fny5jt9 发表于 2024-10-6 19:36:35

一封股东求助信揭露的国内投后管理状况和问题


    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">“首席投资官”旗下新<span style="color: black;">媒介</span>平台，原“中国私募股权投资”</strong></p>

    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">每日分享PE/VC行业最权威<span style="color: black;">资讯</span><span style="color: black;">新闻</span></span></strong></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">源自</span>：超越S曲线</span></p>

    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://q8.itc.cn/q_70/images03/20240807/63d2d7986e5b4d83ac78fe1acf7b8393.jpeg" style="width: 50%; margin-bottom: 20px;"></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">摄影：Bob君</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">值得投资同行们引以为鉴。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">近期</span>，某科技<span style="color: black;">机构</span>的投资人股东联名发送给<span style="color: black;">地区</span>政府领导的一封求助信在投资行业流传甚广，信中披露了该科技<span style="color: black;">机构</span>实控人和高管<span style="color: black;">非常多</span>的“违法违规”<span style="color: black;">行径</span>，<span style="color: black;">亦</span>从另一个侧面揭露了投资<span style="color: black;">公司</span>投后管理中的众多问题，值得投资同行们引以为鉴。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">鉴于该文件由8家投资<span style="color: black;">公司</span>联合签名盖章撰写，且不乏上市<span style="color: black;">机构</span>和知名<span style="color: black;">公司</span>，尽管未得到充分证实，<span style="color: black;">亦</span>应<span style="color: black;">拥有</span><span style="color: black;">必定</span>的可信度。本文目的并不是论证信中所述<span style="color: black;">状况</span>的真实性，仅就信中所披露的<span style="color: black;">状况</span>来探讨投资<span style="color: black;">公司</span>投后管理中所暴露的问题。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">- 01 -</strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;">求助信中所揭露的投后管理问题</strong></span></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">（1）投前尽职调查失职，未<span style="color: black;">发掘</span><span style="color: black;">机构</span>造假</span></strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">按照</span>信中披露内容，不难看出，在投资后，投资<span style="color: black;">公司</span><span style="color: black;">发掘</span>了<span style="color: black;">机构</span>存在“假合同假报表”<span style="color: black;">状况</span>，并依据该“假合同假报表”在市场上骗取了投资。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">且<span style="color: black;">以上</span>造假<span style="color: black;">状况</span>可能非常严重，<span style="color: black;">乃至</span>伙同了审计<span style="color: black;">公司</span>。“2020年审计报告，<span style="color: black;">机构</span>货币资金28亿，营收20亿，税收7000万”，但与当地领导沟通，“往年纳税最多不超过300万”。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">针对</span>在<span style="color: black;">以上</span>“假合同假报表”后进来的投资人<span style="color: black;">来讲</span>，其尽职调查并未<span style="color: black;">发掘</span><span style="color: black;">机构</span>造假<span style="color: black;">状况</span>，并投资了该<span style="color: black;">机构</span>——这是很典型的投资之前尽调不到位，如此巨大的财务造假没<span style="color: black;">发掘</span>。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">（2）投后监管缺失严重</span></strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">不仅投前尽职调查失职，投后监管<span style="color: black;">亦</span>是失职严重，<span style="color: black;">表现</span>在<span style="color: black;">非常多</span>个方面：</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">一是<span style="color: black;">机构</span>治理缺失，常年不开三会。<span style="color: black;">按照</span>信中披露，<span style="color: black;">机构</span>连续5年不开三会。<span style="color: black;">机构</span>设立、注销了20多家分子<span style="color: black;">机构</span>，居然<span style="color: black;">能够</span>不<span style="color: black;">经过</span>三会的同意。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">通常</span><span style="color: black;">来讲</span>投资<span style="color: black;">公司</span>的协议条款中约定了多久开一次股东会、董事会，<span style="color: black;">亦</span>约定了<span style="color: black;">那些</span>事项需要投资人股东、董事同意。一家<span style="color: black;">机构</span>连续5年不开三会，投资人股东竟然没<span style="color: black;">即时</span>反应和<span style="color: black;">需求</span>，是投资人的失职；一家<span style="color: black;">机构</span>注销子<span style="color: black;">机构</span>，不经过股东会董事会，<span style="color: black;">更加是</span>投资人的失职。并且，注销<span style="color: black;">机构</span>是很融资在公开信息查到，一经查到，投资人就有权<span style="color: black;">需求</span><span style="color: black;">认识</span><span style="color: black;">关联</span><span style="color: black;">状况</span>、召开<span style="color: black;">关联</span>会议。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">二是实控人转移资产：<span style="color: black;">包含</span>将核心资产转让出去，设立一系列体外<span style="color: black;">机构</span>转移资产等。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">三是同业经营、职务侵占。董事/高管在体外成立的<span style="color: black;">机构</span><span style="color: black;">机构</span>经营业务雷同，两家<span style="color: black;">机构</span>人员混用等。