基于流程的我国并购基金风险控制研究

发布时间：2018-05-13 14:01

本文选题：并购基金 + 风险控制　；参考：《北京交通大学》2014年硕士论文

【摘要】：目前我国并购市场已成为仅次于美国的全球第二大市场,这也为并购基金的发展提供了广阔的前景。与此同时,政府也相继出台相关政策,支持和推动并购基金的发展。虽然并购基金在我国正蓬勃发展,但同样存在不可忽视的风险,必须进行必要的风险控制。并购基金在风险控制方面能力的加强,可以显著地提升基金的管理水平和投资能力,提高其投资的效率和效益,从而在推动我国经济结构调整、推动国有企业改制和行业整合、集聚社会闲散资金、促进资本市场的良性发展起到了重要作用,进一步稳固自身在国民经济中的重要地位。在此背景下,探索和研究我国并购基金的风险控制机制,具有重大而迫切的现实意义。本文首先对有关并购基金及风险控制的国内外文献进行回顾,为本文研究提供理论基础和文献支持。其次,简要梳理我国并购基金的运行流程和发展历程,为以流程为基础的风险识别和控制打下基础。再次,结合我国并购基金的发展和存在的主要问题,基于运行流程,将其分为设立阶段、融资阶段、投资阶段、投后管理阶段和退出阶段,对我国并购基金的风险进行识别,进而借鉴我国并购基金,即中信并购基金和天堂元金并购基金的风险控制措施,提出我国并购基金的风险控制框架,对我国并购基金的风险控制机制进行具体设计。本文以降低风险同时兼顾效率为目的,提出了内部风险控制框架。该框架强调并购基金的内部风险控制和外部监管相结合,内外部风险控制机制共同作用以降低风险提高效率。内部风险控制机制又分为两个层面,第一个层面是建立合理的组织治理结构,第二个层面是设计控制力强的运行流程。组织治理结构设计不能简单地沿用传统的有限合伙制或公司制,需在此基础上加以优化和完善。具体来说,我国并购基金可采用“组织形式有限合伙制、治理结构半公司制”的公司合伙制组织治理结构。运作流程层面的设计在募、投、管、退基础上综合分析,选择运行流程中的有效活动控制点,实施风险防范措施,针对不同阶段不同的经营活动,降低并购基金的财务风险、业务营运风险等。在设计并购基金的内部风险控制机制的同时,应着力构建与其相配套的法律法规体系、行业自律体系等,以为我国并购基金的健康、高效运作提供良好的外部发展监管环境,降低我国并购基金的运行风险。本文在我国并购基金风险管理实践和理论研究处于初期阶段,同时外部监管相对缺失的背景下,从整体的视角,基于并购基金运行流程识别和设计风险控制机制,对目前国内研究形成有益补充,同时对并购基金风险管理实践和政府出台相关政策规范并购基金风险管理行为提出建议。
[Abstract]:At present, the M & a market in China has become the second largest market next to the United States, which also provides a broad prospect for the development of M & A fund. At the same time, the government has also issued relevant policies to support and promote the development of M & A fund. Although M & a fund is developing vigorously in China, it has the same risks that must not be ignored. The necessary risk control is carried out. The strengthening of the ability of the M & A fund in risk control can significantly improve the management level and investment ability of the fund, improve the efficiency and efficiency of its investment, thus promote the adjustment of our economic structure, promote the restructuring of the state-owned enterprises and the integration of the industry, gather the idle funds in the society, and promote the good of the capital market. Sexual development has played an important role to further strengthen its important position in the national economy. In this context, it is of great and urgent practical significance to explore and study the risk control mechanism of the M & A fund in China.
This paper first reviews the domestic and foreign documents about M & A fund and risk control, and provides the theoretical basis and literature support for this study. Secondly, it briefly combs the operation process and development process of M & A fund in China, and lays the foundation for the risk identification and control based on the process. On the basis of the operation process, the main problems are divided into the establishment stage, the financing stage, the investment stage, the post investment management stage and the exit stage, and identify the risks of the M & A fund in China, and then draw on the risk control measures of the M & A fund, that is, the CITIC M & A fund, the paradise yuan gold and the purchase fund, and put forward the M & A fund in China. The framework of risk control is specifically designed for the risk control mechanism of China's M & a funds.
The framework of internal risk control is put forward to reduce risk and efficiency. The framework emphasizes the combination of internal risk control and external supervision in M & A fund. The internal and external risk control mechanism is combined to reduce risk and improve efficiency. The internal risk control mechanism is divided into two levels. The first level is to establish a reasonable level. The second level of organizational governance structure is the operation process of strong design control. The design of organizational governance structure can not simply follow the traditional limited partnership or company system. On this basis, it should be optimized and perfected. In particular, China's M & A fund can adopt "organized form limited partnership system and control structure semi company system". The corporate partnership system organization governance structure. The design of the operational process level is based on the comprehensive analysis on the basis of the recruitment, investment, management and retreat, select the effective control points in the operation process, implement the risk prevention measures, reduce the financial risk of the M & A fund and the business operation risk according to different stages of business activities. At the same time, the mechanism of risk control should be set up to set up a system of laws and regulations and the self-discipline system of the industry to provide a good external development supervision environment for the healthy and efficient operation of the M & A fund in China, and to reduce the operational risk of the M & A fund in our country.
In the initial stage of the risk management practice and theoretical research of M & A fund in China, and under the background of the relative lack of external supervision, this paper makes a beneficial supplement to the current domestic research from the overall perspective, based on the operational process of M & A fund operation and the design of risk control mechanism. At the same time, the practice of risk management and the government's introduction of M & A fund are also introduced. Relevant policies regulate the risk management behavior of M & a funds.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

【参考文献】