摘 要
AY 公司私募股权融资路径研究
改革开放至今，我国民营企业在整体国民经济运行中发挥了重要作用，伴
随城镇化步伐的加快和国家鼓励民营经济发展的政策机遇，民营企业迎来了一
个崭新的时代。但同时，也需要面对和解决各种问题，其中融资问题关乎民营
企业的生存和发展。民营企业尤其是中小民营企业与国有大企业相比通过银行
间接融资不具备竞争优势，通过资本市场直接融资,无论发行债券还是上市,受
到的限制也比较多，所以民营企业普遍存在融资难问题。能否在银行间接融资
与资本市场上直接融资之外寻求融资路径的突破，来解决民营企业的融资难题
值得研究。

私募股权投资（Private Equity 简称 “PE”）源于美国，在最近几年中，
中国的私募股权市场经历了快速发展的时期，私募股权投资总量扩大，投资区
域范围扩展，投资重点由国有企业转向民营企业，投向更加多元化，国内三四
线城市的投资环境和民营企业的优质性加快私募股权投资的步伐。私募股权融
资对民营企业一次性融资规模的资格限制比其他融资方式更低，因而对民营企
业产生了巨大的吸引力。蒙牛、新浪及聚众传媒成功引入私募股权投资基金是
否就预示着私募股权融资更适合民营企业？但太子奶因私募融资而破产,南孚
和永乐因此被竞争对手收购，可见私募股权融资是一项复杂的资本运作过程，
其整个融资路径包含对私募投资方的识别、模式设计、谈判、签约和退出等诸
多环节,每个环节均存在着风险，都有失败的可能性。因此，加强民营企业私募
股权融资路径的研究，探索对融资路径进行科学化、专项化及常态化的管理方
法，提高效率和防范风险就具有了十分重要的意义。

AY 公司就是在这样的一个时代背景下成长和发展起来的一家民营企业。作
难题。为此，AY 公司通过“红筹股权模式”引入了一家境外私募股权投资基金。

AY 公司通过私募股权融资弥补了融资缺口，获取了稳定的资金来源，提高了企
业的内部管理水平，并完成了企业的股份制改造，建立起现代企业制度。但由
于企业缺乏对私募股权融资路径进行科学管理的思想，尚未建立一套高效的融
资路径管理体系，内部管理水平低下，造成了融资周期长，合同签约、订立和
执行过程付出大量隐性成本，企业股权价值被低估，整个路径中蕴含着一定的
融资风险。本文对 AY 公司私募股权融资路径进行个案研究，在案例分析的过程
中运用比较分析法研究 AY 公司私募股权融资路径识别过程；运用流程分析方法
研究私募股权融资路径实施的过程；运用 SWOT 分析方法论证私募股权融资路径
的有效性，分析其优势、劣势、机会和威胁。同时，对 AY 公司私募股权融资路
径管理过程中存在的成本和风险问题进行定性分析，查找其成因。最后，运用
计划管理和流程控制等科学管理方法进行融资路径优化，以此指导民营企业私
募股权融资的实践。

关键词：
私募股权，融资路径，融资成本，融资风险，计划管理，流程控制
Abstract
Research on Private Equity Financing Path of AY Company
Since the reform and opening up, china’s private enterprises in our country play
an important role in national economic development and economic restructuring. with
the accelerated pace of urbanization and the county to encourage the development of
private economy policy opportunity, private enterprises ushered in a new era. But at
the same time, also need to face and solve all kinds of problems, including the
financing issue related to the survival and development of private enterprises. Private
enterprises and state –owned enterprises compared to the indirect financing through
banks don’t have the competitive advantages, through direct financing from capital
markets, whether the issuance of bonds or IPO, Variety of restrictions is standing in
the way of private enterprises. The financing issue of private enterprises has been a
pressing problem. It is worth to research on financing path to solve the problem.
Private equity funds (PE) funds from America, in recent years, Asia especially
China the PE market experienced a period of rapid development, the investment and
scale increasing. The region extended from the coast to the mainland. The focus of
investment is from the state-owned enterprises to private enterprises, to a more
diversified. High-quality domestic the three or four line of the city’s investment
environment and private enterprises accelerate the pace of PE investment. Comparing
with financing in the stock market and making loans by banks, the qualification limit
of once average financing size for PE is lower than others, resulting in a great
attraction to private enterprises. The successful of such big bands like Mengniu, Sina
ect are linked to PE. If this means that the PE is better to private enterprises But
competitors like Nanfu and Yongle. We can see the PE is a complex process of
capital operation. The financing path includes the model design, negotiations to sign,
exit and many other links. Each link has risk and the possibility of failure. Therefore
it is of great significance to strengthen study of PE financing path in order to control
the risk and capital.
A private enterprise in this study of AY company is in such a background of the
growth and development, as a national agricultural industrialization leading enterprise,
in the progress of growth and development it also encountered financing problems.
Therefore AY company introduced a foreign private equity investment fund. Through
this made up for the financing gap. AY Company obtained a stable source of funds
and improved the internal management level, and completed the transformation of
joint-stock enterprise, and established a modern enterprise system. but because of
lacking the experience for PE financing path design, management and control, the PE
financing path appeared a long cycle, poor financing efficiency, high financing cost,
the agreement on gambling caused the financing risk. Does the AY Company PE
financing path have the effectiveness The innovation of this paper is using the
SWOT analysis to prove, analyzing its strengths, weaknesses, opportunities and treats.
The contribution of this article lies in analysis of PE financing path to find its causes,
and the use of project management theory to optimize the path. It must have guiding
significance to the practice work.
Key words:
Private equity; financing path; financing cost; financing risk; project
management; process control
第 1 章 绪论
1.1 研究背景
改革开放30年，中国的民营经济经历了前所未有的发展阶段，民营企业的数
量占全国企业总量的99％，占工业总产值的60％（储俊、张永忠，2010）。在国
民经济发展的各个方面都发挥了重要的作用。十八大对民营经济和民营企业的
发展更加关注，毫不动摇地鼓励、支持和引导非公有制经济发展。保证各种所
有制经济依法使用生产要素，公平参与市场竞争，同等受到法律保护，这就意
味着现在有些行业被国有企业垄断的局面将被打破，民营资本和民营企业将被
允许进入，参与公开竞争，将有更广的空间，民营企业迎来了快速发展的机遇
期。

在民营企业整个发展的过程中，融资问题一直倍受关注。民营企业尤其是
中小民营企业与国有大企业相比通过银行间接融资不具备竞争优势，通过资本
市场直接融资,无论发行债券还是上市,受到的限制也比较多，所以民营企业普
遍存在融资难问题。能否在银行间接融资与资本市场上直接融资之外寻求融资
路径的突破，来解决民营企业的融资问题值得研究。

私募股权投资基金源于美国，但在最近几年中，亚洲尤其是中国的私募股权
市场经历了一段快速发展的时期，私募股权投资总量扩大，投资区域范围扩展，
投资重点由国有企业转向民营企业，投向更加多元化，国内三四线城市的投资
环境和民营企业的优质性吸引私募股权投资的目光。私募股权融资对民营企业
一次性融资规模的资格限制比其他融资方式更低，因而对民营企业产生了巨大
的吸引力。但私募股权融资是一项复杂的资本运作过程，其整个融资路径包含
对私募投资方的识别、模式设计、谈判、签约和退出等诸多环节,每个环节均存
在着风险，都有失败的可能性。因此，对民营企业私募股权融资路径进行研究，
探索对融资路径进行科学化、专项化及常态化的管理方法，提高效率和防范风