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">应该说，上述<span style="color: black;">说到</span>的三个问题，都是投后管理中的红线，投资<span style="color: black;">公司</span>一经<span style="color: black;">发掘</span><span style="color: black;">以上</span>问题就应该立即与<span style="color: black;">机构</span>沟通制止，<span style="color: black;">倘若</span><span style="color: black;">机构</span>未能改正，则应立即采取法律手段。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">经过</span>信中披露的信息，<span style="color: black;">能够</span><span style="color: black;">认识</span>到，上面的<span style="color: black;">状况</span>存在并不是一天两天，而是<span style="color: black;">长时间</span>存在的问题。<span style="color: black;">针对</span>这种<span style="color: black;">长时间</span>存在的问题，40多家投资<span style="color: black;">公司</span>竟然任其发展，四五年时间依然未能有效<span style="color: black;">处理</span>，可见投后管理的缺失有多严重。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">尽管信中<span style="color: black;">说到</span>，部分股东采取了<span style="color: black;">有些</span><span style="color: black;">解救</span><span style="color: black;">办法</span>，<span style="color: black;">包含</span>“就知情权发起仲裁”、“多次联系<span style="color: black;">需求</span>实控人、高管<span style="color: black;">需求</span>反馈沟通”，但似乎并<span style="color: black;">无</span>收到什么效果。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">- 02 -</strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">国内投后管理存在的<span style="color: black;">广泛</span>问题</strong></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">这个案例所揭露的投后管理问题，在国内并不是个案，而是<span style="color: black;">广泛</span>存在的问题。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">我在之前的<span style="color: black;">文案</span>总结过<strong style="color: blue;">投后管理的三个功能：一是监督监控；二是赋能服务；三是退出</strong>。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">监督监控是投后管理最<span style="color: black;">基本</span>最基本的工作，<span style="color: black;">重点</span>职责<span style="color: black;">便是</span>监督<span style="color: black;">机构</span>履行<span style="color: black;">机构</span>治理规则，履行<span style="color: black;">关联</span>投资协议和股东章程约定，监督<span style="color: black;">机构</span>合法合规经营，监督<span style="color: black;">机构</span>实控人和高管尽职尽责工作，<span style="color: black;">保证</span>投资款的正常<span style="color: black;">恰当</span><span style="color: black;">有效</span><span style="color: black;">运用</span>。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">但很遗憾，<span style="color: black;">非常多</span>投资<span style="color: black;">公司</span>连最<span style="color: black;">基本</span>的监督监控工作都没做好。<span style="color: black;">以上</span><span style="color: black;">便是</span>典型的案例。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">倘若</span>连监督监控都没做好，更遑论投后的赋能服务和退出工作呢？</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">投后管理在2020年之前<span style="color: black;">始终</span>得不到投资<span style="color: black;">公司</span>的<span style="color: black;">注重</span>，2020年之后随着管理项目的<span style="color: black;">增多</span>、LP对退出<span style="color: black;">需求</span>的<span style="color: black;">加强</span>，投资<span style="color: black;">公司</span>才<span style="color: black;">起始</span><span style="color: black;">逐步</span><span style="color: black;">提高</span>对投后管理的<span style="color: black;">注重</span>程度，但依然还远远<span style="color: black;">不足</span>。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">以本案例而言，<span style="color: black;">倘若</span>投后管理做的好，在<span style="color: black;">第1</span>时间就<span style="color: black;">发掘</span>、制止<span style="color: black;">关联</span><span style="color: black;">行径</span>，以相应的证据、把柄<span style="color: black;">需求</span>退出，相信有很大机会能退出，<span style="color: black;">那样</span><span style="color: black;">最少</span>能<span style="color: black;">帮忙</span>投资<span style="color: black;">公司</span>减少十亿级的投资<span style="color: black;">危害</span>和或有亏损，而不是等到如信中所说，实控人<span style="color: black;">已然</span>将资产转移至国外、<span style="color: black;">机构</span><span style="color: black;">已然</span>被掏空时才向政府发出求救信。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">今天，国内<span style="color: black;">危害</span>投资市场正面临着<span style="color: black;">极重</span>的挑战，募资困难、市场化LP缺失、退出<span style="color: black;">途径</span>遇阻、退出压力巨大。<span style="color: black;">非常多</span>业内从业人员将挑战归因于二级市场<span style="color: black;">连续</span>下滑和IPO节奏放缓门槛<span style="color: black;">加强</span>的影响。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">出了问题，怪罪于<span style="color: black;">外边</span>环境是人之常态；很少有人求助于己，在我看来，<span style="color: black;">危害</span>投资在今天遇到挑战更<span style="color: black;">重点</span>的<span style="color: black;">原由</span>在于投资<span style="color: black;">公司</span><span style="color: black;">自己</span>，一是过往<span style="color: black;">无</span>给LP带来超过无<span style="color: black;">危害</span>收益的正<span style="color: black;">报答</span>，业绩太差；二是<span style="color: black;">自己</span>的体系化运营能力太弱，<span style="color: black;">引起</span>LP寒了心——本案例则是最好的佐证之一。</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">苛责于人总是容易，反诸于己才是英雄。</span></p>

