【作者】 李磊；

【导师】 周冬梅；

【作者基本信息】 电子科技大学 ， 工商管理硕士（专业学位）， 2020， 硕士

【摘要】 近年来,我国私募股权机构发展较快,无论是私募股权机构数量还是股权市场的活跃程度都得到了快速发展,但同时也伴随各种风险问题。整体而言,私募股权机构面临的风险基本有体系化与非体系化风险,体系化风险主要体现为私募机构面临的宏观风险,无法经过投资组合分散,有政治环境、政策、利率及汇率等多个方面的风险。非体系化风险主要体现为投资活动操作层面的风险,是能够分散的,实行各种投资组合能够在较大程度上降低及分散风险,因此需要对非体系化风险予以高度重视。为进一步促进私募股权机构的发展,本文对A私募股权机构风险控制问题进行研究。本文主要通过文献研究法、案例研究法、问卷调查法进行,主要分为6部分进行。本文首先对研究背景、主旨和价值进行了说明,明晰了研究的具体内容及研究所应用的方式,创新点和研究的不足所在。在对私募股权投资的基础概念以及委托代理理论等基础理论进行学习的前提下,介绍了A机构的基本情况,分析其投资互联网企业关键业务流程和投资管理制度,以及目前的风险控制现状。通过实际的调查数据,在公司层面发现存在行业监管政策变化快速、市场主体竞争日渐加剧、缺少全流程风险控制理念;在操作层面存在资金募集风险、项目投资风险、投后管理风险、项目退出风险。并根据分析结果,从公司层面提出全面建设风险管理体系、积极推进市场的理性化和专业化、开展全流程风险控制;从操作层面分别对募集阶段、投资阶段、投后阶段、退出阶段提出风险控制措施,并提出相关保障措施确保控制措施的实行。最后对A机构的风险控制措施优化效果进行了对比分析评价,得出研究结论。本文通过研究分析,稳定了A机构在私募股权投资市场中的发展,提高了A私募股权机构的风险控制能力,同时对同类型公司开展类似研究提供了借鉴。更多还原

【Abstract】 In recent years,my country’s private equity institutions have developed rapidly.Both the number of private equity institutions and the degree of activity in the equity market have developed rapidly,but they are also accompanied by various risk issues.On the whole,the risks faced by private equity institutions are basically systematic and non-systematic risks.Systematic risks are mainly reflected in the macro risks faced by private equity institutions,which cannot be diversified through investment portfolios.There are political environments,policies,interest rates,and exchange rates.All aspects of risk.Unsystematic risks are mainly embodied as risks at the operational level of investment activities,which can be diversified.The implementation of various investment portfolios can reduce and diversify risks to a greater extent.Therefore,unsystematic risks need to be highly valued.In order to further promote the development of private equity institutions,this article studies the risk control of private equity institutions A.This article is mainly carried out through literature research method,case research method,and questionnaire survey method,which is mainly divided into 6 parts.This article firstly explains the research background,theme and value,clarifies the specific content of the research,the method of research application,innovation points and research deficiencies.Under the premise of learning the basic concepts of private equity investment and principal-agent theory and other basic theories,this article introduces the basic situation of Institution A,analyzes its investment in Internet companies’ key business processes and investment management systems,and the current status of risk control.Through actual survey data,it is found at the company level that there are rapid changes in industry regulatory policies,increasing competition among market players,and a lack of full-process risk control concepts;at the operational level,there are capital raising risks,project investment risks,post-investment management risks,and project exit risks.Based on the analysis results,it is proposed to comprehensively build a risk management system at the company level,actively promote the rationalization and specialization of the market,and carry out full-process risk control;from the operational level,the risks are raised in the fundraising stage,investment stage,post-investment stage,and exit stage.Control measures and propose relevant safeguard measures to ensure the implementation of control measures.Finally,a comparative analysis and evaluation of the optimization effect of risk control measures of A institution are carried out,and the research conclusions are drawn.Through the research,this paper has stabilized the development of Institution A in the private equity investment market,improved the risk control ability of A private equity institution,and provided reference for similar research carried out by similar companies.更多还原