Z投资公司PE投资的调查分析
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摘要
在我国经济转型、提升、快速发展的三十多年来,中小企业的比重在不断的增加,随之而来的中小企业所面临的由于规模受限所造成的利润率低、筹资规模受限、向金融机构融资困难等诸多问题,越来越突显出来。深圳是改革开放的前沿,作为中小企业融资的拓展渠道,一些投资公司、担保公司、股权投资公司、股权投资基金、供应链公司应运而生,成为了中小企业除银行等金融机构融资的补充来源。本文从投资公司的视角考虑,以股权及债权相结合的模式来探讨及实施对中小企业进行融资可行性及相对全面的操作方案,通过投资公司对中小企业基础信息的了解,设计出安全控制资金使用方案,提出了投资公司在对中小企业融资业务受理条件、评估审计、流程控制、审批通过、贷后管理等针对适合我国的中小企业融资在理论与实操相结合的有效方案。
本文一共分为五个部分,第一部分是绪论,简单的介绍了中小企业融资的方式、研究背景、研究的目的和研究的意义以及研究的现状；第二部分是中小企业融资的理论分析部分,介绍了我国的中小企业的发展概况与发展趋势,着重介绍了在当前的经济环境下,中小企业融资难的境地,进而分析融资难所产生的原因,并初步提出了解决中小企业融资难的相应对策。第三部分主要是投资公司解决中小企业融资过程的理论分析。本章介绍了投资公司可以作为银行的替代品,来解决中小企业融资难的问题及大致流程和控制手段,通过对中小企业所需融资项目的分析、诊断、调研、评估来介绍投资公司在做项目投资上的管理尺度及标准,进而提出项目投资中常见的问题和需要注意的关键节点,并提出了相应的建议和手段来解决这些问题。接着通过例证利用中小企业融资的分类,来揭示不同类型的投资业务中隐藏着的不同等级的风险；第四部分为投资公司对中小企业投资项目操作分析,本章通过在当前对房地产项目严格控制的环境之下,Z投资有限公司对贵州H公司房地产公司PE(股权投资)投资的案例来全面展示了投资公司在办理中小企业融资业务的整个流程,从项目受理时交易结构的确立、风控措施的选择、交易对手的全方位分析、房地产政策的解读、项目的整体评估、风险评估等方面展示了投资公司对整个融资业务贯通性的分析方法；第五部分为全文的结论。
With the passed30years'rapid development and China's economic transformation, the proportion of small and medium-sized enterprises have continuously increased. In the meanwhile, they also have to face to the problems of financial crisis due to small economic scale. Since Shenzhen is at the forefront of reform and opening up, as small and medium-sized enterprise invest the expansion of channels, and some investment guarantee company equity investment company equity investment fund supply chain company arises at the historic moment, become the supplement in addition to Banks and other financial institutions. In this article, considering from the Angle of investment company, based on the study of the target company's basic information, I try to make out an strategy to controlled fund-using. Put forward for small and medium-sized enterprise invest business and accept the condition assessment audit process control through the post-loan management of examination. Try to put the theory into practice, so that a win-win situation will appear.
This article is divided into five parts, the first part is the introduction, briefly introduced research status of the research background of medium and small-sized enterprises invest the purpose and the significance of research and research; The second part is the medium and small-sized enterprises invest theory analysis part, introduced the development status and developrnent trend of China's medium and small-sized enterprises, introduced in the current economic environment, the invest of medium and small-sized enterprises situation, analysis the reason of invest difficulty produces, and proposed the corresponding countermeasures to solve the invest difficulty of medium and small-sized enterprises. The third part is the analysis of investment theory to solve the process of invest of medium and small-sized enterprises. This chapter introduces the investment company can be used as a substitute for banks, to solve the invest problem of medium and small-sized enterprises and the general process and control means, to introduce the investment companies in the management scale and standard project invest through the diagnosis analysis of survey and evaluation project invest required for the small and medium-sized enterprise; and then put forward the common problems in project invest and the key nodes need to pay attention to, and puts forward corresponding suggestions and measures to solve these problems. Then through the classification of the invest of small and medium-sized enterprises examples used to reveal the different risk hidden in different types of invest business; The fourth part analyses the invest of small and medium enterprises operating a project for investment company. This chapter through to the real estate project under the strict control of the environment, Z Investment Limited company of Guizhou H Real Estate Company PE (Private Equity) invest case to a comprehensive display of the investment company in handling the invest of medium and small-sized enterprises of the entire process, from the project acceptance of transaction structure is vertical, risk-control measures, the choice of counterparties to the full range of analysis, the real estate policy interpretation, the overall project evaluation, risk assessment and other aspects show investment company for the invest business through analysis method; The fifth part is the conclusion of the paper.
