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论文编号：	7119
作者编号：	2120122798
上传时间：	2014/12/17 8:51:31
中文题目：	津能创投基金风险控制研究
英文题目：	The research on the risk control of Tianjin Energy Venture Funds
指导老师：	李莉
中文关键字：	创业投资；风险管理；内部控制；国企改革
英文关键字：	venture investment；risk control risk management；inner control system；state-owned enterprise reform
中文摘要：	我国的创业投资起始于上世纪八十年代，经历了长达30年的漫长发展道路，但与发达国家相比，其规模及专业化程度还相差甚远，仍处于探索和发展阶段。随着证监会大力推动新三板市场的建设，建立健全股票、债券等多层次资本市场结构，推出鼓励企业间并购重组等多项措施，拓宽了创业资本的退出渠道，从而增加了创业资本的活跃性，使创业投资行业面临新的发展机遇。文章以天津能源集团和天津科技发展投资集团共同出资设立的津能创投基金为案例，结合创业投资及风险管理领域相关知识体系，以津能创投基金目前的风险控制管理体系为基础，提出优化方案建议。天津科技发展投资集团是我国第一批创建的风险投资机构之一，在本土促进科技型中小企业成果转化等方面起到了积极的推动作用。老牌的投资机构加上能源集团深厚的资金实力和产业背景，为津能创投基金创造了良好的后台支持。然而创业投资行业本身高风险高回报的特质，与目前国有体制下的墨守陈规格格不入，这也是许多国有创投基金所面临的问题。文章就津能创投基金风控体系提出缺陷及不足之处，并给予完善建议及具体的实施措施。在此基础上，尽可能寻求在国有体制对国有资产保值增值大方针的严格监管下，如何既能建立完善的内部风险管理和控制体系使基金防范各种内外部风险，又可充分发挥创业投资基金扶持中小企业促进科技成果转化的职能，力求两者之间得到一种相对的平衡。
英文摘要：	Venture investment in our country began in the 1980s, having experienced the development path for 30 years. But compared with developed countries, the scale and professional level still lag far behind, which is still in the stage of exploration and development. With the CSRC pushing forward the “new three board” and the bond market as the priority for the construction of multi-level capital market, and launching multiple encouraging measures of merger, acquisition and reorganization among enterprises, it has widened the venture capital exit channels, thereby increasing the venture capital activity, and providing the venture investment industry with new development opportunities. The article adopts Tianjin Energy Venture Capital Fund (TEVCF) as a case which was jointly established by Tianjin Energy Investment Group (TEGI) and Tianjin Science & Technology Development Investment Corporation (TSTDIC). Combined with the venture investment and risk management related knowledge system, optimization proposals are put forward on the foundation of the current risk control management system of Tianjin Energy Venture Capital Fund. As one of China's first batch of venture capital institutions, TSTDIC has played a positive role to promote the achievements transformation of Tech SME in domestic market. The advantage that an experienced investment institution combined with strong financial strength and industry background from TEGI, has created good background support for TEVCF. However, the characteristics of venture investment industry, namely high risk and high reward, is incompatible with the current state-owned system, which is the problem faced by many state-owned venture capital funds. The article is to provide perfecting suggestions and the specific implementation measures for solving the fund risk-control system defects and deficiencies. Moreover, under the strict policy of maintaining and increasing the value of state-owned assets supervised by the state system, the article is to seek a more balanced way to not only establish perfect internal risk management and control system protecting funds from all kinds of internal and external risks, but also give full play to the venture capital fund to support SME in promoting S&T achievements transformation.
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