1 分类号，F830.591 学校代码，10697 密 级，公开 学 号，201732186 硕士专业学位论文 Dissertation for the Professional Degree of Master Y 公司投资战略转型研究 学科名称，工商管理 专业学位类别，工商管理硕士 作者，张一丁 指导老师: 陈实 西北大学学位评定委员会 二○一九年西北大学学位论文知识产权声明书 本人完全了解西北大学关于收集、保存、使用学位论文的规定。学校 有权保留并向国家有关部门或机构送交论文的复印件和电子版。本人允许 论文被查阅和借阅。本人授权西北大学可以将本学位论文的全部或部分内 容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存 和汇编本学位论文。同时授权中国科学技术信息研究所等机构将本学位论 文收录到《中国学位论文全文数据库》或其它相关数据库。 保密论文待解密后适用本声明。 学位论文作者签名， 指导教师签名， 2019 年 5 月 27 日 2019 年 5 月 27 日 --------------------------------------------------------- 西北大学学位论文独创性声明 本人声明，所呈交的学位论文是本人在导师指导下进行的研究工作及取 得的研究成果。据我所知，除了文中特别加以标注和致谢的地方外，本论 文不包含其他人已经发表或撰写过的研究成果，也不包含为获得西北大学 或其它教育机构的学位或证书而使用过的材料。与我一同工作的同志对本 研究所做的任何贡献均已在论文中作了明确的说明并表示谢意。 学位论文作者签名， 2019 年 5 月 27 日摘要 I 摘要 随着资本市场发展的逐步规范，各种投融资模式获得了空前的发展空间。以技术质 押、知识产权质押以及融资租赁等方式获得资金的手段已经被普遍的民营科技型中小企 业认同并接受。由于民营科技型中小企业发展加快，资金池的积累难以满足业务增量， 企业资金缺口日益增大。但是银行、信托等传统金融部门对中小企业的授信要求极高， 导致民营科技型中小企业在快速发展的进程中，遭遇了资金的瓶颈，银行授信周期长， 审批通过率低，授信额度有限制，严重影响了民营科技型中小企业的发展。基于这种情 况，一些以私募基金为主要业务的非银行金融机构，将业务视角转向了业务量增大，资 金需求强烈的民营科技型中小企业，通过资产质押、知识产权质押以及成果共享等方式 为民营科技型中小企业解决了资金困局，进一步推动了民营科技企业的持续发展。本文 以 Y 公司为参照，就该公司在针对民营科技型中小企业的投资中的战略转型问题做了分 析研究。 Y 公司是一家私募基金公司，作为非银行金融机构，在监管范围内，投资方式灵活、 自由。在以往的投资中，大多数投资项目以金融套利为主，而随着国家政策方针的改革 与优化，对金融套利的监管逐渐严格，很多曾经能够顺利运作的套利项目现在已经游走 在政策的红线上，套利的空间越来越小，投资战略急需转型。Y 公司根据自身特点，以 民营科技型中小企业为战略投资方向，对其知识产权进行评估、整合，选择适合的企业 投资，通过被投资企业的发展实现自身的盈利，一方面可顺利的实现投资战略转型，另 一方面可以很大程度上缓解当地民营科技型中小企业融资的困局。 本文以 Y 公司为参照，采用了提出问题、分析问题和解决问题的研究思路，运用了 文献分析法、数量研究法、模拟法和经验总结法等研究方法提出了当前形势下，非银行 金融机构的战略转型的必要性和可行性，通过文献分析和资料参考提出了本文研究的问 题；就 Y 公司投资科知识产权战略的现状和存在问题进行了分析，其中 Y 公司投资战 略风险规避能力差、投资战略定位不明确、投资战略缺乏造血功能、投资战略目标不够 量化以及投资战略缺少服务模式等具体问题进行了剖解；在解决问题部分，本论文通过 回归分析法对 Y 公司投资知识产权风险控制进行研究和分析；通过战略目标优化法对 Y 公司投资知识产权战略市场定位进行研究和分析；根据投资融资战略机理研究该方案对 投资战略的影响以及对投资知识产权战略中关联要素的影响进行分析。从而制定出强化西北大学专业硕士学位论文 II 的风险控制策略、明确的投资定位以及量化投资目标，进而构建有效的战略实施服务模 式。并提出保障举措。 关键词，私募基金，科技企业，知识产权，投资战略ABSTRACT III ABSTRACT With the gradual standardization of capital market development, various investment and financing modes have gained unprecedented development space. Technology pledge, intellectual property pledge and financial lease have been widely recognized and accepted by small and medium-sized private technology companies. Because of the rapid development of small and medium-sized private science and technology enterprises, the accumulation of capital pools is difficult to meet the business increment, and the fund gap of enterprises is growing. However, banks, trusts and other financial departments have very high requirements for SMEs to grant credit. As a result, SMEs run into bottlenecks in the process of rapid development, such as long credit cycle, low approval rate and limited credit quota, which have seriously affected the development of SMEs. Based on this, some non-bank financial institutions with private funds as their main business have turned their business perspective to small and medium-sized private science and technology enterprises with increasing business volume and strong capital demand. They have solved the financial dilemma for small and medium-sized private science and technology enterprises by means of asset pledge, intellectual property pledge and sharing of achievements, and further promoted the sustainable development of private science and technology enterprises. Taking Y Company as a reference, this paper makes an analysis and Research on the strategic transformation of the company in the investment of small and medium-sized private science and technology enterprises. Y Company is a private equity fund company. As a non-bank financial institution, its investment mode is flexible and free. In the past, most investment projects are mainly financial arbitrage. With the reform and optimization of national policies and policies, the supervision of financial arbitrage is becoming stricter and stricter. Many arbitrage projects that once operated smoothly are now in policy. On the red line, arbitrage space is becoming smaller and smaller, and investment strategy needs to be transformed urgently. According to its own characteristics, Y company takes technology-based SMEs as its strategic investment direction, evaluates and integrates its intellectual property rights, chooses suitable enterprise investment, and achieves its own profits through the development of the invested enterprises. On the one hand, it can smoothly realize the strategic transformation of investment, on the other hand, it can greatly alleviate the financing difficulties of local private technology-based西北大学专业硕士学位论文 IV SMEs. This paper takes Y Company as a reference, adopts the research ideas of raising questions, analyzing problems and solving problems, and puts forward the necessity and feasibility of strategic transformation of non-bank financial institutions under the current situation by using the research methods of literature analysis, quantitative research, simulation and experience summary. Through literature analysis and reference, this paper puts forward the problems of this study. The current situation and existing problems of the investment strategy of the company are analyzed, and the specific problems of the company are analyzed, such as the poor ability of risk aversion, the unclear positioning of the investment strategy, the lack of hematopoietic function of the investment strategy, the insufficient quantification of the investment strategic objectives and the lack of service mode of the investment strategy. In the part of solving the problems, this paper uses regression analysis to analyze the investment risk of the company Y. Control is studied and analyzed; Y company's investment strategy market positioning is studied and analyzed by the method of strategic objective optimization; the impact of the scheme on investment strategy and related elements in investment strategy is analyzed according to the mechanism of investment and financing strategy. Thus, we can formulate strengthened risk control strategies, clear investment positioning and quantitative investment objectives, and