风险约束下的私募股权投资基金公司绩效管理体系研究

发布时间：2018-04-13 11:59

本文选题：绩效管理体系 + 平衡计分卡　；参考：《天津大学》2015年博士论文

【摘要】：随着中国金融市场逐渐对外开放,特别是当中国加入WTO以后,私募股权基金市场的竞争由区域性竞争转变为全国性乃至全球化竞争。作为私募股权基金市场中活跃的一员,H私募股权基金公司在“十一五”期间,通过创新经营模式,强化内部管理,逐步开创了一条适合公司率先发展、持续发展、健康发展的道路。由于风险约束下的战略绩效管理体系可以提高公司自身的核心竞争力、可持续发展能力和创新能力,因此,制定战略规划、寻找全寿命周期风险指标,建立、健全完善合理的绩效考核体系是保证H私募股权投资基金健康发展的重要保证。同所有的企业一样,H私募股权投资基金最终追求的是实现公司价值最大化和公司风险最小化,在竞争激烈的市场中实现可持续发展。而这个目标的实现依赖于基金公司的战略定位、战略目标的制定、各个阶段风险因素的成功衡量以及风险指标的选取。在绩效评价的体系中,平衡计分卡能够明确公司的战略目标。所以在绩效评价体系中使用平衡计分卡可以评价公司当期的境遇业绩。平衡记分卡也能发挥战略指导的作用,从长远的角度帮助公司发展。国内的理论界对基金公司绩效管理体系的讨论比较多,但是基于风险约束下利用平衡分卡对私募股权投资基金的绩效体系进行探讨的研究相对较少。本文通过博弈模型分析,找到了私募股权基金公司在投资过程中的效率损耗风险,运用PEST、波特五力模型、SWOT矩阵等多种方法,在详细讨论宏观环境、公司竞争环境、公司现状的基础上,确定了公司总体战略目标。接着,在分析风险因素和公司战略的基础上,创新性地运用平衡计分卡原理建立了一个以战略为导向,基于风险约束下的绩效管理系统,以解决私募股权投资基金公司“如何使绩效管理与战略、风险有效结合”的问题。最后,以H私募股权投资基金公司层面为实例,通过问卷调查和专家访谈的形式得出了平衡计分卡的四个有效维度,即财务维度、客户维度、内部流程维度和学习与成长方面维度。获得了系统的一级和二级指标和相对重要的数据,通过计算指标判断矩阵,并应用层次分析法确定了相应的权重,得到了绩效考核的结果,并最终对绩效结果进行分析、改进和有效应用。同时也将其延伸应用在对投资项目的评估。并通过对美团,55网和拉手网这三个团购网站的实证分析证明了这种方法是有效可行的。
[Abstract]:With the opening of China's financial market, especially after China's entry into WTO, the competition of private equity fund market has changed from regional competition to national and even global competition.As an active member of the private equity fund market, during the "11th Five-Year Plan" period, the private equity fund company, through innovative business model, strengthened its internal management, gradually created a suitable company to take the lead in development and sustainable development.The road to healthy development.Because the strategic performance management system under the constraint of risk can improve the core competitiveness, sustainable development ability and innovation ability of the company itself, therefore, to make strategic planning, to find out the risk index of the whole life cycle, to establish,Perfect and reasonable performance appraisal system is an important guarantee to ensure the healthy development of H private equity investment fund.Like all enterprises, private equity funds ultimately pursue to realize the maximization of company value and the minimization of corporate risk, and to realize sustainable development in a competitive market.The realization of this goal depends on the strategic positioning of the fund company, the formulation of the strategic goal, the successful measurement of risk factors in each stage and the selection of risk indicators.In the performance evaluation system, the balanced scorecard can clarify the company's strategic objectives.Therefore, the use of balanced scorecard in the performance evaluation system can evaluate the current performance of the company.Balanced scorecards can also play a strategic role in helping the company develop in the long-term.There is much discussion on the performance management system of fund company in domestic theoretical circle, but the research on the performance system of private equity investment fund based on the risk constraint is relatively few.Through the analysis of game model, this paper finds out the risk of efficiency loss in the process of investment of private equity fund, and discusses the macro environment and the competitive environment of the company in detail by using the methods of pest, Porter's five-force model and SWOT matrix.On the basis of the current situation of the company, the overall strategic objectives of the company are determined.Then, based on the analysis of risk factors and company strategy, a strategic oriented and risk-constrained performance management system is established by using the balanced Scorecard principle.In order to solve the private equity investment fund company "how to make the performance management and the strategy, the risk effectively unifies" the question.Finally, taking H private equity investment fund company as an example, through the form of questionnaire survey and expert interview, four effective dimensions of balanced scorecard, namely financial dimension, customer dimension, are obtained.Internal process dimension and learning and growth dimension.The first and second level indexes and relative important data of the system are obtained, and the corresponding weights are determined by calculating the index judgment matrix, and the results of the performance appraisal are obtained, and the results of the performance evaluation are analyzed finally.Improvement and effective application.At the same time, it is also extended to the evaluation of investment projects.This method is proved to be effective and feasible through the empirical analysis of three group buying websites: Meituan Pian 55 and handle net.
【学位授予单位】：天津大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F832.39

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