城镇化背景下产业投资基金应用于交通项目建设的研究

发布时间：2018-06-09 06:27

本文选题：产业投资基金 + 交通项目　；参考：《东北财经大学》2013年硕士论文

【摘要】：一直以来,交通项目的建设都是居民进行正常的生活和生产经营必不可少的重要条件,也是国民经济发展的重要保障。目前,我国正处于城镇化发展的快速阶段,同时,党的十八大报告提出,促进工业化、信息化、城镇化、农业现代化同步发展,要求“必须以改善需求结构、优化产业结构、促进区域协调发展、推进城镇化为重点,着力解决制约经济持续健康发展的重大结构性问题”。可以看出,城镇化已经成为我国当前主要的发展趋势。但根据国际经验,在这个阶段需要投入大量资金进行交通设施的建设。作为一种准公共产品,交通项目的融资问题一直是一个亟待解决的问题。在这样的背景下,本文研究了产业投资基金在交通项目中的应用,希望能够对交通项目的融资问题做出理论上的贡献。本文采用了理论研究与实证研究相结合的研究方法。在现有的研究成果的基础上,运用国内外产业投资基金的相关理论,结合国内外的实际案例进行说明,对城镇化背景下交通项目建设的产业投资基金应用进行了探讨。本文的创新之处首先在于积极关注热点,结合当前形势,从城镇化的角度入手,探讨了我国发展产业投资基金的必要性、可能性以及具体的运用模式；其次,本文没有泛泛而谈,而是选取了一种在城镇化建设中最重要、最紧迫的交通项目的建设来分析产业投资基金的应用。本文也不可避免地存在一些不足之处。第一,由于产业投资基金在我国刚刚起步,还处于萌芽阶段,因此无论是理论方面还是实践方面都涉及较少。同时,产业投资基金大多是私募基金,可获得的数据在数量和质量方面都具有一定的局限性。第二,由于本人的知识和水平有限,在分析研究的过程中可能会出现失误和偏差,还有待于更多的学者对该题目进行进一步的深入研究。第三,理论和实践不可避免地存在距离,在应用理论的过程中可能会出现很多没有考虑过的问题,并随着具体案例的不同而产生不符之处,因此还需要在更多的产业投资基金实践后总结经验,完善理论。本文总共分为六章,具体安排如下：第一章：导论。主要介绍了选题的背景和意义,对国内外的研究进行了简单述评,并介绍了本文的研究方法和主要研究内容。第二章：相关概念界定和理论基础。本章从本文涉及的基本概念入手,结合纳瑟姆曲线、公共物品理论、委托代理理论等三个方面分析了交通项目运用产业投资基金的理论基础。第三章：产业投资基金运用于交通项目建设的可行性分析。本章从产业投资基金在我国的发展现状开始,分析了其在我国发展缓慢的原因,论证了交通项目运用产业投资基金的可行性。第四章：产业投资基金在城镇交通项目中的运作模式。本章系统地从发起、募资、组织形式、经营、退出的过程分析比较,阐述了适合在我国城镇交通项目建设中应用的运作模式。第五章：国外经验借鉴--以澳大利亚产业投资基金为例分析。由于我国的产业投资基金尚处于探索阶段,因此本章主要研究了产业投资基金发展成熟的澳大利亚的案例,为我国提供了经验借鉴。第六章：对策与建议。在前五章的基础之上,提出了相关的对策和建议。根据以上分析,得出了以下主要结论：第一,在当前我国城镇化的大背景下,交通项目的建设成为重点。发展交通项目产业投资基金不仅能够弥补交通项目现有融资模式的不足,还能够为民间的私人和机构的资金创造了一个较好的投资渠道。第二,虽然产业投资基金在我国还处于起步阶段,试点基金的运行出现了一定的困难,但是由于交通项目本身具备市场化的条件,我国为产业投资基金设立的法律法规逐渐完善,民间资金来源广泛,多层次的资本市场也逐步建立起来,已经具备了将产业投资基金应用于交通项目的条件。第三,现阶段下,交通项目产业投资基金主要采用有限合伙型、私募的方式进行募集,逐步向公司型、公募的方式转变；运营时选择合适的投资策略,细致评估项目的收益与风险,并采取多种方式进行投资。在退出时,从在中小板和创业板上市或股权转让的方式,逐步向基金整体上市的方式转变。第四,在未来将产业投资基金运用于交通项目的过程当中,应当分清政府与市场的界限,充分发挥产业投资基金的市场功能；解决好基金的收益补偿问题和双层委托代理问题以吸引更多的投资者；培养更多的交通项目产业投资基金方面的人才来支持这一产业的发展。
[Abstract]:All along, the construction of traffic projects is an essential condition for the residents to carry out normal life and production and operation. It is also an important guarantee for the development of the national economy. At present, China is in the rapid stage of the development of urbanization. At the same time, the eighteen major reports of the party put forward to promote industrialization, informatization, urbanization and agricultural modernization. The exhibition requires "to improve the structure of the demand, optimize the industrial structure, promote the coordinated development of the region, promote the urbanization as the key and focus on solving the major structural problems that restrict the sustained and healthy development of the economy." it can be seen that urbanization has become the main trend of development in our country. As a quasi public product, the financing of traffic projects has been an urgent problem to be solved as a quasi public product. In this context, this paper studies the application of industrial investment funds in traffic projects, hoping to make a theoretical contribution to the financing problems of traffic projects.
On the basis of the existing research results, this paper uses the relevant theories of domestic and foreign industrial investment funds and illustrates the actual cases at home and abroad, and discusses the application of the investment fund for the construction of traffic projects under the background of urbanization.
