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论文编号：	11520
作者编号：	2120172960
上传时间：	2020/4/15 13:11:39
中文题目：	L股权投资基金公司项目评估优化研究
英文题目：	The Optimization Study of the Private Equity Fund L’s Investment Project Evaluation
指导老师：	边泓
中文关键字：	私募股权投资；投资项目评估；多维度评估模型
英文关键字：	Private Equity Investment; Project Evaluation; Multidimensional Evaluation Model
中文摘要：	私募股权投资作为资本市场发展的一项重大金融领域创新，近年来在我国得到了快速的发展。截至今年5月初，我国的私募基金管理人已有24000家，已登记备案的私募基金达77135只，共管理基金13.31万亿元。其中私募股权投资基金有27719只，管理资金8.16万亿元，占总规模的61%。然而伴随着私募股权快速发展的是有待提高的项目获取和判断能力。大多的基金公司投资项目还是依靠财务分析与主观判断相结合的方式，没有一套完善的项目评估体系，这就导致了投资风险加大，大量项目退出困难等问题。因此，如何精准进行项目评估选择出真正具有投资价值的项目，在现阶段非常具有研究意义。 L基金公司成立于2015年，是一家有国资背景的私募股权投资基金公司，在2018年资管新规出台后，经营状况面临强大的下行压力，被迫进入市场化转型阶段。本文通过分析L基金公司过去对TY飞训公司投资项目的分析过程，发现L基金公司在投资项目的评估环节存在诸多问题。过去由于公司一直依靠政府性引导基金为生，缺乏投资市场化项目的经验，对于投资项目的研判主要依靠投资经理的经验判断，对投资项目的财务分析过于关注投资项目的盈利性，忽略了标的公司所在行业、未来成长性等关键因素，也没有建立一套系统完善的投资评价模型，这些问题最终影响了对于TY公司的分析结果，导致两年前错失了投资TY飞训公司的好时机。L基金公司在项目评估环节存在的问题在现阶段充分暴露出来，严重制约着L基金公司市场化转型的进程。 因此，为了解决上述问题，本文在充分分析L基金公司的投资需求之后，从行业分析、财务状况、成长性和可落地性四个方面对影响投资决策的因素进行了梳理，为L基金公司建立了项目评估指标体系；接下来运用层次分析法对项目评估框架中的各个指标进行了权重分配并进行一致性检验；最后创新性地在引入标杆企业的基础上创建了一套新的评分标准，完成了L基金公司项目评估体系的优化。最后通过对TY飞行训练公司项目的评估，验证新的评估模型的可行性，进而给其他投资机构以借鉴意义。
英文摘要：	Private equity investment, as a major financial sector innovation in the devel-opment of the capital market, has developed rapidly in China in recent years. As of the beginning of May this year, there were 24000 private fund managers in China, and 77135 private equity funds have been registered and filed, with a total of 13.31 trillion yuan. Among them, there are 27719 private equity investment funds with a management fund of 8.16 trillion yuan, accounting for 61% of the total. However, with the rapid development of private equity, there is a need for improved project acquisition and judgment. Most of the fund company's investment projects still rely on the combination of financial analysis and subjective judgment. There is no per-fect project evaluation system, which leads to problems such as increased invest-ment risks and difficulties in withdrawing a large number of projects. Therefore, how to accurately conduct project evaluation and select a project with real invest-ment value is very research-oriented at this stage. L Fund Company was established in 2015. It is a private equity investment fund company with a state-owned background. After the introduction of the new regulations on capital management in 2018, the operating conditions faced strong downward pressure and forced to enter the stage of market transformation. By ana-lyzing the analysis process of L fund company's past investment projects of TY Feixun Company, this paper finds that L fund companies have many problems in the evaluation of investment projects. In the past, because the company has always relied on government-based guidance funds for a living and lacked experience in investing in market-oriented projects, the research and judgment of investment projects mainly relied on the experience of investment managers. The financial analysis of investment projects paid too much attention to the profitability of in-vestment projects, ignoring the target. The key factors such as the company's in-dustry and future growth have not established a systematic and sound investment evaluation model. These problems ultimately affected the analysis results of TY Company, which led to the missed opportunity to invest in TY Flying Training Company two years ago. The problems existing in the project evaluation of L Fund Company are fully exposed at this stage, which seriously restricts the process of market transformation of L Fund Company. Therefore, in order to solve the above problems, after fully analyzing the in-vestment needs of L fund companies, this paper sorts out the factors affecting in-vestment decisions from four aspects: industry analysis, financial status, growth and landability, and establishes for L fund companies. The project evaluation index system is followed. The analytic hierarchy process is used to assign weights and consistency tests to each indicator in the project evaluation framework. Finally, a new set of scoring standards is created innovatively based on the introduction of benchmarking companies. The optimization of the L fund company project evalua-tion system was completed. Finally, through the evaluation of the TY flight training company project, the feasibility of the new evaluation model is verified, and then it can be used as reference for other investment institutions.
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