中国风险投资市场发展中的政府作用研究

发布时间：2018-01-11 11:20

本文关键词：中国风险投资市场发展中的政府作用研究　出处：《辽宁大学》2012年博士论文　论文类型：学位论文

【摘要】：风险投资是一种由普通投资者提供资金，由专业的风险投资公司使用并管理该资金，一般以股权投资的方式投资于发展潜力巨大的新兴企业并为其提供管理和咨询服务，最终以某种方式出售产权以期获取新兴企业高收益率的资本投资方式，本质上是一种通过支持新兴企业进行创新活动取得高额增值收益的投资制度。风险投资为从事高新科技的中小企业提供了融资途径，客观上促进了技术进步和科技创新，对促进一国高新科技产业发展和经济增长发挥了重要作用。回顾世界各国风险投资发展的历史，政府都在其中发挥了积极的作用，我国的风险投资市场更是如此。中国第一家风险投资公司——中国新技术创业投资公司，就是由政府于1985年出资设立的。此后，我国政府又陆续的出台了一系列法律法规以促进风险投资发展，并采取了直接投资、政府引导基金、政府贷款、政府担保、政府补贴、政府采购等方式在风险投资市场的发展中发挥了积极的作用。我国的风险投资发展一开始就带有浓厚的政府色彩，是国家科技政策的一部分和政府扩大科技投入的一种方式。本文结合大量中国风险投资市场发展的现实资料，，引用并构建了风险分担模型、声誉模型、分阶段投资模型、锦标赛模型、政府主导型风险投资机构博弈模型、主观博弈模型等一系列经济模型，采用博弈分析、实证分析与规范分析相结合的研究方法来分析中国风险投资市场发展中政府介入的原因、政府作用的局限性、政府干预导致的问题以及政府在促进风险投资发展方面应该发挥的作用，并与发达国家特别是美国的风险投资发展状况与政府作用情况作了比较分析，对我国风险投资市场发展中的政府作用问题进行全面而深入的探讨，为促进我国风险投资发展以及政府作用的发挥提供理论依据和政策建议。文章主要内容如下：第一，文章分析了中国风险投资市场发展中政府介入的原因。政府介入风险投资的主要原因在于风险投资活动对技术进步和科技创新的推动作用，本文分析了中国风险投资市场发展中正外部性产生的原因，论述了风险投资推动技术创新的作用机制，也即风险投资正外部性的实现形式，具体包括资本增加效应、增值效应和创新倾向提高效应。在此基础上，文章总结了我国政府介入风险投资市场的历史阶段和具体的作用形式，并以美国、欧洲和日本作为分析对象，对政府介入风险投资的具体形式做了国别比较。第二，文章论述了中国风险投资市场发展中政府作用的局限性。在风险投资的运行过程中，普通投资者与风险投资公司之间、风险投资公司与新兴企业之间普遍存在着信息不对称问题，由此必然会导致逆向选择问题和道德风险问题。本文总结了中国风险投资市场中逆向选择问题和道德风险问题的具体表现，介绍了在风险投资自身不断的实践、发展和完善的过程中逐渐形成的解决这些问题的机制，包括报酬机制、风险分担机制、声誉机制、参与管理机制、分阶段投资机制、锦标赛机制等。政府在面对风险投资市场中信息不对称问题时的作用有限，主要在于为市场形成的调节机制充分发挥作用提供必要的法律、制度保障。第三，文章研究了中国风险投资市场发展中政府干预导致的问题。我国风险投资市场的发展具有自身的特点，带有浓厚的政府色彩。本文结合大量中国风险投资市场发展中政府作用的现实资料，分析了政府干预导致的问题。首先，政府干预过多导致风险资金来源结构不合理，并由此带来风险资金总量供给不足和风险投资基金规模偏小的后续问题；其次，政府主导型风险投资机构在我国风险投资公司中占了相当大的比重，本文分析了这类风险投资机构进行项目选择时存在的寻租问题、资产回报率低问题以及投资过度问题；第三，文章分析了政府法律法规中的某些现行条款以及法律法规不完善对风险投资发展的限制。第四，文章论述了中国风险投资市场发展中政府应该发挥的作用。因为政府介入风险投资的起因在于风险投资活动具有正外部性以及由此引起的市场失灵，所以政府应该发挥的作用主要在于调整风险投资公司与新兴企业的收益和成本，使其私人收益与社会收益相符。政府应该在建立适合风险投资发展的外部环境中发挥积极的作用，包括建立促进风险投资发展的税收政策环境、法律环境、风险资金退出环境以及人才环境；应该对政府主导型风险投资公司进行项目选择过程中的寻租、腐败等问题进行监督和监管；应该采取积极有效的方式塑造适合风险投资发展的创新文化氛围和诚信文化氛围。
[Abstract]:Venture capital is a kind of capital by ordinary investors provided by professional Vc firm to use and manage the funds, usually by way of equity investment in emerging enterprises huge development potential and provides management and consulting services, and ultimately sell the property rights in some way in order to obtain new business capital investment high yield, nature is a kind of high value-added benefits of the investment system by supporting the new enterprise innovation activities.
Venture capital provides financing channels for high-tech SMEs, the objective to promote the technological progress and innovation of science and technology, has played an important role in promoting high-tech industry development and economic growth. Review of risk investment development of the world history, in which the government has played a positive role in risk investment in China the market is even more so. Chinese first Vc firm Chinese new technology venture capital company, is funded by the government in 1985. Since then, the Chinese government has promulgated a series of laws and regulations in order to promote the development of venture investment, and take a direct investment, government guidance funds, government loans, government guarantee, government subsidies the way of government procurement, development of risk investment in the market to play a positive role. The development of China's venture capital started with a strong political color Color is a part of the national science and technology policy and a way for the government to expand its investment in science and technology.
In this paper, combined with the reality of a large number of data Chinese venture capital market development, reference and construct the risk sharing model, reputation model, investment model, stages of the tournament model, government leading game model of venture capital institutions, subjective game model and a series of economic model, using game analysis, analysis of the causes of the government China risk investment market development intervention the research methods of empirical analysis and normative analysis to the limitations of the government role, government intervention leads to problems and the government should play a role in promoting the development of venture capital, and developed countries especially in the United States in the development of the venture investment and the role of government made a comparative analysis of a comprehensive and in-depth discussion on the role of government in the development of China's venture capital market, to promote the development of venture capital in our country and the government play the role of providing Theoretical basis and policy recommendations.
