本文選題：國(guó)資創(chuàng)投 + 雙重委托代理理論��； 參考：《南京大學(xué)》2014年碩士論文

【摘要】：創(chuàng)業(yè)投資行業(yè)源起于二戰(zhàn)后的美國(guó),但是到了40多年后的上世紀(jì)90年代這個(gè)行業(yè)才剛剛開始興盛起來(lái),關(guān)于創(chuàng)投行業(yè)的研究也是從這個(gè)時(shí)期逐漸多了起來(lái)。創(chuàng)投行業(yè)的發(fā)展一直追隨著科學(xué)技術(shù)革新的腳步,第三次科技革命尤其是新興產(chǎn)業(yè)的發(fā)展和資本市場(chǎng)的完善給創(chuàng)投業(yè)帶來(lái)了巨大的發(fā)展機(jī)遇,資本與科技碰撞出了火花,給人類文明發(fā)展帶來(lái)了新的機(jī)遇。中國(guó)人也在順應(yīng)著歷史的潮流,在改革開放初期就由政府部門引入創(chuàng)業(yè)投資進(jìn)行試點(diǎn),但是早期由于國(guó)內(nèi)新興行業(yè)起步晚,資本市場(chǎng)發(fā)展不完善給創(chuàng)投行業(yè)的發(fā)展帶來(lái)了一定的阻礙,創(chuàng)投行業(yè)一直沒(méi)有得到很好的發(fā)展。近些年來(lái)隨著中國(guó)股權(quán)分置改革完成和創(chuàng)業(yè)板的開啟,創(chuàng)投行業(yè)才在中國(guó)迎來(lái)了發(fā)展的熱潮。中國(guó)的創(chuàng)投行業(yè)相比其他國(guó)家有一個(gè)最明顯的特征,那就是中央和地方政府在創(chuàng)投行業(yè)中占據(jù)主導(dǎo)地位,這種發(fā)展模式之下使得國(guó)資創(chuàng)投成為了中國(guó)創(chuàng)投業(yè)的主力軍。創(chuàng)業(yè)投資的發(fā)展其既有力地支持了中國(guó)新興產(chǎn)業(yè)發(fā)展的同時(shí)也倒逼了傳統(tǒng)企業(yè)的自我革命、自我轉(zhuǎn)型,它是中國(guó)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整,產(chǎn)業(yè)結(jié)構(gòu)升級(jí),消費(fèi)結(jié)構(gòu)轉(zhuǎn)型的一個(gè)縮影。隨著我國(guó)居民財(cái)富的快速積累和國(guó)家政策的放開,越來(lái)越多的民營(yíng)資本開始進(jìn)入到創(chuàng)投行業(yè),給創(chuàng)投帶來(lái)了更多的市場(chǎng)活力。國(guó)有創(chuàng)投面臨著更多的是來(lái)自市場(chǎng)的挑戰(zhàn),加強(qiáng)風(fēng)險(xiǎn)管理的同時(shí)也是為更好的迎接市場(chǎng)的挑戰(zhàn)做準(zhǔn)備。創(chuàng)業(yè)投資在這個(gè)資本和科技的結(jié)合中扮演了重要的角色,他們像一個(gè)個(gè)天使給發(fā)明者、創(chuàng)業(yè)者帶來(lái)希望的種子。當(dāng)然也有人說(shuō)他們是惡魔,把創(chuàng)始人趕出其所創(chuàng)辦的企業(yè)或者是企業(yè)上市后在資本市場(chǎng)瘋狂的套現(xiàn)。商業(yè)社會(huì)理性人是趨利的,但是市場(chǎng)通過(guò)它那支無(wú)形的手給我們指引了方向,創(chuàng)投在通過(guò)其特有的方式給社會(huì)做出了貢獻(xiàn)。筆者通過(guò)一家具有典型性的國(guó)資創(chuàng)投—AH創(chuàng)投作為案例樣板來(lái)分析國(guó)資創(chuàng)投公司在風(fēng)險(xiǎn)管理方面存在的問(wèn)題,為何要實(shí)施全面風(fēng)險(xiǎn)管理以及如何在公司實(shí)施全面風(fēng)險(xiǎn)管理。