    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">操作，版主是<span style="color: black;">根据</span>手机号码的开头数字模式排版的，有你的手机号码前三位吗？非常有趣哦（~0~）</strong></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【189】《想做金融？干投行？豆瓣高评分的13本金融书籍，你读了吗？》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【188】《徐小平：若只剩1美元做marketing 我会花在PR上》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【187】《专业LP<span style="color: black;">评估</span>GP<span style="color: black;">机构</span>的18个能力层级》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【186】《让VC们血本无归，朱元璋是个极其失败的CEO》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【185】《<span style="color: black;">怎样</span>与混金融圈的人做<span style="color: black;">伴侣</span>：<span style="color: black;">倘若</span>有投行的 请介绍给表妹》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【158】《是中国VC和创业者太笨吗，<span style="color: black;">为何</span>硅谷和纽约的VC创业者不怎么需要FA？》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【156】《某女VC暴强经历：<span style="color: black;">上当</span>2.3亿一声没吭默默承受，最后平和的赚回来20亿》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【155】《中国GP最<span style="color: black;">爱好</span>“<span style="color: black;">公司</span>型LP”：富有个人遭嫌弃，母基金<span style="color: black;">叫作</span>王》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【153】《王岑：消费投资不是<span style="color: black;">科研</span>出来的，要大胆的去泡吧或唱K消费》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【152】《50后阎焱、60后沈南鹏、70后张磊…15位顶级投资人<span style="color: black;">背面</span>的学历大揭秘》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【139】《多彩人生！26岁中国前投行<span style="color: black;">女子</span>，走56国，最爱印度，朝鲜》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【137】《投行系统的三类人：闲杂人等、逗逼们、螺丝钉》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【136】《用泡妞术<span style="color: black;">诠释</span>私募、并购、上市、风投、天使》</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">【133】《沈南鹏：<span style="color: black;">倘若</span>投资人<span style="color: black;">仅有</span>3%的意愿投你，<span style="color: black;">亦</span>要用100%的<span style="color: black;">奋斗</span>去说服对方》</span></p>


    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">关于<span style="color: black;">咱们</span></span></strong></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">关键词：</span></strong><span style="color: black;">PE、VC、GP、LP、天使投资、投行</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">行业覆盖：互联网、TMT、<span style="color: black;">文化娱乐传媒</span></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">健康医疗、</span>节能环保、消费连锁</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">休闲、教育、物流、农业…</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">PE星球</span></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">长摁二维码</span>关注我的视频号</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">合作、投稿</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">请加<span style="color: black;">微X</span>/QQ邮箱：2050009482</span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">WeMedia自<span style="color: black;">媒介</span>联盟签约成员</span></strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">今日头条、<span style="color: black;">外链</span>财经头条</strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">一点<span style="color: black;">新闻</span>、网易号、百家号、<span style="color: black;">外链论坛： http://www.fok120.com</span>号</strong></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">经过</span>以上平台搜索“豆虫财经”</span></strong><strong style="color: blue;"><span style="color: black;">同步收听</span></strong></p>

    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">更加多</span>精彩内容，<span style="color: black;">都在</span>“首席投资官”官网</strong></span></p>
    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">▼ 点击“</span><strong style="color: blue;"><span style="color: black;">阅读原文</span></strong><span style="color: black;">”，登陆</span></span><span style="color: black;"><strong style="color: blue;">官网：http://nicepe.com</strong></span><a style="color: black;"><span style="color: black;">返回<span style="color: black;">外链论坛： http://www.fok120.com</span>，查看<span style="color: black;">更加多</span></span></a></p>

    <p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">责任编辑：网友投稿</span></p>




m5k1umn 发表于 2024-10-30 10:56:12

百度seo优化论坛 http://www.fok120.com/
页: [1]
查看完整版本: 一封股东求助信揭露的国内投后管理状况和问题