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论文编号：	7977
作者编号：	2120132787
上传时间：	2015/12/9 13:50:37
中文题目：	私募股权基金对蒙牛乳业经营影响研究
英文题目：	Research on the impact of private equity fund on the business of Mengniu Dairy
指导老师：	黄福广
中文关键字：	私募股权基金；蒙牛乳业；股权激励；经营业绩
英文关键字：	Private equity funds；Mengniu dairy；Equity Incentive；Operating results
中文摘要：	自改革开放以来，我国中小民营企业取得了巨大发展，在解决就业、贡献税收、技术创新、区域经济协调发展以及新农村建设中发挥着重要作用。但是目前在我国，由于社会主义市场体制还不成熟，整个社会信用环境还不完善，中小民营企业在进行融资时受到的限制比较多，商业银行往往青睐规模比较大的企业，于是造成中小企业的资本不足，这极大地制约了我国中小企业的发展。而私募股权基金在我国的兴起为中小企业打开了一扇新的大门，私募股权基金不仅能为被投资企业提供急需的资金，同时也能为企业提供管理方法和经验等服务，参与企业重大决策的制定，有效的弥补了中小企业在发展中存在的诸多缺陷。内蒙古蒙牛乳业（集团）股份有限公司，是一家总部位于内蒙古呼和浩特市的乳制品生产企业，于1999年成立，在2005年就已经发展成为中国乳制品行业的领军企业。期间，蒙牛乳业两次引进私募股权投资，不仅获得了企业发展急需的资金，而且摩根士丹利等私募机构进入后，帮助蒙牛重组了企业法人治理结构和财务结构，并帮助蒙牛公司在财务、管理、决策等方面实现了规范化，较之前更加科学合理，最后帮助蒙牛在香港成功上市，与此同时，私募机构也获得了可观的回报，双方实现双赢。本文首先将介绍私募股权基金的概念、相关理论和国内外文献研究成果，以及国内外研究成果带给我们的启示，接下来介绍蒙牛乳业私募融资的参与主体和蒙牛乳业的两次私募融资过程，及私募股权基金在蒙牛乳业IPO后的退出，第四章主要介绍蒙牛乳业在融资后的经营决策安排，及蒙牛乳业在企业经营中的发展策略，第五章是私募股权基金投资后对蒙牛乳业的经营业绩影响，最后为私募基金对蒙牛投资效果分析，以及本文研究内容总结及研究中存在的缺陷。
英文摘要：	Since the reform and opening up, China's small and medium private enterprises have made great development. It plays an important role in solving the employment, tax contribution, technical innovation, coordinating regional economic development and new rural construction. But now the whole social credit environment in our country is not perfect because the socialist market system is not mature. Small and medium enterprise financing is more limited, commercial banks tend to favor large-scale enterprises. Thus resulting in insufficient capital to SMEs, which greatly restricted the development of China's SMEs. The rise of private equity funds in our country open a new door for SMEs. Private equity funds not only provide much-needed funds for the invested enterprise, but also provide services such as management methods and experience, participate in the formulation of major decisions, effectively compensate the defects in the development of the SMEs. Inner Mongolia mengniu dairy (group) co., LTD is dairy producers ,headquartered in Hohhot in Inner Mongolia. It was established in 1999 ,developed into China's dairy industry leader in 2005. During this time, Mengniu Dairy introduced two private equity investment, won the much-needed funds for enterprise development. After entering,Morgan Stanley and other private institutions help Mengniu Dairy restructuring the corporate governance structure and financial structure, help Mengniu Dairy in respect of financial, management and decision-making to achieve a standardized, finally help Mengniu Dairy successfully listed in Hong Kong, at the same time, private institutions also received a substantial return, the two sides to achieve a win-win. This paper introduces the concept of private equity funds and the relevant theory , domestic and foreign literature and research results as well as the inspiration ,then introduce the participants and two financing process of in Mengniu Dairy Private Placement , private equity fund in China Mengniu Dairy's exit after the IPO. The fourth chapter describes Mengniu Dairy’s business decisions after financing arrangements, and the development strategy in the business. The fifth chapter is about the impact on business performance of Mengniu Dairy after the private equity fund investments. In the end, this paper analysis the effect of private equity fund investments Mengniu Dairy, and the research content summary and the defects existing in the research.
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