私募股权投资风险防范研究—以A公司为例
Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Business Administration
Study on risk prevention of private equity investment
—Take company A as an example
by
Yuxia Zhou
Supervisor: Prof. Jugang Zhang
Associate Supervisor:Jianchao Yue
December 2021

摘
要
近年来宏观经济下行压力日益增大，加上国际贸易摩擦问题不断加剧，对于
我国私募股权投资行业而言，不管是募资领域，还是投资领域，所面临的挑战都
非常大，在行业内更是频频出现“资本寒冬”这个术语。相关数据统计显示，2020
年我国股权投资市场募资总额出现明显下降，具体总额为 13,213亿元，与同期
相比，下降幅度高达 8.6%，投资总额更是呈跳崖式下降，具体总额只有 7542亿
元，相对于同期而言下降幅度高达 21%。而在投资公司方面，相互之间的分化极
为明显，使得行业优胜劣汰机制的作用开始呈现出来。部分机构不够重视风险防
范问题，风险防范水平相对而言仍较低，引发机构投资运作效率无法实现提升问
题，投资失败或投资后若想要退出，也因此存在极大难度。从投资者这个视角上
来说，基于国家法律及监管机构仍存在较大完善空间，同时在专业水平方面仍较
低，使得投资者还未形成成熟的风险意识，这些问题的存在，且短时间之内很难
获得有效解决，从而导致私募股权投资者面临的风险逐渐突显。
本文着重探究私募股权投资风险防范及其相应问题，结合具体研究需要，选
择以 A公司作为研究对象，在具体研究上，首先阐述相关概念以及重要基础理
论观点。其次，介绍 A公司私募股权投资风险管理现状，从中归结出 A公司在
私募股权投资风险管理方面还存在的问题，借助相应理论观点对出现这些问题的
原因进行分析。第三，结合前文分析情况，指出 A公司在不同阶段开展私募股
权投资风险管理时，应注重采取针对性的防范策略，确保所采取的防范策略能体
现针对性，同时提出 A公司在防范私募股权投资风险可采取的针对性应对方案。
最后，主要阐述 A公司保障防范措施获得有效落实的措施，具体从管理制度保
障、组织培训保障、企业文化保障、人力资源保障等方面进行着手。希望进行本
课题研究能为相关企业做好私募股权投资风险防范提供参考和借鉴。
关键词：私募股权投资；投资风险管理；私募股权；风险防范
III

私募股权投资风险防范研究—以A公司为例
Abstract
In recent years, with the increasing downward pressure on the macro economy
and the increasing problem of international trade friction, China's private equity
investment industry faces great challenges in both fund-raising and investment fields,
and the term "capital winter" appears frequently in the industry. Relevant statistics
show that in 2020, the total amount of fund-raising in China's equity investment
market decreased significantly, with a specific total of 1321.3 billion yuan, a decrease
of 8.6% compared with the same period, and the total investment decreased in a cliff
jumping manner, with a specific total of only 754.2 billion yuan, a decrease of 21%
compared with the same period. In terms of investment companies, the differentiation
between them is very obvious, which makes the role of the survival of the fittest
mechanism begin to appear. Some institutions do not pay enough attention to risk
prevention, and the risk prevention level is still relatively low, which leads to the
problem that the investment operation efficiency of institutions cannot be improved.
If the investment fails or wants to exit after investment, it is also very difficult. From
the perspective of investors, there is still much room for improvement based on
national laws and regulatory institutions, and the professional level is still low, so that
investors have not formed a mature risk awareness. The existence of these problems is
difficult to be effectively solved in a short time, resulting in the gradual highlighting
of the risks faced by private equity investors.
This paper focuses on the risk prevention of private equity investment and its
corresponding problems. Combined with the specific research needs, this paper
selects company a as the research object. In the specific research, firstly, this paper
expounds the relevant concepts and important basic theoretical viewpoints. Secondly,
it introduces the current situation of private equity investment risk management of
company a, summarizes the problems still existing in private equity investment risk
management of company a, and analyzes the causes of these problems with the help
of corresponding theoretical viewpoints. Thirdly, combined with the previous analysis,
it is pointed out that when a company carries out private equity investment risk
management at different stages, it should pay attention to adopting targeted
prevention strategies to ensure that the prevention strategies adopted can reflect the
pertinence, and put forward targeted countermeasures that a company can take to
prevent private equity investment risks. Finally, it mainly expounds the measures for
the effective implementation of the security and prevention measures of company a,
specifically from the aspects of management system guarantee, organization training
guarantee, enterprise culture guarantee, human resources guarantee and so on. It is
hoped that this research can provide reference and reference for relevant enterprises to
prevent private equity investment risks..
Key words:Private equity investment; Investment risk management; Private
equity; risk prevention
IV
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