文章根據(jù)提出問(wèn)題、分析問(wèn)題和解決問(wèn)題的一般邏輯思路,首先從創(chuàng)投的籌資階段、投資階段、退出階段的資本運(yùn)作流程來(lái)著手分析AH創(chuàng)投的基本運(yùn)營(yíng)情況,并討論了AH創(chuàng)投的風(fēng)險(xiǎn)管理的現(xiàn)狀,其次從內(nèi)部控制五要素的視角根據(jù)控制環(huán)境、風(fēng)險(xiǎn)評(píng)估體系、風(fēng)險(xiǎn)業(yè)務(wù)控制活動(dòng)、信息與溝通、監(jiān)督體系五個(gè)方面分析了AH創(chuàng)投在風(fēng)險(xiǎn)管理中存在的問(wèn)題,最后繼續(xù)從內(nèi)部控制五要素的角度對(duì)AH創(chuàng)投實(shí)施全面風(fēng)險(xiǎn)管理提出建議措施,這些建議措施都是按照前一章的問(wèn)題來(lái)提出解決方案的。AH創(chuàng)投背后是深厚的傳統(tǒng)國(guó)有企業(yè)的文化,目前在該企業(yè)內(nèi)部還沒(méi)有建立起全面風(fēng)險(xiǎn)管理體系,該企業(yè)在風(fēng)險(xiǎn)管控領(lǐng)域十分薄弱,在組織結(jié)構(gòu)、人力資源、決策流程等方面存在著巨大的風(fēng)險(xiǎn)漏洞。此外,國(guó)資創(chuàng)投由于其在成立之初就帶有一定的政治任務(wù),在擔(dān)負(fù)盈利要求的同時(shí)也承擔(dān)了相應(yīng)的社會(huì)責(zé)任,這使得國(guó)資創(chuàng)投往往責(zé)任不清,給公司的效率提升帶來(lái)了一定困難,也給風(fēng)險(xiǎn)管理帶來(lái)一定的壓力。AH創(chuàng)投急需建立起全面風(fēng)險(xiǎn)管理體系,用全面風(fēng)險(xiǎn)管理體系給公司進(jìn)行流程上業(yè)務(wù)上的改造,讓全體員工參與到風(fēng)險(xiǎn)管理中去,樹立良好的風(fēng)險(xiǎn)管理意識(shí),把風(fēng)險(xiǎn)管理滲透到企業(yè)的各項(xiàng)活動(dòng)中去、各個(gè)項(xiàng)目中去,旨在把創(chuàng)投企業(yè)的風(fēng)險(xiǎn)限制在風(fēng)險(xiǎn)容量以內(nèi),并在這個(gè)過(guò)程中為企業(yè)提升價(jià)值提供有效地咨詢服務(wù)。全面風(fēng)險(xiǎn)管理體系有一套系統(tǒng)的、規(guī)范的方法,為識(shí)別所有可能發(fā)生的風(fēng)險(xiǎn),管理所有發(fā)生的風(fēng)險(xiǎn)提供合理的保證。本文的研究主題在前人研究的基礎(chǔ)上有了一定的變化與創(chuàng)新。首先把創(chuàng)投公司研究的聚焦點(diǎn)放在了富有中國(guó)特色的國(guó)有背景下的創(chuàng)投公司,國(guó)有企業(yè)有自身的特色和弊端,這些風(fēng)險(xiǎn)因子表現(xiàn)在創(chuàng)投企業(yè)身上會(huì)更加放大化。其次,本文從創(chuàng)新的角度把風(fēng)險(xiǎn)的管理放置在內(nèi)部控制五要素的視角下而非是傳統(tǒng)的運(yùn)作流程的視角下,這種分析更有利于發(fā)掘創(chuàng)投企業(yè)公司層面的漏洞和風(fēng)險(xiǎn)。再次,本文沒(méi)有把最重要的筆墨放在項(xiàng)目投資決策的風(fēng)險(xiǎn)分析上,而是更加喜歡從企業(yè)環(huán)境、組織結(jié)構(gòu)、制度風(fēng)險(xiǎn)等方面去發(fā)掘公司整體的風(fēng)險(xiǎn)。
[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.

