7684\u65e5\u5e38\u7ecf\u8425\u4e2d\u53bb\uff0c\u5728\u8463\u4e8b\u4f1a\u4e2d\u4e5f\u6ca1\u6709\u6295\u7968\u6743\u3002<\/p>\n

\u3000\u30002\uff0c\u53ef\u8c03\u6574\u7684\u7ed3\u6784\u3002\u5939\u5c42\u878d\u8d44\u7684\u63d0\u4f9b\u8005\u53ef\u4ee5\u8c03\u6574\u8fd8\u6b3e\u65b9\u5f0f\uff0c\u4f7f\u4e4b\u7b26\u5408\u501f\u6b3e\u8005\u7684\u73b0\u91d1\u6d41\u8981\u6c42\u53ca\u5176\u4ed6\u7279\u6027\u3002\u4e0e\u901a\u8fc7\u516c\u4f17\u80a1\u5e02\u548c\u503a\u5e02\u878d\u8d44\u76f8\u6bd4\uff0c\u5939\u5c42\u878d\u8d44\u53ef\u4ee5\u76f8\u5bf9\u8c28\u614e\u3001\u5feb\u901f\u5730\u8fdb\u884c\u8f83\u5c0f\u89c4\u6a21\u7684\u878d\u8d44\u3002\u5939\u5c42\u878d\u8d44\u7684\u80a1\u672c\u7279\u5f81\u8fd8\u4f7f\u516c\u53f8\u4ece\u8f83\u4f4e\u7684\u73b0\u91d1\u7968\u606f\u4e2d\u53d7\u76ca\uff0c\u800c\u4e14\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u4f01\u4e1a\u8fd8\u80fd\u4eab\u53d7\u5ef6\u671f\u5229\u606f\u3001\u5b9e\u7269\u652f\u4ed8\u6216\u8005\u514d\u9664\u7968\u606f\u671f\u6743\u3002<\/p>\n

\u3000\u30003\uff0c\u6bd4\u80a1\u6743\u98ce\u9669\u8f83\u5c0f\u7684\u6295\u8d44\u65b9\u5f0f\u3002\u5939\u5c42\u6295\u8d44\u7684\u7ea7\u522b\u901a\u5e38\u6bd4\u80a1\u6743\u6295\u8d44\u4e3a\u9ad8\uff0c\u800c\u98ce\u9669\u76f8\u5bf9\u8f83\u4f4e\u3002\u5728\u67d0\u4e9b\u6848\u4f8b\u4e2d\uff0c\u5939\u5c42\u878d\u8d44\u7684\u63d0\u4f9b\u8005\u53ef\u80fd\u4f1a\u5728\u4ee5\u4e0b\u65b9\u9762\u83b7\u5f97\u6709\u5229\u5730\u4f4d\uff0c\u6bd4\u5982\u4f18\u5148\u503a\u52a1\u501f\u6b3e\u8005\u8fdd\u7ea6\u800c\u5f15\u8d77\u7684\u4ea4\u53c9\u8fdd\u7ea6\u6761\u6b3e\u3001\u7559\u7f6e\u516c\u53f8\u8d44\u4ea7\u548c\/\u6216\u80a1\u4efd\u7684\u7b2c\u4e00\u6216\u7b2c\u4e8c\u4f18\u5148\u6743\u3002\u4ece\u201c\u80a1\u6743\u6fc0\u52b1\u201d\u4e2d\u5f97\u5230\u7684\u80a1\u672c\u6536\u76ca\u4e5f\u53ef\u975e\u5e38\u53ef\u89c2\uff0c\u5e76\u53ef\u628a\u56de\u62a5\u7387\u63d0\u9ad8\u5230\u4e0e\u80a1\u6743\u6295\u8d44\u76f8\u5ab2\u7f8e\u7684\u7a0b\u5ea6\u3002<\/p>\n

\u3000\u3000\u5939\u5c42\u878d\u8d44\u7684\u9002\u7528\u6761\u4ef6\u6709\u54ea\u4e9b\uff1f<\/p>\n

\u3000\u30001. \u4f01\u4e1a\u5df2\u7ecf\u6709\u591a\u5e74\u7a33\u5b9a\u589e\u957f\u7684\u5386\u53f2\uff1b\u4f46\u662f\u7f3a\u4e4f\u8db3\u591f\u7684\u73b0\u91d1\u8fdb\u884c\u6269\u5f20\u548c\u6536\u8d2d\uff1b<\/p>\n

\u3000\u30002. \u4f01\u4e1a\u5904\u4e8e\u4e00\u4e2a\u6210\u957f\u6027\u7684\u884c\u4e1a\u6216\u5360\u6709\u5f88\u5927\u7684\u5e02\u573a\u4efd\u989d\uff1b\u4f46\u662f\u5df2\u6709\u7684\u94f6\u884c\u4fe1\u7528\u989d\u5ea6\u4e0d\u8db3\u4ee5\u652f\u6301\u4f01\u4e1a\u7684\u53d1\u5c55\u3002<\/p>\n

