本文選題：國資創(chuàng)投 + 雙重委托代理理論　； 參考：《南京大學》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,但是到了40多年后的上世紀90年代這個行業(yè)才剛剛開始興盛起來,關于創(chuàng)投行業(yè)的研究也是從這個時期逐漸多了起來。創(chuàng)投行業(yè)的發(fā)展一直追隨著科學技術革新的腳步,第三次科技革命尤其是新興產(chǎn)業(yè)的發(fā)展和資本市場的完善給創(chuàng)投業(yè)帶來了巨大的發(fā)展機遇,資本與科技碰撞出了火花,給人類文明發(fā)展帶來了新的機遇。中國人也在順應著歷史的潮流,在改革開放初期就由政府部門引入創(chuàng)業(yè)投資進行試點,但是早期由于國內(nèi)新興行業(yè)起步晚,資本市場發(fā)展不完善給創(chuàng)投行業(yè)的發(fā)展帶來了一定的阻礙,創(chuàng)投行業(yè)一直沒有得到很好的發(fā)展。近些年來隨著中國股權(quán)分置改革完成和創(chuàng)業(yè)板的開啟,創(chuàng)投行業(yè)才在中國迎來了發(fā)展的熱潮。中國的創(chuàng)投行業(yè)相比其他國家有一個最明顯的特征,那就是中央和地方政府在創(chuàng)投行業(yè)中占據(jù)主導地位,這種發(fā)展模式之下使得國資創(chuàng)投成為了中國創(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新興產(chǎn)業(yè)發(fā)展的同時也倒逼了傳統(tǒng)企業(yè)的自我革命、自我轉(zhuǎn)型,它是中國經(jīng)濟結(jié)構(gòu)調(diào)整,產(chǎn)業(yè)結(jié)構(gòu)升級,消費結(jié)構(gòu)轉(zhuǎn)型的一個縮影。隨著我國居民財富的快速積累和國家政策的放開,越來越多的民營資本開始進入到創(chuàng)投行業(yè),給創(chuàng)投帶來了更多的市場活力。國有創(chuàng)投面臨著更多的是來自市場的挑戰(zhàn),加強風險管理的同時也是為更好的迎接市場的挑戰(zhàn)做準備。創(chuàng)業(yè)投資在這個資本和科技的結(jié)合中扮演了重要的角色,他們像一個個天使給發(fā)明者、創(chuàng)業(yè)者帶來希望的種子。當然也有人說他們是惡魔,把創(chuàng)始人趕出其所創(chuàng)辦的企業(yè)或者是企業(yè)上市后在資本市場瘋狂的套現(xiàn)。商業(yè)社會理性人是趨利的,但是市場通過它那支無形的手給我們指引了方向,創(chuàng)投在通過其特有的方式給社會做出了貢獻。筆者通過一家具有典型性的國資創(chuàng)投—AH創(chuàng)投作為案例樣板來分析國資創(chuàng)投公司在風險管理方面存在的問題,為何要實施全面風險管理以及如何在公司實施全面風險管理。文章根據(jù)提出問題、分析問題和解決問題的一般邏輯思路,首先從創(chuàng)投的籌資階段、投資階段、退出階段的資本運作流程來著手分析AH創(chuàng)投的基本運營情況,并討論了AH創(chuàng)投的風險管理的現(xiàn)狀,其次從內(nèi)部控制五要素的視角根據(jù)控制環(huán)境、風險評估體系、風險業(yè)務控制活動、信息與溝通、監(jiān)督體系五個方面分析了AH創(chuàng)投在風險管理中存在的問題,最后繼續(xù)從內(nèi)部控制五要素的角度對AH創(chuàng)投實施全面風險管理提出建議措施,這些建議措施都是按照前一章的問題來提出解決方案的。AH創(chuàng)投背后是深厚的傳統(tǒng)國有企業(yè)的文化,目前在該企業(yè)內(nèi)部還沒有建立起全面風險管理體系,該企業(yè)在風險管控領域十分薄弱,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險漏洞。此外,國資創(chuàng)投由于其在成立之初就帶有一定的政治任務,在擔負盈利要求的同時也承擔了相應的社會責任,這使得國資創(chuàng)投往往責任不清,給公司的效率提升帶來了一定困難,也給風險管理帶來一定的壓力。AH創(chuàng)投急需建立起全面風險管理體系,用全面風險管理體系給公司進行流程上業(yè)務上的改造,讓全體員工參與到風險管理中去,樹立良好的風險管理意識,把風險管理滲透到企業(yè)的各項活動中去、各個項目中去,旨在把創(chuàng)投企業(yè)的風險限制在風險容量以內(nèi),并在這個過程中為企業(yè)提升價值提供有效地咨詢服務。全面風險管理體系有一套系統(tǒng)的、規(guī)范的方法,為識別所有可能發(fā)生的風險,管理所有發(fā)生的風險提供合理的保證。本文的研究主題在前人研究的基礎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放在了富有中國特色的國有背景下的創(chuàng)投公司,國有企業(yè)有自身的特色和弊端,這些風險因子表現(xiàn)在創(chuàng)投企業(yè)身上會更加放大化。其次,本文從創(chuàng)新的角度把風險的管理放置在內(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險。再次,本文沒有把最重要的筆墨放在項目投資決策的風險分析上,而是更加喜歡從企業(yè)環(huán)境、組織結(jié)構(gòu)、制度風險等方面去發(fā)掘公司整體的風險。
[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.

【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.48;F272.3

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