湖南汇—药机项目风险投资分析

发布时间：2018-02-20 05:47

本文关键词： 汇一药机风险投资财务分析退出模式　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：在我国，中小民营企业生存环境与国家的财税金融制度密切相关，风险投资行业起步晚发展尚不成熟，民营企业经营者对资本市场的认知不够深入、对风险资本的运作方式认同感不强，风险投资机构运作体系待优化，风险投资家群体培育需要时间，这些使得国外成熟的风险投资体系和工具都稍显理想化。相应的，我国风险投资的研究对象也应该回归本土特色。风险投资领域的研究有许多切入点，本文选择湖南汇一药机项目为研究对象，通过对公司项目状况与环境分析准确的了解了制药机械行业的发展状况以及汇一药机未来的发展潜力。而对公司财务状况的分析发现现阶段汇一药机项目短期偿债能力偏弱，但长期偿债能力较强；此外，项目的盈利能力在逐年提高，项目的资金充裕，有较强的风险抵抗能力，财务状况良好。而后根据风险投资的流程系统性的分析研究了汇一药机项目的不确定性以及风险控制，结果说明汇一药机项目风险始终，适宜投资。最后，在对风险投资的项目和企业的风险有了充分的认识和理解的基础上，全面提出项目的风险投资方案，并详细制定了风险投资项目的退出模式。在中国当前的资本市场发展现状下，风险投资家如何将风险投资基金与具体的企业投资项目相结合，寻求有效的可操作途径，是风险投资家必须研究并解决的课题之一。本文是关于风险投资过程风险评估和风险管理的研究，，主要侧重于对风险投资融资、投资和撤出三个过程进行分析研究，并且结合作者参与湖南汇一药机股权投资并成功退出的案例，为对于进一步认识和提高风险投资过程的风险管理具有重要的理论和实践意义。
[Abstract]:In our country, the survival environment of small and medium-sized private enterprises is closely related to the national financial system of finance and taxation, the venture capital industry is not mature and the managers of private enterprises do not have a deep understanding of the capital market. The lack of recognition of the way venture capital operates, the need to optimize the operating system of venture capital institutions, and the time required for the development of a group of venture capitalists make the mature venture capital systems and tools abroad a little more idealized. The research object of venture capital of our country should return to native characteristic too. There are many breakthrough points in the research of venture capital. This paper chooses Huiyi medicine machine project in Hunan as the research object. Through the analysis of the project status and environment of the company, the development situation of the pharmaceutical machinery industry and the development potential of the Huiyi pharmaceutical machine in the future are accurately understood, while the financial situation of the company is analyzed and it is found that the short-term solvency of the Huiyi pharmaceutical machine project is weak at the present stage. But long-term solvency is strong; in addition, the profitability of the project is increasing year by year, and the project is well funded and has strong risk resistance. According to the process of venture capital, the uncertainty and risk control of Huiyi Pharmaceutical Project are studied systematically. The results show that the risk of Huiyi Pharmaceutical Project is always suitable for investment. Finally, On the basis of a full understanding of the venture capital project and the risk of the enterprise, the project's venture capital scheme is put forward in an all-round way, and the exit mode of the venture capital project is formulated in detail. Under the current situation of capital market development in China, how do venture capitalists combine venture capital funds with specific enterprise investment projects to seek effective operational approaches? This paper is about risk assessment and risk management in the process of venture capital, focusing on the three processes of venture capital financing, investment and withdrawal. Combined with the case of the author's participation in the equity investment of Hunan Huiyi Pharmaceutical Machine and its successful exit, it has important theoretical and practical significance for further understanding and improving the risk management in the process of venture capital.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.4

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