本文一共分为五个部分,第一部分是绪论,简单的介绍了中小企业融资的方式、研究背景、研究的目的和研究的意义以及研究的现状；第二部分是中小企业融资的理论分析部分,介绍了我国的中小企业的发展概况与发展趋势,着重介绍了在当前的经济环境下,中小企业融资难的境地,进而分析融资难所产生的原因,并初步提出了解决中小企业融资难的相应对策。第三部分主要是投资公司解决中小企业融资过程的理论分析。本章介绍了投资公司可以作为银行的替代品,来解决中小企业融资难的问题及大致流程和控制手段,通过对中小企业所需融资项目的分析、诊断、调研、评估来介绍投资公司在做项目投资上的管理尺度及标准,进而提出项目投资中常见的问题和需要注意的关键节点,并提出了相应的建议和手段来解决这些问题。接着通过例证利用中小企业融资的分类,来揭示不同类型的投资业务中隐藏着的不同等级的风险；第四部分为投资公司对中小企业投资项目操作分析,本章通过在当前对房地产项目严格控制的环境之下,Z投资有限公司对贵州H公司房地产公司PE(股权投资)投资的案例来全面展示了投资公司在办理中小企业融资业务的整个流程,从项目受理时交易结构的确立、风控措施的选择、交易对手的全方位分析、房地产政策的解读、项目的整体评估、风险评估等方面展示了投资公司对整个融资业务贯通性的分析方法；第五部分为全文的结论。
With the passed30years'rapid development and China's economic transformation, the proportion of small and medium-sized enterprises have continuously increased. In the meanwhile, they also have to face to the problems of financial crisis due to small economic scale. Since Shenzhen is at the forefront of reform and opening up, as small and medium-sized enterprise invest the expansion of channels, and some investment guarantee company equity investment company equity investment fund supply chain company arises at the historic moment, become the supplement in addition to Banks and other financial institutions. In this article, considering from the Angle of investment company, based on the study of the target company's basic information, I try to make out an strategy to controlled fund-using. Put forward for small and medium-sized enterprise invest business and accept the condition assessment audit process control through the post-loan management of examination. Try to put the theory into practice, so that a win-win situation will appear.
This article is divided into five parts, the first part is the introduction, briefly introduced research status of the research background of medium and small-sized enterprises invest the purpose and the significance of research and research; The second part is the medium and small-sized enterprises invest theory analysis part, introduced the development status and developrnent trend of China's medium and small-sized enterprises, introduced in the current economic environment, the invest of medium and small-sized enterprises situation, analysis the reason of invest difficulty produces, and proposed the corresponding countermeasures to solve the invest difficulty of medium and small-sized enterprises. The third part is the analysis of investment theory to solve the process of invest of medium and small-sized enterprises. This chapter introduces the investment company can be used as a substitute for banks, to solve the invest problem of medium and small-sized enterprises and the general process and control means, to introduce the investment companies in the management scale and standard project invest through the diagnosis analysis of survey and evaluation project invest required for the small and medium-sized enterprise; and then put forward the common problems in project invest and the key nodes need to pay attention to, and puts forward corresponding suggestions and measures to solve these problems. Then through the classification of the invest of small and medium-sized enterprises examples used to reveal the different risk hidden in different types of invest business; The fourth part analyses the invest of small and medium enterprises operating a project for investment company. This chapter through to the real estate project under the strict control of the environment, Z Investment Limited company of Guizhou H Real Estate Company PE (Private Equity) invest case to a comprehensive display of the investment company in handling the invest of medium and small-sized enterprises of the entire process, from the project acceptance of transaction structure is vertical, risk-control measures, the choice of counterparties to the full range of analysis, the real estate policy interpretation, the overall project evaluation, risk assessment and other aspects show investment company for the invest business through analysis method; The fifth part is the conclusion of the paper.
