北大未名私募股权投资项目的风险管理研究

发布时间：2018-07-14 22:18

【摘要】：私募股权投资(PE)是金融创新和产业创新的结果,其运作方式不仅拓宽了企业的融资渠道,同时也推动了被投资企业的价值发现和价值增值;再加上提供了高收益的投资渠道,在金融体系中扮演着越来越重要的角色。但私募股权投资的高不确定性、高动态性、高复杂性,决定了其投资过程存在较大的风险,尤其是在我国当前私募股权投资的相关政策制度还不尽完备的情况下,如何识别私募股权投资的各种风险,从而有效地进行私募股权投资风险的控制和防范,成为被业内高度关注的重要课题。本文首先梳理了国内外关于私募股权投资的相关概念、理论基础及国内外研究情况,其次对私募股权投资及风险控制策略进行了概述,包括私募股权投资的价值、问题及私募股权投资风险的特点等;接着本文选取近年来私募股权投资运作较成功的北大未名项目作为实例,以对项目进行科学、全面、客观、多方面、多角度的调研材料为基础,从环境风险、管理风险、市场风险、技术风险、财务风险、道德风险等六个方面对该项目进行风险因素的识别和详细分析;通过应用私募股权投资风险评价指标,采用层次分析法和模糊综合评价法对项目建立数学模型并进行定量评估;最后系统地分析说明如何对私募股权投资项目进行风险分阶段控制。本文通过对北大未名私募股权投资项目的风险管理的综合分析,可以得出结论:私募股权投资的成功,关键在于能否成功实施有效的风险管理策略。也就是说,虽然私募股权投资面临的风险存在于多个方面,但可在其运行的各个阶段选择相应的策略和手段来控制和化解各类风险,从而更清晰地体现本文的实际应用价值。
[Abstract]:Private equity investment (PE) is the result of financial innovation and industrial innovation. Its operation not only broadens the financing channels of enterprises, but also promotes the value discovery and value appreciation of invested enterprises. Play an increasingly important role in the financial system. However, the high uncertainty, high dynamic and high complexity of private equity investment determine that there is a greater risk in the process of private equity investment, especially in the current private equity investment policy system is not complete. How to identify the various risks of private equity investment, so as to effectively control and prevent the risk of private equity investment, has become an important issue of great concern in the industry. This paper first combs the domestic and foreign private equity investment related concept, the theoretical foundation and the domestic and foreign research situation, then has carried on the outline to the private equity investment and the risk control strategy, including the private equity investment value, The problems and the characteristics of private equity investment risk, etc. Then, this paper selects the relatively successful private equity investment in recent years as an example to carry out scientific, comprehensive, objective and multi-sided projects. On the basis of multi-angle research materials, the risk factors of the project are identified and analyzed in detail from six aspects: environmental risk, management risk, market risk, technical risk, financial hazard and moral hazard. Through the application of private equity investment risk evaluation index, using AHP and fuzzy comprehensive evaluation method to establish a mathematical model and quantitative evaluation of the project; Finally, the paper systematically analyzes how to control the risk of private equity investment projects in stages. Based on the comprehensive analysis of the risk management of the unnamed private equity investment project of Peking University, this paper draws a conclusion that the key to the success of private equity investment lies in the successful implementation of effective risk management strategies. That is to say, although the risk of private equity investment exists in many aspects, it can select the corresponding strategies and means to control and resolve all kinds of risks in each stage of its operation, thus more clearly reflecting the practical application value of this paper.
【学位授予单位】：南华大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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