A Study Of Investment Risk Of Buyout Fund-A Case Of Zeus Entertainment

With the continuous expansion and development of the multilevel capital market in China,China has become the second largest private equity investment fund market in the world.As an important form of private equity investment fund,the development of buyout fund is growing rapidly.Meanwhile,it also plays a great role in promoting innovation and economic structure upgrading,as well as the flourishing development of the emerging industries such as the Internet in recent years.In addition,with one of the operating modes of buyout fund,"PE plus listed company" becomes more mature,an increasing number of listed companies are also involved in the investment of buyout fund,at the same time,the researches on the buyout fund from the perspective of listed companies are still rare.Therefore,conducting researches of buyout fund from the perspective of listed companies not only help accelerate the development and promotion of buyout fund in practical area,but also enrich the research of buyout fund in academic area.In this thesis,the research framework is built by objectives establishment,risks identify and risk responses of the COSO enterprise risk management integration structure theories.Firstly,the thesis describes the process of ZEUS enterprise's buyout fund investment case according to the public information.ZEUS enterprise sets the objectives of buyout fund investment—to obtain investment income and create a multiple platform of entertainment,but the case ends up with the exit of buyout fund and ZEUS didn't realize the initial goal.Second,the thesis uses the PEST theory,Michael Porter's five forces model,agent cost theory to identify the external and internal risk factors affecting the realization of the objectives of buyout fund investment.In terms of external risk,it is divided into macro environment,investment target industry environment,target enterprise operating performance and PE institutional capacity risks.In terms of internal risks,it includes investment capability risk and human capital risk.Finally,the thesis takes the practical condition into account to put forward corresponding suggestions on the identified risks affecting the realization of the investment objectives in the view of risk avoiding,risk reduction and risk sharing etc.