摘要
I
摘要
私募股权投资（Private Equity，PE）在我国市场发展迄今已有 20 多年。然
而，随着私募股权投资在我国的发展，越来越多的投资无法实现退出，甚至大
批 PE 机构被资本市场淘汰。其主要原因在于 PE 机构在投资前对被投资企业的
尽职调查做的不够。可以说尽职调查在很大程度上决定着投资的成败

本文所研究的对象，JLF 资本是北京一家成立了 10 年的 PE 投资机构。笔
者通过对 JLF 资本尽职调查的研究，总结和分析其存在的问题，并结合相关的
理论、方法，对尽职调查进行改进设计。同时，结合实际案例，对 JLF 资本尽
职调查的过程进行详细描述和分析，以期提高 JLF 资本对外投资的成功率和投
资增值，使之在资本市场中立于不败之地

本文的内容分 7 章安排：第 1 章，绪论。阐述研究背景和意义、基本思路
与方法、国内外研究现状以及创新与不足。第 2 章，私募股权投资及尽职调查
概述。对私募股权投资和尽职调查进行介绍。第 3 章，JLF 资本尽职调查现状及
问题分析。介绍 JLF 资本背景、尽职调查的现状以及分析尽职调查中存在的问
题和原因。第 4 章，JLF 资本尽职调查改进设计。针对出现的问题，对 JLF 资本
尽职调查要点进行分析、对尽职调查的组织安排和尽职调查提纲进行全面设计

第 5 章，案例分析。结合具体案例描述 JLF 资本尽职调查的过程及存在的问题

第 6 章，保障措施。从提高人员职业素养、强化组织内部协作、优化工作方式
与流程、提升信息情报收集能力以及明确多种退出渠道等方面保障尽职调查的
质量。第 7 章，总结与展望

本文采用了文献研究法、规范研究法和案例研究法等方法，创造性的将管
理学理论中的企业生命周期理论、SWOT 分析方法、波士顿矩阵运用到私募股
权投资尽职调查改进设计中。本文是将理论与实践紧密结合研究的一种探索性
尝试，旨在抛砖引玉，以期更多有价值的研究出现

关键词：私募股权投资；尽职调查；改进设计；管理学理论；案例研究ABSTRACT
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ABSTRACT
Private Equity, In the development of China&39;s market has been more than 20
years. However, with the development of private equity investment in China, more
and more investment cannot be achieved, and even a large number of PE institutions
have been eliminated by the capital market. The main reason is that PE institutions to
invest in the enterprise before the due diligence is not enough. It can be said that due
diligence to a large extent determines the success or failure of investment.
The object studied in this dissertation, JLF capital is a Beijing established 10 years of
PE firms. Based on the research of JLF capital due diligence, summarizes and
analyzes the existing problems, and combined with related theories, methods, design
improvement for due diligence. At the same time, combined with the actual case, for
detailed description and analysis of JLF capital due diligence process. In order to
improve the success rate of JLF capital investment and increase the value of
investment in the capital market, make it invincible in the capital market.
This dissertation is divided into 7 chapters, the first chapter is introduction.
Expounds the research background and significance, the basic ideas and methods,
the domestic and foreign research actualities, also the innovation and shortage of it.
The second chapter is the overview of private equity investment and due diligence.
Introduction of private equity and due diligence. The third chapter is the analysis of
the current situation and problems of JLF capital due diligence. Introduction JLF
capital background, the actualities of due diligence, analyze the problems and reasons
in the process of due diligence. The fourth chapter, improved design of JLF capital
due diligence. Aiming at the problems, analysis of JLF capital due diligence,
complete the design of due diligence organization and due diligence. The fifth chapter
is case analysis. Combined with specific cases to describe the process of JLF capital
due diligence and problems. The sixth chapter, safeguard measures. Improve the
professional quality of personnel, strengthen the internal cooperation, optimize the
working method and process, enhance the ability of information collection, and clear
a variety of exit channels, etc. to ensure the quality of due diligence. The seventhABSTRACT
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chapter is the summary and Prospect.
This dissertation adopts the literature research, the standard methodology and
case research method. The creative use of the theory of corporate life cycle in
management theory, SWOT analysis, and the use of the Boston matrix to improve the
design of due diligence in private equity investments. This dissertation is an attempt
to combine theory with practice, throw a sprat to catch a whale, look forward to more
valuable research.
Key words: Private equity investment; Due diligence; Improved design;
Management theory; case research目 录
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目 录
第 1 章 绪论 ·· ·· 1
1.1 研究的背景和意义 ·· ·· ··1
1.1.1 研究的背景 ·· ·· 1
1.1.2 研究的意义 ·· ·· 2
1.2 国内外研究现状 ·· ·· ··3
1.2.1 国外研究现状 ·· ·· 3
1.2.2 国内研究现状 ·· ·· 5
1.3 基本思路与研究方法 ·· · 8
1.3.1 研究的思路 ·· ·· 8
1.3.2 研究的方法 ·· ·· 8
1.4 本文的创新之处与不足 ·· ·9
1.4.1 本文的创新之处 ·· ·· 9
1.4.2 本文的不足之处 ·· ·· 9
第 2 章 私募股权投资及尽职调查概述 ·· ·10
2.1 私募股权投资概述 ·· ·· ·10
2.1.1 私募股权投资的概念界定 ·· ·10
2.1.2 私募股权投资的历史发展轨迹 ·· ·11
2.2 尽职调查概述 ·· ·· ·15
2.2.1 尽职调查的概念 ·· · 15
2.2.2 尽职调查的目的 ·· · 16
2.2.3 尽职调查的范围 ·· · 17
2.2.4 尽职调查的主要方法 ·· ·18
第 3 章 JLF 资本尽职调查现状及问题分析 ·· ·21
3.1 JLF 资本背景介绍 ·· ·· 21
3.2 JLF 资本尽职调查现状 ·· ··21
3.2.1 尽职调查前准备 ·· · 22
3.2.2 尽职调查过程及分析 ·· ·22
3.2.3 尽职调查后对拟投资项目的评价 ·· ·23
3.3 JLF 资本尽职调查中存在的问题及原因分析 ·· ·· ··24目 录
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3.3.1 事前准备不充分 ·· · 24
3.3.2 尽职调查缺乏系统安排 ·· ·24
3.3.3 一叶障目，不见泰山 ·· ·24
3.3.4 盲目从众 ·· ·· ··25
3.3.5 工作不够细致 ·· ·· ··25
3.3.6 人员知识和能力有待提高 ·· ·25
第 4 章 JLF 资本尽职调查改进设计 ·· ·27
4.1 尽职调查要点分析 ·· ·· ·27
4.1.1 解决“一叶障目”式问题的尽职调查要点 ·· ·· ··27
4.1.2 规避道德诚信风险的尽职调查要点 ·· ·27
4.1.3 解决信息不对称问题的尽职调查要点 ·· ·27
4.1.4 采用管理学分析工具的尽职调查要点 ·· ·· ·28
4.1.5 考虑投资退出途径的尽职调查要点 ·· ·· ·32
4.2 尽职调查工作的组织安排 ·· 33
4.2.1 项目组人员组成和职责分工 ·· ·33
4.2.2 项目组工作流程及安排 ·· ·33
4.3 尽职调查提纲全面设计 ·· 34
4.3.1 尽职调查的范围 ·· · 34
4.3.2 尽职调查提纲具体设计 ·· ·34
第 5 章 案例分析 ·· ·· ··40
5.1 ZKTY 公司背景 ··
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