| Private equity funds have been playing an important role in the investment in the innovation field due to their long investment term and high-risk tolerance,and they are an important force to invest in small,early,technology and innovation.In recent years,the scale of China’s private equity funds has seen rapid growth,but compared with the developed countries in the West,its development is still at a preliminary stage,with problems such as an inadequate legal system,large differences in the quality of practitioners,shortage of specialized talents,irregular operation,lack of systematic decision-making system,and poor risk control ability.As an important force that can not be ignored to promote innovation,it becomes crucial to solve and optimize the problems and contradictions in the context of the rapid development of private equity funds and guide China’s private equity funds to make good decisions in practice,reduce investment risks,improve investment efficiency,and make them better promote the development of the real economy.Therefore,this thesis selects the case study of F private equity fund’s investment in B new energy automobile company as the case study object,takes the operation mode of private equity fund "fundraising,investment,management and withdrawal" as the research path,explores the practices and problems of private equity fund’s decision making at each stage in practice and the financing efficiency of the enterprise in private equity investment.The study also evaluates the investment decision and complements the applied research on private equity investment.The study helps to provide a reference for other private equity institutions in their investment operations,helps private equity institutions to improve their decision-making system,helps relevant enterprises to make more appropriate choices in financing methods,and provides suggestions for government departments to optimize private equity development.Through the case study,this thesis concludes that the investment decision work made by F Private Equity Fund in this project decision,risk control,post-investment management,and investment exit is reasonable and effective.Although the investment did not achieve the expected returns,the effective investment decision and risk control protected the investment capital and prevented the investment from incurring large losses.However,the F Fund also has the problem of not establishing a diversified investment portfolio,which increases the investment risk.Based on the case study,this thesis makes recommendations to other private equity institutions,start-ups,and government departments: private equity institutions should improve the investment decision process,refine the implementation of investment,pay attention to post-investment management,pay attention to the exit risk,and be cautious in investing in the new energy vehicle industry in the short term;start-ups should actively carry out reasonable financing and choose a wide range of financing methods.Government departments should strengthen the guidance of private equity investment,prevent overheating development,and accelerate the construction of new exit channels for private equity. |