私募基金促进我国新兴产业发展问题研究

发布时间：2018-03-22 21:00

本文选题：私募股权基金　切入点：新兴产业　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：二十一世纪以来，私募股权基金进入了快速发展时期，目前已经成为了证券发行和银行信贷以外的第三大融资方式。我国的私募股权基金较欧美国家起步较晚，但是增长迅速。民间资本越来越积聚，机构投资者越来越壮大，这些给我国私募股权基金提供了宽阔的平台，对于该行业领域的研究也逐渐升温。特别是新三板和创业板的上市，在一定程度上促进了我国多层次资本市场的发展。私募股权基金的加入则进一步完善了我国多层次资本市场。建国六十年来，，我国的经济发生率翻天覆地的巨变，三大产业的结构也有明显的变化。目前我国已经从传统的工业制造业转向以科学技术为主导的产业发展路线。2010年10月10日，国务院以国发（2010）32号文正式发布《关于加快培育和发展战略性新兴产业的决定》引起了广泛的关注，标志着我国产业要从劳动密集的低端廉价产品转向为高附加值的科技产品。对于新兴产业的发展，合理的规划必不可少，但其中重要的一环就是资金投入产业。如何使资金投入到产业中，有很多途径。但是针对新兴产业抵押率低的特点，私募股权基金则是最好的投资方式。以股权的方式注入到产业中，和产业一同发展进步。私募股权基金的成长正好与新兴产业的发展相互促进，形成良好的互促模式。与商业贷款、发行债券、IPO上市等融资方式相比,私募股权拓展了产业融资渠道，并且具有自己的特点和优势。为加快私募股权资金投入到新兴行业中，2011年8月财政部、国家发展改革委制定了《新兴产业创投计划参股创业投资基金管理暂行办法》。政府资金可直接投入到创业股权基金或者参股投资基金的方式促进新兴产业的发展。办法以“政府引导、规范管理、市场运作、鼓励创新”为原则，鼓励市场机制运作，自主盈亏。本文主要探讨了私募股权基金投入到新兴产业后，其能促进相互发展的运作机制。分析了高新科技园区、三板市场、创业板、地方产权交易所等资本市场中，私募股权基金与新兴产业结合的模式。此外，以首都北京为例，重点介绍了私募股权基金与地方经济互促模式，产业基金的作用等等。
[Abstract]:Since the 21 century, private equity funds have entered a period of rapid development, which has become the third largest financing method other than securities issuance and bank credit. Private equity funds in China started later than those in Europe and the United States. But rapid growth. Private capital is accumulating more and more, institutional investors are growing, which provides a broad platform for private equity funds in our country. In particular, the listing of the new third board and the growth enterprise market, To a certain extent, it has promoted the development of multi-level capital market in China, and the entry of private equity funds has further improved the multi-level capital market in China. In the 60 years since the founding of the people's Republic of China, the economic incidence of our country has changed dramatically. The structure of the three major industries has also changed markedly. At present, China has shifted from the traditional industrial manufacturing industry to a science-technology-led industrial development route. On October 10, 2010, The decision on speeding up the cultivation and Development of Strategic emerging Industries, officially issued by the State Council in document No. 32 of the State Council, has aroused widespread concern. It marks the shift of China's industries from labour-intensive, low-end, cheap products to high-value-added scientific and technological products. For the development of new industries, reasonable planning is essential. But one of the most important is the investment of capital in the industry. There are many ways to get money into the industry. But in view of the low mortgage rate of the emerging industries, Private equity funds are the best way to invest. The growth of private equity funds and the development of new industries promote each other and form a good mutual promotion mode. Compared with commercial loans, bond issuance and IPO listing, private equity has expanded the financing channels of the industry. And has its own characteristics and advantages. In order to speed up private equity funds into emerging industries, in August 2011, the Ministry of Finance, The National Development and Reform Commission has formulated the "interim measures for the Management of Venture Capital funds involving New Industries". Government funds can be invested directly into venture equity funds or equity investment funds to promote the development of emerging industries. ... Under the guidance of the Government, Standardize management, market operation, encourage innovation "as the principle, encourage market mechanism operation, independent profit and loss." This paper mainly discusses the operation mechanism of private equity fund which can promote the mutual development after it is invested in the emerging industry, and analyzes the capital markets such as high-tech park, third board market, growth enterprise board, local property exchange and so on. In addition, taking Beijing as an example, the paper mainly introduces the mutual promotion mode between private equity fund and local economy, the role of industry fund and so on.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.44

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