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论文编号：	9078
作者编号：	2220150444
上传时间：	2017/6/5 15:52:29
中文题目：	我国风险投资公司投后风险控制研究-以T公司为例
英文题目：	After our country risk investment company risk control research for T company,for example
指导老师：	刘志远
中文关键字：	风险投资；风险控制；T公司
英文关键字：	Venture capital;Risk control;Tcompany
中文摘要：	风险投资公司如何对已投资项目进行有效的风险控制一直是备受讨论的热点问题。随着风险投资理论研究的日渐完善和实践应用成果的丰富，我国的风险投资体系越来越趋于系统化和专业化。我国在引进国外风险投资体系以来，由于自身经济结构的特殊性，不可能完全借鉴国外相关成果和使用方法。主要原因在于我国的经济结构的性质和我国的并不完整的产权结构体系。而且，在风投项目投后风险控制方面，我们的理论研究工作相对滞后。而成熟经验的风险控制体系更适用于西方具有完整的产权结构性质企业，但对于我国风险投资理论研究的意义并不大。因此，我们首先应否定完全照搬照抄模式。但是，其理论中的一些普遍观点也是我们可以借鉴的。因此，我们在深入研究国内状况的同时，借鉴其分析方法和部分理论基础，形成适用于国内现状的一套相关风险投资理论体系，以促进我国风险投资公司控制体系的完善，使投资企业能够更快的发展壮大。 本文首先对风险投资的概念和和特点进行介绍，并对风险投资的过程进行了分析，阐述了风险控制理论和风险控制的内容，接着本文以T公司为例，对T公司的风险投资项目投后风险因素进行了归纳，认为风险投资公司投后风险因素主要来自于内部因素和企业的经营管理及再融资等外部因素，并对企业的经营管理及再融资因素进行了归纳，认为被投企业的经营管理风险主要包括经营方向风险、企业产品风险、营销渠道风险、管理团队风险、财务风险、再融资风险。在此基础上，本文对T公司投后风险进行识别与评估。文章使用头脑风暴和德尔菲法对T公司投后风险的种类和主要风险因素进行了识别，发现T公司投资后风险主要包括四个大类11个风险因素，四大类风险分别为投资企业风险控制、被投企业经营管理、产品营销以及再融资风险。接着，文章使用模糊综合评价法并结合专家评价，对四大类风险的权重进行了计算，得出W1=0.30，W2=0.20，W3=0.20，W4=0.30。文章使用T公司的投资项目华森铜业项目为例，使用该风险评估模型，对华森铜业项目的投资后风险进行评估，评估结果为3.9。说明华森同业项目的投后风险水平较高。最后，文章针对投资公司投后风险因素提出了控制对策，包括加强财务风险管理、必须加强对企业的增值服务、完善股权转让退出机制以及加强信息与沟通。
英文摘要：	A How risky companies have effective risk control of invested projects has been a hot topic for discussion. With the development of venture capital theory and the enrichment of practical application, China's venture capital system is becoming more and more systematic and professional. China's introduction of foreign venture capital system, due to the special nature of their own economic structure, can not fully learn from foreign related results and use of methods. The main reason lies in the nature of China's economic structure and China's incomplete property rights structure system. Moreover, in the venture investment project post-risk control, our theoretical research work is lagging behind. And the risk control system of mature experience is more suitable for the western enterprises with complete property rights structure, but it is not significant for the study of venture capital theory in China. Therefore, we should first deny the full copy mode. However, some of the general view of the theory is that we can learn from. Therefore, we study the domestic situation at the same time, learn from its analytical methods and part of the theoretical basis for the formation of the domestic situation of a set of relevant risk investment theory system to promote China's venture capital company control system to improve the investment enterprises to Fast development and growth This paper first introduces the concept and characteristics of venture capital, and analyzes the process of venture capital, expounds the contents of risk control theory and risk control. Then, this paper takes T company as an example to invest in venture capital project The risk factors are summarized from the internal factors and the external factors such as the management and refinancing of the enterprises, and the factors of the management and refinancing of the enterprises are summarized. The risk of operation and management mainly includes the risk of business direction, enterprise product risk, marketing channel risk, management team risk, financial risk and refinancing risk. On this basis, this article on the T company post risk assessment and evaluation. This paper uses the brainstorming and Delphi method to identify the types and main risk factors of T company's posting risk. It is found that the risk of T company investment includes 11 categories of risk factors and four categories of risk are investment enterprise risk Control, investment management, product marketing and refinancing risk. Then, the paper uses the fuzzy comprehensive evaluation method and the expert evaluation to calculate the weight of the four categories of risk, and obtain W1 = 0.30, W2 = 0.20, W3 = 0.20, W3 = 0.30. This paper uses the risk assessment model to evaluate the investment risk of the Watson Copper project, using the Tusheng Copper project of T Company as an example. The evaluation results are 3.9. Indicating that Watson same-level project post-risk level is higher. Finally, the article puts forward the control countermeasures for the investment risk factors, including strengthening the financial risk management, strengthening the value-added service to the enterprise, perfecting the mechanism of the transfer of equity and strengthening the information and communication.
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