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论文编号：	15441
作者编号：	2320224149
上传时间：	2025/6/11 15:58:52
中文题目：	Z私募股权投资公司业务转型研究
英文题目：	Research on Business Optimization of Z Private Equity Investment Management Company
指导老师：	刘向东
中文关键字：	私募股权投资基金；股债结合投资；业务转型策略
英文关键字：	private equity investment fund; Combined investment of stocks and bonds; Business Transformation Strategy
中文摘要：	私募股权投资基金在中国经济转型升级中扮演着重要角色，但近年来面临募资难度增大、投资风险加剧、退出渠道不畅及监管政策趋严等多重挑战。在此背景下，传统股权投资模式的局限性愈发凸显，探索业务转型路径成为私募股权投资机构破局的关键。本文以私募股权投资机构Z公司为研究对象，结合行业环境与案例特点，提出以股债结合投资为核心的业务转型方案，旨在解决Z私募股权投资公司当前业务发展的瓶颈问题，并为私募股权基金行业的创新发展提供理论支持与实践参考。 本文围绕Z私募股权投资公司从传统股权投资向股债结合投资转型的动因、策略与路径展开系统性研究。研究首先通过概念界定与理论梳理，明确股债结合投资的“债权安全垫+股权弹性收益”的混合工具属性，并利用国内外案例研究证明私募股权投资基金进行股债结合投资的可行性。其次，本文介绍了Z公司的基本情况，详细分析了其在业务模式、业务流程、投资案例方面的现状，并延伸出目前的业务发展困境，从募资困境、投资风险、退出压力等维度分析其业务转型的必要性和可行性，提出以债转股为核心、以债权投资配套的股债结合投资策略。再次，提出其进行业务转型的实施路径和保障措施，包括构建矩阵型组织架构，在投前、投中、投后三个阶段明确各部门运作机制。同时提出四种股债结合投资策略类型，针对存量项目和增量项目提出筛选标准，构建“三维评估矩阵”分析股债结合投资策略的适配性。最后，为保障股债结合投资项目顺利落地，本文重点论证了优先受偿权、对赌条款、转股价格修正等核心权益，以此为基础设计了投资条款示例。同时为加强风险控制，提出建立分级决策制度、设置三级预警方案以及“债权收益+股权增值”的复合激励机制。 本文创新点在于：1）构建多学科交叉视角下的股债结合投资分析框架，弥补现有研究对非上市企业场景的关注不足；2）提出“债权锚定+动态转股”策略，通过组合投资策略的设计平衡安全边际与增值潜力；3）基于中国监管语境设计合规操作路径，为私募股权投资机构转型提供实践参考。
英文摘要：	Private equity investment funds play an important role in China's economic transformation and upgrading, but in recent years they have faced multiple challenges such as increased fundraising difficulties, intensified investment risks, poor exit channels, and stricter regulatory policies. This thesis takes private equity investment firm Z Company as the research object, combines industry environment and case characteristics, and proposes a business transformation plan centered on the combination of stock and bond investment, aiming to provide theoretical support and practical reference for the innovative development of the private equity fund industry. This thesis conducts a systematic study on the motives, strategies, and paths of Z Company's transformation from traditional equity investment to a combination of equity and debt investment. The study first clarifies the mixed tool attributes in the combination of stock and bond investment, and uses domestic and foreign case studies to prove the feasibility of private equity investment funds conducting stock and bond combination investment. Secondly, this thesis introduces the basic situation of Z Company, analyzes in detail its current situation and extends the difficulties. It analyzes the necessity and feasibility of its business transformation from the dimensions of fundraising difficulties, investment risks, and exit pressure. Once again, propose the implementation path and safeguard measures, including building a matrix organizational structure, clarifying the operational mechanisms of each department in every stages, At the same time, four types of stock bond combined investment strategies are proposed: value investment, growth investment, mergers and acquisitions, and crisis reversal. Screening criteria are proposed for existing and incremental projects. A "three-dimensional evaluation matrix" is constructed to analyze the adaptability of the stock bond combined investment strategy. Finally, this thesis focuses on the demonstration of core rights and designs investment clause examples based on this. At the same time, in order to strengthen risk control, it is proposed to establish a hierarchical decision-making system, set up a three-level warning plan, and a composite incentive mechanism. The innovation of this thesis lies in: 1) constructing a multidisciplinary and cross disciplinary investment analysis framework for the combination of stocks and bonds, which makes up for the insufficient attention paid to the non listed enterprise scenario in existing research; 2) Propose the strategy of "debt anchoring+dynamic equity conversion", and balance the safety margin and appreciation potential through the design of a portfolio investment strategy; 3) Design a compliance operation path based on the regulatory context in China, providing practical reference for the transformation of private equity investment institutions.
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