I 摘要 近 10 年，中国房地产私募基金从无到有，从小到大，成长为私募行业的一个重要 分支市场。但随着国家经济发展的战略转型，房地产行业面临高压监管，市场迎来降温 期，新形势下房地产私募基金面临的监管环境也发生了较大变化，2016 年以来，证监会 和基金业协会对私募行业加强了监管力度，出台了一系列监管措施和指引要求，私募行 业迎来了强监管时代，房地产私募基金和房地产私募基金管理人都面临着转型问题。 面对转型，ZS 公司（房地产私募基金管理人）凭借对风险敏锐的嗅觉，已经察觉 到未来私募基金管理人的风控能力（指全面风控、全员风控能力）将取代管理能力成为 房地产私募基金的核心竞争力。ZS 公司迫切需要对其自身的风险控制体系进行回顾分析 和评价，找出制约其发展的风险控制方面存在的重要且急需解决的问题。 结合私募行业的发展现状和全面风险管理的理论基础，首先，梳理了 ZS 公司现有 的风险控制体系（最后一次修订是 2017 年年底），对公司面临的 8 种风险进行了分析（用 模糊综合评价法对 8 种风险进行评分排序），结论表明政策风险、合规风险、操作风险 是对公司影响最大的前 3 种风险（以前是业务风险、操作风险、合规风险），对公司存 在的问题进行收集筛选，得出公司存在 11 类问题，对 11 类问题通过 5W1H 方法进行分 析、梳理，结论表明导致 ZS 公司存在风险问题的原因有 3 类，分别是政策风险识别滞 后、合规管理不到位、业务管理缺乏高水平人才。其次，结合 ZS 公司战略转型目标， 对导致出现风控问题的 3 类原因设计解决方案，寻找到可行的执行路径为加强政策风险 识别、提升合规风险评估、减少操作风险。最后，保障设计方案的实施要从构建政策风 险沟通机制、加强合规风险流程管控、打造专业的合规风控团队具体做起，辅之以实施 效果评估体来阻止此类风险发生。 本篇研究不仅为 ZS 公司提供了解决当下重要风险的解决方案，也为其他房地产私 募基金管理人提供了一定的实际借鉴意义，具有较强的实用价值。 关键词，私募基金，风险控制，房地产私募基金管理人西北大学硕士学位论文 II ABSTRACT In the past 10 years, China's real estate private equity funds have grown from scratch to small, growing into an important branch of the private equity industry. However, with the strategic transformation of the country's economic development, the real estate industry is facing high-pressure supervision, and its market is welcoming a cooling period. Under the new situation, the regulatory environment faced by real estate private equity funds has also undergone major changes. Since 2016, the CSRC and the fund industry association have strengthened the supervision of the private equity industry by introducing a series of regulatory measures and guidelines. Hence, the private equity industry is facing a era when it is being strictly supervised. Moreover, real estate private equity funds and real estate private equity fund managers are facing transformation problems. In the face of transformation, ZS Company (real estate private equity fund manager) is sensitively alert to risks, and it realized that in the future the risk control ability of private fund managers (refer to comprehensive risk control, full staff risk control ability) will replace management ability to become core competitiveness of private equity funds in real estate industry. ZS Company urgently needs to carry out retrospective analysis and evaluation of its own risk control system, in order to find out its major problems that need to be solved . Combining the development status of the private equity industry with the theoretical basis of comprehensive risk management, first of all, the paper analyses existing risk control system of ZS Company (last revised at the end of 2017), and it turned out that the policy risk, compliance risk and operational risk (previously business risk, operational risk, compliance risk) are the top three risks within eight kinds of risks faced by the company (by fuzzy synthetic evaluation method). By the 5W1H method, it indicates that there are three risk problems of ZS company , namely, lagged policy risk identification , lax compliance management and lacking of management talents with excellent capabilities within 11 types of problems confronted by the company. Secondly, based on strategic transformation goals setted by ZS Company, the paper gives solutions for the three types of causes that lead to risk control problems, and finds feasible execution paths to strengthen policy risk identification, improve compliance risk assessment, and reduce operational risks. Finally, the implementation of the safeguard design plan should be carried out from the construction of the policy risk communication mechanism, the strengthening of the compliance risk processABSTRACT III control, and the creation of a professional compliance risk control team, supplemented by the implementation of an effect evaluation system,in order to avoid such risks. This research has a high practical value for that it not only provides ZS company with solutions on current important risks, but also gives some practical reference for other real estate private fund managers. Keywords: Private Equity, risk control, Real Estate Private Equity Fund Manager西北大学硕士学位论文 IV 目 录 摘要...................................................................................................................................I ABSTRACT.......................................................................................................................II 目 录................................................................................................................................IV 第一章 绪论...................................................................................................................... 1 1.1 选题背景.................................................................................................................. 1 1.2 研究意义.................................................................................................................. 3 1.3 研究内容.................................................................................................................. 5 1.4 研究方法.................................................................................................................. 8 第二章 文献综述及概念界定.......................................................................................... 