政府创业投资引导基金绩效评价实证研究

发布时间：2018-05-20 17:00

本文选题：政府创业投资引导基金 + 绩效评价　；参考：《贵州财经大学》2017年硕士论文

【摘要】：当前,我国已迈入中等收入国家行列成为了名副其实的经济大国。但是,随着人口红利的逐渐消失、国际经济局势的持续变化,我国正面临着“中等收入陷阱”的困境,经济发展在内外因素的混合作用下正步入“新常态”,迫切需要深刻转变发展方式。党的十八大明确提出以创新驱动发展战略助力经济进一步增长,习近平总书记在2016年1月指出以供给侧结构性改革刺激社会生产力的提高。在这一背景下,我国政府创业投资引导基金进入了飞速发展阶段,在2015年期间,我国新设立的政府创业投资引导基金数量和规模分别达到2014年的2.83和5.24倍。政府引导基金又称创业投资引导基金,通过引导资本对创业企业进行投资以助力经济改革顺利开展,在激励新兴产业的同时调控市场,是我国当前阶段创新驱动发展战略、供给侧结构性改革得以顺利实施的重要动力。而由于发展较晚和体制限制,我国政府创业投资引导基金在运行中还存在着一定不足,其中绩效评价体系不完善是主要问题之一。而对引导基金进行绩效评价则是实现其健康、规范成长的有效途径,本文的研究一方面补充了学术领域中政府创业投资引导基金绩效评价方面的缺乏,另一方面根据实证结果提出优化引导基金效率的理论参考,进而为政府创业投资引导基金的发展出谋划策。本文主要从以下方面展开研究:首先,运用准公共产品理论分析政府创业投资引导基金设立的必要性及其作用,并分析运行中存在的风险;其次,结合相关理论与现有研究成果选取引导基金绩效评价指标并使用因子分析法构建指标体系;最后,使用DEA模型与多元线性回归模型相结合的实证方法对所搜集到的41支参股支持模式下的政府创业投资引导基金子基金投资记录样本数据进行评价研究;在此基础上提出当前政府创业投资引导基金在运行中可能存在的问题和相应的改进建议。根据研究,本文发现样本引导基金面临的主要问题是创投机构管理水平不足和企业的资本利用率低下,其原因可能在于政策限制条件偏多、市场化水平不足、创新企业规模尚小等方面。因此,本文认为应从以下几个方面改善政府创业投资引导基金的运行现状:1.适当放宽限制,择优选择创投机构及投资对象;2.强化政府创业投资引导基金的市场化运作水平;3.加强监管,规范引导基金运作;4.增强投资管理。
[Abstract]:At present, China has entered the ranks of middle-income countries to become a real economic power. However, with the gradual disappearance of the demographic dividend and the continuous changes in the international economic situation, China is facing the dilemma of "middle-income trap", and economic development is entering the "new normal" under the mixed action of internal and external factors. There is an urgent need for a profound transformation of the mode of development. The 18th National Congress of the Communist Party of China explicitly put forward the strategy of innovation-driven development to boost economic growth. In January 2016, General Secretary Xi Jinping pointed out that supply-side structural reforms were used to stimulate the improvement of social productivity. In this context, the government venture capital guidance fund has entered the rapid development stage. In 2015, the number and scale of the newly established government venture capital guidance fund reached 2.83 and 5.24 times of 2014 respectively. The government guide fund, also known as venture capital guide fund, is the strategy of innovation-driven development in our country at present stage, which can help the economic reform to carry out smoothly by guiding the capital to invest in the venture capital enterprise, and to control the market while stimulating the new industry. Supply-side structural reform can be implemented smoothly an important driving force. However, due to the late development and institutional constraints, there are still some deficiencies in the operation of the government venture capital guiding fund, among which the imperfect performance evaluation system is one of the main problems. The performance evaluation is an effective way to achieve its healthy and normative growth. On the one hand, the research in this paper complements the lack of performance evaluation in the academic field of government venture capital guidance fund. On the other hand, according to the empirical results, the paper puts forward the theoretical reference to optimize the efficiency of guiding funds, and then makes suggestions for the development of government venture capital guiding funds. This paper mainly carries out the research from the following aspects: firstly, using the quasi-public goods theory to analyze the necessity and function of the government venture capital guiding fund, and to analyze the risk existing in the operation; secondly, Combined with relevant theories and existing research results to select guide fund performance evaluation indicators and use factor analysis to construct the index system; finally, Using the DEA model and the multiple linear regression model, the paper evaluates the sample data of the government venture capital guide fund investment record under the 41 stock participation support model. On the basis of this, this paper puts forward the problems and corresponding improvement suggestions of the current government venture capital guiding fund in operation. According to the research, this paper finds that the main problems faced by the sample guide fund are the insufficient management level of venture capital institutions and the low utilization rate of capital of enterprises, which may be due to the lack of policy restrictions and the insufficient level of marketization. The scale of innovative enterprises is still small. Therefore, this paper believes that the following aspects should be improved from the government venture capital guidance fund operation status quo: 1. Appropriate relaxation of restrictions, the best choice of venture capital institutions and investment objects. Strengthen government venture capital guide fund market operation level is 3. Strengthen supervision, standardize and guide the operation of the fund. Strengthening investment management.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.5;F279.2

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