【摘要】：“PE+上市公司”模式并購(gòu)基金作為我國(guó)新經(jīng)濟(jì)形勢(shì)下的一項(xiàng)金融創(chuàng)新,一經(jīng)興起,便風(fēng)靡全國(guó)。然而,新模式并購(gòu)基金表面繁榮,背后卻暗流洶涌,存在著諸多問題。實(shí)踐中組織形式各異,內(nèi)部控制薄弱,立法監(jiān)管空白,已積累了大量風(fēng)險(xiǎn)因素�；诖�,本文以國(guó)內(nèi)首家該模式并購(gòu)基金——天堂大康為研究對(duì)象,按運(yùn)營(yíng)流程對(duì)其風(fēng)險(xiǎn)控制問題進(jìn)行研究分析,以期為該模式并購(gòu)基金的風(fēng)險(xiǎn)控制體系的完善提供借鑒。首先,從天堂大康并購(gòu)基金案例入手,本文簡(jiǎn)要介紹了天堂硅谷、大康牧業(yè)和天堂大康三者的基本情況,同時(shí)對(duì)天堂大康項(xiàng)目投資情況進(jìn)行系統(tǒng)性回顧。其次,結(jié)合并購(gòu)基金一般情況和天堂大康實(shí)際運(yùn)營(yíng),從整體層和流程層對(duì)天堂大康面臨的主要風(fēng)險(xiǎn)進(jìn)行梳理分析,基于整體層,風(fēng)險(xiǎn)主要表現(xiàn)為系統(tǒng)風(fēng)險(xiǎn)和委托代理風(fēng)險(xiǎn);基于流程層,由于“設(shè)、融、投、管、退”等五階段具有各自不同特點(diǎn),風(fēng)險(xiǎn)有著不同的具體體現(xiàn)。再次,根據(jù)公開文件信息,分別從內(nèi)部控制和外部監(jiān)管兩個(gè)方面對(duì)天堂大康風(fēng)險(xiǎn)控制體系進(jìn)行研究,內(nèi)部控制方面,本文進(jìn)一步按基金發(fā)展流程進(jìn)行逐一分解分析;外部監(jiān)管方面,由于監(jiān)管制度比較零散,本文將主要從基金管理人、合格投資者以及信息披露等三個(gè)重要的方面進(jìn)行論述。最后,聯(lián)系實(shí)際情況,對(duì)天堂大康風(fēng)險(xiǎn)控制體系進(jìn)行評(píng)價(jià),并提出改進(jìn)建議。本文認(rèn)為,“PE+上市公司”模式并購(gòu)基金在我國(guó)尚處于發(fā)展初期,已形成的風(fēng)險(xiǎn)控制體系存在著某些缺陷,無法滿足實(shí)際需求,因而需要從內(nèi)部控制和外部監(jiān)管兩條線予以完善。
[Abstract]:As a financial innovation in the new economic situation of our country, the M & A fund of "PE listed company" is popular all over the country as soon as it rises. However, the new model M & A fund surface prosperity, but behind the undercurrent, there are many problems. In practice, the organization forms are different, the internal control is weak, the legislation supervision is blank, has accumulated a large number of risk factors. Based on this, this paper takes the first M & A fund in China as the research object, analyzes its risk control problem according to the operation process, in order to provide reference for the improvement of the risk control system of the model M & A fund. First of all, starting from the case of the merger and acquisition fund of Dacang, this paper briefly introduces the basic situation of Silicon Valley, animal husbandry and Dachang, and systematically reviews the investment situation of the project. Secondly, combined with the general situation of M & A fund and the actual operation of Dacang, the paper analyzes the main risks faced by Taikang from the whole level and process level. Based on the whole layer, the risk mainly shows as systematic risk and principal-agent risk. Based on the process layer, the five stages of "design, finance, investment, management and retreat" have their own characteristics, and the risks are embodied in different ways. Thirdly, according to the information of public documents, the paper studies the risk control system of Dacang from two aspects of internal control and external supervision. In terms of internal control, this paper further analyzes the process of fund development one by one. In terms of external supervision, due to the scattered regulatory system, this paper will mainly discuss three important aspects, such as fund manager, qualified investors and information disclosure. Finally, according to the actual situation, the risk control system of Dacang is evaluated, and suggestions for improvement are put forward. This paper holds that the "PE listed company" mode M & A fund is still in the early stage of development in our country, and the formed risk control system has some defects, which can not meet the actual demand. Therefore, two lines of internal control and external supervision should be improved.
【學(xué)位授予單位】：中南財(cái)經(jīng)政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39;F271

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