中国经济转型期已进入攻坚阶段，国家对于资本市场的扶持不遗余力。2019年7 月新开了科创板，让本来困难重重的资本市场重新注入一股活力。但是 随着中美贸易战 的深入，国内外经济形势下滑、股票市场低迷，2018年中旬以来，民营上市公司的债务 爆雷不断发生，约60%以上的民营上市公司受到了不同程度的影响。国内外 形势错综复 杂，私募股权投资企业何去何从，如何帮助实现国家的产业结构升级，助推器中小高新 企业加速成长，成为本文探讨企业战略重要原因。 本文以A金控公司为研究对 象，旨在寻找当前复杂形势下适合发展的战略。在环境 分析环节，本文首先运用PEST分析法和波特五力模型分析了宏观环境和行业环境。随 后分析了A金控公司的内部资源和环境 。文章运用了SWOT分析了概括了A金控公司 的机会与威胁、优势与劣势。在战略制定环节，本文首先运用EFE矩阵和IFE矩阵对评 价影响A金控公司的关键因素；其次运用QSPM矩阵 帮助A金控公司选出最合适的战 略。根据QSPM矩阵的结果，A金控公司应首先实施多种经营战略，其次是差异化战略。 基于上述分析，A金控公司在未来的发展中，应该开展多种经 营战略，其次是差异 化发展战略。将自身条件与行业情况做对比，A金控公司在短期内应该开展“投资+投 行+供应链”的商业模式。A金控公司要充分利用自身优势资源，开展金 融服务和渠道 扩展，建立起为中小高新企业进行金融服务的平台。在长期战略中，A金控公司将以“投 资银行+商业银行”为目标模式，打通股权、债权和投行辅导之间的关系。 总而言之，A 金控公司希望值此摸索一条适合于民营私募股权投资类公司在没有大背景、大资源时的 发展道路，并通过实践，依靠专业服务建立起自身的优势，并在未来的发展中 不断扩大， 为中国实体产业发展贡献自己的力量。 关键字：私募股权投资；发展战略；投资+投行+供应链 II ABSTRACT China's economic transition period has entered a crucial stage, and the state has spared no effort in supporting the capital market. In July 2019, the Sci-Tech InnovationBoard was opened, which reinvigorated the already difficult capital market. However, with the deepening of the Sino-US trade war, the domestic and international economic situation has declined and the stock market has been sluggish. Since mid-2018, the debt of private listed companies has been continually occurring, and more than 60% of private listed companies have been affected to varying degrees. The situation at home and abroad is complicated, how do private equity investment companies go, how to help achieve the country's industrial structure upgrade, and the growth of booster SMEs has become an important reason for this paper to explore corporate strategy. This paper takes Afinancialholdingcompany as the research object, aiming at finding a suitable development strategy.In the environmental analysis section, this paper first analyzes the macro environment and industry environment by using PEST analysis method and Porter's five-force model. Subsequently, the article analyzed the internal resources and environment of A financial holding company. The article uses SWOT analysis to summarize the opportunities and threats, strengths and weaknesses ofA financial holding company. In the strategy development process, this paper first uses the EFE matrix and IFE matrix to evaluate the key factors affecting A financial holding company; secondly, the QSPM matrix helps A financial holding company to select the most appropriate strategy. According to the results of the QSPM matrix, A financial holding companyshould first implement a variety of business strategies, followed by a differentiation strategy. Based on the above analysis, A financial holding company should carry out a variety of business strategies in the future development, followed by a differentiated development strategy. Comparingits own conditions with the industry situation, A financial holding companyshould launch a business model of “investment + investment bank + supply chain” in the short term. A financial holding companyshould make full use of its superior resources, carry out financial services and channel expansion, and establish a platform for financial services for SMEs. In the long-term strategy, A financial holding companywill focus on “investment banking + commercial banks” and open up the relationship between equity, creditor and investment bank counseling. All in all, A financial holding companyhopes to explore a development path suitable for private equity investment companies without large background and large resources, and establish their own advantages through III practice.Meanwhile,Constantly expanding and contributing to the development of China's physical industry. Keywords: Private equity investment; development strategy; Investment + investment bank + supply chain IV 目 录 摘要 ............... I ABSTRACT . II 第一章 绪论 .. 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 理论准备及文献综述 ......... 3 1.2.1 理论准备 ...................... 3 1.2.2相关文献综述 ............... 7 1.3 研究内容与研究方 法 ....... 10 1.3.1 研究内容 .................... 10 1.3.2 研究方法 .................... 11 1.4 创新与不足 ....................... 11 1.4.1 创新点 ........................ 11 1.4.2 不足 ............................ 11 1.5 本章小结 ........................... 11 第二章 A金控公司的外部环境分析 ...................... 13 2.1 宏观环境分析 ................... 13 2.1.1 政治环境分析 ............ 13 2.1.2 经济环境分析 ............ 14 2.1.3 社会环境分析 ............ 16 2.1.4 技术环境分析 ............ 18 2.2 行业分析 ........................... 18 2.2.1 现有竞争者的威胁 .... 18 2.2.2 供应商的议价能力 .... 24 2.2.3 买方的议价能力 ........ 25 2.2.4 潜在竞争者的进入能力 ........................... 25 2.2.5 替代品的威胁 ............ 26 V 2.3 本章小结 ........................... 27 第三章 A金控公司的内部环境分析 ...................... 28 3.1 A金控公司基本概况 ........ 28 3.1.1 公司简介 .................... 28 3.1.2 所处区位 .................... 28 3.2 公司业务现状 ................... 29 3.2.1 投资业务 .................... 29 3.2.2 投行辅导业务 ............ 32 3.2.3 委托贷款业务 ............ 33 3.3 公司资源分析 ................... 33 3.3.1 公司的有形资源 ........ 33 3.3.2公司的无形资源 ......... 37 3.4 公司能力分析 ................... 38 3.4.1 募资能力分析 ............ 38 3.4.2投资能力分析 ............. 39 3.4.3项目退出能力分析 ..... 39 3.5 A金控公司核心竞争力 .... 40 3.5.1 公司价值链 ................ 40 3.5.2 核心竞争力分析 ........ 41 3.6本章小结 ........................... 41 第四章 A金控公司的战略制定 .............................. 42 4.1 SWOT分析 ....................... 42 4.1.1 机会 ............................ 42 4.1.2 威胁 ............................ 43 4.1.3 优势 ............................ 44 4.1.4 劣势 ............................ 44 4.1.5SWOT分析矩阵 .......... 45 4.2外部及内部因素评价矩阵分析 ...................... 46 4.2.1 外部因素评价矩阵分析 ........................... 46 4.2.2 内部因素评价矩阵分析 ........................... 47 VI 4.3 战略目标 及战略选择 ....... 49 4.3.1 A金控公司的战略体系 ............................ 49 4.3.2A金控公司的战略选择 ............................. 51 4.4 本章小结 ........................... 54 第五章 A金控公司的战略实施与保障措施 .......... 55 5.1 A金控公司的战略实施 .... 55 5.1.1短期战略 ..................... 55 5.1.2长期战略 ..................... 57 5.2战略实施保障措施 ........... 57 5.2.1 将股权业务与债权业务分立为不同主体并独立运作 .......... 57 5.2.2 加强与各机构 合作 .... 58 5.2.3 培育优秀项目资源 .... 59 5.2.4 继续加强人力资源建设 ........................... 59 5.2.5 完善风控体系 ............ 60 5.3本章小结 ........................... 60 结论与展望 .. 61 6.1 结论 .... 61 6.2 展望 .... 61。。。。。。以下内容略