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论文编号：	12126
作者编号：	2320180473
上传时间：	2020/12/12 20:48:34
中文题目：	H私募投资公司股权投资财务尽职调查优化研究
英文题目：	A Research on Optimization of Financial Due Diligence for H Private Equity Investment
指导老师：	郝臣
中文关键字：	私募股权投资；财务尽职调查；独立性原则；信息不对称
英文关键字：	Private Equity Investment；Financial Due Diligence；The Principle of Independence；Information Asymmetry
中文摘要：	随着国内私募股权投资和企业间的并购重组等活动日益活跃，投资并购市场交易趋热。2019年以来，资本市场改革力度空前，以科创板注册制为标志的一批新政得以高效实施，再融资新规、创业板注册制、新三板精选层等政策也都悉数落地。在科创板、创业板注册制IPO常态化预期下，市场普遍预测未来1-2年国内IPO数量将创新高。投资机构面对IPO加速的政策红利，必将借势加大投资力度，私募股权投资市场有望迎来新一波热潮。股权投资属于高风险行业，开展财务尽职调查能够获取被投资企业的真实信息，降低因投资方与被投资方信息不对称引发的潜在投资风险，为投资决策提供依据。 在此背景下，本论文选取H私募股权投资机构对J公司开展的财务尽职调查案例，首先通过对国内外相关文献进行研究分析，了解私募股权投资和财务尽职调查最新理论；其次以H公司开展的财务尽职调查现状为例，分析在财务尽职调查过程中投资方对被投资企业应重点关注实际盈利能力和资产质量，讨论H公司本次尽调存在的重点问题，指出问题原因主要是内控不完善、资源投入不足、财务尽调内容不全面、人员业务能力不过硬等；最后针对以上问题，提出解决建议即H公司应积极与第三方合作、规范尽调内容，加强宏观和中观分析、增加人力资源投入，同时辅以完善风控、培训、跟投和考核制度，建立合作伙伴机制等作为财务尽调改进的配套保障措施。 通过本文的案例研究可以发现，私募股权投资机构在项目决策前，对被投资企业开展财务尽职调查十分重要。投资机构应根据项目复杂度、预算接受度、人员胜任度、时间匹配度、投资机构内控完善度等几方面综合考虑，优先选择第三方专业机构开展财务尽调。本文通过对H公司开展的财务尽职调查案例进行优化研究，针对其表现的主要问题提出优化改进建议和配套保障措施，对其他投资机构同样有借鉴意义。
英文摘要：	With the increasing activity of private equity investment and merger and reorganization among enterprises in China, the transaction of investment and merger and acquisition market is hot. Since 2019, the reform of the capital market has been unprecedented. A number of new policies marked by the introduction of the registration system of the Science and Technology Innovation Board have been implemented efficiently, and weightier reforms such as the new refinancing rules, the registration system of the Growth Enterprise Board and the introduction of selected floors of the National Equities Exchange and Quotations have all been carried out. Under the expectation of normalizing the IPO registration system on the Science and Technology Innovation Board and the GEM, the market generally predicts that the number of domestic IPO will reach a new high in the next 1-2 years. In the face of accelerated IPO policy dividends, investment institutions are bound to increase their investment efforts, and the private equity investment market is expected to usher in a new wave of boom. Equity investment is a high-risk industry. Financial due diligence can obtain the real information of the invested enterprise, reduce the potential investment risk caused by the information asymmetry between the investor and the invee, and provide basic support for investment negotiation. In this context, this paper selects the financial due diligence case of H private equity investment agency to J company. Firstly, through the research and analysis of relevant literature at home and abroad, we can understand the latest theory of private equity investment and financial due diligence; secondly, taking the current situation of financial due diligence carried out by H company as an example, this paper analyzes the importance that investors should pay to the invested enterprises in the process of financial due diligence This paper focuses on the actual profitability and asset quality, discusses the key problems existing in the due diligence of H company, points out that the main causes of the problems are imperfect internal control, insufficient investment in resources, incomplete financial due diligence content, and poor personnel business ability. Finally, it puts forward solutions to the above problems, that is, H company should actively cooperate with the third party, standardize the due diligence content, and strengthen the macro and medium level The supporting guarantee measures of financial due diligence improvement include: analysis, increase of human resources investment, improvement of risk control, training, follow-up investment and assessment system, establishment of partner mechanism, etc. Through the case study of this paper, we can find that it is very important for private equity investment institutions to carry out financial due diligence before project decision-making. Investment institutions should give priority to the third-party professional institutions to carry out financial due diligence according to the project complexity, budget acceptance, personnel competency, time matching and internal control perfection of investment institutions. In this paper, through the optimization study on the financial due diligence case of H company, aiming at the main problems of its performance, this paper puts forward optimization and improvement suggestions and supporting safeguard measures, which can also be used for reference by other investment institutions.
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