| The development of global private equity investment has a history of 100 years,and private equity investment in our country has also been explored and developed for more than 30 years.Today,the scale of private equity assets accounts for more than 10%of the business scale of China’s asset management industry and accounts for more than 10%of the GDP,private equity investment has become a key driving force of China’s real economy.In recent years,the external environment of private equity investment in China has gradually improved.On the one hand,the fundraising environment and policies have improved,and investors have become increasingly diversified;on the other hand,with the establishment of the Science and Technology Innovation Board and the Beijing Stock Exchange,the exit channels of private equity investment have been further widened.Although China’s private equity investment market is developing vigorously,there is still a gap compared with developed countries such as the United States.Private equity investment institutions need to strengthen and improve their investment capabilities.In order to achieve expected investment returns,the professional and comprehensive risk identification of the complex information of target investment projects is the first priority.This paper aims to explore a set of applicable project risk assessment indicators,conduct comprehensive risk assessment scores for target projects,and provide strong support for the investment decision of the project.Based on the enterprise life cycle theory of domestic and foreign scholars,this paper divides the projects invested by private equity investment institutions into three development stages:early stage,middle stage and late stage;Based on the research conclusions of domestic and foreign scholars on the selection index system of private equity fund investment projects,this paper takes the project risk as the starting point,and initially selects the risk assessment indicators from the three dimensions of business risk,financial risk and legal risk of the project.The expert survey method is adopted to collect the opinions of industry experts on the risk assessment indicators and the importance of indicators for the early,middle and late projects,using the factor analysis method to purify and condense the risk assessment indicators of the early,middle and late projects and determine the weight of each risk assessment index,and then establish the risk assessment index system of the early,middle and late projects;Finally,taking 70 historical projects invested by S investment institutions as the analysis sample,the sample projects are scored with the risk assessment indicators of early,middle and late projects established in this paper,and the investment decision opinions corresponding to the risk scoring results of the sample projects are compared with the historical investment decision opinions of S investment institutions,which verifies the applicability of the risk assessment indicators of early,middle and late projects established in this paper.Private equity funds generally invest in companies in the four stages of seed stage,start-up stage,growth stage,and maturity stage.The characteristics and risks of companies in different stages are different.Therefore,based on the theory of enterprise life cycle,this paper sets up risk assessment indicators for the early,middle and late projects invested by private equity funds.The risk assessment indicators of projects in different development stages are different,and the same risk assessment indicator has different weights in the risk assessment indicator system of projects at different development stages.At present,the decision-making evaluation method of private equity fund investment projects is mainly qualitative evaluation.The staged risk evaluation index system established in this paper can conduct qualitative and quantitative comprehensive evaluation of investment projects,which has practical reference value for private equity fund investment projects. |
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