当前,全球资本市场融资方式创新不断,尤其是股权投资市场发展迅猛。如何抓住

机会发展日新月异的股权投资市场正是我国专业投融资人士要面对的巨大挑战。股权投

资是一项长期的投资工程,从项目的发现、项目的投资到最后的盈利必须要经历一个漫

长的过程,在这其中存在着委托代理风险、退出机制风险以及价值评估风险等。企业或

投资人要想在股权投资中减少可能存在的风险,必须要采用有效的方法,收集目标企业

各方面的信息,进行有效的尽职调查,以确定投资是否恰当,从而减少在股权投资中存

在的风险。因此,对中国股权投资对象尽职调查方法进行研究,有助于投资者在对股权

投资对象开展尽职调查中明确调查思路、流程及步骤,从而更好的提升尽职调查的效果,

进而为幵展后续的股权投资提供信息参考。

基于此,本文系统的收集了尽职调查的基本理论,以中国股权投资对象尽职调查方

法作为研宄对象,并以此为切入点,深入系统的研宂了尽职调査有关的理论文献,深入

客观的分析比较了国内外在尽职调查方法上的异同,并通过云南s茶叶股份有限公司为

例分析了尽职调查中的流程、步骤与问题,从而为提升投资者对股权投资对象开展尽职

调查的效果制定出有效的对策建议。通过研究,笔者得出以下结论:第一,通过对尽职调查

的相关国内外研究进行分析,从而明确这样一点.国内外在尽职调查方面的研宄较为范

式,在方法上研宂略显不足,同时从实际情况来看,尽职调查的实践走在理论的前面,

理论研究成功并不丰富。第二,通过对国内外尽职调查方法的分析与比较,从而发现国内

外股权投资者在尽职调查方面具有共同的常规方法,这些常规的调查方法有助于收集目

标企业的基本信息,但是更值得注意的是国内外都具有不同的非常规调研方法,可以相

互的借鉴,从而更加有助于收集更全面的、具有隐藏性的信息。第三,通过以云南S茶

叶股份有限公司为案例进行实证研宄,从而明确了国内股权投资者在尽职调查的基本程

序与方法,同时我们也发现国内的股权投资者普遍存在资料收集不全面、成本高、对象

局限等方面的问题,基于这些文献、比较以及实证研宂,从调査程序、方法以及管理三

个方面为我国股权投资者在尽职调查上提供了切实可行的建议措施。

关键词:股权投资,尽职调查,云南S茶叶股份有限公司

Abstract

At present, the global capital market financing innovation constantly, especially the

equity market has grown substantially. How to seize opportunities to develop with each

passing day of equity market is our country investment professionals will face huge

challenges. Equity investment is a long-term investment project, from the findings of the

project, project investment to the final profit must go through a long process,in which there is

a principal-agent risk, exit mechanism of risk and value assessment of risk. Enterprise or

investors to reduce the risk of possible in equity investment,must adopt the effective method,

to collect information about all aspects of the target enterprise, for effective due diligence, to

determine whether the investment is appropriate, thus reducing the risks in the equity

investment. Therefore, for China's equity investment due diligence, help investors in equity

investment object to carry out the due diligence investigation thought clear, process and steps,

so as to better improve the effect of due diligence,thereby provide reference information for

subsequent equity investment.

Based on this, this paper collected the due diligence investigation of the basic theory of

system, the Chinese equity investment due diligence investigation method as the research

object, and as the breakthrough point, in-depth research of the due diligence system about the

theory of literature, in-depth analysis of objective compared the similarities and differences on

due diligence investigation methods at home and abroad, and through the Yunnan S tea co.,

LTD as an example analyzes the process of due diligence,steps and problems, thus to

improve investors on the effects of equity investment to carry out due diligence work out

effective countermeasures and Suggestions. Through research,the author draw the following

conclusion: first, through analysis of due diligence investigation of relevant research at home

and abroad,and that point was clear: both at home and abroad in due diligence research

paradigm, research on the method is shown slightly insufficient, at the same time from the

actual situation, the practice of due diligence to walk in front of the theory, the theoretical

research success is not rich. Second,through the analysis of the due diligence investigation

methods at home and abroad and the comparison, thus discovered that equity investors at

home and abroad in terms of due diligence with common conventional methods, the

il