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论文编号：	9219
作者编号：	2120142839
上传时间：	2017/6/12 11:38:37
中文题目：	HX公司对被投企业的价值评估体系及其优化研究
英文题目：	Deep research on Investment Evaluation System and its optimization of enterprises invested by HX company
指导老师：	覃家琦
中文关键字：	私募股权投资；企业投资价值评估；HX公司
英文关键字：	Private Equity (PE), Enterprise Investment Evaluation, HX company
中文摘要：	私募股权投资最近的十几年在我国取得了高速的发展，其主要模式为依托专业的股权投资机构对新兴产业中具备高成长性的中小企业进行股权投资。在投资决策过程中，是否能够有效的评价企业的投资价值是专业的投资机构进行投资决策的重要环节，并在很大程度上决定了投资的潜在风险与收益。我国的私募股权投资仍属于新兴行业，对于投资理论的研究较多关注于宏观经济和政策法律层面，对于投资项目采用什么样的方法来评估等还处于初步研究之中，没有形成系统的可供借鉴的有效经验。投资机构大多还在凭借自身发展中的经验积累来进行分析评估企业的投资价值，很多的评估方法也比较简单，主要是以市盈率法为核心。笔者所工作的HX投资公司，在成立初期借着创业板开闸的东风，利用创始团队在行业内的经验积累和区域内的优势资源，以PRE-IPO项目为核心，通过流程化的投资模式，迅速成为京津冀地区内的优势投资管理机构。但是随着国内经济形势的变化和资本市场的发展，公司过往的对于成熟期企业的价值评估体系也暴露出很多的问题和不足，尤其是在公司在对投资策略进行调整，开始往早中期项目发展的趋势下，对于拟投资项目的价值评估体系和标准的优化和改进显得愈发重要。本文在厘清私募股权投资和企业价值评估的基本理论概念的同时，通过对HX公司投资模式的介绍，总结了目前HX公司的企业价值评估体系，并提出在当前的市场环境和HX公司的投资策略下存在的问题与不足。同时通过HX公司近期的一个新兴产业早期项目投资案例来全面复盘HX公司当下企业投资价值评估的维度和方法，通过实际案例的复盘来分析HX公司在被投资企业价值评估过程中的问题和不足。最后，在此基础上提出了对于HX公司的企业价值评估体系优化的方向和一些保障措施，并希望以此来帮助HX公司更好的完成对于拟投资项目的价值分析和投资决策，同时也希望通过本文对其他的私募股权投资机构有一定的借鉴意义。
英文摘要：	Private Equity (PE) in China has a tremendous development in recent decade. It is mainly based on the professional PE Organizations' equity investment on minor but promising enterprises in emerging industries. Whether we could evaluate the investment effectively is the utmost important procedure during decision making, since it determines the potential risk and benefit. As an emerging industry, PE in China still focuses on Macro Economic and Police Law. Consequently, we don’t have a profound study on a systematical investment evaluation, nor enough experience to learn from. Most PE Organizations' valuation is based on its own lesson learned. It does have some evaluation methods cored by P/E ratios, which is simple and primitive. HX company, the company writer worked at, was founded by a professional team with profound experience and regional advantages during the favoring Second Board introduction period. It becomes a good PE organization in Jing-Jin-Ji Area by its systematizing investment mode cored by PRE-IPO projects. Along with the growth of domestic economic and capital market, it also has some problems and deficiencies in some matured companies' evaluation. It becomes utmost importance to set up a matured evaluation system and optimization process, especially during the introduction of projects. This thesis will firstly organize Private Equity (PE) and basic theory on company evaluation. Then brings up the existing problems and deficiencies both in current market environment and HX company investment strategy by the introduction and summary of the HX company's valuation system. Thirdly, it will have a deep dive in HX company's investment evaluation methods by reviewing an HX recent case. In the end, it will give some guidance on the HX company optimization method on investment evaluation. It aims at helping HX to better evaluate projects with matured investment strategy and providing a reference to other PE organizations.
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