中央企业股权投资基金治理机制研究

发布时间：2018-10-16 20:10

【摘要】：股权投资基金行业不仅是一个国家金融业的重要组成部分，而且能促进国家的技术创新和新兴行业的发展壮大，从而促进实体经济的发展，增强国家金融实力和综合国力。中央企业是关系国家安全和国民经济命脉的重要行业和关键领域的大型国有企业，是我国国民经济的支柱和重要技术创新的骨干力量。中央企业股权投资基金是中央企业为适应新时期市场经济的发展需要，是实现国家支柱行业和关键领域的振兴和发展，提升综合国力，实现民族复兴的重要工具和手段。中央企业充分利用其强大的资金募集能力、先进的产业技术优势、丰富的企业资本运作经验及多元优质的项目，组织发起设立并运营的股权投资基金，可以依靠中央企业的行业背景，选择与中央企业发展相关的高新技术类产业和重大项目等，以股权的方式进行投资，从而助推中央企业实现和升华其所承担的国家战略责任。为促进中央企业发展股权投资基金，本文重点研究和探讨中央企业发展股权投资基金所处的政策法规和经济条件等外部运营环境及基金内部治理机制，比较研究了国外股权投资基金的发展现状和法律法规，从而明确提出了有利的运营环境是促进中央企业股权投资基金发展的基础，有效的治理机制是中央企业股权投资基金发展壮大的基本保证。有利的运营环境可以促进基金迅速发展；有效的治理机制可以理顺基金出资人、基金管理人、中央企业、被投资企业之间的关系，从而形成有效的经营管理制度，确保基金管理人根据市场化的需要做出科学合理的经营管理决策，，同时也能对基金管理人形成有效的激励约束机制。研究中对已设立和拟设立股权投资基金的有关中央企业做了调研，获得了大量有益的信息和资料，在此对相关中央企业和基金管理公司的领导表示感谢。
[Abstract]:Equity investment fund industry is not only an important part of a country's financial industry, but also can promote national technological innovation and the development of emerging industries, thereby promoting the development of the real economy, strengthening the national financial strength and comprehensive national strength. Central enterprises are important industries and key fields related to national security and national economy. They are the backbone of our national economy and the backbone of technological innovation. The central enterprise equity investment fund is an important tool and means for the central enterprise to adapt to the needs of the development of the market economy in the new era, to realize the revitalization and development of the national pillar industries and key fields, to enhance the comprehensive national strength, and to realize the national rejuvenation. The central enterprises have made full use of their strong fund-raising capabilities, advanced industrial technological advantages, rich experience in capital operation and diversified and high-quality projects, and have organized equity investment funds that have been set up and operated. Depending on the industry background of the central enterprise, we can choose the high-tech industries and major projects related to the development of the central enterprise, and invest in the form of equity, so as to help the central enterprise to realize and sublimate its national strategic responsibility. In order to promote the central enterprise to develop the equity investment fund, this paper mainly studies and discusses the external operating environment, such as the policies, regulations and economic conditions of the central enterprise to develop the equity investment fund, as well as the internal governance mechanism of the fund. This paper makes a comparative study of the development status and laws and regulations of foreign equity investment funds, and points out that a favorable operating environment is the basis for promoting the development of equity investment funds in central enterprises. Effective governance mechanism is the central enterprise equity investment fund development and expansion of the basic guarantee. A favourable operating environment can promote the rapid development of the fund; an effective governance mechanism can straighten out the relationship among fund investors, fund managers, central enterprises, and invested enterprises, thus forming an effective management system. To ensure that the fund manager can make scientific and reasonable management decisions according to the needs of marketization, at the same time, it can form an effective incentive and restraint mechanism for the fund manager. In the study, the relevant central enterprises that have set up and intend to set up equity investment funds have been investigated, and a lot of useful information and materials have been obtained. The leaders of the relevant central enterprises and fund management companies are thanked here.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.1

【参考文献】