讲座人：杨甜娜

讲座主题：私募股权投资在新兴资本市场中的退出机制—基于商务法律环境和腐败程度的视角

摘要：Encouraged by the prospect of higher returns in the increasingly open emerging market economies, private equity investors have sought ways to profitably invest in these markets. Unfortunately, it has been found that investing in emerging markets may not necessarily be as easy as it seems. We seek to add to existing research in analysing potential determinants of success in private equity markets in these emerging markets. Using deal level data from 2,733 private equity deals from 35 emerging markets between 1992 and 2012, we find that private equity fund managers have a higher probability of successful exits in countries with better business environments. We also find that more active management may potentially mitigate the potential costs associated with inefficient and corrupt business environments and thus increase the probability of successful exits in countries with higher levels of corruption. Moreover, our findings suggest that market shocks arguably concentrated in the developed markets result in a negative ripple effect as the probability of successfully exiting, especially by the way of an initial public offering, decreases for private equity investors in emerging markets. Our findings are robust even after controlling for macroeconomic and security market conditions, cultural dimensions, deals, investors and investee firms’ characteristics as well as industry effects.

讲座时间：2016年4月20日，周三，14:00开始

讲座地点：学院南路校区学术会堂202会议室

讲座人简介：杨甜娜，威斯尼斯人会计学院讲师。中南财经政法大学，本科；英国曼彻斯特大学商学院，硕士和博士。研究领域：公司金融与资本市场。

本次论坛参加人员范围：会计学院老师、会计学院专业硕士、博士生、本硕博连读生以及本科生学术创新实验班成员。

[编辑]：孙颖