达晨公司创投基金运行中的财务风险控制研究
发布时间：2018-08-12 18:25
【摘要】：创业投资的兴起与发展带来了美国乃至全球经济的大繁荣和科技的大发展，并逐渐引起了社会的广泛重视。目前创业投资主要采用创投基金的组织形式，作为新兴金融创新产品，，其创新性和不确定性使创业投资机构面临很多潜在危机，其中一个重要且直接的威胁就是基金运行中的财务风险，财务风险贯穿于创投基金运行的融资、投资管理和退出的过程中。如果对财务风险管理不善，就会影响投资运行的实际效果，甚至导致失败。因此，站在创业投资者的角度，应充分分析基金运行中可能存在的风险因素，采取全面的控制措施，减小财务风险，实现投资收益。 本文采用案例形式对创投基金运行中的财务风险控制问题进行研究。文章首先系统地阐述了创投基金运行中财务风险控制的基本理论，接着结合M公司创投基金运行的实际情况，从融资、投资和退出三个阶段详细分析其所面临的财务风险以及已采取的相关控制措施，经分析发现M公司在创投基金运行中存在融资制度不完善、融资渠道有限、投资项目估值不科学、投资工具单一以及退出时机和渠道选择等方面问题。针对这些问题，本文提出了相关改进措施，主要包括建立创业企业财务风险预警机制；采用基于期权定价理论解决投资选择和投资初始规模的决策问题；强化创业投资基金运行过程不同阶段的财务风险控制；完善创业投资财务风险控制的相机治理机制；充分发挥政府在税收、法律、资本等方面的辅助作用。M公司创投基金运行中财务风险的控制措施和改进方法具有普遍的应用意义，其他创业投资机构可以根据自身情况加以借鉴。
[Abstract]:The rise and development of venture capital has brought the prosperity of American and global economy and the development of science and technology, and has gradually aroused the widespread attention of the society. At present, venture capital mainly adopts the organizational form of venture capital fund. As a new financial innovation product, its innovation and uncertainty make venture capital organizations face many potential crises. One of the important and direct threats is the financial risk in the operation of the fund, which runs through the process of financing, investment management and withdrawal of the venture capital fund. If the financial risk is not well managed, it will affect the actual effect of investment operation and even lead to failure. Therefore, from the point of view of venture capital, we should fully analyze the possible risk factors in fund operation, take comprehensive control measures to reduce financial risk and realize investment returns. This paper studies the financial risk control in the operation of venture capital fund by case study. In this paper, the basic theory of financial risk control in the operation of venture capital funds is systematically expounded, and then, combining with the actual situation of the operation of venture capital funds of M Company, the paper starts with the theory of financing. In the three stages of investment and withdrawal, the financial risk and related control measures are analyzed in detail. It is found that M company has imperfect financing system and limited financing channels in the operation of venture capital fund. The investment project valuation is not scientific, the investment tool is single, the exit time and channel choice and so on. Aiming at these problems, this paper puts forward the relevant improvement measures, including establishing the early-warning mechanism of the financial risk of the venture enterprise, adopting the option pricing theory to solve the problem of investment choice and the decision of the initial investment scale. Strengthen the financial risk control of venture capital fund in different stages of operation, perfect the camera governance mechanism of venture capital financial risk control, give full play to the government in tax, law, The controlling measures and improving methods of financial risk in the operation of venture capital fund of M company have universal application meaning, and other venture capital institutions can use for reference according to their own situation.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.48
本文编号：2179913
[Abstract]:The rise and development of venture capital has brought the prosperity of American and global economy and the development of science and technology, and has gradually aroused the widespread attention of the society. At present, venture capital mainly adopts the organizational form of venture capital fund. As a new financial innovation product, its innovation and uncertainty make venture capital organizations face many potential crises. One of the important and direct threats is the financial risk in the operation of the fund, which runs through the process of financing, investment management and withdrawal of the venture capital fund. If the financial risk is not well managed, it will affect the actual effect of investment operation and even lead to failure. Therefore, from the point of view of venture capital, we should fully analyze the possible risk factors in fund operation, take comprehensive control measures to reduce financial risk and realize investment returns. This paper studies the financial risk control in the operation of venture capital fund by case study. In this paper, the basic theory of financial risk control in the operation of venture capital funds is systematically expounded, and then, combining with the actual situation of the operation of venture capital funds of M Company, the paper starts with the theory of financing. In the three stages of investment and withdrawal, the financial risk and related control measures are analyzed in detail. It is found that M company has imperfect financing system and limited financing channels in the operation of venture capital fund. The investment project valuation is not scientific, the investment tool is single, the exit time and channel choice and so on. Aiming at these problems, this paper puts forward the relevant improvement measures, including establishing the early-warning mechanism of the financial risk of the venture enterprise, adopting the option pricing theory to solve the problem of investment choice and the decision of the initial investment scale. Strengthen the financial risk control of venture capital fund in different stages of operation, perfect the camera governance mechanism of venture capital financial risk control, give full play to the government in tax, law, The controlling measures and improving methods of financial risk in the operation of venture capital fund of M company have universal application meaning, and other venture capital institutions can use for reference according to their own situation.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.48
【引证文献】
相关硕士学位论文 前1条
1 王曦;优化A创投公司项目投资风险控制体系的研究[D];苏州大学;2013年
本文编号：2179913
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