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MBA硕士毕业论文_峰创投公司财务风险管理研究PDF

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海峰创投公司财务风险管理研究 风险投资作为中小型初创企业发展的推进器倍受市场青睐,对于解决中小 企业融资难、推动企业转型升级、支持企业重组具有重要意义。随着国家创新 驱动、构建创新型国家战略的实施,为风险投资的发展提供了一个前所未有的 外部机会,同时风险投资作为创业资金来源的一种补充,并能提升被投资企业 的价值,所以愈发受到初创企业的重视。可是风险投资本身作为一种创造性极 强的经济活动,其立项、尽调、签约直至退出的整个过程,都环环相扣,每一 个环节存在着相应的风险,投资的成败直接影响以投资为主业的风险投资公司 的财务风险水平。 财务风险管理并非一个陌生的话题,改革开放以来,伴随着我国市场经济 的成熟,也目睹了二次金融危机之后,包括财务风险在内的企业风险管理始终 受到国内外众多专家学者的关注,与之相关的研究报告、规范性指南、论点论 述等理论层出不穷,但是围绕着创业投资公司这一微观经营主体展开的财务风 险研究并不多,其原因是我国的创业投资起步较晚,学术界对于创业投资公司 的研究处于探索阶段,大部分研究内容聚焦在投资公司的运行机制、投资评估、 投后管理、内部治理等方面;其二源于创业投资公司为客户提供的关键产品是 资金,这与财务风险管理的主要研究对象归一,从某种程度上容易被视为创业 投资公司的整体风险就是财务风险。无论怎样理解,作者认为以创业投资公司 为载体,有针对性地剖析其存在的财务风险问题,是相当有必要的,对保证创 业投资公司的稳健经营具有一定的指导意义。本文通过对相关文献的学习和回 顾,对与本研究对象相关的理论进行了摘录、分析及归纳,从财务风险管理的 范畴、风险管理要素、风险管理方法三个方面出发,结合作者在创业投资领域 II 工作和积累的实际经验,把脉企业财务风险管理的现状,进而揭露出问题,并 分析问题产生的原因,及探讨可行的解决方案。 本文以海峰创投公司的筹资风险、投资风险和流动性风险为研究对象,通 过对风险的识别、评估和控制,分析海峰创投公司在公司管理层和业务操作层 面存在的财务风险问题,根据产生的原因提出解决对策和建议,对其他国有风 险投资公司开展财务风险管理提供了一定的借鉴作用。本文研究认为,海峰创 投公司的财务风险管理存在以下问题:现金流风险管理意识薄弱、筹资手段单 一、投资风险识别不全面、风险管理组织结构不健全、投资效率低和考核激励 较弱等。本文提出了完善海峰创投公司财务风险管理的对策,主要有以下几点: 第一,深化公司体制变革及多维度合作;第二,拓宽融资渠道和优化财务结构; 第三,完善投前和投后风险控制体系;第四,强化业绩考核和绩效激励。 关键词: 创投公司,财务风险,风险控制 III Abstract Research on Financial Risk Management of HAIFENG VC Company Venture capital (VC), as a propeller of the development of small and medium-sized start-ups, is highly favored by the market. It has important significance for solving the financing difficulties of small and medium-sized enterprises, promoting the transformation and upgrading of enterprises, and supporting the reorganization of enterprises. The implementation of national innovation-driven and innovative national strategy provides an unprecedented external opportunity for the development of VC. Meanwhile, as a supplement to the source of business funds, VC can increase the value of the invested enterprises; hence it is more and more valued by start-ups. However, as a highly creative economic activity, each part of VC process, including project establishment, investigation, contract signing and withdrawal, is closely linked together with corresponding risks. The result of investment directly affects the financial risk level of the VC Company whose main business is investment. Financial risk management is not a strange topic. Since the reform and opening up, along with the maturity of China's market economy, but also witnessed the second financial crisis, including financial risk, enterprise risk management has always been the concern of many experts and scholars at home and abroad, and related research reports, normative guidelines, arguments. Theories such as exposition emerge in endlessly, but there is not much research on financial risk around VC Company, which is a micro-management entity. The reason is that venture capital in China started late, the research on VC Company is still in the exploratory stage in academic circles, and most of the research focuses on the operating mechanism of investment company, Investment evaluation, post-investment management, Internal governance and other aspects. Second, the key product provided by venture capital companies for customers is capital, which is consistent with the main research object of financial risk management, to some extent, it is easy to be regarded as the overall risk of IV venture capital companies is financial risk. In any case, the author thinks that it is necessary to analyze the financial risk of VC Company with the carrier of VC Company, which has a certain guiding significance for guaranteeing the steady operation of VC Company. Based on the study and review of the relevant literature, this paper abstracts, analyzes and summarizes the theories related to the object of this study. From the aspects of the category of financial risk management, risk management elements and risk management methods, combined with the author's work and accumulated practical experience in the field of venture capital, this paper puts the enterprise finance in the context of enterprise finance. The status quo of risk management, and then expose the problem, and analyze the causes of the problem, and explore feasible solutions. This paper takes the financing risk, investment risk and liquidity risk of HaiFeng VC Corporation as the research object, analyzes the financial risk problems of HaiFeng VC Corporation at the management level and business operation level by identifying, evaluating and controlling the risks, and puts forward countermeasures and suggestions according to the causes. It also provides some reference for other state-owned VC firm to carry out financial risk management. This paper holds that the financial risk management of HaiFeng VC Company has the following problems: weak awareness of cash flow risk management, single means of financing, incomplete identification of investment risk, imperfect organizational structure of risk management, low investment efficiency and weak evaluation and incentive. This paper puts forward some countermeasures to improve the financial risk management of HaiFeng VC Company, mainly including the following points: (1) Deepen the reform of the company system and multi-dimensional cooperation. (2) Broaden the financing channels and optimize the financial structure. (3) Improve the pre-investment and post-investment risk control system. (4) Strengthen performance appraisal and performance incentives. Key word: Venture capital, Financial risk, Risk control V 目 录 第1章 绪论 ........................................................................................... 1 1.1 研究背景与意义 ............................................................................ 1 1.2 研究方法与内容 ............................................................................ 2 1.3 理论基础和文献综述 .................................................................... 3 第2章 海峰创投财务风险管理现状及存在的主要问题................... 7 2.1 公司基本背景情况介绍 ................................................................ 7 2.2 海峰创投财务风险管理的现状 .................................................... 8 2.3 海峰创投在财务风险管理中的问题 .......................................... 17 第3章 海峰创投财务风险管理所存问题的原因分析 ..................... 19 3.1 筹资路径及现金流管理 .............................................................. 19 3.2 投资风险评估与控制 .................................................................. 26 3.3 投后管理和信息系统 .................................................................. 30 3.4 投资效率及评价机制 .................................................................. 34 第4章 海峰创投财务风险管理的方案设计和实施保障................. 39 4.1 深化公司体制变革及多维度合作 .............................................. 39 4.2 拓宽融资渠道和优化财务结构 .................................................. 41 4.3 完善投前和投后风险控制体系 .................................................. 42 VI 4.4 强化业绩考核