AH创投风险管理问题研究

发布时间：2018-05-04 21:36

本文选题：国资创投 + 双重委托代理理论　；参考：《南京大学》2014年硕士论文

【摘要】：创业投资行业源起于二战后的美国,但是到了40多年后的上世纪90年代这个行业才刚刚开始兴盛起来,关于创投行业的研究也是从这个时期逐渐多了起来。创投行业的发展一直追随着科学技术革新的脚步,第三次科技革命尤其是新兴产业的发展和资本市场的完善给创投业带来了巨大的发展机遇,资本与科技碰撞出了火花,给人类文明发展带来了新的机遇。中国人也在顺应着历史的潮流,在改革开放初期就由政府部门引入创业投资进行试点,但是早期由于国内新兴行业起步晚,资本市场发展不完善给创投行业的发展带来了一定的阻碍,创投行业一直没有得到很好的发展。近些年来随着中国股权分置改革完成和创业板的开启,创投行业才在中国迎来了发展的热潮。中国的创投行业相比其他国家有一个最明显的特征,那就是中央和地方政府在创投行业中占据主导地位,这种发展模式之下使得国资创投成为了中国创投业的主力军。创业投资的发展其既有力地支持了中国新兴产业发展的同时也倒逼了传统企业的自我革命、自我转型,它是中国经济结构调整,产业结构升级,消费结构转型的一个缩影。随着我国居民财富的快速积累和国家政策的放开,越来越多的民营资本开始进入到创投行业,给创投带来了更多的市场活力。国有创投面临着更多的是来自市场的挑战,加强风险管理的同时也是为更好的迎接市场的挑战做准备。创业投资在这个资本和科技的结合中扮演了重要的角色,他们像一个个天使给发明者、创业者带来希望的种子。当然也有人说他们是恶魔,把创始人赶出其所创办的企业或者是企业上市后在资本市场疯狂的套现。商业社会理性人是趋利的,但是市场通过它那支无形的手给我们指引了方向,创投在通过其特有的方式给社会做出了贡献。笔者通过一家具有典型性的国资创投—AH创投作为案例样板来分析国资创投公司在风险管理方面存在的问题,为何要实施全面风险管理以及如何在公司实施全面风险管理。文章根据提出问题、分析问题和解决问题的一般逻辑思路,首先从创投的筹资阶段、投资阶段、退出阶段的资本运作流程来着手分析AH创投的基本运营情况,并讨论了AH创投的风险管理的现状,其次从内部控制五要素的视角根据控制环境、风险评估体系、风险业务控制活动、信息与沟通、监督体系五个方面分析了AH创投在风险管理中存在的问题,最后继续从内部控制五要素的角度对AH创投实施全面风险管理提出建议措施,这些建议措施都是按照前一章的问题来提出解决方案的。AH创投背后是深厚的传统国有企业的文化,目前在该企业内部还没有建立起全面风险管理体系,该企业在风险管控领域十分薄弱,在组织结构、人力资源、决策流程等方面存在着巨大的风险漏洞。此外,国资创投由于其在成立之初就带有一定的政治任务,在担负盈利要求的同时也承担了相应的社会责任,这使得国资创投往往责任不清,给公司的效率提升带来了一定困难,也给风险管理带来一定的压力。AH创投急需建立起全面风险管理体系,用全面风险管理体系给公司进行流程上业务上的改造,让全体员工参与到风险管理中去,树立良好的风险管理意识,把风险管理渗透到企业的各项活动中去、各个项目中去,旨在把创投企业的风险限制在风险容量以内,并在这个过程中为企业提升价值提供有效地咨询服务。全面风险管理体系有一套系统的、规范的方法,为识别所有可能发生的风险,管理所有发生的风险提供合理的保证。本文的研究主题在前人研究的基础上有了一定的变化与创新。首先把创投公司研究的聚焦点放在了富有中国特色的国有背景下的创投公司,国有企业有自身的特色和弊端,这些风险因子表现在创投企业身上会更加放大化。其次,本文从创新的角度把风险的管理放置在内部控制五要素的视角下而非是传统的运作流程的视角下,这种分析更有利于发掘创投企业公司层面的漏洞和风险。再次,本文没有把最重要的笔墨放在项目投资决策的风险分析上,而是更加喜欢从企业环境、组织结构、制度风险等方面去发掘公司整体的风险。
[Abstract]:The venture capital industry originated from the United States after World War II, but in the 90s of the last 40 years, the industry has just started to flourish. The research on the venture capital industry has gradually increased from this period. The development of the venture capital industry has been following the pace of scientific and technological innovation, the third scientific and technological revolution, especially the emerging production. The development of the industry and the perfection of the capital market have brought great opportunities for the development of the venture capital industry. The capital and science and technology collide with the spark and bring new opportunities to the development of human civilization. The Chinese people are also complying with the trend of history. In the early period of the reform and opening up, the government departments were introduced to the venture capital to carry out pilot projects, but early due to the domestic emerging lines. Because of the late start of the industry, the imperfect development of the capital market has brought some obstacles to the development of the venture capital industry. The venture capital industry has not been well developed. In recent years, with the completion of the split share reform and the opening of the gem, the venture capital industry has welcomed the upsurge of development in China. China's venture capital industry has compared with other countries. The most obvious feature is that the central and local governments occupy a dominant position in the venture capital industry. Under this mode of development, the venture capital has become the main force of China's venture capital industry. The development of venture capital has not only strongly supported the development of China's emerging industries but also forced the self revolution and self transformation of traditional enterprises. It is the epitome of the restructuring of China's economic structure, the upgrading of the industrial structure and the transformation of the consumption structure. With the rapid accumulation of Chinese residents' wealth and the release of national policies, more and more private capital has entered into the venture capital industry and brought more market vitality to the venture capital. Strengthening risk management is also preparing to better meet the challenges of the market. Venture capital plays an important role in the combination