本文選題：并購基金 + 風(fēng)險控制�。� 參考：《北京交通大學(xué)》2014年碩士論文

【摘要】：目前我國并購市場已成為僅次于美國的全球第二大市場,這也為并購基金的發(fā)展提供了廣闊的前景。與此同時,政府也相繼出臺相關(guān)政策,支持和推動并購基金的發(fā)展。雖然并購基金在我國正蓬勃發(fā)展,但同樣存在不可忽視的風(fēng)險,必須進行必要的風(fēng)險控制。并購基金在風(fēng)險控制方面能力的加強,可以顯著地提升基金的管理水平和投資能力,提高其投資的效率和效益,從而在推動我國經(jīng)濟結(jié)構(gòu)調(diào)整、推動國有企業(yè)改制和行業(yè)整合、集聚社會閑散資金、促進資本市場的良性發(fā)展起到了重要作用,進一步穩(wěn)固自身在國民經(jīng)濟中的重要地位。在此背景下,探索和研究我國并購基金的風(fēng)險控制機制,具有重大而迫切的現(xiàn)實意義。 本文首先對有關(guān)并購基金及風(fēng)險控制的國內(nèi)外文獻進行回顧,為本文研究提供理論基礎(chǔ)和文獻支持。其次,簡要梳理我國并購基金的運行流程和發(fā)展歷程,為以流程為基礎(chǔ)的風(fēng)險識別和控制打下基礎(chǔ)。再次,結(jié)合我國并購基金的發(fā)展和存在的主要問題,基于運行流程,將其分為設(shè)立階段、融資階段、投資階段、投后管理階段和退出階段,對我國并購基金的風(fēng)險進行識別,進而借鑒我國并購基金,即中信并購基金和天堂元金并購基金的風(fēng)險控制措施,提出我國并購基金的風(fēng)險控制框架,對我國并購基金的風(fēng)險控制機制進行具體設(shè)計。 本文以降低風(fēng)險同時兼顧效率為目的,提出了內(nèi)部風(fēng)險控制框架。該框架強調(diào)并購基金的內(nèi)部風(fēng)險控制和外部監(jiān)管相結(jié)合,內(nèi)外部風(fēng)險控制機制共同作用以降低風(fēng)險提高效率。內(nèi)部風(fēng)險控制機制又分為兩個層面,第一個層面是建立合理的組織治理結(jié)構(gòu),第二個層面是設(shè)計控制力強的運行流程。組織治理結(jié)構(gòu)設(shè)計不能簡單地沿用傳統(tǒng)的有限合伙制或公司制,需在此基礎(chǔ)上加以優(yōu)化和完善。具體來說,我國并購基金可采用“組織形式有限合伙制、治理結(jié)構(gòu)半公司制”的公司合伙制組織治理結(jié)構(gòu)。運作流程層面的設(shè)計在募、投、管、退基礎(chǔ)上綜合分析,選擇運行流程中的有效活動控制點,實施風(fēng)險防范措施,針對不同階段不同的經(jīng)營活動,降低并購基金的財務(wù)風(fēng)險、業(yè)務(wù)營運風(fēng)險等。在設(shè)計并購基金的內(nèi)部風(fēng)險控制機制的同時,應(yīng)著力構(gòu)建與其相配套的法律法規(guī)體系、行業(yè)自律體系等,以為我國并購基金的健康、高效運作提供良好的外部發(fā)展監(jiān)管環(huán)境,降低我國并購基金的運行風(fēng)險。 本文在我國并購基金風(fēng)險管理實踐和理論研究處于初期階段,同時外部監(jiān)管相對缺失的背景下,從整體的視角,基于并購基金運行流程識別和設(shè)計風(fēng)險控制機制,對目前國內(nèi)研究形成有益補充,同時對并購基金風(fēng)險管理實踐和政府出臺相關(guān)政策規(guī)范并購基金風(fēng)險管理行為提出建議。
[Abstract]:At present, the M & a market in China has become the second largest market next to the United States, which also provides a broad prospect for the development of M & A fund. At the same time, the government has also issued relevant policies to support and promote the development of M & A fund. Although M & a fund is developing vigorously in China, it has the same risks that must not be ignored. The necessary risk control is carried out. The strengthening of the ability of the M & A fund in risk control can significantly improve the management level and investment ability of the fund, improve the efficiency and efficiency of its investment, thus promote the adjustment of our economic structure, promote the restructuring of the state-owned enterprises and the integration of the industry, gather the idle funds in the society, and promote the good of the capital market. Sexual development has played an important role to further strengthen its important position in the national economy. In this context, it is of great and urgent practical significance to explore and study the risk control mechanism of the M & A fund in China.
This paper first reviews the domestic and foreign documents about M & A fund and risk control, and provides the theoretical basis and literature support for this study. Secondly, it briefly combs the operation process and development process of M & A fund in China, and lays the foundation for the risk identification and control based on the process. On the basis of the operation process, the main problems are divided into the establishment stage, the financing stage, the investment stage, the post investment management stage and the exit stage, and identify the risks of the M & A fund in China, and then draw on the risk control measures of the M & A fund, that is, the CITIC M & A fund, the paradise yuan gold and the purchase fund, and put forward the M & A fund in China. The framework of risk control is specifically designed for the risk control mechanism of China's M & a funds.
The framework of internal risk control is put forward to reduce risk and efficiency. The framework emphasizes the combination of internal risk control and external supervision in M & A fund. The internal and external risk control mechanism is combined to reduce risk and improve efficiency. The internal risk control mechanism is divided into two levels. The first level is to establish a reasonable level. The second level of organizational governance structure is the operation process of strong design control. The design of organizational governance structure can not simply follow the traditional limited partnership or company system. On this basis, it should be optimized and perfected. In particular, China's M & A fund can adopt "organized form limited partnership system and control structure semi company system". The corporate partnership system organization governance structure. The design of the operational process level is based on the comprehensive analysis on the basis of the recruitment, investment, management and retreat, select the effective control points in the operation process, implement the risk prevention measures, reduce the financial risk of the M & A fund and the business operation risk according to different stages of business activities. At the same time, the mechanism of risk control should be set up to set up a system of laws and regulations and the self-discipline system of the industry to provide a good external development supervision environment for the healthy and efficient operation of the M & A fund in China, and to reduce the operational risk of the M & A fund in our country.
In the initial stage of the risk management practice and theoretical research of M & A fund in China, and under the background of the relative lack of external supervision, this paper makes a beneficial supplement to the current domestic research from the overall perspective, based on the operational process of M & A fund operation and the design of risk control mechanism. At the same time, the practice of risk management and the government's introduction of M & A fund are also introduced. Relevant policies regulate the risk management behavior of M & a funds.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F271

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