\u3000\u30003.\u7ba1\u7406\u5c42\u575a\u4fe1\u4f01\u4e1a\u5c06\u5728\u672a\u6765\u51e0\u5e74\u5185\u6709\u5f88\u5927\u7684\u53d1\u5c55\uff0c \u8d77\u7801\u8fde\u7eed\u4e00\u5e74\uff08\u8fc7\u53bb\u5341\u4e8c\u4e2a\u6708\uff09\u6709\u6b63\u7684\u73b0\u91d1\u6d41\u548cEBITDA\uff08\u672a\u51cf\u6389\u5229\u606f\u3001\u6240\u5f97\u7a0e\u3001\u6298\u65e7\u548c\u5206\u644a\u524d\u7684\u8425\u4e1a\u6536\u76ca\uff09\uff1b<\/p>\n

\u3000\u30004.\u4f30\u8ba1\u4f01\u4e1a\u5728\u4e24\u5e74\u4e4b\u5185\u53ef\u4ee5\u4e0a\u5e02\u5e76\u5b9e\u73b0\u8f83\u9ad8\u7684\u4ef7\u683c\uff0c\u4f46\u662f\u73b0\u65f6IPO\u5e02\u573a\u72b6\u51b5\u4e0d\u597d\u6216\u8005\u516c\u53f8\u4e1a\u7ee9\u4e0d\u8db3\u4ee5\u5b9e\u73b0\u7406\u60f3\u7684IPO\uff0c\u4e8e\u662f\u5148\u6765\u4e00\u8f6e\u5939\u5c42\u878d\u8d44\u53ef\u4ee5\u4f7f\u4f01\u4e1a\u7684\u603b\u878d\u8d44\u6210\u672c\u964d\u4f4e\u3002<\/p>\n

\uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<\/p>\n

\n

\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u4e1c\u65b9\u8d22\u5bccL2\u51b3\u7b56\u7834\u89e3\u7248,\u4e1c\u65b9\u8d22\u5bcc\u7f51,\u4e1c\u65b9\u8d22\u5bcc\u6295\u8d44\u5927\u5e08\u7834\u89e3\u7248,\u4e1c\u65b9\u8d22\u5bcc\u5148\u950b\u7248\u7834\u89e3,\u4e1c\u65b9\u8d22\u5bcc\u9886\u822a\u7248\u7834\u89e3,\u540c\u82b1\u987a\u8fdc\u822a\u7248\u7834\u89e3,\u540c\u82b1\u987a\u8d22\u5bcc\u5148\u950b\u7834\u89e3,\u540c\u82b1\u987aL2\u7834\u89e3\u3002<\/p>\n<\/blockquote>\n

\n

\u4e13\u5bb6\u7533\u8d2d\u65b0\u80a1\u7684\u5efa\u8bae<\/p>\n

\u3000\u30001\uff0e\u5bf9\u62df \u516c\u53f8\u7684\u7ecf\u8425\u4e1a\u7ee9\uff0c\u52df\u96c6\u8d44\u91d1\u6295\u8d44\u9879\u76ee\u548c\u516c\u53f8\u7684\u6210\u957f\u6027\u8fdb\u884c\u6df1\u5165\u7814\u7a76\uff0c\u7279\u522b\u662f\u5bf9\u516c\u53f8\u7684\u6210\u957f\u6027\u5e94\u7eb3\u5165\u7814\u7a76\u7684\u91cd\u70b9\u3002\u56e0\u4e3a\uff0c\u62df\u53d1\u884c\u516c\u53f8\u672a\u6765\u7684\u6210\u957f\u6027\u5c06\u51b3\u5b9a\u5176\u53d1\u884c\u4ef7\u683c\u7684\u9ad8\u4f4e\u548c\u672a\u6765\u4e8c\u7ea7\u5e02\u573a\u7684\u5b9a\u4f4d\uff0c\u76f4\u63a5\u51b3\u5b9a\u7740\u6295\u8d44\u8005\u53c2\u4e0e\u7533\u8d2d\u7684\u5fc5\u8981\u6027\u3001\u672a\u6765\u7684\u83b7\u5229\u80fd\u529b\u548c\u56de\u907f\u5e02\u573a \u7684\u80fd\u529b\u3002\u7279\u522b\u662f\u5728\u5b8c\u5168\u7ade\u4ef7\u6cd5\u4e0b\uff0c\u7531\u4e8e\u53ef\u80fd\u5b58\u5728\u8dcc\u7834\u53d1\u884c\u4ef7\u7684\u98ce\u9669\uff0c\u6295\u8d44\u8005\u8981\u56de\u907f\u8fd9\u4e00\u98ce\u9669\u6700\u91cd\u8981\u7684\u5c31\u662f\u8981\u7814\u7a76\u62df\u53d1\u884c\u516c\u53f8\u7684\u57fa\u672c\u9762\u548c\u6210\u957f\u6027\uff0c\u5982\u679c\u62df\u53d1\u884c\u516c\u53f8\u8d28\u5730\u5f88\u597d\uff0c\u6210\u957f\u6027\u60ca\u4eba\uff0c\u5373\u4f7f\u77ed\u671f\u8dcc\u7834\u53d1\u884c\u4ef7\u4e5f\u6709\u53ef\u80fd \u83b7\u5229\u3002<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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