私募證券基金“一人公司”模式研究：以玄蔔投資為例

Abstract

近年來，隨著全球金融市場的蓬勃發展，投資領域持續拓寬，而其中“一人公司”模式在私募證券基金領域尤為顯眼。該模式以高度靈活、高效、創新和全身心投入的特性引人注目。然而，這種模式在實踐中也伴隨著較高風險，因此，對其全面深入的研究具有重要的理論和實踐意義。 本文旨在闡明“一人公司”模式在私募證券基金領域的概念、特徵及發展。從“一人公司”模式的定義及四個維度（客戶價值主張、盈利模式、關鍵資源、關鍵流程），突出了其獨特的特點和優勢，如單一性、簡化性、高風險與高回報、對創業者的友好性、靈活性、效率、成本效益、優越的服務能力等。 同時，本文研究了整個私募證券基金行業國外以及國內的發展和歷程，深入分析了四個維度下“一人公司”模式下私募證券基金的運營特徵，同時對於“一人公司”模式下私募證券基金運營流程、投資策略以及風險管理做了詳細的討論。 最後，本文通過針對“一人公司”模式下典型私募證券基金——玄蔔投資，重點按四個維度進行分析，為“一人公司”模式在私募證券基金中的應用提供了一定視角和觀點。突出了“一人公司”模式對於私募證券基金運行的優勢，對同行具有一定的參考價值。

In recent years, with the robust development of the global financial markets, the realm of investments has continuously expanded. Notably, the "one-person company" model has become particularly prominent within the domain of private equity funds. This model, characterized by its high flexibility, efficiency, innovation, and all-in dedication, has captured significant attention. However, given its accompanying risks, an in-depth and comprehensive study of this model bears both theoretical and practical significance. This paper aims to elucidate the concept, characteristics, and evolution of the "one-person company" model in the context of private equity funds. Defining the model and examining its four dimensions (customer value proposition, profit model, key resources, key processes), the research highlights its unique features and advantages such as singularity, simplicity, high-risk high-return nature, entrepreneur-friendliness, agility, efficiency, cost-effectiveness, and superior service capability. Additionally, the study traces the development and trajectory of the private equity fund industry both internationally and domestically. It delves into the operational characteristics of private equity funds under the "one-person company" model across the aforementioned dimensions. Moreover, discussions on the operational processes, investment strategies, and risk management pertinent to this model have been articulated in detail. Lastly, through a focused analysis of a prototypical private equity fund under the "one-person company" model – Xuanbu Investments, based on the four dimensions, the paper offers insights and perspectives on the application of this model within private equity funds. The findings underscore the advantages of the "one-person company" model in the operation of private equity funds, providing valuable references for peers in the industry.