基于分类管理理念的国有企业股权投资后评价体系研究

发布时间：2018-03-04 01:33

本文选题：国有企业　切入点：股权投资　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：在传统的国有企业投资领域中,投资后评价一般指的是大型国计民生建设完成后,对工程指标项的评估,其自成一套体系。但随着改革开放以来,财政支出体系的建立和不断完善,国有企业改革工作的开展,各级政府通过股权投资方式扶持企业发展已经成为主流。为了维护国有企业市场主体的独立性,各级政府对国有企业对财政资金进行股权投资的使用关注较少,没有进行良好的评价和管控。后评价作为一个良好的监督工具在国外已经有了80多年的发展历程,引入我国后,在国家重大投资项目和政府公共财政支出等方面已经得到了广泛的应用,并取得了良好的效果,但在股权投资领域推广缓慢。目前,国内国有企业的股权投资后评价一般指的是对管理层在企业运营管理过程中的业绩和绩效评价,以及在股权退出时达到保值增值要求的基本目标和条件。经过多年的发展,后评价工作已经逐步形成一整套逻辑合理,方法科学的工作体系,结合股权投资对风险收益的平衡及国有企业多重目标体系和合规性要求等特点,可以设计出一套符合国有企业股权投资特点的后评价体系,为国有企业股权投资目标实现、过程合规等评价工作服务。在操作上,本文拟基于分类管理的理念,参考国内外相关理论研究的成果,力求寻求一套新的规范化的国有企业投资后评价方法,综合评价股权投资过程中对项目的分析、投资流程的规范性和风险可控性、投资后对项目财务风险的监控、项目运营管理的监督、对投资后出现风险和问题的反应的及时程度等,从而评价该项股权投资的投资程序是否规范,风险是否可控,投资目的及经济指标是否能够实现,最终为我国股权投资类国有企业今后提高新项目决策效率和对投资后进行管理评价提出建设性规范化建议。为了保证评价指标体系的科学性和评价过程的合理性,各级国有资产管理部门和国有企业也应对该项工作给予足够的重视和保障,并通过分级分类管理,构建一套有针对性的滚动评价体系。同时,要加强组织沟通和反馈,将后评价结果在优化被投企业战略和管理,提高国有企业投资分析、投资决策及投后管理等方面进行应用,提高国有企业和主管机构在风险—价值管理方面的管理水平。本文在案例分析部分,将选取Y国有投资公司投资项目J公司为例,对项目投资、管理、经营业绩分析、绩效评价体系等进行由点到面的抽样分析,希望在国有企业项目后评价体系的发展构建过程中贡献微薄之力。
[Abstract]:In the traditional investment field of state-owned enterprises, the post-investment evaluation generally refers to the evaluation of engineering index items after the completion of large-scale construction of national economy and people's livelihood, which forms a set of systems. But with the reform and opening up to the outside world, With the establishment and improvement of fiscal expenditure system, the reform of state-owned enterprises and the support of enterprises by equity investment, it has become the mainstream for governments at all levels to maintain the independence of the main body of the state-owned enterprises market. Governments at all levels pay less attention to the use of equity investment in financial funds by state-owned enterprises, and do not carry out good evaluation and control. Post-evaluation, as a good monitoring tool, has had a development history of more than 80 years abroad. After the introduction of China, It has been widely used in major national investment projects and government public finance expenditure, and has achieved good results, but it has been slowly popularized in the field of equity investment. Post-evaluation of equity investment in domestic state-owned enterprises generally refers to the performance and performance evaluation of management in the process of enterprise operation and management, as well as the basic objectives and conditions to achieve the requirement of maintaining and increasing the value of stock when the equity exits. After years of development, The post-evaluation work has gradually formed a set of logical and scientific work systems, combined with the characteristics of equity investment to balance risk and income, and the multi-objective system and compliance requirements of state-owned enterprises, etc. A set of post-evaluation system can be designed according with the characteristics of state-owned enterprise equity investment, which can serve the state-owned enterprise equity investment target realization, process compliance and other evaluation work. In operation, this paper is based on the concept of classified management. Referring to the results of relevant theoretical research at home and abroad, this paper tries to seek a new set of standardized post-investment evaluation methods for state-owned enterprises, comprehensively evaluates the analysis of the project in the process of equity investment, the standardization of investment process and the controllability of risk. Monitoring of project financial risk after investment, supervision of project operation and management, timely response to risks and problems after investment, etc., so as to evaluate whether the investment procedure of the equity investment is standard and whether the risk is controllable, Whether investment objectives and economic targets can be achieved, Finally, some constructive and standardized suggestions are put forward for the state-owned enterprises of equity investment to improve the decision-making efficiency of new projects and to carry out management evaluation after investment, in order to ensure the scientific nature of the evaluation index system and the reasonableness of the evaluation process. State-owned asset management departments at all levels and state-owned enterprises should also give adequate attention and protection to this work, and build a targeted rolling evaluation system through classified management at different levels. At the same time, it is necessary to strengthen organizational communication and feedback. The results of post-evaluation are applied to optimize the strategy and management of invested enterprises, improve the investment analysis, investment decision and post-investment management of state-owned enterprises, etc. In the part of case analysis, this paper will select the investment project J company of Y state-owned investment company as an example, analyze the project investment, management, management performance, and improve the management level of the state-owned enterprises and the competent institutions in the aspect of risk and value management. The performance evaluation system is analyzed from point to plane in the hope of contributing to the development and construction of the post-project evaluation system of state-owned enterprises.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.51;F715.5

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