随着中国的制造业产业升级与变革，国家战略将节能环保、新一代信息技术、生 物、高端装备制造、新能源、新材料、新能源汽车等七个确定为战略性新兴产业。新 兴产业的发展所需要的融资，因实质抵押物的门槛而无法通过银行贷款等传统融资手 段的准入审查。而新兴产业的发展离不开资本市场支持，越来越多企业通过寻求基金 投资来促进发展。进而在国家战略引导下的产业基金，积极投资于战略新兴的企业。 因此，产业基金投资下的企业如何创造价值？如何达到预期的效果？值得深入研究与 探讨。 基于信息不对称理论、契约理论与共生理论，结合产业基金与行业发展状况，本 文以 2015 至 2018 年公司、行业以及上市公司统计数据和资料为基础，利用文献研究 法、案例分析法以及比较研究法，探讨产业基金投资下的生物科技 A 公司发展路径以 及面临的机遇与挑战。案例分析结合内外部环境、行业特点、政策法规、财务数据对 A 公司现状进行分析，评价产业基金投资下的企业价值创造。特别是政策法规日趋严 苛的状态下，公司运用产业基金的资源关系，创造其经济价值、战略价值与市场价 值。 本文主要结论：第一，产业基金投资下的公司一是解决产品线延伸的资金缺口， 二是优化了公司治理结构与运营体系。第二，公司布局生命健康领域的战略目标与具 有国资委的背景下产业基金的融合，达到了战略目标一致性与资源互补性。第三，财 务绩效呈现较好的结果，市值与净均有较好的增长，其业绩增长的背后表现出相互间 的支持度和运营效率，产业基金投资后，公司的经济价值、战略价值与市场价值得到 提升。第四，从企业经营科学管理的角度来观察，公司的经营效率还需进一步的改 善，价值创造仍有进步的空间。通过对省国资背景的产业基金投资下新兴产业的生物 科技公司，这一典型案例的分析，对其他产业基金投资的发展有一定的借鉴意义，也 对其他上市公司以及中小企业具有融资需求的公司有一定的现实意义。 关键词：产业基金；新兴产业；资源互补；价值创造；II ABSTRACT During the upgrading and transformation of manufacturing industry, the central government of China has earmarked energy-saving and environmental protection technology, information technology, biology technology, high-end equipment, new energy, new materials and new energy vehicles, as the seven emerging industries of strategic importance in China. These industries, however, are facing difficulties to pass the access examination of traditional financing means such as bank loans, due to the threshold of real collateral. As the development of emerging industries is inseparable from the support of capital market, more and more enterprises are seeking fund investment to promote development. At the same time, the industrial funds, which are under guidance of national strategy, showed enthusiasm on these enterprises. Therefore, how to create value under the investment of industrial fund? How to achieve the expected effect? It is worth further study and discussion. Based on the information asymmetry theory, contract theory and symbiosis theory, combined with the development of industrial fund and industry, this paper, based on the statistical data of companies, industries and listed companies from 2015 to 2018, uses the literature research method, case analysis method and comparative research method to explore the development path, opportunities and challenges of biotechnology a company under the investment of industrial fund. Case analysis combines the internal and external environment, industry characteristics, policies and regulations, financial data to analyze the current situation of company a, and evaluate the enterprise value creation under the industrial fund investment. Especially in the increasingly strict state of policies and regulations, the company uses the resource relationship of industrial funds to create its economic value, strategic value and market value. The main conclusions of this paper are as follows: first, the companies invested by industrial funds solve the capital gap of product line extension, and second, optimize the corporate governance structure and operation system. Secondly, the integration of the company's strategic objectives in the field of life and health and the industrial funds under the background of SASAC has achieved the consistency of strategic objectives and complementarity of resources. Third, the financial performance shows a good result, market value and net have a good growth, behind the performance growth shows mutual support and operating efficiency. After the investment of industrial funds, the economic value, strategic value and market value of the company are improved. Fourth, compared with the listed companies in the same industry, the operating efficiency of the company needs further improvement, and there is still room for progress in value creation. Through the analysis of this typical case, it has certain reference significance for the development of other industry fund investment, and also has certain practical significance for other listed companies and small and medium-sized enterprises with financing needs. Key word： Industrial fund; Value creation; Emerging industryIII 目录 摘要.............................................................................................................................................I ABSTRACT...............................................................................................................................II 目录...........................................................................................................................................III 图表清单....................................................................................................................................V 第一章 绪论..............................................................................................................................7 1.1 研究背景与研究意义.....................................................................................................7 1.1.1 研究背景..................................................................................................................7 1.1.2 研究目的与意义......................................................................................................8 1.2 理论基础与文献综述...................................................................................................10 1.2.1 理论基础................................................................................................................10 1.2.2 文献综述................................................................................................................12 1.3 研究内容与方法...........................................................................................................16 1.3.1 研究内容................................................................................................................16 1.3.2 研究方法................................................................................................................17 第二章 案例介绍....................................................................................................................19 2.1 A 公司基本经营状况与发展历程.................................................................................19 2.1.1 基本经营情况........................................................................................................19 2.1.2 行业及定位............................................................................................................20 2.1.3 发展历程................................................................................................................21 2.2 产业基金投资 A 公司概况 ..........................................................................................23 2.2.1 投资者的背景........................................................................................................23 2.2.2 产业基金的投资状况............................................................................................24 2.3 产业基金投资后 A 公司的价值呈现 ..........................................................................25 2.3.1 营业收入变化........................................................................................................25 2.3.2 公司的市值变化....................................................................................................25 2.4 本章小结.......................................................................................................................26 第三章 案例分析....................................................................................................................27 3.1 A 公司引入产业基金动因分析.....................................................................................27 3.1.1 产业基金进入与公司融资需求分析....................................................................27 3.1.2 产业基金进入优化公司股权结构分析................................................................29 3.1.3 产业基金投入与公司战略目标分析....................................................................29 3.2 产业基金投资后公司财务状况分析...........................................................................31 3.2.1 盈利能力分析........................................................................................................31华南理工大学硕士学位论文 IV 3.2.2 运营能力................................................................................................................33 3.2.3 偿债能力................................................................................................................35 3.2.4 成长能力................................................................................................................38 3.3 产业基金投资后公司运营状况分析...........................................................................39 3.3.1 信息管理优化分析................................................................................................40 3.3.2 人力资源管理优化分析........................................................................................40 3.3.3 营销体系优化分析................................................................................................42 3.3.4 研发体系优化分析................................................................................................44 3.4 产业基金投资后公司绩效分析...................................................................................48 3.4.1 对象选取................................................................................................................49 3.4.2 评价标准设计及方法............................................................................................49 3.4.3 投资后绩效分析....................................................................................................50 3.5 本章小结.......................................................................................................................51 第四章 案例启示....................................................................................................................53 4.1 企业共生价值共创.......................................................................................................53 4.2 信息管理资源共通.......................................................................................................54 4.3 优化运营管理形成共生共赢.......................................................................................54 4.4 投资追求利益最大化...................................................................................................56 4.5 本章小结.......................................................................................................................57 结论..........................................................................................................................................58。。。。。。以下内容略