then build an effective strategy implementation service model. And put forward safeguard measures. Keywords，private equity fund，science and technology enterprises，intellectual property rights，investment strategy目 录 V 目 录 摘要.................................................................................................................................. I ABSTRACT ................................................................................................................... III 目 录.................................................................................................................................V 第一章 导论......................................................................................................................1 1.1 研究背景及意义 ......................................................................................................1 1.1.1 研究背景 ..........................................................................................................1 1.1.2 研究意义 ..........................................................................................................2 1.2 国内外研究现状 ......................................................................................................2 1.2.1 国外研究现状 ...................................................................................................2 1.2.2 国内研究现状 ...................................................................................................3 1.3 研究思路、方法和创新 ..........................................................................................5 1.3.1 研究思路 ...........................................................................................................5 1.3.2 研究方法 ...........................................................................................................5 1.3.3 本文创新点 .......................................................................................................6 1.3.4 研究路线图 .......................................................................................................6 第二章 相关概念和理论基础..........................................................................................7 2.1 相关概念 ..................................................................................................................7 2.1.1 私募基金 ...........................................................................................................7 2.1.2 投融资战略 .......................................................................................................8 2.1.3 投资战略转型 ...................................................................................................9 2.1.4 知识产权投资 ...................................................................................................9 2.2 理论基础 ..................................................................................................................9 2.2.1 竞争优势 ...........................................................................................................9 2.2.2 金融调控政策 .................................................................................................10 2.2.3 风险管理 ......................................................................................................... 11西北大学专业硕士学位论文 VI 第三章 Y 公司投资知识产权战略的现状和存在问题 ............................................... 13 3.1Y 公司简介............................................................................................................. 13 3.2Y 公司投资战略现状............................................................................................. 14 3.2.1 投资战略的表现............................................................................................. 15 3.2.2 投资战略的不足............................................................................................. 17 3.2.3 投资战略取得成效......................................................................................... 18 3.3Y 公司投资战略存在的问题................................................................................. 20 3.3.1 投资战略风险规避能力差............................................................................. 20 3.3.2 投资战略定位不明确..................................................................................... 22 3.3.3 投资战略缺乏造血功能................................................................................. 24 3.3.4 投资战略目标不够量化................................................................................. 25 3.3.5 投资战略中增资与融资的矛盾..................................................................... 26 3.3.6 投资战略缺少服务模式................................................................................. 26 第四章 Y 公司投资知识产权战略转型方案设计与实施对策................................... 28 4.1Y 公司投资战略转型方案设计............................................................................. 28 4.1.1 基于回归分析法的风险控制模型构建和分析............................................. 28 4.1.2 战略目标优化的市场定位模型构建和分析................................................. 30 4.1.3 投融资战略机理对投资战略的影响模型分析............................................. 32 4.1.4 投资战略中关联要素的影响作用分析......................................................... 33 4.2 方案实施对策........................................................................................................ 34 4.2.1 强化投资战略的风险控制力......................................................................... 34 4.2.2 改进投融资模式，为战略输血..................................................................... 35 4.2.3 量化投资战略目标......................................................................................... 36 4.2.4 构建投资战略实施的服务模式..................................................................... 36 4.2.5 保障举措......................................................................................................... 37 第五章 结论与展望 ....................................................................................................... 39 5.1 结论........................................................................................................................ 39 5.2 对未来的展望........................................................................................................ 39目 录 VII