2019 marks the 70th anniversary of the founding of PRC, and it is also the critical year to build a well-off society in an all-round way. The external environment and internal conditions are becoming more complex, and the difficulties and challenges are obviously increasing. The global economy has experienced the "synchronous recovery" in 2018 to "synchronous deceleration". The monetary policies of major economies have changed from "raising interest rates", "shrinking the balance sheet" to "reducing interest rates" and "expanding the balance sheet" (QE). China-US trade disputes, Brexit and geopolitical issues have brought greater risks and challenges to the global economy. Domestically, the Chinese government has stepped up counter-cyclical adjustment and actively implemented the "six stability" policy. In 2019, China's GDP increased by 6.1% YoY, and the growth rate slowed down by 0.5 percentage points compared with the whole year of 2018. The national economy remained in a reasonable range, but the economic growth rate decreased quarter by quarter, showing the mounting downward pressure.

The "registration-based system" was first proposed in 2013 but has not been implemented over the past six years. In November 2013, the third plenary session of the 18th CPC Central Committee reviewed and issued the Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform, pointing out that it is necessary to "improve the multi-layer capital market system and promote reform toward a registration-based stock-issuing system”, which is also the first time that the Chinese government explicitly proposed to promote the reform toward a registration-based stock-issuing system. Since then, China has entered the period of exploring the registration-based system but does not make smooth progress. In the first instance of the draft amendment to the Securities Law in 2015, it was mentioned that the registration-based system implemented by the Issuance Appraisal Committee should be canceled; in the second draft of the Securities Law in 2017, the registration-based system was also not mentioned; In February 2018, the Standing Committee of the National People's Congress decided to extend the authorization of registration-based system reform for two years. Due to such reasons as the mismatch between the delisting system of listed companies and the registration-based system and the incompleteness of investor protection mechanism, the registration-based system in China's capital market sees its implementation slowed down again and again.

清科研究中心以KKR、黑石、凯雷三大国际私募巨头为主要对象，对全球另类投资机构发展战略与公司治理进行深度研究，就可能适合中国大型私募股权投资机构的公司治理机制进行了探讨，提出建议，最终形成本篇研究报告。

，2020年上半年我国国内生产总值456,614亿元，虽同比下降1.6%，但第二季度GDP同比增长3.2%。除对经济、生活的影响外，新冠疫情对于股权投资市场的影响究竟多深？反映在哪些方面？股权投资机构是否会因此改变将来的投资策略？

equity investment funds can also play an important role in the merger and reorganization of state-owned enterprises. In September 2018, the Guideline on Strengthening Assets Liability Constraints of State-owned Enterprises issued by the General Office of the CPC Central Committee and the General Office of the State Council clearly stated that "state-owned enterprises should be guided to raise equity funds through private equity investment funds and expand the scale of equity financing” and "all types of investors are encouraged to participate in the merger and reorganization of state-owned enterprises through equity investment funds, venture capital funds, and industrial investment funds."

The official definition of venture capital can be traced back to 2005, when the VC firms were defined as the enterprises incorporated in China and mainly engaged in startup investment in accordance with the Interim Measures for the Administration of Venture capital firms (NDRC Decree No. 39) issued by the State Council. Venture capital refers to an investment method by which equity investment is made in growing startups in expectation of capital gains mainly by way of trade sale after the invested startups get mature or relatively mature. Startups are defined as growth enterprises registered in the People's Republic of China that are in the process of establishment or re-establishment, excluding those that have been listed on the open market.

Endowment refers to the act of donating money or property to non-profit organizations. Endowment funds refer to funds that are donated to and held by registered organizations for specific non-profit purposes. They are usually managed by educational, cultural and charitable institutions that are established for special purposes, and financed by donations from one or multiple sponsors; Most of the principal of assets managed by funds is used for investment, and returns on investment are used to pay for normal expenditure of management institutions. Generally speaking, the investment goal of endowment funds is to maintain asset value and generate stable cash flow, thus paying for expenditure of funds to achieve special goals; To achieve this goal, most endowment funds are only willing to take small risks.

捐赠是指将金钱或财产捐赠予非营利组织的行为，捐赠基金是指由已注册的组织接受捐赠并持有、用于某些特定的非营利目的的基金。

2020年开年伊始，突如其来的新冠病毒疫情给全体中国人的生活蒙上一层阴霾，也给国内的经济活动按下了“暂停”键。经历一个多月严格的防控管制措施后，国内疫情终于见到拐点，但此时新冠疫情已经在全球范围内开始蔓延。截至2020年4月底，全球新冠病毒（COVID-19）疫情确诊病例超过300万例，死亡人数超过20万人。新冠肺炎疫情全球蔓延已严重冲击北美、欧盟和东亚三大经济圈，深刻影响着全球经济、金融和国际政治。

According to JP Morgan’s 2020 Global M&A Outlook, the global M&A market has seen a slight drop in 2019, with the disclosed value of M&A transactions involving a total of US$4.09 trillion. Among them, there were 2,135 deals with transactions exceeding US$250 million, down 8.6% from 2018. Regionally,North America maintained a growth, with the M&A value reaching US$2.08 trillion in 2019, up 10% YoY. EMEA (Europe, Middle East and Africa) and the Asia-Pacific region both saw a decline in transaction size, with declines of 13% and 6% respectively.