创投引导基金多层代理法律风险防范研究

发布时间：2018-06-12 15:11

本文选题：创投引导基金 + 委托代理　；参考：《山西财经大学》2017年硕士论文

【摘要】：在经济新常态的大背景下,我国经济增长模式已经从过去的投资型转变为创新型,政府促进创业投资的方式由直接投资转变为间接投资。各地政府纷纷出台相关政策,通过设立创业投资引导基金(简称创投引导基金),吸引国内外社会资金投向高科技产业领域。大力发展创业投资引导基金,对经济的持续增长、科技型中小企业的生存与发展、深入推进金融创新理念具有重要的意义。创投引导基金区别于一般的社会投资基金,拥有特殊的代理主体、代理对象和代理目标。创投引导基金因政府作为投资主体决定了其政策导向性。本文从委托代理基础理论入手,针对当前蓬勃发展的创投引导基金,在广泛搜集国内外相关资料,并就研究文献及政策法规进行对比研究、历史研究的基础上,结合我国创新驱动发展的战略要求与十八届五中全会关于金融创新的理念,分析国内外多种创投引导基金的运作模式及其发展现状,并就参与主体间的多层委托代理关系进行逐层分析。通过对创投引导基金运行模式的研究,分析其多层代理下产生的道德风险、逆向选择风险、经营管理风险、寻租风险和价值冲突风险。为进一步防范法律风险,提高创投引导基金的运行效率,针对运行中出现的道德风险,提出应当完善对监督权的立法规定,营造委托竞争条件;针对逆向选择风险,提出要规范信息披露机制,加强对管理机构的监管;针对经营管理风险,提出应组合投资,实施基金管理人与托管人分离机制;针对寻租风险,提出应建立监督机制,完善绩效考核评价指标;针对价值冲突风险,提出要明确政府定位,坚持让利于民的利益分配原则。对创投引导基金法律风险的有效防范,可减少社会投资者的投资顾虑,调动创业投资者参与创业投资活动的积极性,进一步保证创投引导基金的良好运作,发挥政府创投引导基金杠杆放大的效应,促进高新技术企业的快速发展,利于政府目标的顺利实现。
[Abstract]:Under the background of the new normal economy, China's economic growth model has changed from the past investment to the innovation type. The government's way of promoting venture capital is changed from direct investment to indirect investment. All the governments have issued relevant policies to attract domestic and foreign social capital through the establishment of venture capital guidance fund (the venture capital guidance fund). In the field of high-tech industry, it is important to develop the venture capital guidance fund, the sustained economic growth, the survival and development of the technology-based SMEs, and the deepening of the concept of financial innovation. The venture capital guidance fund is different from the general social investment fund, with special agents, agents and agents. The investment guidance fund determines its policy orientation because of the government as the main body of investment. This paper, starting with the principal-agent theory, aims at the current flourishing venture capital guidance fund, collects the relevant information at home and abroad, and makes a comparative study on the research documents and policies and regulations, and on the basis of historical research, combined with the innovation driven development of our country. The strategic requirements of the exhibition and the concept of financial innovation in the fifth Plenary Session of the 18th CPC Central Committee, analysis of the operation mode and development status of multiple venture capital guidance funds at home and abroad, and analyze the multi-layer principal-agent relationship among the participants. Through the study of the operation mode of the venture capital guidance fund, the moral of the multi-layer agent is analyzed. Risk, adverse selection of risk, management risk, rent-seeking risk and value conflict risk. In order to further prevent legal risk, improve the operation efficiency of the venture capital guidance fund, and aiming at the moral risk in operation, it is proposed that the legislative provisions of supervision right should be perfected, and the conditions of entrustment competition should be built, and the risk of adverse selection should be standardized. The information disclosure mechanism should strengthen the supervision of the management institutions. In view of the risk of management, it is proposed that the investment should be combined to implement the separation mechanism between the fund manager and the trustee. In view of the risk of rent-seeking, the supervision mechanism should be set up to improve the performance evaluation and evaluation index. In view of the risk of the value conflict, the government should make clear the position of the government and insist on the benefit of the people. The effective precautions against the legal risk of the venture capital guidance fund can reduce the investment concerns of the social investors, mobilize the enthusiasm of the venture investors to participate in the venture capital activities, further guarantee the good operation of the venture capital guidance fund, and give full play to the effect of the government venture capital guidance fund enlargement, and promote the rapid development of the high-tech enterprises. Development is conducive to the smooth realization of the government's goals.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D923.6

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