引文
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[2]李莉佳,曾敏.我国中小企业生存现状及对策[J].中国集体经济,2011,(16)：23.
[3]全国工商联课题组,把解决企业融资问题的政策着力点放在小型企业上——中小企业融资问题调查报告[J].经济理论与经济管理,2010(4)：33-40.
[4]赵国忻.国外中小企业政策支持效果研究评述[J].经济学家,2007(2)：116-122.
[5]张杰.民营经济的融资困境与融资次序[J].经济研究,2000(4)：4-10.
[6]叶显友,祝红辉.现阶段中小企业在融资中存在的问题与对策[J].前沿,2005(3)：60-62.
[7]陈恒坚,杨丽红.融资担保机构：前途光明,举步艰难一以昆明市西山区为例[J].时代金融,2010(3)：70-71.
[8]龙丽梅.流动性过剩与信贷紧缩交织下的中小企业融资问题[J].新西部,2008(20)：89-90.
[9]刘晶晶.中日中小企业融资环境比较及借鉴[J].合作经济与科技,2005(8)：47-48.
[10]慕继丰,冯宗宪.哪种金融体制更有利于经济增长[J].世界经济,2001(8)：45-50.
[11]陈柳钦,孙建平.我国中小企业信用担保体系的制度缺陷及其创新[J].太原理工大学学报,2004(1)：20-25.
[12]张琦,陈晓红,蔡神元.“规模歧视”与中小企业信贷融资——基于湖南中小企业问卷调查数据的实证[J].系统工程,2008(10)：61-66.
[13]邓勇.发达国家促进中小企业发展的做法及启示[J].理论观察,2009(5)：117-118.
[14]陈其安,肖映红,程玲.中小企业融资的三方信贷担保模型研究[J].中国管理科学,2008(10)：210-124.
[15]温敬钟.公司治理结构改革在中小企业融资中的作用浅析[J].世界经济情况,2006(11)：31-33.
[16]罗玉冰.破解中小企业融资难题新探——基于吉林、辽宁、浙江三地金融支持中小企业情况调查[J].中国金融,2009(21)：27-29.
[17]康芸,刘曼红.对我国商业银行资金参与风险投资的思考[J].科技进步与对策,2010(11)：9-12.
[18]盛绍波,马卫.我国中小企业的融资渠道研究[J].经济管理论坛,2005(8)：29.
[19]谢璞茹.民间金融：中小企业融资的重要渠道[J].时代经贸,2007(2)：89-91.
[20]石飞.供应链金融在中小企业中的应用[J].浙江金融,2010(10)：56-58.
[21]方正松.西方发达国家促进中小企业发展的政策、措施借鉴[J].北京商学院学报(社会科学版),2001(5)：62-65.
[22]姜正富,陈革章.关于银行融资角度分析中小企业融资难问题[J].海南金融,2010(5)：81-85.
[23]王振中.内部控制与风险管理[J].商业会计,2010(6)：67-68.
[24]宋克玉.我国小额贷款公司风险管理问题探析[J].北方经济,2008(2)：87.
[25]邓超,郑元婷,王昌东.政府促进天使投资发展的国际比较及启示[J].经济问题探索,2010(1)：129-133.
[26]刘颖.中小企业股权融资和股权再融资研究[M].经济科学出版社出版,2010.
[27]冯兴元,何广文,杜志雄,等.中国乡镇企业融资与内生民间金融组织制度创新研究[M].大同：山西经济出版社,2006.
[28]葛欣英,周占辉.中小企业贷前调查模式研究[J].中小企业管理与科技,2011,(27)：53-54.
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