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论文编号：	11044
作者编号：	2320170792
上传时间：	2019/12/3 22:18:16
中文题目：	X公司对Y公司股权投资的财务尽职调查研究
英文题目：	A Research of X Company''s Financial Due Diligence on Y Company''s Equity Investment
指导老师：	覃家琦
中文关键字：	私募股权投资；财务尽职调查；信息不对称
英文关键字：	Private Equity Investment; Financial Due Diligence; Information Asymmetry
中文摘要：	自1978年改革开放以来，伴随着中国经济的快速增长，积累了大量的资本，市场经济活跃度不断提高，企业投资在追求多领域投资防范风险的同时，也会追求较高的投资回报率。在双创背景下，我国逐渐增强对技术创新、人才创业的支持。股权投资尤其是私募投资作为企业的投资工具，能够充分利用社会资金，成为经济发展的重要力量。股权投资风险性较高，一旦失败，企业不仅经济损失严重，同时也可能会影响企业在业界的口碑，从而影响企业未来长远发展。如何能够降低股权投资风险，确保股权投资成功成为人们思考的一个总要问题。通过多年的经验表明，财务尽职调查作为股权投资不可缺少的环节，为股权投资的成功做出了举足轻重的贡献。财务尽职调查内容丰富，能够使投资方了解目标企业的经营状况、财务状况、内控情况及发展前景等详细信息，为投资方提供重要的投资依据，从而判断目标企业是否值得投资、潜在价值等信息，降低投资风险。 本论文选取私募股权投资机构X公司，在股权投资的基础上，对Y公司开展财务尽职调查的案例，通过对国内外相关文献研究和分析，了解私募股权投资、财务尽职调查的内涵与发展形势，以投资活动中的财务尽职调查重点关注点为研究方向，讨论了有关目标企业的经营情况、财务情况、内部控制等重点内容，从投资方的角度进行研究，针对如何提高财务尽调的质量，以期达到规避风险的效果给投资方提出了相应的建议。本文通过理论联系实践，对股权投资前财务尽职调查进行系统了阐述，为现实操作提供借鉴作用。 本文由六个章节构成。首先是导言部分；第二章是关键概念的界定：第三部分分析了私募股权投资中的财务尽职调查活动如何实施；第四部分对财务尽职调查案例进行分析研究；第五部分对财务尽职调查案例提出改进建议；第六部分提出了论文的结论和局限。只有不断总结实践经验，理论指导实践，才能真正达到财务尽职调查的目标。
英文摘要：	Since the reform and opening up in 1978, with the rapid growth of China's economy, a large amount of capital has been accumulated, and the activity of market economy has been continuously improved. Under the background of double innovation, China gradually strengthens its support for technological innovation and talent entrepreneurship. As an investment tool of enterprises, equity investment, especially private investment, can make full use of social funds and become an important force in economic development. Equity investment is risky. Once it fails, enterprises not only suffer serious economic losses, but also may affect the reputation of enterprises in the industry, thus affecting the long-term development of enterprises in the future. How to reduce the risk of equity investment and ensure the success of equity investment has become an important issue for people to think about. Through years of experience, financial due diligence, as an indispensable part of equity investment, has made a decisive contribution to the success of equity investment. Financial due diligence is rich in content, which enables investors to understand the operating status, financial status, internal control and development prospects of the target enterprise, and provides important investment basis for investors, so as to judge whether the target enterprise is worth investing, potential value and other information, and reduce investment risk. This paper chooses X Company, a private equity investment institution, to conduct financial due diligence investigation on Y Company on the basis of equity investment. Through the research and analysis of relevant literature at home and abroad, it understands the connotation and development situation of private equity investment and financial due diligence investigation. Taking the focus of financial due diligence investigation in investment activities as the research direction, it discusses the relevant target enterprises. The key contents of operation, financial situation and internal control are studied from the angle of investors, and the corresponding suggestions are put forward to investors on how to improve the quality of financial adjustment in order to achieve the effect of avoiding risks. This paper systematically elaborates the financial due diligence investigation before equity investment by combining theory with practice, which provides a reference for practical operation. This paper consists of six chapters. The first part is the introduction; the second part is the definition of key concepts: the third part analyses how to implement the financial due diligence in private equity investment; the fourth part analyses and studies the cases of financial due diligence; the fifth part puts forward suggestions for improving the cases of financial due diligence; and the sixth part puts forward the conclusions and limitations of the paper. Only by constantly summing up practical experience and guiding practice by theory can we truly achieve the goal of financial due diligence.
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