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论文编号：	12903
作者编号：	2320180660
上传时间：	2021/12/13 20:20:07
中文题目：	兴证创新资本公司基金募集策略研究
英文题目：	Research on Fund Raising Strategy of Xingzheng Innovation Capital Company
指导老师：	黄福广
中文关键字：	私募股权；基金募集；资金来源；募集成本；流动性；
英文关键字：	Private equity; Fund raising; Sources of funds; Raising costs;Liquidity;
中文摘要：	摘要 兴证创新资本管理有限公司注册成立于2010年4月，是兴业证券独资设立的私募股权投资子公司。主要投资的领域为新一代信息技术、环保新能源、医疗健康、大消费、先进制造、社会服务等领域；经过10年的发展，已建立了一支经验丰富的专业团队，团队成员拥有丰富的投资银行、直接投资以及资产管理经验。公司成立之初的资金全部来源于兴业证券，后续管理资金主要来源于福建省当地母基金支持，对外进行基金募集较少。2017年兴业证券集团制定了各业务版块协同发展战略，集团对兴证创新资本未来发展提出了更高要求。规划要求在资金募集方面，截止2021年底实现基金管理规模突破100亿，2025年实现基金管理规模突破200亿的目标。但因为国企背景以及最初投资项目集中于福建地区，加之公司成立之初资金充裕，所以在2010年至2018年主要的工作是项目筛选，项目投资，而基金募集并不是工作重心。2017年协同战略提出后，原本兴证创新资本依赖母公司以及母公司背后强大的股东资源（福建省财政厅）进行募资的方式走不通，兴证创新资本在资金募集方面开始采取广撒网模式，尝试对接各类资金，但因为没有清晰明确的基金募集策略，所以基金募集效果并不好。当外部环境发生变化后，例如资管新规的出台，银行通道关闭、母基金市场资金紧张、上市公司股权质押频频爆仓等等，这些原本作为私募股权基金主要的出资人受到严重影响，导致整个私募股权基金行业陷入低潮，兴证创新资本面临的融资难问题更加突出，所以设计多元化、市场化的基金募集策略，对兴证创新资本尤为重要。 本文首先对于研究背景、意义做了说明。第二章介绍了有关私募股权基金市场的定义、内涵、融资相关理论，这样便于更准确的对私募股权基金的资金募集深入探讨。第三章介绍了兴证创新资本公司的基本情况，历史基金募集金额、方式、资金来源，通过对兴证创新资本的剖析，发现它在基金募集过程中存在着3大主要问题，分别是资金来源问题、资金成本问题、募集择时问题。通过对这三大问题的研究，找到造成问题的原因，并针对这些原因，提出建设性的改进措施。最终希望兴证创新资本策略的改进措施也可以被行业所借鉴。 关键词：私募股权；基金募集；资金来源；募集成本；流动性；
英文摘要：	Abstract Established in April 2010, Xingzheng Innovative Capital Management Co., Ltd. is a private equity investment subsidiary solely established by Industrial Securities. The main investment areas are the new generation of information technology, environmental protection and new energy, medical and health, large consumption, advanced manufacturing, social services and other fields; After 10 years of development, it has established an experienced professional team, whose members have rich experience in investment banking, direct investment and asset management. At the beginning of the establishment, all the funds of the company came from Industrial Securities, and the subsequent management funds mainly came from the support of local mother funds in Fujian Province, and the external fund raising was less. In 2017, Industrial Securities Group formulated the coordinated development strategy of all business segments, and the group put forward higher requirements for the future development of Xingzheng Innovation Capital. The plan requires that in terms of fund raising, the fund management scale should exceed 10 billion by the end of 2021, and the fund management scale should exceed 20 billion by 2025. However, due to the background of state-owned enterprises and the concentration of initial investment projects in Fujian, and the abundant funds at the beginning of the establishment of the company, the main work from 2010 to 2018 was project selection and project investment, while fund raising was not the focus of work. Collaborative strategy is put forward in 2017, originally the innovation capital resources behind a strong dependence on the parent company and its parent company shareholders (departments) of fujian province to raise the way to go, the innovation capital began to adopt a wide net model in terms of fund-raising, try docking of all kinds of money, but because there is no clear strategies of fund raising, so fund raising effect is not good. When external environment changed, such as information technology of the new rules, Banks have closed and female fund market channels of funds, listed companies equity pledge frequently broke in and so on, these originally as a private equity fund the main funders are badly affected, causing the private equity industry is low, the innovation capital financing difficult problem become more prominent, Therefore, it is particularly important to design diversified and market-oriented fund raising strategies for Xing Zheng Innovative capital. Firstly, the background and significance of the research are explained. The second chapter introduces the definition, connotation and theories related to financing of private equity fund market, so as to facilitate more accurate in-depth discussion of private equity fund fund-raising. The third chapter introduces the basic situation of Xingzheng Innovative Capital Company, including the amount, method and source of funds raised by historical fund. Through the analysis of Xingzheng innovative capital, it is found that there are three major problems in the process of fund raising, which are the source of funds, the cost of funds and the timing of fund raising. Through the study of these three problems, find the causes of the problems, and in view of these reasons, put forward constructive improvement measures. Finally, we hope that the improvement measures of Xingzheng innovation capital strategy can also be used for reference by the industry. Keywords: Private equity; Fund raising; Sources of funds; Raising costs;Liquidity;
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