本文从私募股权投资基金投后管理这一角度出发，分析当前中国私募股
权投资基金行业投后管理的发展现状及存在的问题。结合九鼎集团投资众信
旅游的案例，提出可行的解决建议。本文的内容结构如下：
第一章为绪论部分，介绍本文的研究背景、研究意义，通过整理国内外
学者关于私募股权投资投后管理的研究成果，发现中国私募股权基金发展的
内外部环境同国外存在较大差异，且中国在相关领域的研究仍落后于国际，
要解决中国私募股权基金投后管理中遇到的实际问题，必须要结合中国现实
情况，进行私募股权投资基金投后管理的研究
第二章阐述了私募股权投资、投后管理的定义及内涵，通过管理内容的
不同，将投后管理分为日常监控管理、例外事项管理和增值服务管理三部分，
并分析了投后管理的重要性及影响投后管理的因素。根据投后管理实施主体、
运行方式的不同，将投后管理模式分为投资团队负责制、投后团队负责制、
投资+投后团队负责制及子公司制四种模式，并对四种模式的优缺点进行了对
比和总结
第三章以截至 2016 年年末，已在全国中小企业股份转让系统挂牌的私募
股权投资机构为样本，统计了当前我国私募股权投资机构采取的投后管理模私募股权投资基金投后管理研究式，并从样本结构特征进行分析，探讨投资机构投后管理模式的选用与基金
人员规模、注册地、基金资金规模等因素的关系。随后阐述了国内私募股权
基金投后管理的发展历程，总结了当前我国私募股权投后管理中存在的问题
及其成因
第四章以九鼎集团投资众信旅游为例，分析了九鼎集团投后管理体系的
机构设置、人员配置及投后管理运作流程，剖析其在投资众信旅游后，如何
向其提供投后管理服务。通过对众信旅游经营绩效的横向对比及纵向对比，
看到精细化的投后管理有利于提升被投企业的经营绩效。通过对九鼎集团投
资众信旅游的投资回报测算，看到投后管理有利于提升投资机构投资回报率
最后一章基于前文的论述，得出结论：（1）投后管理模式的选择与 PE/VC
机构规模高度相关；（2）投后管理日益精细化、专业化、体系化是未来发展
趋势；（3）通过精细化的投后管理，可以提升被投企业经营绩效。最后，基
于本文的研究成果及一线的工作经验，提出对我国私募股权投后管理发展的
可行性建议，希望这些建议可以帮助我国私募股权投资机构更多地意识到投
后管理的重要性，并在实务中将投后管理精细化、专业化、体系化
关键词：私募股权投资 投后管理 资本运作AbstractAbstract
Private equity has experienced more than 20 years of development in China,
which is coming into a new stage. By the end of 2016, there are more than 10,000
private equity institutions, managing over 7 trillion RMB which ranked second in
the world. Although the private equity enjoys a rapid development, as a result of
barbaric growth in early years, and the regulation system is improving
incrementally, the PE in China has exposed a lot of issues, restricting the
prosperous development of the industry. As a value-added step, post-investment
management plays an important role as a connecting link between the preceding
and the following, but in the practical work, private equity values “invest” over
“post-investment management”.
This paper focuses on post-investment of PE, analyzing the current situation
and the existing problems of the post-investment of PE and giving feasible
suggestion according to the case of Goding Capital investing in U-tour. The main
structure of the paper is listing as follows:
The first chapter is the introduction of the research background and the
research implication. Through a brief summary of opinions from international and
domestic scholars, the author found that the external and internal growth
environment for Chinese PE is different from aboard, and the research of related
areas lag behind the aboard not only in quantity but also in depth. In order to solve
practical problems of Chinese PE, it is necessary to extend the research on
post-investment management in consideration of the situation of China.
The second chapter elaborates the definition of PE and post-investment,
classifying post-investment management into 3 parts according to different
contents, daily monitoring, exception management and value-added services.
Analyzing the importance of post-investment management and factors will
influence the outcome of post-investment activities. There are four patterns due to
different performers: post-investment management performed by investment team,Research on Post-investment Management of Private Equitypost-investment management performed by post-investment team, post-investment
management performed by both investment team and post-investment team,
post-investment management performed by subsidiaries. After briefing of these
four patterns, the paper makes a contrastive analysis of those four patterns.
The third chapter takes the listing PE/VC company on the National Equities
Exchange and Quotations (NEEQ System) by the end of 2016 as the analytical
sample, summarizing the patterns choices by Chinese PE/VC institution and the
interaction among staff size, place of registry and fund size. After elaborating the
history of the post-investment management, the paper summarizes the issues and
their cause of formation in post-investment management of Chinese PE industry.
The fourth chapter takes the case of Goding Capital investing in U-tour as an
example, making a review of Goding’s post-investment system, including
organization structure, employee selection criteria and the process of
post-investment management. Profoundly anatomizing how Goding offer
post-investment service for U-tour. Through the lateral comparison and the
longitudinal comparison of U-tour’s operating performance, this paper shows that
diligent post-investment management can make a positive influence on the
enterprise’s performance. Through the calculation of investment return of Goding
capital, this paper shows that the PE/VC who actively participate in
post-investment management can achieve better performance on IRR.
The last chapter is based on the foregoing discussion, drawing the following
conclusions: (1) the selection of post-investment management pattern is highly
linked to the scale of PE/VE; (2) post-investment management is tend to be more
diligent, professional and systematical;(3) according to diligent post-investment
management, the enterprise can achieve better business performance. Finally,
based on the findings of this article and hands-on experience, the recommendation
for developing Chinese PE post-investment management is offered to strengthen
the awareness of post-investment management and make it more diligent,
professional and systematical in practical.
Keywords: Private Equity；Post-investment Management；Capital Operation目 录目 录
1 绪论...... 1
1.1 研究背景和研究意义1
1.1.1 研究背景 ...... 1
1.1.2 研究意义 ...... 2
1.2 国内外文献综述 .... 2
1.2.1 国外私募股权投资基金投后管理研究 ...... 3
1.2.2 国内私募股权投资基金投后管理研究 ...... 5
1.3 研究主要方向 ...... 6
1.4 研究框架 .......... 7
1.5 研究创新点及不足 .. 7
2 私募股权投资基金投后管理概述 ...... 9
2.1 私募股权投资基金概述 .......... 9
2.2 私募股权投后管理概念及内容 ... 10
2.2.1 日常监控管理 . 12
2.2.2 例外事项管理 . 12
2.2.3 增值服务管理 . 13
2.3 私募股权投后管理的重要性 ..... 15
2.3.1 保障投资安全 . 15
2.3.2 实现投资效益最大化 ....... 15
2.3.3 检验投资逻辑 . 16
2.3.4 提升投资机构品牌价值 ..... 16
2.4 私募股权投后管理的模式 ....... 17
2.4.1 投资团队负责制 ........... 17私募股权投资基金投后管理研究2.4.2 投后团队负责制 ........... 17
2.4.3 投资+投后团队负责制 ...... 18
2.4.4 子公司制 ..... 18
2.4.5 四种模式的对比 ........... 19
2.5 私募股权投后管理的发展趋势 ... 20
2.6 影响私募股权投后管理的因素
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