天堂大康并购基金运作风险控制研究

发布时间：2018-08-12 07:57

【摘要】：“PE+上市公司”模式并购基金作为我国新经济形势下的一项金融创新,一经兴起,便风靡全国。然而,新模式并购基金表面繁荣,背后却暗流汹涌,存在着诸多问题。实践中组织形式各异,内部控制薄弱,立法监管空白,已积累了大量风险因素。基于此,本文以国内首家该模式并购基金——天堂大康为研究对象,按运营流程对其风险控制问题进行研究分析,以期为该模式并购基金的风险控制体系的完善提供借鉴。首先,从天堂大康并购基金案例入手,本文简要介绍了天堂硅谷、大康牧业和天堂大康三者的基本情况,同时对天堂大康项目投资情况进行系统性回顾。其次,结合并购基金一般情况和天堂大康实际运营,从整体层和流程层对天堂大康面临的主要风险进行梳理分析,基于整体层,风险主要表现为系统风险和委托代理风险;基于流程层,由于“设、融、投、管、退”等五阶段具有各自不同特点,风险有着不同的具体体现。再次,根据公开文件信息,分别从内部控制和外部监管两个方面对天堂大康风险控制体系进行研究,内部控制方面,本文进一步按基金发展流程进行逐一分解分析;外部监管方面,由于监管制度比较零散,本文将主要从基金管理人、合格投资者以及信息披露等三个重要的方面进行论述。最后,联系实际情况,对天堂大康风险控制体系进行评价,并提出改进建议。本文认为,“PE+上市公司”模式并购基金在我国尚处于发展初期,已形成的风险控制体系存在着某些缺陷,无法满足实际需求,因而需要从内部控制和外部监管两条线予以完善。
[Abstract]:As a financial innovation in the new economic situation of our country, the M & A fund of "PE listed company" is popular all over the country as soon as it rises. However, the new model M & A fund surface prosperity, but behind the undercurrent, there are many problems. In practice, the organization forms are different, the internal control is weak, the legislation supervision is blank, has accumulated a large number of risk factors. Based on this, this paper takes the first M & A fund in China as the research object, analyzes its risk control problem according to the operation process, in order to provide reference for the improvement of the risk control system of the model M & A fund. First of all, starting from the case of the merger and acquisition fund of Dacang, this paper briefly introduces the basic situation of Silicon Valley, animal husbandry and Dachang, and systematically reviews the investment situation of the project. Secondly, combined with the general situation of M & A fund and the actual operation of Dacang, the paper analyzes the main risks faced by Taikang from the whole level and process level. Based on the whole layer, the risk mainly shows as systematic risk and principal-agent risk. Based on the process layer, the five stages of "design, finance, investment, management and retreat" have their own characteristics, and the risks are embodied in different ways. Thirdly, according to the information of public documents, the paper studies the risk control system of Dacang from two aspects of internal control and external supervision. In terms of internal control, this paper further analyzes the process of fund development one by one. In terms of external supervision, due to the scattered regulatory system, this paper will mainly discuss three important aspects, such as fund manager, qualified investors and information disclosure. Finally, according to the actual situation, the risk control system of Dacang is evaluated, and suggestions for improvement are put forward. This paper holds that the "PE listed company" mode M & A fund is still in the early stage of development in our country, and the formed risk control system has some defects, which can not meet the actual demand. Therefore, two lines of internal control and external supervision should be improved.
【学位授予单位】：中南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F271

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