我国政府创业投资引导基金风险管理研究
发布时间:2018-05-18 10:49
本文选题:创业投资引导基金 + 风险 ; 参考:《云南财经大学》2013年硕士论文
【摘要】:近些年来,随着高新技术产业的不断扩容,政府对推进高新技术产业化工作越来越重视,为提高政府资金的使用效率,扶持早期的高新技术企业,各地方政府相继推出了创业投资引导基金。引导基金参与创业投资,可以发挥财政资金的杠杆放大作用,带动更多的社会资本进入该领域,促进创业投资产业发展,支持地方经济建设。从2006年开始,在相关政策法规的推动下,我国政府引导基金每年在数量和资金规模上都形成了双增的态势。 由于创业投资引导基金是政府财政出资设立的,与商业性创业投资基金的逐利性存在很大的不同,其投资的目的在于实现政策目标;且作为一种特殊的母基金,对创业投资的整个运作过程仅仅是作为出资人及监管者,而对子基金日常的经营管理和投资决策不做干涉。这就使得政府与资金管理部门、创业投资机构、创业企业家之间存在着典型的三重委托代理关系,其面临的风险也显得更加复杂。首先,实际运作中,在信息不对称下,政府引导基金由于不能掌握有关合作机构和创业项目的全部信息而面临由不同代理人引发的逆向选择和道德风险等委托代理风险。其次,职能部门管理人员拥有分配引导资本的决定权,而我国的创业投资机构和中小科技型创业企业数量众多却是不争的事实,在资源稀缺情况下,为了能够获得引导基金的支持,他们会向政府官员寻租,这是影响财政资金高效运作的另一大风险因素。还有,,引导基金同样面临子基金运作过程中的政策冲突风险、退出风险及创业项目的市场风险和技术风险等。研究政府引导基金的风险管理,就得先对以上风险因素进行分析。现有的和新设立的引导基金如何有效地对这些风险实施管理,使各地的财政资金能够更好地发挥作用,支持当地的创业行业发展,是一个非常具有现实意义的内容。所以,文中从政府角度出发,就其对不同层次代理人引发的风险采取的管理对策结合实际中的一些具体案例做阐述,并对政府加强寻租风险管理和监管等方面提出一些建议。
[Abstract]:In recent years, with the continuous expansion of high and new technology industries, the government has paid more and more attention to promoting the industrialization of high and new technology. In order to improve the efficiency of the use of government funds and support the early high-tech enterprises, the local governments have launched the venture capital guidance fund. The enlargement of the rod brings more social capital into the field, promotes the development of the venture capital industry and supports the construction of local economy. From 2006, with the promotion of relevant policies and regulations, our government guidance fund has formed a double increase in both the quantity and the scale of capital every year.
Because the venture capital guidance fund is set up by the government finance, it is very different from the commercial venture capital fund, and its aim is to realize the policy goal. And as a special parent fund, the whole operation process of the venture capital is only as the investor and supervisor, but to the sub fund daily. There is a typical three principal agency relationship between the government and the capital management department, the venture capital institution and the entrepreneur, and the risk it faces is more complicated. First, in the actual operation, the government guidance fund cannot master the cooperation under the wrong information. The whole information of the organization and the venture project is faced with the principal agent risk, such as the adverse selection and moral hazard caused by the different agents. Secondly, the managers of the functional departments have the right to allocate the capital, while the number of venture capital institutions and small and medium-sized enterprises in China is indisputable, and the resources are scarce. In the case, in order to obtain the support of the guidance fund, they will rent to the government officials, which is another major risk factor affecting the efficient operation of financial funds. And the guidance fund is also faced with the policy conflict risk in the operation of the sub fund, the market risk and the technical risk of the venture, and the research of government guidance. The risk management of the fund should be analyzed first. The existing and newly established guidance funds can effectively manage these risks, make the local financial funds play a better role and support the development of the local entrepreneurial industry. It is a very realistic content. Therefore, the article is from the government angle. In order to explain the risk management and supervision of the government, some suggestions on strengthening the management and supervision of rent-seeking risk are put forward.
【学位授予单位】:云南财经大学
【学位级别】:硕士
【学位授予年份】:2013
【分类号】:F832.51
【参考文献】
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