A公司资本运营风险管理研究

发布时间：2018-10-11 15:19

【摘要】：随着我国经济体制改革的不断深入,根据中央完善国有资产监管体制的要求,国有投资控股公司在国有资产运营和优化重组中的作用越来越重要。国有投资控股公司以股权投资与运作、企业并购等资本运营活动为主要业务,为了实现促进国有资产保值增值的目标,最大限度地实现资本运营收益,必须重视对资本运营风险的管理。A投资控股集团公司(简称A公司)是由聊城市国资委代表市政府投资的国有独资公司,主要从事资本运营和资产管理活动,核心业务是股权投资与运作,肩负着国有资产保值增值、重点项目建设和国有资产优化重组等重任。但是,公司开展资本运营活动的时间还不够长,资本运营风险管理经验不足,因此需要加强对资本运营风险管理的研究。本文采用文献研究法,学习国有投资控股公司、资本运营和风险管理的相关理论知识;采用实地访谈调查法,访问了 A公司各管理层级的25名员工,结合对资本运营环境和风险管理现状的分析,总结出A公司资本运营风险管理中存在的几个主要问题:一是缺少资本运营风险管理制度;二是公司治理机制不完善;三是风险管理组织机构不健全;四是缺少风险管理培训;五是缺少风险管理评价与改进机制;六是审计监督不到位。为了改进A公司的资本运营风险管理工作,提高公司资本运营风险管理的效果,本文以与公司员工访谈交流获得的资料为依据,对公司资本运营风险进行全面识别,然后对风险进行简单的分析,并从风险发生的概率和风险造成的损失两个维度对各项风险的水平进行评估,明确了公司的12项关键风险:(1)政企不分,政府部门过度干预;(2)产业结构调整;(3)国企改革对公司的定位不明;(4)实体经济不振;(5)发展战略规划不当;(6)公司治理机制不完善;(7)职能部门设置不合理;(8)资本运营管理人员素质不够高;(9)资本运营管理流程不够清晰和规范:(10)债务及利息负担过重;(11)重要信息收集能力不强;(12)管理信息系统建设不到位。针对这12项关键风险,本文分析了各项风险的成因,并提出了针对性的应对措施。最后,本文从战略、组织、制度等方面提出了 A公司资本运营风险管理优化方案实施的保障措施。第一,通过树立全员风险管理意识、普及风险管理理念、设定风险管理目标和明确风险管理原则,将资本运营风险管理工作提高到公司的战略层面;第二,通过优化公司治理结构、完善董事会的运作机制、充分发挥监事会的作用和规范经理层的运作机制,来加强公司的组织领导,通过设立风险管理委员会和风险管理部,来完善公司的风险管理组织体系;第三,通过明确对外投资等资本运营活动的管理制度与流程,来明确各相关职能部门在资本运营活动中的任务和风险管理职责,通过强化审计监督和加强风险管理培训,来提高风险管理的效果。
[Abstract]:With the deepening of China's economic system reform, according to the requirements of the central government to improve the supervision system of state-owned assets, the role of state-owned investment holding companies in the operation of state-owned assets and the optimization of reorganization is becoming more and more important. In order to achieve the goal of promoting the preservation and appreciation of state-owned assets, the state-owned investment holding companies take capital operation activities such as equity investment and operation, enterprise mergers and acquisitions as their main business. We must pay attention to the management of the risk of capital operation. A Investment holding Group Company (referred to as Company A) is a wholly state-owned company invested by Liaocheng SASAC on behalf of the municipal government. It is mainly engaged in capital operation and asset management activities. The core business is equity investment and operation, shouldering the important task of maintaining and increasing the value of state-owned assets, constructing key projects and optimizing the reorganization of state-owned assets. However, the time of capital operation activities is not long enough, and the experience of capital operation risk management is not enough, so it is necessary to strengthen the research on capital operation risk management. This paper uses the literature research method to study the relevant theoretical knowledge of state-owned investment holding company, capital operation and risk management. Based on the analysis of the current situation of capital operation environment and risk management, this paper summarizes the main problems in the risk management of capital operation in Company A: one is the lack of risk management system for capital operation, the other is the imperfection of corporate governance mechanism. Third, the organization of risk management is not perfect; fourth, lack of risk management training; fifth, lack of risk management evaluation and improvement mechanism; sixth, audit supervision is not in place. In order to improve the risk management of capital operation in company A and improve the effect of risk management of capital operation, this paper, based on the information obtained from the interview with the company's employees, comprehensively identifies the risk of capital operation of the company. Then the risk is analyzed simply, and the level of each risk is evaluated from the probability of risk occurrence and the loss caused by risk. The 12 key risks of the company are defined as follows: (1) there is no separation between government and enterprise. Excessive government intervention; (2) industrial restructuring; (3) unclear positioning of SOE reform; (4) weak entity economy; (5) inappropriate development strategy planning; (6) imperfect corporate governance mechanism; (7) irrational setting of functional departments; (8) capital management and management. Management personnel quality is not high enough; (9) capital operation management process is not clear and standardized: (10) excessive burden of debt and interest; (11) important information collection capacity is not strong; (12) management information system construction is not in place. In view of these 12 key risks, this paper analyzes the causes of each risk and puts forward corresponding countermeasures. Finally, this paper puts forward the guarantee measures of A company's capital operation risk management from the aspects of strategy, organization, system and so on. First, to raise the risk management of capital operation to the strategic level of the company by establishing the awareness of risk management, popularizing the concept of risk management, setting the goal of risk management and clarifying the principles of risk management. By optimizing the corporate governance structure, perfecting the operating mechanism of the board of directors, giving full play to the role of the board of supervisors and standardizing the operational mechanism of the manager, strengthening the organizational leadership of the company, and setting up a risk management committee and risk management department, To perfect the risk management organization system of the company; third, by clarifying the management system and process of the capital operation activities such as foreign investment, to clarify the tasks and risk management responsibilities of the relevant functional departments in the capital operation activities, Strengthen audit supervision and strengthen risk management training to improve the effectiveness of risk management.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.39

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