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论文编号：	6932
作者编号：	2120122885
上传时间：	2014/12/8 15:26:36
中文题目：	基于内部审计的国有VC/PE 公司治理研究-以深创投为例
英文题目：	State-owned VC/PE corporate governance research,Based on the internal audit,For example of Shenzhen Capital Group
指导老师：	周建 教授
中文关键字：	国有VC/PE；内部审计；公司治理
英文关键字：	State‐owned VC/PE；Internal audit；Corporate governance
中文摘要：	在改革开放初期，我国主要通过承接国际产业转移，以制造业带动经济起飞。但随着经济体量的增长，各方面矛盾凸显，单凭政府的投资和引导已无力满足产业结构调整及转型升级的需要。在这种背景下，国有VC/PE 开始迅猛发展，为我国打造创新型经济提供了重要助力。但囿于体制的天然短板，大部分国有VC/PE 的代理问题尤显突出，代理成本居高不下。本文主要对当前我国国有VC/PE 的公司治理中面临的几个显著问题: 授权与效率的矛盾、监督制衡机制的失灵，激励机制的僵化，以及由此带来的国资控股方的过度干预、下属基金公司及管理公司的渎职、决策依据的片面化及投后管理的缺失等展开研究,通过五章内容,探究问题原因,提出相应的解决方案。第一章重点介绍本文的研究背景、内容、方法和意义,为全文引题。第二章针对本文提出的核心问题,进行理论回顾，主要涉及内部审计、风险管理及公司治理的关系，公司治理问题的核心-代理问题等。第三章通过回顾VC/PE 的发展历程，国有VC/PE 的成长史及经营现状，归纳并总结国有VC/PE 的公司治理问题的具体表现。第四章针对国有VC/PE 的公司治理问题的具体表现进行系统性分析，发掘深层次原因。第五章通过案例分析，以国有VC/PE 中治理结构相对完善的深创投为例，提出公司治理改善的原则和目的，并基于深创投模式提出相应的公司治理改善建议。
英文摘要：	In the beginning of reform and opening up, China mainly undertook international industrial transfer, a manufacturing-oriented economic boost. But with the economy growing in dimensions, contradictions also swelled as government-led investment and guidance failed to meet the industrial structure adjustment and transformation and upgrading. In this context, the state-owned VC/PE took on rapid development, which fueled powerful innovative strength into our economy. But as natural constrains also born with the system, most of the agency problem of state-owned VC/PE is particularly prominent, agency cost could be daunting. This paper mainly address the significant problems present in our country's state-owned VC/PE in corporate governance: The conflict between authorization and efficiency, failure of supervision and balancing mechanism, the rigidity of incentive mechanism and the entailing excessive intervention from stock holding party, dereliction of duty from subordinate fund companies or management companies. Through these five chapters, this paper explores the problems and reasons, and proposes the corresponding solution. The first chapter stresses to introduce the research background, contents, methods and significance, as the full citation. The second chapter, aiming at the core problem proposed in this paper, theoretical review, mainly concerning the relationship between the internal audit, risk management and corporate governance, the core of Corporate Governance - agency problem. The third chapter reviews the development process of VC/PE, the state-owned VC/PE growth history and current situation of management, the specific performance of induction and tries to summarize the governance of the state-owned VC/PE Company. The fourth chapter, adopting systematic analysis, focuses on the problem of corporate governance of state-owned VC/PE, to explore the deep-seated reasons.The fifth chapter uses case analysis, referring to Shenzhen Capital Group as an example which has relative perfect governance structure among state-owned VC/PE companies, puts forward the principles and purposes of the corporate governance, and put forward the corresponding suggestion for improving the corporate governance of venture capital model based on Shenzhen Capital Group.
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