联系我们

论文查询结果	返回搜索

论文编号：	10873
作者编号：	2220160830
上传时间：	2019/6/12 17:28:56
中文题目：	创业投资基金投后管理要素研究
英文题目：	Research on Post-investment Management Factors of Venture Capital
指导老师：	李亚
中文关键字：	投后管理；创业投资基金；企业战略；风险控制
英文关键字：	Post-investment；Venture Capital；Business Strategy；Risk Control
中文摘要：	近几年来，创业投资基金在我国经历了爆发式的增长，但长期以来，“重投前轻投后”的现象较为普遍。理论界针对投后管理的研究显著滞后于实践，大多数仍处于理论探索阶段。而在实践中，投后管理机制欠缺，管理方式要点和应用操作不明确，无法助力创业企业长期价值创造。基于以上背景，本文针对创业投资基金投后管理要素进行了系统性地研究，并结合具体案例对投后管理的方式和应用操作进行阐述。 为了开展创业投资基金投后管理的理论背景分析，本文首先对创业投资基金的相关研究进行了回顾，并以此为基础，对投后管理的国内外研究分别进行了综述。之后，从主要模式和现状分析两个方面对我国投后管理的发展情况进行阐述，并梳理了目前投后管理存在的问题，最后借鉴美国创业投资基金KKR的经典案例，为下一章提炼创业投资基金投后管理的方式要点做好铺垫。 在核心章节中，本文对创业投资基金投后管理的方式进行了归纳和梳理，主要从三个方面展开：一是企业战略，从战略方向、战略执行和战略调整三个方面进行探讨。二是风险控制，包括团队风险、项目风险和治理与财务风险。第三是外部资源链接，从社会圈层资源、金融资本对接和引入第三方专业团队三个方面阐述了如何借助外部资源更好地促进被投企业价值提升。第五章在创业投资基金投后管理方式梳理的基础之上，列举了具体的应用操作要点：首先投后管理应该根据被投企业不同的发展阶段，从天使轮、A轮至B轮、C轮，提供整体战略、市场战略、人力资源战略和财务战略等建议；其次要实施全面的风险监控，采取控制投票权、会议列席机制、文件共享机制和管理创始人团队等方式；此外，还需要通过招募高管团队、寻找重要客户和供应商、提供技术支持以及募集追加资本等方式为被投企业补充优质资源链接。之后，以案例分析的方法，结合软银投资阿里巴巴的案例，进一步阐述了投后管理各要素的运作机制和作用意义。 本文系统性地梳理和研究了创业投资基金投后管理的方式和应用操作，并辅以案例阐述说明。希望在新经济背景下，对投资机构投后管理方面给予具有借鉴指导性的建议。
英文摘要：	In recent years, venture capital has experienced the explosive growth in China. In the long term, investors have focused far more on investment, and ignored the importance of post-investment activities. Most of the theoretical study is at early stage. On the other hand, in the practice, there is lack of the mechanism of post-investment management. Based on the above background, this thesis systematically studied the post-investment management factors of venture capital and expounded methods and applications. In order to provide the theoretical basis for this thesis, we first review the related research on venture capital and post-investment management. Then, we introduce the business pattern and development prospects of post-investment management, and the existing problems in practice as well. Thirdly, we conclude the case of venture capital in the United States as reference. In the main chapter, we summary methods of post-investment management: business strategy, risk control and resource connect. Further more, applications of the post-investment management are showed as follow: firstly, it is important to provide the strategic advice according to the stage of development. Secondly, the means of risk control consist of right to vote, attending the meeting, sharing the file, and founder team management. Thirdly, social network resources and capital include recruitment of executive team, finding the important partner, technique support and raising additional capital. Finally, we use the case analysis of SoftBank investing Alibaba to show the operation mechanism and the significance of post-investment management factors. This thesis systematically studies the post-investment management factors of venture capital from two perspectives: methods and applications through the literature review and case analysis. We hope that the results can be helpful for post-investment management of venture capital.
查看全文：	预览  下载(下载需要进行登录)