股权投资是金融资本市场的重要组成部分，面对政府的深化金融改革与未来的金 融对外资开放力度的加大，合法合规的结构设计与产品创新是股权投资机构面临的主要 挑战，有效完备的风险控制策略体系成为股权投资公司规范安全经营的必须。本文以M 股权投资公司的实际运作为基础，在监管趋严的宏观背景下，分析了M公司当前面临 的内部风险与外部风险，从公司的内部管理和项目投资的募、投、管、退的四个运作阶 段，针对性提出风险控制策略。 从完善内部管理角度，制定了公司内部风险控制设计原则，并重新规划M公司内 部管理架构与人员配置，建立更好的内部竞合体系；从募资端角度，重点加强公司募资 渠道的多元化，拓展公司可用资金来源，匹配不同风险偏好的资金与项目对接；从项目 投资端角度，完善了M公司的内部立项投决流程，细化尽调指标，明晰投资保护性条 款的应用与项目投资风险的应对方案；从投后管理端角度，建立公司内部风险隔离制度， 重新制定项目投后管理机制，对投后管理部门的职责进一步明晰，建立了以业务人员为 主导、以指定项目为主体的投后管理体系；从项目退出端角度，综合考虑退出时间节点 与退出方式选择，规范项目退出内部决策机制与执行流程。同时，以M公司投资H公 司项目为例，在对标的资质及潜在风险分析的基础上，对设计的风险控制策略体系加以 运用并实践，构建了较为完备的投资方案。通过对M股权投资公司当前业务风险的分 析与风险控制策略体系的建立，为市场同业机构提供了可实操的风险控制参考体系。 关键词：股权投资、风险控制、金融监管 II Abstract Equity Investment is an important part of financial market, faced with the deepen of the government financial reform and the intensification of the investment aboard in future finance, legal structural design and innovated fund product are the main challenge faced by equity investment companies, therefore the perfect risk control system becomes a necessities in safe-standard equity investment. As a sample of M Equity Investment Company, Under the macro and strict background, the internal and external risks are analyzed. Proposing the risk control strategy, there are four stages of project investment, collect、invest、manage、exit, and internal management from company. From the perfect internal management, the principle of risk control is formulated and the management structure is replanned for better internal competition and cooperation systems. From the raising fund, focused on the variety of fund-raise and the increasing of available funds that match different risks of project. From the project investment, the project investment process of M company is refined, the due diligence index has been specified that clarify the application of the investment protection terms and the solution of the risk investment projects. From the post-investment management, establish the risk isolation system, rebuild the post-investment management mechanism, further clarify the responsibilities of post-investment management department, and establish a post-investment management system dominant by personal and specify project. From the project exit, the selection of exit time and exit ways are overall consideration, the project of exit decision mechanism and execution process are standard. As the same time, taking a project of M company investing H as a sample, based on analyzing the qualification and the underlying risk of object, apply and practice the design of risk control strategy system that construct a complete investment plan. Through the analysis of risk and establishment of risk control strategy system of M Equity Investment Company, it provides a operated risk control system for same trade and market as a reference. Key words: Equity investment；risk control；financial regulation III 目 录 摘要 ................................................................................................................................. I Abstract ............................................................................................................................ II 第一章 绪论 ...................................................................................................................... 1 1.1 研究背景和意义 ..................................................................................................... 1 1.1.1 选题背景 .......................................................................................................... 1 1.1.2 研究意义 .......................................................................................................... 4 1.2 国内外相关研究综述 ............................................................................................. 6 1.2.1 投资风险与金融监管 ...................................................................................... 6 1.2.2 投资风险的产生 .............................................................................................. 7 1.2.3 投资风险识别与评估 ...................................................................................... 7 1.2.4 投资风险控制 .................................................................................................. 8 1.3 研究内容和方法 ..................................................................................................... 9 1.3.1 研究内容 .......................................................................................................... 9 1.3.2 研究方法 ........................................................................................................ 10 1.3.3 研究技术路线图 ............................................................................................ 10 1.4 研究内容和章节安排 ........................................................................................... 10 第二章 M公司业务运作及风险分析 ........................................................................... 12 2.1 M公司的业务运作分析........................................................................................ 12 2.1.1 M公司简介 .................................................................................................... 12 2.1.2 M公司业务运作分析 .................................................................................... 14 2.2 M公司业务运作风险分析.................................................................................... 20 2.2.1 外部风险 ........................................................................................................ 21 2.2.2 内部风险 ........................................................................................................ 26 2.3 业务风险案例分析 ............................................................................................... 29 2.3.1 存量业务风险案例 ........................................................................................ 29 2.3.2 增量业务风险案例 ........................................................................................ 31 2.4 本章小结 ............................................................................................................... 33 第三章 M公司的风险控制策略研究 ........................................................................... 34 IV 3.1 业务发展规划 ....................................................................................................... 34 3.1.1 存量项目管理 ................................................................................................ 34 3.1.2 未来业务发展 ................................................................................................ 35 3.2 改善内部管理控制风险 ....................................................................................... 36 3.2.1 风险控制设计原则 ........................................................................................ 36 3.2.2 公司内部架构调整 ........................................................................................ 37 3.2.3 内部规章制度建设 ........................................................................................ 39 3.3 资金募集阶段风险控制 ....................................................................................... 40 3.3.1 维护银行客户资源 ........................................................................................ 40 3.3.2 多层次拓展高净值客户 .........................................