Study on Risk Evaluation System for Joint Venture of Private Equity Fund
|Course||Technology Economics and Management|
|Keywords||Private equity funds Joint investment Risk Evaluation System|
October 2009, the opening of China's GEM to private equity funds (Private Equity Fund, PE fund) to provide a wider space for development and exit channels. PE co-investment is an important investment model, the PE investment projects more commonly used, and the use of joint investment projects have greater probability of success. Existing home and abroad PE study, in order to more general conceptual framework, and further in-depth analysis and evaluation systems to build and less; build in-depth evaluation system, based on research done by many industry sectors, and based on investment model studies done less; joint investment model against the study, focusing on the performance evaluation more less risk assessment. Carry out investment project risk evaluation method for understanding risk, effectively avoid risks, to accurately predict the risk of a successful enterprise value and make investment activities are of great significance. Meanwhile only through professional, detailed, targeted scientific evaluation system to identify and manage and control project risks and to find ways to minimize that the investment is a huge success. This work has the following main parts: First, the system analyzes the PE joint investment in risk factors. Using system analysis method, the available information and field research on several PE internship basis, from the environmental analysis, elements analysis, feature analysis and classification analysis four aspects of systems analysis PE joint investment risks will eventually PE investment risk into liquidity risk, moral hazard, joint risk, market risk, technology risk, management risk and other six categories. The work is mainly reflected in the third chapter. Second, the establishment of joint investment risk PE evaluation system and conduct an empirical analysis. In a breakdown of risk, based on the selected indicators and evaluation methods to construct PE joint investment evaluation system. In the empirical analysis, using Monte Carlo simulation techniques and ELECTREII France on three samples of investment projects carried out single projects and multi-project analysis. The work is mainly reflected in Chapters IV and V. This study has the following innovations: research perspective on innovation. In the current study, based on industry classification done more research on the performance evaluation system is also more research; article from the perspective of PE investment model joint investment, more focus on joint investment risk research. Innovative research methods. This paper focuses on risk analysis and risk evaluation system two aspects. In the risk analysis, the use of systems analysis approach; risk evaluation system of aspects, a single project evaluated using Monte Carlo simulation method, the evaluation of multi-project use ELECTREII approach. Covered fully and effectively as possible joint investment and a lot of important aspects of characteristics that make this study representative.