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论文编号：	9981
作者编号：	2120152622
上传时间：	2018/6/6 14:30:46
中文题目：	L基金公司对X项目 尽职调查和投资方案设计的研究
英文题目：	Due diligence and investment design study of the X Program to L fund
指导老师：	程莉莉副教授
中文关键字：	政府引导基金；尽职调查；股权投资；估值
英文关键字：	state-guiding-fund；due diligence；equity investment；valuation
中文摘要：	随着中国经济社会的发展和金融改革的推进，私募基金逐渐成为了股权投资主体中举足轻重的力量，而其中政府引导基金是非常活跃和重要的组成部分。但是由于不同区域政府引导基金各不相同的诉求，同时其所投资的项目也呈现出早期化和商业模式日益复杂的特征，对于如何估值和设计投资方案需要更加个性化的方案。 正是基于政府引导基金在投资中的这种个性化需求，本文将整体采用案例分析的方式，具体化的分析一个较有代表性的真实项目，通过收集公开数据和同业人员访谈的方式获得信息。通过项目方在配合尽职调查过程中提供的各类材料，本文围绕尽职调查结果选用合理的估值方案，并根据具体的投资诉求和风险控制需求来设计投资方案。 本文首先介绍了研究的背景和意义，说明了使用的研究方案和论文结构安排，接着通过搜索和分析文献的方式，回顾和整理了尽职调查和估值方面的理论，并介绍了国外政府引导基金的发展模式与中国政府引导基金发展的新特点，并以此为基础，根据选取项目的真实数据，进行了案例分析。本文的第四部分就是对选取的代表性项目，按照行业分析、法律尽职调查、财务尽职调查、业务尽职调查的顺序，对于项目情况进行剖析和深层次的解读，并据此预测了项目未来的发展情况。本文的第五章，依据前文的估值理论和尽职调查结果，选取了合适的估值方法，并按照得出的估值结果，说明了设计投资方案的思路和结果。 本文希望通过对于具体项目的案例分析，能够补充国内政府引导基金股权投资方案设计的相关研究，并对与国内其他政府引导基金的具体运营提供一定借鉴。
英文摘要：	Private equity funds has become a strength part of the equity investment as economic and society of China developing and the financial reform going-on, of which the state-guiding-fund is very active and important part. But due to the different regional state-guiding-fund each are not identical, its target programs also presents early and its business-model becoming more complex than ever, about how to design valuation and investment plan needs to be more personalized. Based on the personalized needs of government guiding fund, this thesis adopts case analysis method by using a representative of real program, and get information by public data collection and Industry insiders interview. And then choose a reasonable valuation scheme, and design investment plan according to the specific investment demands and risk control requirements taking the all the due diligence reports and other kinds of material to be provided into consideration. This thesis introduces the research background and significance firstly, and illustrates the research plan and thesis structure arrangement then, and by literature search and analysis reviews and sorts the due diligence and valuation theories, and introduces the development of the foreign state-guiding-fund developing mode and new characteristics on the development of the Chinese state-guiding-fund, and on this basis, analyzes the case according to the real data of the selecting program. In the fourth part of this article, in-depth analysis of the chosen program situation is made in order of industry analysis, legal due diligence, financial due diligence, business due diligence, and predicts the future development of the program. The fifth chapter of this article selects the appropriate valuation method, and illustrates the design ideas and results of investment plan according to the valuation results based on the above valuation theory and due diligence results. Through the case analysis for the specific program, this thesis could make some supplement of the domestic state-guiding-fund studies about the design of equity investment plan and be used as a reference for other state-guiding-fund in specific operation.
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