我国创业投资引导基金的发展现状及对策研究
发布时间：2018-08-23 15:32
【摘要】：风险投资①是促进高新技术产业发展的一种非常有效的方式,对推动科技进步、优化产业结构、促进经济发展都有极其重要的作用,具有重要的战略地位。为了支持创业投资的发展,引导更多的社会资本参与到风险投资并流向起步期、种子期等初创期企业,促进创新经济的发展,世界上许多国家都设立了创业投资引导基金(简称引导基金),无论是理论上还是大多数国家经验都证明,创业投资引导基金,是促进风险投资发展的一种重要且有效的方式,能够发挥政府资金的杠杆放大作用,是解决创业投资市场失灵、提高政府资金使用效率的重要途径。我国创业投资发展尚不成熟,创业投资的市场失灵现象也比较突出,对早期创业企业投资严重不足,社会资本参与风险投资积极性还不是很高,决定了政府设立引导基金支持创业投资的必要。 近年来,通过设立政府引导基金,吸引民间资本参与风险投资,已经成为我国各级地方政府提高政府资金的使用效率,促进创业投资产业发展,支持地方经济的重要方式。政府引导基金有利于改善创业资本的供给,实现风险资本来源的多元化,对于扶持我国初创期中小型企业的成长,创新经济的发展具有重要的战略意义。我国政府引导基金在相关政策的推动下,逐步探索发展,现己步入快速发展、规范运作的轨道。政府引导基金力度不断加大,加快了社会资本进入创业投资领域的步伐。 由于实践时间尚很短,加上政府资金与社会资本利益诉求本身存在的矛盾,引导基金在加速发展的同时,运作过程中也还存在很多问题亟待解决。本文对国外的引导基金,包括美国的SBIC计划、以色列的YOZMA基金、英国政府创业投资基金、芬兰FII基金的大概运作情况进行了介绍,总结我国创业投资引导基金运作的实践,对引导基金发展中存在的问题进行深入分析,从引导基金的定位、运作管理、投资策略、监管等角度探讨优化引导基金发展的对策,以促进政府引导基金迈向健康规范之路,更好地发挥其作用。
[Abstract]:Venture capital is a very effective way to promote the development of high-tech industry. It plays an extremely important role in promoting the progress of science and technology, optimizing the industrial structure and promoting economic development, and has an important strategic position. In order to support the development of venture capital, to guide more social capital to participate in venture capital and flow to start-up enterprises, such as start-up, seed period and so on, to promote the development of innovation economy. Many countries in the world have established the Venture Capital guiding Fund (VCF), which is proved to be an important and effective way to promote the development of venture capital both in theory and in most countries. It is an important way to solve the market failure of venture capital and improve the efficiency of using government funds. The development of venture capital in our country is not mature, the market failure phenomenon of venture capital is also prominent, the investment of venture capital in the early stage is seriously insufficient, and the enthusiasm of social capital to participate in venture capital is not very high. Decided the government to set up guide fund to support the necessity of venture capital. In recent years, it has become an important way for local governments at all levels to improve the efficiency of the use of government funds, promote the development of venture capital industry and support the local economy through the establishment of government-led funds to attract private capital to participate in venture capital. The government-guided fund is helpful to improve the supply of venture capital and to realize the diversification of venture capital. It is of strategic significance to support the growth of small and medium-sized enterprises and the development of innovative economy in the initial stage of our country. Our government guides the fund to explore the development step by step under the promotion of the related policies. Now it has stepped into the track of rapid development and standardized operation. The government has led the fund to increase, speeding up the pace of social capital entering the field of venture capital. Due to the short time of practice and the contradiction between government funds and the interests of social capital, there are still many problems to be solved in the process of guiding the fund to accelerate its development. This paper introduces the general operation of the overseas guiding funds, including the SBIC program of the United States, the YOZMA Fund of Israel, the British Government Venture Capital Fund and the Finnish FII Fund, and summarizes the practice of the operation of the Venture Capital guiding Fund in China. This paper analyzes deeply the problems existing in the development of guiding fund, probes into the countermeasures of optimizing the development of guiding fund from the aspects of orientation, operation and management, investment strategy, supervision and so on, in order to promote the government to lead the fund to the healthy and standardized road. Better play its role.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48
本文编号：2199492
[Abstract]:Venture capital is a very effective way to promote the development of high-tech industry. It plays an extremely important role in promoting the progress of science and technology, optimizing the industrial structure and promoting economic development, and has an important strategic position. In order to support the development of venture capital, to guide more social capital to participate in venture capital and flow to start-up enterprises, such as start-up, seed period and so on, to promote the development of innovation economy. Many countries in the world have established the Venture Capital guiding Fund (VCF), which is proved to be an important and effective way to promote the development of venture capital both in theory and in most countries. It is an important way to solve the market failure of venture capital and improve the efficiency of using government funds. The development of venture capital in our country is not mature, the market failure phenomenon of venture capital is also prominent, the investment of venture capital in the early stage is seriously insufficient, and the enthusiasm of social capital to participate in venture capital is not very high. Decided the government to set up guide fund to support the necessity of venture capital. In recent years, it has become an important way for local governments at all levels to improve the efficiency of the use of government funds, promote the development of venture capital industry and support the local economy through the establishment of government-led funds to attract private capital to participate in venture capital. The government-guided fund is helpful to improve the supply of venture capital and to realize the diversification of venture capital. It is of strategic significance to support the growth of small and medium-sized enterprises and the development of innovative economy in the initial stage of our country. Our government guides the fund to explore the development step by step under the promotion of the related policies. Now it has stepped into the track of rapid development and standardized operation. The government has led the fund to increase, speeding up the pace of social capital entering the field of venture capital. Due to the short time of practice and the contradiction between government funds and the interests of social capital, there are still many problems to be solved in the process of guiding the fund to accelerate its development. This paper introduces the general operation of the overseas guiding funds, including the SBIC program of the United States, the YOZMA Fund of Israel, the British Government Venture Capital Fund and the Finnish FII Fund, and summarizes the practice of the operation of the Venture Capital guiding Fund in China. This paper analyzes deeply the problems existing in the development of guiding fund, probes into the countermeasures of optimizing the development of guiding fund from the aspects of orientation, operation and management, investment strategy, supervision and so on, in order to promote the government to lead the fund to the healthy and standardized road. Better play its role.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48
【参考文献】
相关期刊论文 前10条
1 罗光扬;安利;;风险投资的政府支撑体系研究[J];北方经济;2007年02期
2 陈士俊;柏高原;;创业投资引导基金参股运作方式的国际比较[J];商业研究;2010年05期
3 刘健钧;中国政策性创业投资基金运作模式探讨[J];中国创业投资与高科技;2004年10期
4 刘健钧;;境外创业投资引导基金运作模式与启示[J];中国科技投资;2006年10期
5 谭祖卫;胡芳日;;创业投资引导基金运作模式探讨[J];中国科技投资;2008年08期
6 刘健钧;;解读创业投资引导基金指导意见[J];中国科技投资;2009年03期
7 于凤坤;;探讨科学合理的政府引导基金发展之路[J];中国科技投资;2010年01期
8 李希义;;创业投资引导基金的运行状况和实施成效[J];中国科技投资;2011年04期
9 郑俊敏,易茜;政府与风险投资业发展[J];广东社会科学;2002年04期
10 李朝晖;;政府风险投资引导基金管理模式的选择[J];改革与战略;2010年10期
，本文编号：2199492
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2199492.html
