金融学院知识库

       我国金融创新步伐越来越快，多层次的资本市场正在逐步完善，而私募股权 作为资本市场重要的组成部分，发挥着不可替代的作用，其培育的独角兽企业， 极大地推动了新兴产业的崛起，对我国社会经济发展产生了重要影响。然而，由 于独角兽企业的特殊性，私募股权在投资时面临巨大损失风险。所以，研究私募 股权投资独角兽企业风险控制问题就显得尤为重要。

       文章采取案例研究方法，以深创投投资奈雪的茶作为研究对象。首先，梳理 了国内外关于私募股权、独角兽企业的相关研究成果、理论基础，作为研究问题 的理论支撑。其次，分析投资案例中的投前、投中及投后风险。投前风险包括行 业竞争、行业比较优势、估值泡沫风险；投中风险包括信息不对称和不确定因素 风险；投后风险包括退出、IPO 抑价、股价长期弱势、委托代理风险。再其次， 从投前、投中、投后三个方面提出私募股权控制投资独角兽企业风险的对策。投 前对策包括准确评估行业发展潜力及品牌影响力、市场估值的合理性、持续性盈 利能力；投中对策包括分多轮次投资、了解独角兽企业相关利益主体、签订投资 人保护条款；投后对策包括追踪资金流向、定期审核所投项目进展情况以及提供 多样式的增值服务。最后，得出结论与启示。结论包括私募股权在投资独角兽企 业时，需要做好特殊性风险的识别及评估；建立一套专门针对投资独角兽企业科 学、严密的风险控制体系；符合国家产业政策导向，坚持价值投资。启示包括私 募股权投资机构加强行业自律、遵循诚信原则以及保持风险意识。

    The pace of financial innovation in China is faster and faster,the multi-level capital market is gradually improving. As an important part of the capital market, private equity plays an irreplaceable role. The unicorn enterprises it cultivates have greatly promoted the rise of emerging industries and had an important impact on social and economic development. However, due to the particularity of Unicorn enterprises, private equity faces huge loss risk when investing. Therefore, it is particularly critical to study the risk control of private equity investment Unicorn enterprises.

     The article adopts the method of case study.Taking the tea of Nai Xue invested by Shenzhen Venture Capital as the research object. First of all, the relevant research results and theoretical basis of private equity and unicorn enterprises at home and abroad are sorted out, as the theoretical support for the research problem. Second, analyze the pre-investment, mid-investment and post-investment risks in investment cases. Pre-investment risks include industry competition, industry comparative advantages, and valuation bubble risks; mid-investment risks include information asymmetry and uncertainties risks; post-investment risks include exit, IPO underpricing, long-term stock price weakness, and principal-agent risks. Thirdly, it puts forward the countermeasures forprivate equity to control the risk of investing in unicorn enterprises from three aspects: pre-investment, mid-investment and post-investment. Pre-investment strategies include accurate assessment of industry development potential and brand influence, rationality of market valuation, and sustainable profitability; investment strategies include multiple rounds of investment, understanding unicorn companies’ stakeholders, and signing investor protection clauses ; Post-investment countermeasures include tracking the flow of funds, regularly reviewing the progress of the invested projects, and providing various value-added services. Finally, conclusions and enlightenments are drawn: the conclusions include that when private equity invests in unicorn companies, it is necessary to identify and evaluate specific risks; establish a scientific and strict risk control system specifically for investing in unicorn companies; In line with the national industrial policy orientation, adhere to value investment; inspiration includes private equity investment institutions to strengthen industry self-discipline, follow the principle of integrity and maintain risk awareness.