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论文编号：	8872
作者编号：	2120142583
上传时间：	2016/12/9 13:49:02
中文题目：	私募股权投资尽职调查工作中的风险分析 ——以投资SKKL公司为例
英文题目：	Due Deligence of Private Equity Investment Risk Analysis ——Illustrated by the case of SKKL company
指导老师：	刘志远
中文关键字：	私募股权；尽职调查；投资；风险
英文关键字：	private equity; due diligence; investment; risk
中文摘要：	近些年来，随着中国经济的持续快速发展，私募股权投资基金发展也极为迅速，私募股权投资基金的主要经营模式为私募股权投资，逐步被资本市场及广大中小型企业所接纳。 私募股权投资领域的逐步发展，为广大中小型企业获得发展资金带来了更加广阔的途径；为诸多大中型企业拓展业务带来了新的方向；随着各个地方政府对发展私募股权投资事业的支持，私募股权投资为各个地方政府的经济发展、产业整合、招商引资等起到了不可替代的积极效果。 私募股权投资是经营风险的行业，显著的特点包括信息不对称，项目区间较长，流动性低，被投行业范围广泛且专业化程度高等。目前在我国，私募股权投资的理论和实践研究越来越受到关注，但并不成熟，对于私募股权机构在投资项目选择阶段的实务，包括对合理的评估方式、不同行业的风险把控和投资决策过程等，各家投资机构的尽调流程以及风险控制过程中的关注点还是存在一定差异，各家机构投资者们仍处在不断学习和完善过程中。 不同行业的企业具有不同的特点，风险点也不尽相同，但从宏观上来说，可以采用相似的风险分析和控制方法。本文以某私募股权投资机构在SKKL公司投资项目尽职调查过程中使用不同的风险控制方法识别出的的各种风险为例，来说明风险投资控制策略在实践中的应用，并由此延伸和总结出共性规律。希望本文中私募股权投资尽职调查中风险分析策略的研究成果可以对其他投资机构的风险评估工作有所启发和借鉴。
英文摘要：	In current years, with the continue development of Chinese economy, domestic private equity investment fund also expands in a high speed.The main mode of operation of the private equity investment funds -- private equity investments,is gradually accepted by the capital market and the majority of small and medium-sized enterprises. The development of private equity investment leads a new way for small and medium-sized enterprises to obtain capitals to growth. It also indicates a new direction to a large number of big size companys to expand their business areas. With each levels of local governments raise their support to private equity investments, is become a benefit and major role to local economic development, industrial integration and investment abstraction. Private equity investment is a highly risky industry, its notable features include information asymmetry, long project term, low liquidity, wide- range industries and high specialization degree. At present, theory and practice research on private equity investment comes to more and more people’s attention in China, though it is not mature. For the practice in project selection stage which includes proper evaluation methodology, risk control of different industries and investment decision-making process etc. There are still some differences in these processes among various institutional investors which require continuous learning and improving. Companies in different industries have different characteristics and risk feature, but generally speaking, it’s applicable to adopt similar risk analysis and control methods. In this paper, take due diligence process of SKKL company investment project as example, to give a picture of how to use different risk control method to identify various risks, and to further illustrate the risk investment control strategy in practice and summarize general principle. Hope the research result in this paper could inspire the risk assessment work of other investment institutions.
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