9 2.1 文献综述.................................................................................................................. 9 2.1.1 国外研究........................................................................................................... 9 2.1.2 国内研究......................................................................................................... 10 2.2 概念界定................................................................................................................ 13 2.2.1 私募基金管理人............................................................................................. 13 2.2.2 私募基金......................................................................................................... 14 2.2.3 私募基金风险................................................................................................. 14 2.2.4 私募基金管理人风险控制............................................................................. 14 第三章 ZS 公司风险控制的问题分析.......................................................................... 16 3.1 ZS 公司的概况 ...................................................................................................... 16 3.1.1 公司基本情况................................................................................................. 16 3.1.2 公司主要业务................................................................................................. 16 3.2 ZS 公司风险控制体系 .......................................................................................... 18 3.2.1 风险控制组织架构......................................................................................... 18 3.2.2 面临的八类风险............................................................................................. 19 3.2.3 风险评估模型................................................................................................. 22 3.2.4 风险控制流程................................................................................................. 23 3.3 ZS 公司风险控制中存在的具体问题 .................................................................. 25目 录 V 3.3.1 问题搜集 .........................................................................................................25 3.3.2 问题特征 .........................................................................................................26 3.4 风险控制中存在问题的成因分析 ........................................................................26 3.4.1 政策风险识别滞后 .........................................................................................27 3.4.2 合规管理不到位 .............................................................................................28 3.4.3 业务管理缺乏高水平人才 .............................................................................29 第四章 解决 ZS 公司风险控制问题的方案设计 .........................................................32 4.1 设计的原则 ............................................................................................................32 4.1.1 满足监管要求 .................................................................................................32 4.1.2 符合公司需要 .................................................................................................32 4.1.3 统一管理手段 .................................................................................................32 4.2 设计的思路 ............................................................................................................33 4.2.1 紧跟监管要求 .................................................................................................33 4.2.2 对标行业标杆 .................................................................................................33 4.3 设计的内容 ............................................................................................................34 4.3.1 加强政策风险识别 .........................................................................................34 4.3.2 提升合规风险评估 .........................................................................................35 4.3.3 减少操作风险 .................................................................................................36 第五章 解决 ZS 公司风险控制问题的保障措施 .........................................................39 5.1 构建政策风险沟通机制 ........................................................................................39 5.1.1 定期组织研讨会 .............................................................................................39 5.1.2 加强外部沟通 .................................................................................................39 5.2 加强合规风险流程管控 ........................................................................................39 5.2.1 制定具体的合规管理业务流程 .....................................................................39 5.2.2 制定合规手册 .................................................................................................40 5.3 打造专业的合规风控团队 ....................................................................................40 5.3.1 引入高水平人才 .............................................................................................40 5.3.2 加强员工培训 ................................................................................................41 5.3.3 加强员工绩效考核 .........................................................................................42 5.4 对解决问题的效果进行评估 ................................................................................43西北大学硕士学位论文 VI 第六章 研究结论与不足................................................................................................ 45 6.1 研究结论................................................................................................................ 45 6.2 研究不足................................................................................................................ 45