Risk Analysis Of State-owned Capital Investment In Potential Unicorn Company

In 2018,the number of national unicorn companies exceeded 200,with a total valuation of more than 900 billion US dollars.Unicorn enterprises have a huge impact on China's economic operation and social development,both in volume and quantity.Through the operation of the capital market,state-owned capital can realize economic and policy support for the resources of the unicorn enterprise,help stabilize the market order,avoid excessive intervention of foreign capital on the domestic market,and form a good competitive environment.The establishment of state-owned capital investment and operation companies has effectively improved the mode of direct management of state-owned enterprises by the Stateowned Assets Supervision and Administration Commission,and the state-owned capital operation company as an intermediary institution between the State-owned Assets Supervision and Administration Commission and state-owned enterprises to promote the separation of government and enterprises.This initiative,first of all,is conducive to the SASAC to achieve the state-owned assets management supervision function,but also effectively separate its investors.Make "athletes" and "referees" no longer the same subject.Second,it can reduce the government's rent-seeking behavior and direct interference in the operation of state-owned enterprises.It is possible to define a boundary for the supervision of state-owned assets: the direct supervision of enterprises by the SASAC will be divided into two categories,one is a large state-owned enterprise that cannot be entrusted to supervise,and the first is a state-owned capital investment operation company,while the SASAC and the investment operation company each The position formed the operational structure of “SASAC Supervision,Operation of Company Operation,and Operation of Enterprise Groups”,and completed the transformation of the SASAC from asset management to capital operation management.Objectively,it protects the independent operation mode of the unicorn enterprise and maintains the flat management structure of the startup enterprise,avoiding the excessive administrative intervention of the unicorn company.From the perspective of economic development,whether it is to support small and micro enterprises with potential,participate in mergers and acquisitions and reorganize to optimize social resources,or participate in capital market projects with good prospects,accelerate capital to promote technological innovation,state-owned capital can rely on its own capital and huge society.Influence drives private capital to follow,and its driving force for industrial development is enormous.From a strategic point of view,state-owned capital investment helps state-owned assets to achieve resource allocation on a global scale and promote the upgrading of domestic industrial structure to the middle and high end.At the same time,we can make full use of the characteristics of the market-oriented operation of the fund and lay out leading enterprises to promote Chinese enterprises to participate in competition worldwide.In addition,state-owned capital has a strong guiding and promoting role in supporting state-owned enterprise shareholding system reform,central enterprise innovation,and emerging industry incubation and training.Due to the state-owned nature of its capital,state-owned private equity investment funds have received extensive attention from the society in terms of their investment behavior,investment targets and investment effects.In the process of investing in potential unicorn companies,investment in state-owned capital is often interpreted as policy-oriented.When state-owned capital invests in equity,once the investment risk is exposed,the large amount of state-owned capital is devalued,or capital loss and other moral hazard will occur,which will have a negative impact on the credibility of state-owned capital and the implementation of relevant state policies.Therefore,state-owned capital investment in companies with unicorn potential requires a full and comprehensive risk analysis.In view of the risk of overvaluation caused by incomplete and due diligence of due diligence,it is necessary to conduct a true investigation of the shareholders' background,management,financial and legal status of the target company,and find out the potential risks of operation by financial adjustment.Ensure the smooth progress of investment transactions;conduct technical,market,personnel and other consultations for external industry partners.In view of over-risk of valuation,the establishment of a combination of scientific quantification and horizontal comparison is mostly a valuation system,and an investment team with rich investment experience,professional competence,dedication and professionalism is established,facing the constantly updated cutting-edge technology and constantly The emerging market demand and fiercely competitive unicorn enterprises require long-term learning,comprehensive and in-depth research,and full and extensive contact.In view of the risk of decision-making and the loss of state-owned assets,a market-oriented management system and incentive mechanism will be established to ensure the normal operation of the board of directors,the board of supervisors,and the management meeting,and the rights and interests of employees will be guaranteed by a clear and objective salary system and reward system.