1 摘要 近年来，我国私募股权投资基金发展迅速，尤其在国家鼓励创新创业的政策 下，私募股权投资基金成为中小创投企业的重要融资渠道。在外部监管及法律建设 方面，近年来我国私募股权投资行业的监管体系日趋完善，保障了私募股权投资行 业有序、规范的发展。在基金管理公司内部管理方面，为使私募股权投资基金能够 稳健运作，健康运行、增强抗风险能力，基金管理公司作为基金的管理人在基金运 作及风险管理方面也需提升和改进。作为基金运作的最关键的阶段——“退出阶 段”是否能够成功尤为重要，直接关系到基金的收益、基金管理公司的发展。 本文采用案例研究方法对T私募股权投资基金管理公司基金退出阶段财务风险 展开研究，识别出T公司基金退出阶段财务风险， 分析T公司基金退出阶段财务风 险影响因素，针对不同影响因素，指出T公司在基金退出阶段财务风险控制存在的 问题，并且对基金管理公司提出了完善风险控制对策建议。. 研究结论表明，第一，T公司在基金退出阶段存在较大财务风险。第二，基金 退出阶段的财务风险主要由内部因素和外部因素两方面组成。基金退出阶段财务风 险内部影响因素主要有基金募投资金期限匹配程度、管理层短期业绩指标需求、投 后管理、基金估值、有限合伙人的要求等方面，外部因素主要有宏观环境、行业政 策调整以及与被投公司信息不对称。第三，根据以上风险因素，分析出T公司在财 务风险管理方面存在的问题，内部因素方面的问题包括组织架构设计及部门职能分 工、预算管理、绩效考核、基金估值以及与有限合伙人沟通等方面；外部因素方面 的问题包括宏观环境应对、行业政策应对以及被投企业风险预警方面。第四，针对 前面分析出的问题，为基金管理司提出具体的改进措施包括：首先针对内部影响因 素，建议公司从整体建立起风险管理体系，加强风险管理；建立完整有效的预算管 理体系；改进绩效考核机制；建立财务风险预警机制，加强财务部门对业务的介入 程度；建立和完善基金估值体系；积极主动与有限合伙人沟通，建立沟通机制。最 后针对外部影响因素，提高应对宏观经济环境变化、行业政策变化的能力，并建立 起被投企业投后风险预警体系。本文研究结论可为T公司完善修订财务风险控制措 施提供参考建议，也可以为其他基金管理公司在发展运营过程中遇到的问题做参 考。 关键词：T基金管理公司；退出阶段；财务风险；财务风险控制 基金退出阶段财务风险管理研究 I Abstract Under the policy of encouraging innovation and entrepreneurship, private equity funds have become an important financing channel for medium-sized and small enterprises. In recent years, the supervision system of China's private equity investment industry are being perfected, to ensure the development of private equity investment industry. In terms of internal management of private equity funds management companies, in order to make private equity funds operate steadily, fund management companies, as fund managers, also need to improve their ability of fund operation and risk management. "The Exit stage" is the most critical stage of fund operation, because it is directly related to the income of fund and the development of fund management company. This article uses the case study method to carry on the financial risk of T company's fund exit stage. In the course of the research, it basically identifies the financial risk of T Company fund exit stage, clarifies the influencing factors of the financial risk of T company fund exit stage、the current situation and existing problems of the financial risk control in the fund exit stage, expounds the parts that have been improved in the operation process of T company, and research and improve the management of risk control measures Through the research, the following conclusions are drawn： Firstly, T company has great financial risk in the stage of fund exit stage. Secondly, the financial risk of the fund exit stage is mainly composed of internal factors and external factors. The internal factors that affect the financial risk of the fund exit stage mainly include the matching the period of private funds raised and invested, the short-term performance of the management, post investment management and fund valuation, the requirements of limited partners and other factors. The external factors mainly include the macro environment, industrial policy adjustment，Inconsistent with the information of the invested company. Thirdly, in view of the above risk factors, analyzed the problems existing in the financial risk management of T company. The problems in terms of internal factors include organizational structure design, division of department functions, budget management, performance appraisal, fund valuation, , and limited partner communication etc.; the problems in terms of external factors include response of macro environment, response of industry policy, Risk warning for investee companies etc . Fourthly, it is suggested to make adjustments from the following aspects: Establishing a overall risk management system. For internal influencing factors, establishing a complete and effective budget management system; improving the performance appraisal mechanism; establishing a financial risk early warning mechanism, strengthening the involvement of the financial department in business; establishing and improving the fund valuation system. For external influencing factors, it suggested to actively communicating with limited partners and establishing a communication Abstract II mechanism. Improving ability to cope with changes in the macroeconomic environment and industrial policies. Establishing a risk early warning system of the invested companies. The conclusions of this paper can provide theoretical support for the formulation of Financial risk control measures for T, as well as reference for other companies in the management of Financial risk. Keywords: T PE management company; Exit stage; Financial risk; Financial risk control 基金退出阶段财务风险管理研究 1 目 录 导 论 ········· 1 一、选题背景和研究意义 ··············· 1 二、文献综述 ············ 2 三、论文研究内容与研究方法 ········· 5 第一章 私募股权基金及财务风险理论 ····· 7 第一节 私募股权基金概述 ················ 7 一、私募股权基金相关概念 ············ 7 二、私募股权基金业务流程 ············ 7 三、私募股权基金退出过程 ············ 8 第二节 私募股权基金退出的财务风险 · 9 一、私募股权基金退出阶段的财务风险类型 ········· 9 二、私募股权基金退出阶段财务风险的影响因素 ··10 三、私募股权基金退出阶段财务风险的特征 ········12 第二章 T公司基金退出阶段的财务风险分析·············· 13 第一节 T公司基本情况介绍 ·············13 一、T公司简介·········13 二、T公司基金管理情况说明·········13 三、T公司财务报表合并范围说明···14 第二节 T公司基金退出阶段财务风险类型 ·············15 一、流动性风险 ········15 二、收益风险 ···········17 三、再募资风险 ········18 第三节 影响T公司基金退出阶段财务风险的主要因素 ···············19 一、影响T公司基金退出阶段财务风险的内部因素 ·················19 二、影响T公司基金退出阶段财务风险的外部因素 ·················21 第三章 T公司基金退出阶段财务风险管理存在的问题 ·· 23 第一节 T公司基金退出阶段财务风险管理现状—基于内部因素的分析 ·············23 一、组织架构设计及部门职能分工的问题 ···········23 目 录 2 二、公司的预算管理问题 ··············26 三、公司基金估值问题 ·················26 四、公司绩效考核机制问题 ···········27 五、与有限合伙人的沟通协作问题 ··27 第二节 T公司基金退出阶段财务风险管理现状—基于外部因素的分析 ··27 一、宏观环境应对问题 ·················27 二、行业政策调整应对问题 ···········28 三、与被投资企业的信息不对称 ·····28 第四章 完善基金退出阶段财务风险控制的建议 ·········· 29 第一节 基于内部因素的财务风险应对改进措施 ······29 一、建立风险管理体系、加强风险管控 ··············29 二、改善公司治理结构以及组织架构 ·················30 三、加强预算管理 ·····32 四、改进绩效考核机制 ·················32 五、强化财务部门职能分工，做好财务风险预警 ··32 六、建立和完善基金估值体系 ········33 七、加强与有限合伙人的沟通 ········33 第三节 基于外部因素的财务风险应