【摘要】：近年來(lái),私募股權(quán)(PE)投資在我國(guó)剛剛引入就得到蓬勃的發(fā)展,這固然有國(guó)內(nèi)經(jīng)濟(jì)發(fā)展的階段性背景和金融系統(tǒng)結(jié)構(gòu)性矛盾的外在因素在起作用,但PE獨(dú)特的投資模式和旺盛的生命力才是內(nèi)在的決定性因素。在國(guó)內(nèi)PE的投資實(shí)踐中,Term Sheet和投資協(xié)議是非常重要的一個(gè)環(huán)節(jié),海外標(biāo)準(zhǔn)款的Term Sheet及其在國(guó)內(nèi)的適應(yīng)性調(diào)整,正是本文邏輯的起點(diǎn)。 本文基于私募股權(quán)基金的項(xiàng)目風(fēng)險(xiǎn)管理的視角,對(duì)交易結(jié)構(gòu)的條款進(jìn)行分析和探討,將PE投資風(fēng)險(xiǎn)管理的過(guò)程分為事前、事中和事后三個(gè)階段,PE基金綜合運(yùn)用項(xiàng)目篩選、價(jià)值評(píng)價(jià)、風(fēng)險(xiǎn)分析、交易結(jié)構(gòu)設(shè)計(jì)、投資后管理、密切的信息交流、增值服務(wù)、多元化的退出渠道等多種工具和手段,對(duì)項(xiàng)目風(fēng)險(xiǎn)分別采取了規(guī)避、消除、降低、分擔(dān)、轉(zhuǎn)移、保留等不同的風(fēng)險(xiǎn)應(yīng)對(duì)策略。然而,在所有的風(fēng)險(xiǎn)應(yīng)對(duì)措施中,交易結(jié)構(gòu)設(shè)計(jì)處于承前啟后、總領(lǐng)全局的核心地位和作用。因此,本文抓住交易結(jié)構(gòu)設(shè)計(jì)這個(gè)中心話題,展開(kāi)了細(xì)致的解析和全面的討論。 本文總共六章。第一章闡述了研究的背景、意義,介紹了研究的思路、方法和目的,說(shuō)明了主要內(nèi)容、框架結(jié)構(gòu)以及創(chuàng)新和不足；第二章介紹了私募股權(quán)(PE)投資的概念、內(nèi)涵、產(chǎn)生機(jī)理、相對(duì)優(yōu)勢(shì)和風(fēng)險(xiǎn)特征,然后通過(guò)Term主要條款引出交易結(jié)構(gòu)設(shè)計(jì)的概念；第三章深入探討了不對(duì)稱(chēng)信息下的二元博弈機(jī)理和博弈工具的期權(quán)原理及其對(duì)交易結(jié)構(gòu)設(shè)計(jì)的啟示；第四章闡述了交易結(jié)構(gòu)設(shè)計(jì)的概念、關(guān)鍵要素、基本原則和操作流程；第五章從實(shí)踐操作的角度進(jìn)一步分解了交易結(jié)構(gòu)設(shè)計(jì)的關(guān)鍵要素；第六章通過(guò)案例分析展示了風(fēng)險(xiǎn)識(shí)別和交易結(jié)構(gòu)設(shè)計(jì)的過(guò)程。 本文的創(chuàng)新在于深化了對(duì)交易結(jié)構(gòu)的理解和認(rèn)識(shí),分別從交易結(jié)構(gòu)的風(fēng)險(xiǎn)管理本質(zhì)和改善博弈形式的內(nèi)在機(jī)理,兩個(gè)方面做了詳細(xì)的論述和展開(kāi),提出了自已對(duì)交易結(jié)構(gòu)設(shè)計(jì)的概念界定,闡述了交易結(jié)構(gòu)設(shè)計(jì)的原則和方法,并結(jié)合具體案例展示了交易結(jié)構(gòu)設(shè)計(jì)的實(shí)踐應(yīng)用。 交易結(jié)構(gòu)設(shè)計(jì)是一門(mén)服務(wù)于投資實(shí)踐的,以價(jià)值創(chuàng)造為目標(biāo)、風(fēng)險(xiǎn)管理為導(dǎo)向,以信息經(jīng)濟(jì)學(xué)、博弈論、委托代理理論為分析工具,以制度和機(jī)制設(shè)計(jì)理論、實(shí)物期權(quán)理論、風(fēng)險(xiǎn)管理理論為指導(dǎo)思想,以激勵(lì)約束為核心內(nèi)容,以金融工具和治理工具為實(shí)施手段,以保護(hù)性和配套性條款為輔助措施,以法律和文化環(huán)境為依托背景,將直接投資及風(fēng)險(xiǎn)管理作業(yè)工程化的應(yīng)用學(xué)科。
[Abstract]:In recent years, the private equity (PE) investment has just been introduced into our country to get the vigorous development, this certainly has the domestic economic development stage background and the financial system structural contradiction external factor to play the role, But the unique investment mode and vigorous vitality of PE are the internal decisive factors. In the domestic PE investment practice, Term Sheet and investment agreement are very important links, overseas standard Term Sheet and its adaptation in China is the logical starting point of this paper. Based on the perspective of project risk management of private equity funds, this paper analyzes and discusses the terms of transaction structure, and divides the process of PE investment risk management into three stages: pre -, middle-and post-event. PE funds are screened for comprehensive use of projects. Value evaluation, risk analysis, transaction structure design, post-investment management, close information exchange, value-added services, diversified exit channels and other tools and means, to the project risk avoidance, elimination, reduction, sharing, etc. Transfer, retention and other risk response strategies. However, in all the risk response measures, the transaction structure design is in the core position and function of the overall situation. Therefore, this article grasps the trade structure design this central topic, launches the meticulous analysis and the comprehensive discussion. This article consists of six chapters. The first chapter describes the background and significance of the research, introduces the ideas, methods and purposes of the research, explains the main content, framework structure, innovation and deficiencies; The second chapter introduces the concept, connotation, mechanism, comparative advantage and risk characteristics of private equity (PE) investment, and then introduces the concept of transaction structure design through the main terms of Term. The third chapter deeply discusses the mechanism of dualistic game under asymmetric information, the option principle of game tools and its inspiration to the design of transaction structure, the fourth chapter expounds the concept, key elements, basic principles and operation process of transaction structure design. The fifth chapter further decomposes the key elements of transaction structure design from the point of view of practical operation, and the sixth chapter shows the process of risk identification and transaction structure design through case analysis. The innovation of this paper is to deepen the understanding and understanding of the transaction structure, respectively from the nature of risk management of the transaction structure and the internal mechanism of improving the game form, which are discussed and unfolded in detail in two aspects. This paper puts forward the definition of transaction structure design, expounds the principles and methods of transaction structure design, and shows the practical application of transaction structure design in combination with concrete cases. Transaction structure design is a service to investment practice, with value creation as the goal, risk management as the direction, information economics, game theory, principal-agent theory as the analytical tools, system and mechanism design theory, real option theory, and so on. Risk management theory as the guiding ideology, incentive and restraint as the core content, financial instruments and governance tools as the means of implementation, protective and matching provisions as auxiliary measures, legal and cultural environment as the background, The application of direct investment and risk management in engineering.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.48

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