股权投资的投后管理，其理论的发展在国际和国内约有二三十年的历史，而其实践在中国的落地和逐步开展则仅在近十年左右。学术界鲜见研究投后管理理论的学者，已有文献多数集中于研究风险投资和私募股权投资基金的投后管理基本理论以及投后管理必要性和具体内容等方面，观点相对固化，也缺乏投后管理活动开展的实证研究。总体来说投后管理理论和实践的发展均处于初期阶段。随着中国股权投资并购市场的发展，股权投资活动出现复杂化和多样化的趋势，投资人的投资目的发生变化，投资组合也呈现财务投资和战略投资并存的特征。在这种情况下，投后管理需要快速适应投资活动的变化，针对不同投资目的和管理场景的被投企业，开展有效的投后管理活动。本文在对国内外投后管理理论和实践相关文献进行研究的基础上，对投后管理的内容进行了阐述，并以高瓴资本为例介绍了目前投后管理开展的实践。分析了目前投后管理活动开展过程中的常见问题，指出由于缺乏成熟的投后管理观念，投后管理内容上存在监控活动流于形式，并以增值服务全面指代投后管理等问题，投后管理活动也缺乏明确的目标导向。针对这些常见问题进一步提出了相应的建议，结合案例分析提出应调整投后管理内容的执行重点，加强监控中的风险识别，并按需灵活提供个性化的增值服务。最后提出以投资目的为导向开展投后管理活动，并分别阐述了财务投资和战略投资的投后管理要点。

The theory of post-investment management in equity investment has developed for 20-30 years domestically and overseas, while the domestic practices were merely carried out in recent 10 years. There are seldom scholars who are engaged in the research of post-investment management. Most existing literature are focusing on basic theory of post-investment management in venture capital and private equity capital, as well as the necessity and detailed content of post-investment management. The point of view in the literature are relatively similar and constant. The empirical research on post-investment management activities are also insufficient. In general, the theory and practices of post-investment management are both in their early stage of development.With the prosperity of Chinese equity investment and M&A market, equity investment activities are taking a complicated and diversified trend. The investment purpose of investors has changed. The investment portfolio has covered both financial investment and strategic investment. In these circumstances, post-investment management activities need to quickly adapt to the changes of investment activities and to be implemented effectively under different investment purposes and scenarios. Based on literature research of post-investment management theory and practices domestically and overseas, the thesis elaborates on the post-investment management contents and describes the practices in Hillhouse capital. Common issues in post-investment management activities are analyzed. Due to the lack of mature post-investment management concept, monitoring activities become formalistic and value-added services are regarded as entire post-investment management. There is also lack of clear goal orientation in post-investment management activities. Further, relevant advices to these issues are brought forward based on case study, including realigning critical focus areas in post-investment management contents. Risk identification in monitoring needs to be strengthened, and personalized value-added services need to be provided on demand. With the guidance of investment purpose, key points in implementing post-investment management activities for financial investment and strategic investment are respectively elaborated.