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论文编号：	14121
作者编号：	2120202974
上传时间：	2023/6/12 14:24:01
中文题目：	JT资本公司投资决策管理优化研究
英文题目：	Research on Optimizing Investment Project Management of JT Capital Company
指导老师：	刘志远
中文关键字：	私募股权投资；投资决策；定量分析；五力模型；敏感性分析
英文关键字：	Private equity investment; Investment decision; Quantitative analysis; Five Forces Model; Sensitivity analysis
中文摘要：	随着国家对实体经济的重视和对中小型企业的扶持，私募股权基金市场容量不断扩大，其项目投资的数量和质量提升，帮助国家培育了一大批有利于产业升级的新兴高科技企业，同时也反哺了中国资本市场的健康发展。但新业态带来新问题，私募股权机构纷纷转型，而后如何在众多标的企业中选出佼佼者，需要私募股权投资机构提升前期投资决策阶段的评估准确性，对投资人在投资决策阶段的信息收集判断能力提出了更高要求。由于当下私募股权机构在投资决策时很少引入会计系统，依然是主要采用依靠主观经验的定性分析方法，而由于会计信息具有可量化性及客观性，在事前预测方面具有先天优势，私募股权投资团队应由过去的注重趋势的粗放型定性决策方式转变为以会计信息为依托的精细化定量投资决策方式。 本文以JT资本对FG科技和AG公司的投资决策为案例基础，较为全面深入地分析其投资决策过程中存在的问题，包括在行业选择大多依赖于主观经验、对投资标的成长性缺乏系统分析、筛选投资标的缺乏定量标准、实地尽调成本高，规避风险效果差、长期股权投资成本偏高、股权回购条款规避风险能力较差等问题。这些问题的出现与JT资本在投资决策时缺乏定量定性分析不无关系。针对以上问题，本文从会计视角，对应分别提出基于行业数据进行哈佛分析、基于同行对比进行哈佛分析、引入基于五力模型的定性定量分析、重视分析财务数据，实现找准核查要点、引入基于产能利用率、研发费用的敏感性分析、根据情景分析设定股权回购条款等解决办法，对JT资本在投资决策中引入会计工具、利用会计数据提供更多思路，以期JT资本能重视会计系统在投资决策中能发挥的作用，尽早在企业转型的关键时期能建立起自己的投资决策管理系统。 本文依托财务会计的特点，探讨优化其投资决策管理的方法，为投后管理和退出盈利节省了成本，提高了投资收益，对私募股权投资健康可持续发展有重大意义，JT资本作为私募市场的中坚力量，希望本文研究能助力JT资本完善投资流程。
英文摘要：	With the country's emphasis on the real economy and support for small and medium-sized enterprises, the market capacity of private equity funds continues to expand, and the quantity and quality of their project investments have improved, helping the country cultivate a large number of emerging high-tech enterprises that are conducive to industrial upgrading, while also feeding back the healthy development of China's capital market. However, the new business format has brought new problems, and private equity institutions have transformed one after another. How to select the best among numerous target enterprises requires private equity investment institutions to improve the accuracy of evaluation in the early investment decision-making stage, and higher requirements are put forward for investors' ability to collect and judge information in the investment decision-making stage. Due to the limited introduction of accounting systems by private equity institutions in investment decision-making, they still rely mainly on qualitative analysis methods that rely on subjective experience. However, due to the quantifiability and objectivity of accounting information, which has inherent advantages in pre prediction, private equity investment teams should shift from a trend oriented extensive qualitative decision-making approach to a refined quantitative investment decision-making approach based on accounting information. Based on the investment decisions of JT Capital in FG Technology and AG Company, this article comprehensively and deeply analyzes the problems that exist in its investment decision-making process, including relying mostly on subjective experience in industry selection, lacking systematic analysis of the growth of investment targets, lacking quantitative standards for selecting investment targets, high on-site due diligence costs, poor risk avoidance effects, and high long-term equity investment costs Issues such as poor risk aversion ability of equity repurchase clauses. The emergence of these problems is not unrelated to the lack of quantitative and qualitative analysis by JT Capital in investment decision-making. In response to the above issues, this article proposes solutions from an accounting perspective, such as conducting Harvard analysis based on industry data, conducting Harvard analysis based on peer comparison, introducing qualitative and quantitative analysis based on the Five Forces model, emphasizing the analysis of financial data, achieving accurate verification points, introducing sensitivity analysis based on capacity utilization and R&D expenses, and setting equity repurchase terms based on scenario analysis, Provide more ideas for JT Capital to introduce accounting tools and utilize accounting data in investment decision-making, in order to attach importance to the role of the accounting system in investment decision-making and establish its own investment decision management system as early as possible during the critical period of enterprise transformation. This article explores the methods of optimizing investment decision management based on the characteristics of financial accounting, saving costs and improving investment returns for post investment management and exit profits. It is of great significance for the healthy and sustainable development of private equity investment. As the backbone of the private equity market, JT Capital hopes that this study can help JT Capital improve its investment process.
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