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论文编号：	12003
作者编号：	2320180783
上传时间：	2020/12/9 16:05:00
中文题目：	M股权投资基金投后管理的优化研究
英文题目：	Research on Optimization of Post-investment Management of M Equity Investment Fund
指导老师：	郝臣
中文关键字：	私募股权投资；投后管理；增值服务
英文关键字：	Private Equity Investment; Post-investment Management; Value-added Services
中文摘要：	私募股权投资在我国经历了20余年的发展，当前已进入较为成熟的发展阶段。截至2019年12月底，在中国证券投资基金业协会登记的私募股权、创业投资基金管理人有14,882家，备案的私募股权投资基金近3万只，管理规模突破10万亿元。这里面绝大部分资金都投资向了战略性新兴产业和高新技术企业这些国家大力扶持的方向，因此，私募股权投资在为国家调整国民经济结构，促进高新技术产业的快速发展方面起到了非常重要的作用。私募股权投资是高科技行业和金融工具相互融合而产生的产物，私募股权投资行业的发展可以较为有效地解决大部分高新技术企业及战略性新兴产业在开发初期资金紧、融资难的问题。然而，在私募股权投资基金完成对项目的投资后，如何对被投企业进行项目的投后管理，在防控风险的同时协助被投企业更快更好地发展是目前私募股权投资机构面临的主要问题。本文将以M股权投资基金为案例，围绕私募股权投资基金投后管理体系展开研究。 本文基于风险管理理论、委托代理理论、公司治理理论和核心竞争力理论，并运用财务报表分析的方法，在借鉴了国内与国外知名私募股权投资机构在投后管理中的实操案例，对M股投资基金的投后管理体系的优化提出了初步的解决方案。本文先通过对M股权投资基金目前投后管理体系情况的初步梳理，找出了M股权投资基金投后管理体系中存在的主要问题，包括投后管理未得到足够重视、项目财务数据未进行深度加工分析、未与同行业上市公司财务数据进行对比分析、未建立项目投后评估体系等。接着对M股投资基金存在的上述问题进行剖析，总结出产生的根本原因，并优化和完善投后管理体系。 本文主要从加强风险预警管理、加强财务分析能力、完善投后评估体系等方面对M股权投资基金投后管理系统进行了优化，改变了之前投后管理工作没有现成的规章可以遵循的情况。在优化过程中，本文以M股权投资基金实际存在的问题为出发点，提供了一套完整而系统的优化方案，这将对M股权投资基金未来的项目投后管理产生一定的参考和指导意义。
英文摘要：	Private equity investment has experienced more than 20 years of development in my country and has now entered a relatively mature stage of development. As of the end of December 2019, there were 14,882 private equity and venture capital fund managers registered with the China Securities Investment Fund Association, and nearly 30,000 private equity investment funds have been filed, with a management scale exceeding 10 trillion yuan. Most of the funds here are invested in strategic emerging industries and high-tech enterprises, which are strongly supported by countries. Therefore, private equity investment has played a very important role in adjusting the national economic structure for the country and promoting the rapid development of high-tech industries. The role of. Private equity investment is a product of the integration of high-tech industries and financial instruments. The development of the private equity investment industry can more effectively solve the problems of tight funds and financing difficulties in the initial development of most high-tech enterprises and strategic emerging industries. However, after the private equity investment fund has completed its investment in the project, how to conduct post-investment management of the invested company and help the invested company to develop faster and better while preventing and controlling risks is currently facing private equity investment institutions main problem. This article will take the M equity investment fund as a case study, focusing on the post-investment management system of private equity investment funds. Based on the principal-agent theory, corporate governance theory and core competitiveness theory, this paper draws on the practical cases of domestic and foreign well-known private equity investment institutions in post-investment management, and proposes the optimization of the post-investment management system of M-share investment funds Initial solution. This article first analyzes the current post-investment management system of M equity investment funds, and finds out the main problems in the post-investment management system of M equity investment funds, including heavy investment before and after investment, insufficient comprehensive and detailed information collection and analysis, Imperfect post-investment management system, insufficient professional service capabilities of personnel, and inadequate post-investment evaluation work. Then analyze the above-mentioned problems of M-share investment funds, summarize the root causes, and optimize and improve the post-investment management system. This article mainly optimizes the post-investment management system of M equity investment funds from the aspects of strengthening risk early warning management, providing value-added services, and strengthening exit management, changing the situation that there are no existing regulations to follow in the previous post-investment management work. In the optimization process, this article takes the actual problems of M equity investment fund as the starting point and provides a complete and systematic optimization plan, which will have certain reference and guiding significance for the future project management of M equity investment fund.
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