创业投资引导基金运作模式的金融学分析

发布时间：2018-01-31 23:32

本文关键词： 创业投资引导基金参股支持融资担保均值方差模型　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：自1993年我国第一家经国家有关部门批准设立的创业投资基金—原淄博乡镇企业投资基金成立算起,创业投资业在我国已经走过了近20个年头,政府对创业投资业的扶持也由直接投资型转向引导基金型。创业投资引导基金在理论上和国际经验上都证明是非常有效的政府促进创业投资发展的方式,它能够将政府资源和成倍的市场资源整合到创业投资领域,为高科技中小企业的发展提供支持,对于提升国家的经济竞争力,它的作用远高于单纯的政府行为或单纯的市场行为。海外国家创业投资引导基金的运作模式主要包括两种：参股支持模式与融资担保模式,在我国,绝大部分的政府创业投资引导基金采取的是参股支持模式。围绕上述方面的内容,本文的研究主要包括两个部分：第一部分：笔者对我国地方政府的创业投资引导基金进行了实地调研,研究了国内外现有文献和我国发展创业投资引导基金的政策法律,系统地研究与分析了我国创业投资引导基金的发展状况与海外不同运作模式的创业投资引导基金的成功案例,从而提出了我国当前创业投资引导基金运作的问题。第二部分：利用金融学中经典的马柯维茨的均值-方差组合分析方法,构建由两类投资者和三类可投资资产共同组成的跨期模型,在这一基础模式上,加入政府这一新的市场参与者,分别对参股支持模式与融资担保模式进行数理化表达,最后就模型结果从福利经济学的角度对不同运作模式的创业投资引导基金进行效率的比较与评估,并得出结论：参股支持模式是最适合我国现有金融体系与创业投资产业成熟度的引导基金模式,但是这一模式并不是帕累托最优的,在满足一定条件下,融资担保模式相对于参股支持模式更具有经济学效率。
[Abstract]:Since 1993, the first venture capital fund approved by the relevant government departments-the original Zibo township enterprise investment fund was established, venture capital industry in China has been through nearly 20 years. The support of the government to the venture capital industry has also changed from the direct investment type to the guiding fund type, which has been proved to be a very effective way for the government to promote the development of venture capital in theory and international experience. It can integrate government resources and market resources into the field of venture capital, provide support for the development of high-tech small and medium-sized enterprises, and promote the economic competitiveness of the country. Its role is much higher than the simple government behavior or simple market behavior. Overseas countries venture capital guide fund operation mode mainly includes two types: equity support model and financing guarantee mode in our country. Most of the government venture capital guiding funds adopt the support mode of equity participation. Around the above aspects, the research of this paper mainly includes two parts: The first part: the author has carried on the field investigation to the local government venture capital guide fund, has studied the domestic and foreign existing literature and our country development venture capital guidance fund policy law. This paper systematically studies and analyzes the development of the venture capital guiding fund and the successful cases of the overseas venture capital guide fund. Therefore, the paper puts forward the current problems of venture capital guiding fund operation in our country. The second part: using the classical Markowitz's mean-variance combination analysis method in finance to construct the intertemporal model which is composed of two types of investors and three kinds of investable assets. Join the government as a new market participant, respectively to share in the support model and financing guarantee mode of mathematical expression. Finally, from the perspective of welfare economics, this paper compares and evaluates the efficiency of venture capital guiding funds with different operating modes. And draw a conclusion: the share participation support model is the most suitable for the current financial system and venture capital industry maturity of the guiding fund model, but this model is not Pareto optimal, under certain conditions. The financing guarantee mode has more economic efficiency than the equity supporting mode.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48

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