【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48;F272.3

【相似文獻(xiàn)】

相關(guān)期刊論文 前9條

1 鄒天元;;AH倒掛 折價(jià)股機(jī)會(huì)來(lái)臨[J];證券導(dǎo)刊;2010年24期

2 王建峰;郭華;潘炳紅;;AH股市場(chǎng)中知情交易信息傳遞效率比較研究[J];南開經(jīng)濟(jì)研究;2014年03期

3 徐輝;;AH套利引發(fā)市場(chǎng)新憂慮[J];證券導(dǎo)刊;2007年09期

4 楊方;;我國(guó)AH股價(jià)差研究[J];中外企業(yè)家;2014年04期

5 王猛;譚麗莎;;AH股交叉上市與審計(jì)師謹(jǐn)慎性:基于審計(jì)意見的實(shí)證分析[J];財(cái)會(huì)月刊;2010年35期

6 杜長(zhǎng)江;王晶晶;;AH股價(jià)大面積倒掛[J];證券導(dǎo)刊;2008年34期

7 趙琳;;六公司AH股價(jià)倒掛 投資機(jī)會(huì)閃現(xiàn)[J];股市動(dòng)態(tài)分析;2008年25期

8 陳琳娜;楊淵;張竹海;;淺析AH股價(jià)差以及其未來(lái)趨勢(shì)[J];經(jīng)營(yíng)管理者;2008年15期

9 ;[J];;年期

相關(guān)會(huì)議論文 前1條

1 劉海鵬;何明;楊巨平;王文寧;;C_(70A)(C_(70AH))型運(yùn)煤敞車的研制[A];貨車學(xué)術(shù)研討會(huì)論文集[C];2006年

相關(guān)重要報(bào)紙文章 前10條

1 皮海洲;AH公司再融資應(yīng)同時(shí)進(jìn)行[N];證券時(shí)報(bào);2008年

2 記者 郭興艷;“B股之王”胡野碧： B股投資者應(yīng)享“B轉(zhuǎn)AH”優(yōu)先認(rèn)購(gòu)權(quán)[N];第一財(cái)經(jīng)日?qǐng)?bào);2012年

3 西南證券 周興政;中石油AH價(jià)差或?qū)⒗骩N];中國(guó)證券報(bào);2008年

4 本報(bào)記者 孫見友;銀行股AH折價(jià)“堅(jiān)冰”漸融[N];中國(guó)證券報(bào);2011年

5 本報(bào)記者 張歆;銀行股AH比價(jià)大逆轉(zhuǎn)：工行等五股“集體折價(jià)” 投行人士稱：赴港上市時(shí)間窗有望重啟[N];證券日?qǐng)?bào);2012年

6 張國(guó)棟;AH股指數(shù)有助兩地融合[N];中國(guó)證券報(bào);2007年

7 鐘恬;AH指數(shù)昨日正式登場(chǎng)[N];證券時(shí)報(bào);2007年

8 本報(bào)記者 言焱;銀行AH溢價(jià)已為折價(jià) 農(nóng)行H股或順“折”而發(fā)[N];21世紀(jì)經(jīng)濟(jì)報(bào)道;2010年

9 香港資深投資銀行家 溫天納;熱錢入港推動(dòng) AH股溢價(jià)收窄難免[N];證券時(shí)報(bào);2012年

10 王麗娜;恒指服務(wù)公司7月推AH股指數(shù)[N];上海證券報(bào);2007年

相關(guān)碩士學(xué)位論文 前10條

1 李方亮;匯率預(yù)期對(duì)AH股價(jià)差的影響研究[D];上海師范大學(xué);2015年

2 汪欽;AH創(chuàng)投風(fēng)險(xiǎn)管理問(wèn)題研究[D];南京大學(xué);2014年

3 李曦;AH證券公司經(jīng)紀(jì)業(yè)務(wù)盈利模式轉(zhuǎn)型研究[D];華僑大學(xué);2013年

4 林穎筠;AH地產(chǎn)戰(zhàn)略性人力資源管理的診斷報(bào)告[D];電子科技大學(xué);2013年

5 王路輝;AH型非貴金屬松香歧化催化劑的研究[D];昆明理工大學(xué);2005年

6 陳杰;AH生物科技有限公司的發(fā)展戰(zhàn)略研究[D];安徽大學(xué);2013年

7 張玉娟;AH公司建設(shè)學(xué)習(xí)型組織問(wèn)題研究[D];南京理工大學(xué);2013年

8 崔紅軍;股權(quán)分置改革前后AH交叉上市股票價(jià)差研究[D];上海師范大學(xué);2011年

9 蔡振;交叉上市AH股股價(jià)間溢出效應(yīng)分析[D];江西財(cái)經(jīng)大學(xué);2014年

10 蔡宇;AH股價(jià)的差異及其與市場(chǎng)關(guān)聯(lián)程度的研究[D];西南財(cái)經(jīng)大學(xué);2011年

，

本文編號(hào)：1844743