of capital and technology, like angels giving inventors, the seeds of hope, and, of course, they are demons, driving their founders out of the business or After the enterprise is listed in the capital market, the commercial social rational person is profitable, but the market has guided the direction through its invisible hand, and the venture has made a contribution to the society through its unique way. The author analyzes the national capital through a typical national capital venture, AH venture, as a case model. The problems existing in the risk management of the investment company, how to implement the comprehensive risk management and how to implement the comprehensive risk management in the company. The article is based on the general logic idea of putting forward the question, analyzing the problem and solving the problem. First, it begins with the analysis of the AH venture from the financing stage of the venture capital, the investment stage and the capital operation process in the exit stage. The basic operation situation of AH is discussed. Secondly, from the perspective of control environment, risk assessment system, risk business control activity, information and communication, and supervision system, the existing problems of AH venture in risk management are analyzed from the perspective of the five elements of internal control, and the five elements of internal control are continued from the internal control. The point of view is to put forward some suggestions on the implementation of comprehensive risk management for AH venture. These suggestions are the deep traditional culture of state-owned enterprises behind the.AH venture of the previous chapter. At present, a comprehensive risk management system has not been established within the enterprise, and the enterprise is very weak in the field of risk management. There are huge risk loopholes in organizational structure, human resources, decision-making process and so on. In addition, the Chinese capital venture has a certain political task at the beginning of its establishment. It also bears the corresponding social responsibility at the same time of taking on the profit requirements, which makes the investment of the state capital not clear, and brings certain to the efficiency of the company. It is difficult to bring some pressure to risk management, and the.AH venture needs to establish a comprehensive risk management system, and use a comprehensive risk management system to reform the business of the company, let all the employees participate in the risk management, set up a good awareness of risk management, and infiltrate the risk management into various activities of the enterprise. The aim of this project is to limit the risk of venture capital to the risk capacity and provide effective consulting services for the enterprise to improve its value in this process. The comprehensive risk management system has a systematic, standardized method to provide a reasonable guarantee for identifying all possible risks and managing all the risks that occur. The research theme has a certain change and innovation on the basis of previous research. Firstly, the focus of the Vc firms research is focused on the Vc firms with Chinese characteristic background, and the state-owned enterprises have their own characteristics and disadvantages. These risk factors will be more magnified in the venture capital enterprises. Secondly, this article is from the innovation. In the perspective of risk management in the perspective of five elements of internal control rather than the traditional operation process, this analysis is more conducive to excavating the vulnerability and risk of the company level of venture capital enterprises. Thirdly, this paper does not put the most important ink on the risk analysis of project investment decision, but rather like the enterprise environment, Organizational structure, institutional risks and other aspects to explore the overall risk of the company.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F272.3

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