發(fā)布時(shí)間：2018-02-20 05:47

  本文關(guān)鍵詞： 匯一藥機(jī) 風(fēng)險(xiǎn)投資 財(cái)務(wù)分析 退出模式　出處：《湖南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國，中小民營企業(yè)生存環(huán)境與國家的財(cái)稅金融制度密切相關(guān)，風(fēng)險(xiǎn)投資行業(yè)起步晚發(fā)展尚不成熟，民營企業(yè)經(jīng)營者對資本市場的認(rèn)知不夠深入、對風(fēng)險(xiǎn)資本的運(yùn)作方式認(rèn)同感不強(qiáng)，風(fēng)險(xiǎn)投資機(jī)構(gòu)運(yùn)作體系待優(yōu)化，風(fēng)險(xiǎn)投資家群體培育需要時(shí)間，這些使得國外成熟的風(fēng)險(xiǎn)投資體系和工具都稍顯理想化。相應(yīng)的，我國風(fēng)險(xiǎn)投資的研究對象也應(yīng)該回歸本土特色。 風(fēng)險(xiǎn)投資領(lǐng)域的研究有許多切入點(diǎn)，本文選擇湖南匯一藥機(jī)項(xiàng)目為研究對象，通過對公司項(xiàng)目狀況與環(huán)境分析準(zhǔn)確的了解了制藥機(jī)械行業(yè)的發(fā)展?fàn)顩r以及匯一藥機(jī)未來的發(fā)展?jié)摿�。而對公司�?cái)務(wù)狀況的分析發(fā)現(xiàn)現(xiàn)階段匯一藥機(jī)項(xiàng)目短期償債能力偏弱，但長期償債能力較強(qiáng)；此外，項(xiàng)目的盈利能力在逐年提高，項(xiàng)目的資金充裕，有較強(qiáng)的風(fēng)險(xiǎn)抵抗能力，財(cái)務(wù)狀況良好。而后根據(jù)風(fēng)險(xiǎn)投資的流程系統(tǒng)性的分析研究了匯一藥機(jī)項(xiàng)目的不確定性以及風(fēng)險(xiǎn)控制，結(jié)果說明匯一藥機(jī)項(xiàng)目風(fēng)險(xiǎn)始終，適宜投資。最后，在對風(fēng)險(xiǎn)投資的項(xiàng)目和企業(yè)的風(fēng)險(xiǎn)有了充分的認(rèn)識和理解的基礎(chǔ)上，全面提出項(xiàng)目的風(fēng)險(xiǎn)投資方案，并詳細(xì)制定了風(fēng)險(xiǎn)投資項(xiàng)目的退出模式。 在中國當(dāng)前的資本市場發(fā)展現(xiàn)狀下，風(fēng)險(xiǎn)投資家如何將風(fēng)險(xiǎn)投資基金與具體的企業(yè)投資項(xiàng)目相結(jié)合，尋求有效的可操作途徑，是風(fēng)險(xiǎn)投資家必須研究并解決的課題之一。本文是關(guān)于風(fēng)險(xiǎn)投資過程風(fēng)險(xiǎn)評估和風(fēng)險(xiǎn)管理的研究，，主要側(cè)重于對風(fēng)險(xiǎn)投資融資、投資和撤出三個(gè)過程進(jìn)行分析研究，并且結(jié)合作者參與湖南匯一藥機(jī)股權(quán)投資并成功退出的案例，為對于進(jìn)一步認(rèn)識和提高風(fēng)險(xiǎn)投資過程的風(fēng)險(xiǎn)管理具有重要的理論和實(shí)踐意義。
[Abstract]:In our country, the survival environment of small and medium-sized private enterprises is closely related to the national financial system of finance and taxation, the venture capital industry is not mature and the managers of private enterprises do not have a deep understanding of the capital market. The lack of recognition of the way venture capital operates, the need to optimize the operating system of venture capital institutions, and the time required for the development of a group of venture capitalists make the mature venture capital systems and tools abroad a little more idealized. The research object of venture capital of our country should return to native characteristic too. There are many breakthrough points in the research of venture capital. This paper chooses Huiyi medicine machine project in Hunan as the research object. Through the analysis of the project status and environment of the company, the development situation of the pharmaceutical machinery industry and the development potential of the Huiyi pharmaceutical machine in the future are accurately understood, while the financial situation of the company is analyzed and it is found that the short-term solvency of the Huiyi pharmaceutical machine project is weak at the present stage. But long-term solvency is strong; in addition, the profitability of the project is increasing year by year, and the project is well funded and has strong risk resistance. According to the process of venture capital, the uncertainty and risk control of Huiyi Pharmaceutical Project are studied systematically. The results show that the risk of Huiyi Pharmaceutical Project is always suitable for investment. Finally, On the basis of a full understanding of the venture capital project and the risk of the enterprise, the project's venture capital scheme is put forward in an all-round way, and the exit mode of the venture capital project is formulated in detail. Under the current situation of capital market development in China, how do venture capitalists combine venture capital funds with specific enterprise investment projects to seek effective operational approaches? This paper is about risk assessment and risk management in the process of venture capital, focusing on the three processes of venture capital financing, investment and withdrawal. Combined with the case of the author's participation in the equity investment of Hunan Huiyi Pharmaceutical Machine and its successful exit, it has important theoretical and practical significance for further understanding and improving the risk management in the process of venture capital.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.4

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