政府引导基金发展对策的研究

发布时间：2018-04-14 07:32

本文选题：政府引导基金 + 母基金　；参考：《上海交通大学》2013年硕士论文

【摘要】：自2012年中旬至今，受宏观经济疲软、资本市场持续低迷、投资回报率未达投资者预期等因素影响，我国风投行业的基金募资规模呈逐步下滑趋势。尽管我国2013年初宏观经济呈现回暖迹象，但资本市场的退出不畅使得大部分基金投资者仍普遍持谨慎态度，这严重影响了诸多风投基金的募投计划，整个风险投资行业形势低迷。在这种背景下，对中国风险投资市场发展中资金来源的一大渠道和政府介入的主要渠道——政府创业风险投资基金（以下简称“政府引导基金“）的历史沿革、市场定位和作用、国外标杆进行分析，认识到政府作用的局限性和政府创业投资引导基金发展的瓶颈，进而分析讨论政府引导基金发展母基金论，这既可以加深对国内风险投资发展过程中相关问题的认识和理解，也可以作为市场已有的政府创业投资引导基金进一步发展的理论依据，，对促进我国风险投资业良性发展、促进高新科技产业发展和经济发展均有一定的理论指导和现实意义。作为特定历史时期的产物，政府引导基金一直致力于地方创投行业的发展以及中小企业的融资，在促进创业风险投资市场发展和扶持初创企业方面都做出了积极的贡献。然而，由于政府引导基金的发展依赖政府政策支持和推动，加上政府资金的功用和定位与社会资本利益诉求本身存在一定的差异或矛盾，我国政府创业投资引导基金在加速发展的同时，运作过程中也面临了一些问题亟待带解决。同时，随着国内私募股权投资市场的成熟，越来越多的社会资本进入私募股权投资市场，包括风险投资行业。在政府引导逐步让位于市场配置的大趋势下，政府引导基金如何定位和持续发展也成为一个问题。这些问题都已经成为政府引导基金进一步发展的瓶颈。针对上述问题，本文一方面对国内外政府介入风险投资的形式——政府引导基金进行了比较分析，得出国内外政府在风险投资中参与角色的差异；另一方面，本文介绍了我国政府引导基金的历史沿革和目前情况，阐述了政府引导基金至今对于风投行业和高科技行业的积极贡献，并通过对上海创投基金管理部专业人士的访谈，具体了解政府引导基金在实际投资活动中遇到的瓶颈和困惑。最后，本文针对政府引导基金发展中存在的问题从基金定位、运作管理和募资渠道等方面探讨优化发展的对策，并提出借鉴目前部分引导基金市场化运作的成功经验，转型为承担一定政府引导职能的市场化母基金，是政府引导基金转型的最佳选择。
[Abstract]:Since the middle of 2012, the scale of fund raising in venture capital industry in China has been declining gradually because of the weak macro economy, the persistent downturn of capital market and the fact that the return on investment has not reached the expectation of investors.Despite the signs of a rebound in China's macro-economy at the beginning of 2013, the withdrawal of the capital market has made most fund investors generally cautious, which has seriously affected the plans of many venture capital funds to raise funds.The whole venture capital industry is in a doldrums.Against this background, the historical evolution of the government venture capital fund (hereinafter referred to as the "government-led fund") is a major channel for the development of the Chinese venture capital market and the main channel for government intervention.Market orientation and function, foreign benchmarking analysis, recognizing the limitations of the role of the government and the bottleneck of government venture capital leading the development of funds, and then analyzed and discussed the theory of the development of parent funds,This can not only deepen the understanding and understanding of the related problems in the development of domestic venture capital, but also serve as the theoretical basis for the further development of the government venture capital fund, which can promote the benign development of the venture capital industry in our country.To promote the development of high-tech industry and economic development has certain theoretical guidance and practical significance.As a product of a specific historical period, the government-led fund has been committed to the development of local venture capital industry and the financing of small and medium-sized enterprises, and has made positive contributions to promoting the development of venture capital market and supporting start-ups.However, the development of government-led funds depends on the support and promotion of government policies, and there are some differences or contradictions between the functions and positioning of government funds and the demands of social capital interests.At the same time of accelerating the development of the government venture capital guiding fund, it also faces some problems that need to be solved.At the same time, with the maturity of the domestic private equity investment market, more and more social capital enters the private equity investment market, including the venture capital industry.Under the general trend of government guidance giving way to market allocation, it is also a problem how the government guides the fund to locate and develop continuously.These problems have become the bottleneck of the further development of the government-led fund.In view of the above problems, on the one hand, this paper makes a comparative analysis of the form of government involvement in venture capital at home and abroad-the government-led fund, and draws the difference of the roles of the domestic and foreign governments in the venture capital; on the other hand,This paper introduces the history and current situation of the government-led fund, expounds the positive contribution of the government-led fund to the venture capital industry and the high-tech industry, and interviews with the professionals of the Shanghai Venture Capital Management Department.Specific understanding of the government-led fund in the actual investment activities encountered bottlenecks and confusion.Finally, aiming at the problems existing in the development of government-guided funds, this paper probes into the countermeasures of optimizing the development from the aspects of fund positioning, operation management and fund-raising channels, and puts forward some successful experiences in guiding the market-oriented operation of the funds.It is the best choice for government-led funds to transform into market-oriented parent funds with certain government-guided functions.
【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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