Research On Comprehensive Evaluation Of Investment Risk Of Private Equity Firms Basing On Gray Fuzzy Method

In recent years,our continuing to adopt under the new policy to stimulate investment in the context of PE,they invested funds for number of small and medium China's growing enterprises.At this stage,private equity investment has become the second important financing tool and mean after the bank loans,public listing in China.But it also has the different quality problems in the new three board project.And even individual companies are using information asymmetric fictional performance for commercial fraud,and then to attract high-priced private equity investment to improve risk and loss.In China,how to evaluate the investment risk of the project company reasonably and effectively has become the main problem in the development of private equity investment.Therefore,this paper chooses the specific project company to analyze to carry out the risk evaluation,in order to provide reasonable investment decision and new ideas for the private institution to improve the risk control ability in the investment process,and play an active role in the healthy development of the private market.The paper introduces the basic concept,characteristics,operational mechanism and investment risk classification of private equity investment briefly.In the basis,this paper analyzes the related theoretical basis of the evaluation of private equity investment,such as risk theory,information asymmetry theory and gray fuzzy theory.Based on the theory of combing above,the paper selects the specific project company whom Private equity firm has will to invest called W company to participate in private equity investment studies.Combined with W's due diligence report and related data,this thesis has a brief introduction include company profile,ownership structure,organizational structure,company qualification,and market analysis,industry and competitive analysis,the company's future planning,financial analysis and profit forecast.And for the general analysis and summary of the W company in the existence of risk factors,selects the targeted 24 risk indicators to establish the index system.In base of the gray fuzzy comprehensive evaluation model,uses the expert scoring method and AHP to make empirical analysis and drew two basic conclusions:First,PE fund investment in the company when W is close to the level of risk in higher risk;Second,a company's impact assessment of the level of overall risk level of the three main risk indicators:team structure,operating capacity and the company's future ability to market.Depending on the results of empirical analysis,Finally,this paper provides a countermeasure for the investment risk of private equity institutions.