我国政府产业引导基金退出研究

发布时间：2018-01-04 20:06

本文关键词：我国政府产业引导基金退出研究　出处：《中国财政科学研究院》2017年硕士论文　论文类型：学位论文

【摘要】：政府产业引导基金是政府为了促进产业结构优化升级,对于国家重点产业项目的建设进行政策性引导和扶持,促进国家重点产业的快速发展而由政府设立的专项股权投资基金。政府产业引导基金通过股权投资基金方式对相关产业领域进行股权投入,同时依据市场规则运作,改变了财政原有对产业发展扶持资金的分配方式,对政府财政资金的分配方式进行了制度性的创新,同时也发挥了市场在资源配置中的决定性作用。政府产业引导基金的蓬勃发展是当前我国财政赤字不断加大、存量债务庞大的背景下,我国财政通过杠杆效应和引导效应发力促进经济稳步增长的重要政策措施。当前我国政府产业引导基金如火如荼地开展,根据国内外引导基金的运作实践经验,政府产业引导基金投资周期一般为五至七年,过早或过晚退出都会影响政府产业引导基金的支持、引导效果。基于当前政府产业引导基金的发展现状,从中期来看在未来一段时期内政府产业引导基金必然面临大规模退出的局面,政府产业引导基金的退出是关系到政府产业引导基金整个运作链条能否成功的最后一个环节,也是影响基金可持续运作的关键环节。本文对我国政府产业引导基金退出的研究具有一定的理论意义及实践意义。本文立足于当前政府产业引导基金退出的理论分析,从政府产业引导基金退出现状入手,运用归纳分析法、比较分析法及案例分析法分析其退出历程、制度规范,同时对于政府产业引导基金退出的模式、路径及关键环节进行介绍并分析,发现当前我国政府产业引导基金在退出制度体系、整体规划缺失、资本结构方面存在问题,同时在政府专业人才及退出依赖的资本市场也存在一些不足之处。最后基于我国政府产业引导基金退出存在的问题分析,尝试提出具有针对性的对策建议,以期对未来政府产业引导基金退出提供理论及实践参考价值。本论文共五部分,第一部分为引言,主要介绍本文的研究背景和研究意义,总结了已有的研究成果;第二部分为我国政府产业引导基金退出的理论分析,界定了政府产业引导基金退出内涵,梳理出与本文相关的理论基础,同时对于政府产业引导基金退出必要性进行了深入分析;第三部分为我国政府产业引导基金的退出现状,介绍了政府产业引导基金各发展阶段的设立及退出情况,梳理了当前我国产业引导基金退出相关的制度规范,阐述了我国政府产业引导基金退出的模式、路径以及退出的三个关键环节,同时引入退出案例分析;第四部分分析了当前我国政府产业引导基金存在的问题,主要包括退出制度体系不完善、基金整体规划缺失、资本结构不合理、政府专业人才匮乏及退出市场基础不足等问题;第五部基于政府产业引导基金退出存在问题提出针对性的对策建议,主要包括健全政府产业引导基金退出制度体系、完善基金整体规划、提升风险控制机制,严格把关资本结构、培养政府专业人才、完善多层次资本市场体系及加强退出过程中各个政府职能部门之间的协调配合。
[Abstract]:The government is the government guide fund industry to promote the optimization and upgrading of industrial structure, for the construction of national key projects of industrial policy guidance and support, to promote the rapid development of key national industries set up by the government of the special equity investment fund. The government to guide the fund industry related industries equity through equity investment fund investment, and according to the market the rules of operation, change the original financial industry development on the allocation of funds to support the allocation of government funds, the innovation of systems, but also play a decisive role of the market in resource allocation. The vigorous development of government guidance funds industry is the current fiscal deficit in China continues to increase, the debt stock of large background under China's financial leverage effect and guidance effect of force to promote the steady economic growth of important policy measures when. The Chinese government guide fund industry to carry out like a raging fire, according to the domestic and foreign guide fund operation experience, government guidance funds industry investment cycle is generally five to seven years, too early or too late exit will affect the government guidance funds industry support, guiding effect. Based on the current government guide fund industry development present situation, from the mid in the next period of government guidance funds industry must face the scale out of the situation, the government guide the fund industry's exit is related to the last step of the government guide fund industry chain to the success of the operation, but also the key to affect the sustainable operation of the fund. This paper has some theoretical significance and practical significance of the research fund exit to guide our government industry. Based on the current government guidance funds industry exit theory analysis, from the Government Industry Guide The fund from the current situation, the use of inductive analysis, comparative analysis and case analysis of the exit process, system specification, and guide the fund exit mode for the government industry, path and key links are introduced and analyzed, and found that our government guide fund industry in exit system, lack of overall planning, problems the capital structure, while government professionals rely on the capital market exit and there are also some shortcomings. Finally, based on the analysis of our government to guide the fund industry out of the existing problems, try to put forward the targeted countermeasures and suggestions, in order to guide the fund industry from future government to provide a theoretical and practical reference value. This paper is the five part, the first part is the introduction, mainly introduces the research background and research significance, summarizes the existing research results; the second part of China's Government Analysis of the theory of government funds to exit the industry guide, defines the government guide fund industry exit connotation, sort out the basic theory related to this paper, at the same time for the government to guide the fund industry from the necessity of in-depth analysis; the third part is our country government industry guide situation out of the fund, the government introduced the establishment of the fund industry to guide the various stages of development and the exit, combing the current our country industry guide funds to exit the relevant rules and norms, elaborated our country government guidance funds industry exit mode, path and the three key ring out of the exit section, while the introduction of case analysis; the fourth part analyzes the current our country government guidance funds industry problems, including exit system is not perfect, lack of overall planning funds, unreasonable capital structure, the government lack of professional talents and exit the market infrastructure is not enough Fifth; Department of government guidance funds industry exit problems put forward the countermeasures and suggestions based on including perfecting government guidance funds industry exit system, improve the fund's overall planning, improve risk control mechanism, strict control of capital structure, the government to cultivate professional talents, improve the multi-level capital market system and strengthen the coordination between the various government departments exit in the process of cooperation.

【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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