I 摘要 私募股权投资基金行业历经十余年发展，已成为我国金融市场的重要组成部 分。截至2018年末，我国私募基金管理人24448家，其中股权、创业投资基金管 理人14683家；管理基金规模12.78万亿元，其中股权投资基金规模7.71万亿元， 创业投资基金规模0.89万亿元。在前期私募股权投资基金行业快速发展的同时也 暴露出诸多的问题，但随着行业一系列政策法规的修订和完善，为我国私募股权 投资基金的发展逐步扫清了障碍，使得行业从“野蛮掠夺”向“精耕细作”转变。 而作为私募股权投资基金体现“精耕细作”重要环节之一的投后管理，普遍未受 到行业重视。 本文以私募股权投资基金投后管理作为研究对象，第一沿研究领域的基础理 论对国内外文献进行系统性分析；第二沿研究领域的国内实践进行分析，首先强 调私募基金运作投后管理的重要性，分别从基金运作流程、行业发展两个角度来 进行阐述；其次立足投后管理，分析具体路径、形式、影响因素；再次通过新三 板挂牌私募投资机构及国内知名私募投资机构分析国内主流投资机构投后管理的 现状，得出目前普遍存在的问题；第三分析Z公司项目投后管理存在问题及成因， 并以Z公司投资C项目为例提出解决方案，同时通过效果评价体现投后管理差异 化服务的必要性；第四结合上述分析对国内私募股权投资机构项目投后管理存在 的共性问题及发展提出可行的建议。 通过研究得出以下结论：第一，根据投资机构自身情况，建立投后项目二次 风险评估及风险分类，针对不同项目风险，提供差异化的投后管理服务路径；第 二，专业化的投后团队是有效实现差异化投后管理服务的重要保障；第三，投后 管理将成为私募股权投资机构的主要竞争力和特色优势。 关键词：私募股权投资基金 ，投后管理，增值服务，业绩提升 ABSTRACT II ABSTRACT After more than a decade of development, private equity investment fund industry has become an important part of China's financial market. By the end of 2018, China had 24,448 private equity fund managers, including 14,683 equity and venture capital fund managers. The management fund scale is 12.78 trillion yuan, of which the equity investment fund scale is 7.71 trillion yuan and the venture capital investment fund scale is 0.89 trillion yuan. In the early stage of the rapid development of the private equity investment fund industry also exposed a lot of problems, but with the revision and improvement of a series of policies and regulations in the industry, the development of private equity investment fund in China gradually cleared the way, making the industry from "brutal plunder" to "intensive farming" change. However, as one of the important links of "intensive farming" in private equity investment funds, post-investment management is generally not paid attention to by the industry. This paper takes the post-investment management of private equity investment fund as the research object. Firstly, it makes a systematic analysis of domestic and foreign literatures along with the basic theory of the research field. Second, domestic practices in the research field are analyzed. First, the importance of post-investment management of private equity fund operation is emphasized, which is expounded from the perspectives of fund operation process and industry development. Secondly, based on post-investment management, analyze the specific path, form and influencing factors; Once again, through the new third board listed private equity investment institutions and domestic well-known private equity investment institutions to analyze the status quo of mainstream post-investment management in China, the existing problems are found. Thirdly, it analyzes the existing problems and causes of project post-investment management of Z company, and takes project C as an example to propose solutions. At the same time, it reflects the necessity of differentiated services of post-investment management through effect evaluation. Fourthly, combined with the above analysis, the author proposes feasible Suggestions on the common problems and development of the post-investment management of domestic private equity investment institutions. The following conclusions are drawn through the research: first, the secondary risk assessment and risk classification of post-investment projects are established according ABSTRACT III to the conditions of investment institutions, and differentiated post-investment management service paths are provided for different project risks. Second, a professional post-investment team is an important guarantee for the effective realization of differentiated post-investment management services. Third, post-investment management will become the main competitiveness and characteristic advantages of private equity investment institutions. Key words: private equity investment fund, post-investment management, value-added services, performance improvement 目 录 IV 目 录 第一章 绪论 .................................................................................................................... 1 1.1 研究背景 ........................................................................................................... 1 1.2 研究意义 ........................................................................................................... 1 1.3 研究内容 ........................................................................................................... 2 1.4 研究方法 ........................................................................................................... 2 第二章 文献综述和实践综述 ........................................................................................ 3 2.1 文献综述 ........................................................................................................... 3 2.1.1 基础理论 ................................................................................................ 3 2.1.2 国外研究现状 ........................................................................................ 3 2.1.3 国内研究现状 ........................................................................................ 5 2.1.4 文献综述 ................................................................................................ 7 2.2 实践综述 ........................................................................................................... 7 2.2.1 私募股权投资基金概述 ........................................................................ 7 2.2.2 国内私募股权投资基金发展 ................................................................ 8 2.2.3 国内私募股权投资基金投后管理路径 ............................................... 11 2.2.4 国内私募股权投资基金投后管理实施效果影响因素 ...................... 16 2.2.5 国内主流私募股权投资机构投后管理现状及问题分析 .................. 17 2.2.6 实践综述 .............................................................................................. 24 第三章 Z公司项目投后管理的现状及问题 ............................................................... 25 3.1 Z公司简介及业务发展 ................................................................................... 25 3.2 Z公司项目投后管理现状及问题 ................................................................... 26 3.2.1 项目投后管理现状 .............................................................................. 26 3.2.2 项目投后管理存在问题 ...................................................................... 31 3.3 Z公司项目投后管理问题成因分析 ............................................................... 31 3.3.1投后管理意识淡薄 ............................................................................... 31 3.3.2 基金管理人的盈利模式 ...................................................................... 31 3.3.3 缺乏专业的组织及人员配置 .............................................................. 32 第四章 Z公司项目投后管理存在问题解决方案 ....................................................... 33 4.1 方案目标 ......................................................................................................... 33 4.2 方案内容 ......................................................................................................... 33 目 录 V 4.3 C项目差异化投后管理服务 .......................................................................... 34 4.3.1 C项目背景 ........