政府引导基金的绩效行为与实证分析

发布时间：2018-01-14 12:30

本文关键词：政府引导基金的绩效行为与实证分析　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：政府引导基金以非盈利为目的政策性资金，引导基金的蓬勃发展至今不过十年，在带动社会资本，发挥资金杠杆上扮演着重要角色，能够较好地弥补中小企业和早中期投资的不足，引导产业投向，促进产业发展。未来十年，部分政府引导基金逐步面临设立到期，建立有效的政府引导基金绩效评价体系有利于总结和检验引导基金近十年来发展的成果，也有利于促进下一阶段的引导基金运作。本文通过观察过去十年间风险投资领域的数据，得出风险投资领域确实存在市场失灵的现象，如大多数资金倾向于投向发展期以及成熟期企业。因此，政府引导基金的作用突显，引导基金被更多地赋予社会性的一面，如通过资金的引导，促进当地产业的发展，，从而间接促进税收的提升，就业的增长。本文通过统计及调研国内引导基金的发展状况以及面临的若干问题，建立引导基金绩效评价体系需要从公共财政的角度出发，建立多层次的评价体系。通过研究国外引导基金的绩效评价结构，借鉴了引导基金评价中的关键变量。最后，本文试图建立一套符合本国实际情况的政府引导基金绩效评价体系，并将该体系用于具体的引导基金评价中去。通过走访引导基金监管当局，联系创业投资机构和企业，将理论研究的评价体系与实际调研相结合，得出被调研引导基金的绩效评价结果为良好。本文的调研及整理，为今后政府引导基金绩效评价提供了一定的借鉴意义。
[Abstract]:The government guides the fund to take the non-profit as the goal policy fund, guides the fund vigorous development to now only ten years, in drives the social capital, the exertion fund lever plays the important role. It can make up for the shortage of small and medium-sized enterprises and investment in the early and medium term, guide the industry direction and promote the development of industry. In the next decade, some governments will gradually face the establishment and expiration of the fund. The establishment of an effective performance evaluation system for government-led funds is conducive to summing up and testing the results of the development of the guiding funds in the past ten years. Through observing the data in the field of venture capital in the past ten years, it is concluded that there is a phenomenon of market failure in the field of venture capital. For example, most of the funds tend to invest in the development and maturity of enterprises. Therefore, the role of the government-led funds is highlighted, and the guiding funds are given more social aspects, such as through the guidance of funds. Promote the development of local industries, thus indirectly promote the tax increase, employment growth. This paper through statistics and research on the development of domestic funds and some problems faced. It is necessary to set up a multi-level evaluation system from the perspective of public finance to establish the performance evaluation system of the guiding fund. Finally, this paper tries to establish a set of government-led fund performance evaluation system in accordance with the actual situation of our country. And the system will be used in the specific guide fund evaluation. Through the visit to guide the fund regulatory authorities, contact venture capital institutions and enterprises, the theoretical research of the evaluation system and practical research combined. The research and arrangement of this paper provide a certain reference for the future performance evaluation of government-guided funds.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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