The main contents of the article are as follows:
First, this paper analyzes the reasons of government China risk investment market development intervention. The main reason of government intervention in risk investment is to promote the role of venture investment on technological progress and technological innovation, this paper analyzes the reasons of positive externalities generated by China venture capital market development, discusses the mechanism of venture investment to promote technological innovation, which form the positive externality of risk investment, including the effect of capital increase, the value-added effect and innovation tendency to increase the effect. On this basis, the article summarizes the historical stage of China's government intervention in the venture capital market and the specific role, and in the United States, Europe and Japan as the research object, on the specific form government intervention in the risk investment made international comparison.
Second, this paper discusses the limitations of the role of government Chinese risk investment in the development of the market. In the operation process of venture capital, between ordinary investors and Vc firm, between the Vc firm and the emerging enterprises generally exist the problem of information asymmetry, which will inevitably lead to adverse selection and moral hazard problems. This paper summarizes the concrete manifestation and moral hazard the problem of adverse selection China in venture capital, introduces the risk investment own practice, gradually formed the mechanism to solve these problems and improve the development process, including compensation mechanism, risk sharing mechanism, reputation mechanism, participation management mechanism, investment mechanism, tournament mechanism. The government in the face of problems the information asymmetry risk investment market in a limited role, mainly lies in the formation of the market adjustment mechanism and give full play to The function provides the necessary law and system guarantee.
Third, this paper studies the government China venture capital market development intervention resulted in the problem. It has its own characteristics the development of venture capital market in China, with a strong political color. In this paper, combined with the reality of a large number of data Chinese government function in the development of venture capital market, analyzes the problems caused by government intervention. First, government intervention to venture capital source structure is not reasonable, and as a result of subsequent problems insufficient risk total supply of funds and venture capital funds of the small scale; secondly, the government leading venture capital institutions in China Vc firm accounted for a large proportion, this paper analyzes the problems of rent-seeking risk investment institutions for project selection at, over investment and low asset returns; third, the article analyzes some existing laws and regulations in terms of government and law The restrictions on the development of venture capital are not perfected by the laws and regulations.
Fourth, the article discusses the government China risk investment market development should play the role of government intervention. Because the cause of risk investment in risk investment has positive externality and market failure caused, so the government should play the role of Vc firm and emerging enterprises is mainly to adjust the income and the cost, the private benefits and social benefits consistent. The government should play an active role in the establishment of suitable for the development of risk investment in the external environment, including the establishment of environmental tax policy to promote the development of venture capital, venture capital exit legal environment, environment and talent environment; should be on rent-seeking government leading Vc firm for project selection process, supervision and regulation of corruption should be; take positive and effective way for shaping the culture of innovation and development of venture capital investment A good faith culture atmosphere.

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.48

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