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论文编号：	11469
作者编号：	2320170660
上传时间：	2019/12/18 0:02:05
中文题目：	Y公司私募股权投资项目评价方法研究
英文题目：	Research on Evaluation of Private Equity Projects of Y Company
指导老师：	张晓农
中文关键字：	私募股权投资；项目评价；企业生命周期理论；层次分析法
英文关键字：	Private Equity (PE); Project Evaluation; Enterprise Life Cycle Theory; Analytic Hierarchy Process (AHP)
中文摘要：	中国的私募股权投资行业经历了三十多年的探索与发展，目前已经成为企业继银行贷款、IPO之后最具潜力的融资手段之一。但相较于欧美等发达国家，中国的私募股权投资机构的专业性还存在一定差距，尤其是在投资项目的选择评价方面，如何在国家发展红利逐渐消退、投资项目估值持续高企的情况下对项目的投资价值做出正确评价，进而挑选出具有高安全性和高成长性的投资项目并能够从中赚取超额收益，是当前国内私募股权投资机构迫切需要解决的重要问题。 本文以Y投资管理有限公司（以下简称Y公司）为研究对象，就其私募股权投资项目评价方法进行了详细研究，并以Y公司现有投资项目评价体系存在问题为导向，为其构建了一套新的投资项目评价体系。该评价体系既解决了现有评价体系存在的问题，又适用于当前投资环境，且具有一定的可操作性和实用性。首先，阐述了本文相关的理论基础，包括私募股权投资基本理论、层次分析法基本理论和企业生命周期理论。然后，本文介绍了Y公司的基本情况，并提出了其现有投资项目评价体系存在的问题。接下来，本文基于Y公司现有投资项目评价体系存在的问题，应用层次分析法为其构建了一套新的投资项目评价体系。新的评价体系不仅兼顾了对被投公司基本面及成长性、投资机构与其匹配度和投资安全边际的评价，而且加入了量化分析并引入了企业生命周期理论，根据处于不同生命周期阶段的公司所侧重的评价指标不同，分别计算了不同企业生命周期阶段的指标权重，使整个评价体系更加严谨合理。之后，本文应用新构建的投资项目评价体系对Y公司的投资案例进行了评价，并对新旧评价体系的评价结果进行了对比分析，进而验证了新评价体系的优势，及其实用性和可操作性。最后，对本文的研究成果进行了总结并提出了不足之处和未来研究方向。
英文摘要：	After more than 30 years of exploration and development, private equity (PE) has now become one of the most promising financing tools along with bank loans and IPOs in China. However, compared with developed countries in the West, Chinese PE firms still require much improvement with respect to professionalism, in particular the selection and evaluation of investment projects. Under the circumstance of diminishing national development dividends as well as continuously high valuation of investment project, how to reasonably evaluate investment projects in order to further identify projects with high security and high growth potential and to earn excess returns is an important issue to be investigated. Taking Y Investment management co. LTD (Hereinafter referred to as Y company) as the research object, this study develops a new project evaluation method based on the problem identified in the existing project evaluation approach used by the organization. The proposed evaluation method possesses a certain degree of operability and practicability. It not only solves the problem in the project evaluation approach taken by the Y company, but also adapts to current investment environment. The study first provides a comprehensive discussion regarding the theoretical basis of the research field, including the basic theory of private equity, the theory of Analytic Hierarchy Process (AHP) and the basic theory of enterprise life cycle. Then, the study introduces the basic situation of Y company and points out the problem existing in its current method for investment project evaluation. Given the identified problem, the study proposes a new method for investment project evaluation for Y company using Analytic Hierarchy Process. The proposed method takes into account several aspects for evaluation which have been neglected in the current approach used by Y company including: the fundamentals and growth of the company to be invested, the degree to which the investment firm matches the target company, and the margin of investment safety. In addition, the new method uses quantitative analysis and enterprise life cycle theory. According to the evaluation indicators required at different stages of life cycle, the weights of the evaluation indicators are calculated for each stage, which makes the whole evaluation system more rigorous and reasonable. The study further applies the proposed method to an investment case study in Y company and verifies the advantages of the method as well as its practicability and feasibility by comparing the evaluation results between the new and old approach. Finally, the research results of this study are summarized. The shortcomings and future research directions are discussed.
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