区域创业投资引导基金运作协同机制研究

发布时间：2018-03-13 00:35

本文选题：引导基金　切入点：协同机制　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：高新技术产业作为新世纪的产业主力军，在推动经济的发展中发挥越来越重要的作用，而高新技术企业中大部分企业为中小企业，而且有许多是处于种子期、早期的发展阶段。目前我国风险投资行业存在“市场失灵”行为，资金主要投向中后期的项目，大量的种子期、早期项目无法获得风险投资资金支持。政府引导基金通过带动社会资本参与到创业投资行业，能有效解决创业投资行业的“市场失灵”行为。创业投资引导基金对于创业投资业和当地企业、科技创新、经济增长等有重要意义。广东省作为全国的经济大省，但引导基金的发展却处于起步晚、发展慢的状态，亟需有效的指导创业投资引导基金系统发展的有效政策。而目前国内对于创业投资引导基金的研究并不深入，仅限于参考国外模式进行少量的静态研究，关于创业投资引导基金系统内部各个主体如何协调运作还没有相关的研究，更没有从动态上研究过系统序参量如何对系统协同度产生影响，通过哪些方式更好地促进引导基金的发展。本文基于这样的背景，对我国创业投资引导基金系统内各个主体协同机制进行剖析，并对广东省引导基金进行仿真模拟，旨在深入分析创业投资引导基金协同运作机制，为创业投资引导基金的发展献计献策。本文首先阐述了有关引导基金理论和系统动力学、协同学理论，然后对创业投资引导基金进行结构解析，进而根据协同学理论分析引导基金系统各主体、相关要素、系统序参量和协同内容等，然后根据系统动力学理论把系统分成政府-引导基金-社会资本、创投子基金、创投管理机构、创投管理机构-创业企业三个子系统，对系统各个主体之间的因果关系进行分析并构建模型，接着对广东省创业投资引导基金进行仿真模拟，观察序参量变动对协同度被投企业成功率和其他序参量辅助变量的影响情况，并据此提出建议：(1)由于政府对创投子基金的投资约束程度对协同度被投企业成功率影响程度最大，因此，要促进系统更好地协同运作，，要在一定程度上放松对创业投资企业的投资约束，使得创投企业更市场化、更专业化运作。(2)政府支持力度的下降对协同度产生的负面影响时间较长，建议政府加大对引导基金的支持力度，以提高其正面效应。(3)加强资本市场建设、提高让渡收益幅度等会对代表序参量辅助变量的投资收益、投资于政府重点支持领域的资金等变量产生积极的效果，从而促进创业投资引导基金各个主体协同良性运作。
[Abstract]:As the main force of the industry in the new century, the high-tech industry plays an increasingly important role in promoting economic development. Most of the high-tech enterprises are small and medium-sized enterprises, and many of them are in the seed period. The early stage of development. At present, there is "market failure" in the venture capital industry in our country. The capital is mainly invested in projects in the middle and late stages, with a large number of seed periods. Early projects are not supported by venture capital. The government guides the fund into the venture capital industry by bringing social capital to bear. It can effectively solve the "market failure" behavior of the venture capital industry. The venture capital guiding fund is of great significance to the venture capital industry and local enterprises, scientific and technological innovation, economic growth and so on. Guangdong Province is a major economic province in the country, but the development of the guiding fund is in a state of late start and slow development. There is an urgent need for effective policies to guide the development of the venture capital fund system. However, the domestic research on the venture capital guidance fund is not deep enough at present, and it is only limited to a small number of static studies based on foreign models. There has been no relevant research on how to coordinate the operation of each main body in the venture capital guiding fund system, and no dynamic study has been done on how the system order parameters affect the system synergy. How to better guide the development of the fund. Based on this background, this paper analyzes the main cooperative mechanism of the venture capital guiding fund system in our country, and simulates the guiding fund in Guangdong province, in order to deeply analyze the cooperative operation mechanism of the venture capital guiding fund. To guide the development of venture capital funds. In this paper, the theory of guiding fund and system dynamics, synergetic theory, and then the structure analysis of venture capital guiding fund are introduced, and then the main body and relevant elements of guiding fund system are analyzed according to the theory of synergetic theory. Then according to the theory of system dynamics, the system is divided into three subsystems: government-guide fund-social capital, venture capital sub-fund, venture capital management organization, venture capital management organization and venture capital enterprise. This paper analyzes the causality among the main bodies of the system and builds a model. Then the simulation of Guangdong Province Venture Capital guiding Fund is carried out. The influence of the change of order parameters on the success rate and other auxiliary variables of the enterprises with degree of synergy was observed, and then the suggestion was put forward that: (1) because the degree of restraint on the investment of the venture capital sub-fund by the government had the greatest influence on the success rate of the enterprises with the degree of synergy invested, Therefore, in order to promote a better coordinated operation of the system, to a certain extent to relax the investment constraints on venture capital enterprises, so that venture capital enterprises more market-oriented, (2) the decline of government support has a long negative impact on the degree of synergy. It is suggested that the government increase its support for the guiding fund to increase its positive effect. Increasing the yield of transfer will have a positive effect on the investment income of the auxiliary variables representing the order parameters and the funds invested in the key areas supported by the government, thus promoting the venture capital to guide the various subjects of the fund to work in a coordinated and benign manner.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【参考文献】