引导基金支持战略性新兴产业发展的运行模式研究

发布时间：2018-06-09 21:21

本文选题：创业投资 + 引导基金　；参考：《山西财经大学》2012年硕士论文

【摘要】：“十二五”期间，战略性新兴产业的培育、发展与升级已经成为我国经济和社会发展的重要战略目标。战略性新兴产业通常是高新技术产业，根据产业的发展规律，高新技术产业的组织形式是一个由小到大的过程。从产业发展的制度环境来看，目前我国仍然存在体制不健全的问题。当高新技术企业尤其是高新技术的新兴产业处在成长期时，却很难获得各方面的资金支持，而能获得资金支持的基本上都是处于成熟期或者是已经做大做强的企业。海外先进经验已充分证明，创业投资就是一种良好的高新技术成果市场化和产业化的支持体系。通过为创业企业提供管理服务和资本支持，创业投资日益成为支持企业进行技术创新的强大引擎，以此来推动一国的科技创新和经济发展。我国创业投资经过20多年的发展已经具有一定的规模，但从发展现状来看，仍然处于初级阶段，发展速度缓慢。与美国、以色列、澳大利亚等创业投资发达国家相比，无论在创业投资机构的数量、投资规模以及被投资中小企业数量等方面仍然存在很大差距。由于创业投资是一种风险较高、成功率较低以及信息高度不对称的投资活动，因此投资者对其往往是望而生畏，而单纯依靠市场来对创业资本进行配置通常又会出现“市场失灵”的问题。当前,我国创业投资呈现出所谓的“红苹果”效应，即创业投资主要集中在处于成长期或成熟期的创业企业。这就使得处于种子期、初创期的创业企业通常得不到创业资本的支持，从而阻碍了科技成果的转化和高科技产业的发展。而在创业投资发达的国家和地区，一般都通过设立政府创业投资引导基金来引导民间资本、社会资本参股设立各种创投子基金，以此来促进创业资本的形成，并引导私人部门投资者投向种子期、初创期的企业。因此，借鉴海外创业基金经验，对我国创业投资引导基金的运行机制进行深入研究具有非常重要的理论意义和现实意义。战略性新兴产业的市场、技术、产业发展等存在不确定性，具有高风险、高收益的特点，因此，单靠传统的债权融资手段远远不能满足企业的需要。而政府创业投资引导基金正是新经济时代出现的一种新的融资方式。本文以引导基金如何支持战略性新兴产业发展作为切入点展开论述，全文共分为两大部分：第一部分包括第2章和第3章，主要运用经济学理论分析创业资本的形成、私募股权融资的分类、政府创业投资引导基金的概念以及战略性新兴产业的融资需求与融资供给，为后文对政府引导基金进行大量的图表和案例分析奠定理论基础。第二部分包括第4、5、6、7章，，在借鉴国外创业投资引导基金支持模式和成功经验的基础上，重点研究了我国政府创业投资引导基金的发展必要性、政策环境、发展历程及试点简况，并对我国地方政府引导基金的四大模式进行了探索，为后文政府引导基金的运行模式选择提供了经验总结，最后有针对性地从法律法规层次和政策制度层面两个角度，对引导基金如何更好地支持战略性新兴产业发展提出了一些相关的政策建议。
[Abstract]:During the "12th Five-Year", the cultivation, development and upgrading of the strategic emerging industries have become an important strategic target for the economic and social development of our country. The strategic emerging industries are usually high and new technology industries. According to the law of industrial development, the organization form of the high-tech industry is a process from small to large. At present, there is still a problem of imperfect system in our country. When high and new technology enterprises, especially new and new high-tech industries, are in the growth period, it is difficult to obtain financial support from all aspects. The capital support is basically in the mature period or the enterprises have already become bigger and stronger. The advanced overseas experience has been fully proved. Ming, venture capital is a good support system for the commercialization and industrialization of high and new technology achievements.
By providing management services and capital support for the enterprise, venture capital has become a powerful engine for supporting enterprises to carry out technological innovation. In order to promote the technological innovation and economic development of a country, the development of China's venture capital has already had a certain scale after 20 years' development, but it is still in the primary stage from the current situation of development. Compared with the developed countries such as the United States, Israel and Australia, there is still a big gap in the number of venture capital institutions, the scale of investment and the number of small and medium sized enterprises. Because of the high risk, low success rate and high asymmetric information, venture capital is a kind of investment. The investor is often afraid of it, but the problem of "market failure" is usually found in the allocation of venture capital by the market. At present, the venture capital in China presents the so-called "red apple" effect, that is, the venture capital is mainly concentrated in the growth or maturity of the enterprise. This makes the seed in the seed. In the initial period, the start-up enterprises usually do not have the support of the venture capital, which hinders the transformation of scientific and technological achievements and the development of high-tech industries. In the countries and regions with developed investment, the government is generally guided by the government to guide the private capital, and the social capital shares all kinds of venture capital funds. To promote the formation of venture capital, and to guide the private sector investors to the initial stage of the enterprise. Therefore, it is of great theoretical and practical meaning to study the operating mechanism of the venture capital guide fund for reference from the experience of overseas venture fund.
The market, technology and industry development of strategic emerging industries are uncertain, with high risk and high income. Therefore, the traditional means of debt financing can not meet the needs of the enterprises. And the government venture capital guidance fund is a new financing way in the new economic era. With the development of strategic emerging industries as the breakthrough point, the paper is divided into two parts.
The first part includes the second chapter and the third chapter, mainly using economic theory to analyze the formation of venture capital, the classification of private equity financing, the concept of government venture capital guidance fund and the financing demand and financing supply of strategic emerging industries, and lay a theoretical foundation for a large number of chart and case analysis of the government guidance fund. Foundation.
The second part includes chapter 4,5,6,7. On the basis of drawing on the support model and successful experience of foreign venture capital guidance fund, this paper focuses on the development necessity, policy environment, development process and pilot situation of the government venture capital guidance fund in China, and explores the four major modes of local government guidance fund in China, which is the latter. The operation mode selection of the government guidance fund provides experience summary. At last, it puts forward some relevant policy suggestions on how to better support the development of strategic new industry from two angles of law and regulation level and policy system level.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F276.44

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