The innovation of this paper is first to pay attention to the hot spots and to discuss the necessity, possibility and specific application mode of the development of industrial investment fund in China from the point of view of urbanization. Secondly, this paper chooses a kind of most important and urgent traffic project in the construction of urbanization. The application of the industrial investment fund is analyzed.
There are some inadequacies in this paper. First, as the industrial investment fund is just in its infancy in China, it is still in the embryonic stage, so it is seldom involved in both theoretical and practical aspects. At the same time, the industrial investment funds are mostly private funds, and the available data have some limitations in terms of quantity and quality. Second, because of my limited knowledge and level, there may be errors and deviations in the process of analysis and research, and more scholars have to further study the subject. Third, the theory and practice inevitably have distance, and there may be a lot of unconsidered problems in the process of applying the theory. With the difference of specific cases, there is discrepancy. Therefore, we need to sum up experience and perfect theory after more practice of industrial investment fund.
This article is divided into six chapters, which are arranged as follows:
The first chapter is introduction. It mainly introduces the background and significance of the topic, makes a brief review on the research at home and abroad, and introduces the research methods and main contents of this paper.
The second chapter is the definition and theoretical basis of related concepts. Starting with the basic concepts involved in this article, this chapter analyzes the theoretical basis of the application of the industrial investment fund for transportation projects in three aspects, such as the Na se curve, the theory of public goods and the principal-agent theory.
The third chapter: the feasibility analysis of the industrial investment fund applied to the construction of the traffic project. This chapter begins with the development status of the industrial investment fund in China, analyzes the reasons for its slow development in China, and demonstrates the feasibility of the use of the industrial investment fund for the transportation projects.
The fourth chapter: the operation mode of industrial investment fund in urban traffic project. This chapter systematically analyzes and compares the process of launching, fund-raising, organization, management and withdrawal, and expounds the operation mode suitable for the construction of urban traffic projects in China.
The fifth chapter: foreign experience for reference -- Taking the Australian Industrial Investment Fund as an example. As the industrial investment fund of our country is still in the exploration stage, this chapter mainly studies the case of the mature Australian industry investment fund, which provides experience for our country.
The sixth chapter: countermeasures and suggestions. On the basis of the first five chapters, it puts forward relevant countermeasures and suggestions.
According to the above analysis, the following main conclusions are drawn.
First, under the background of urbanization in China, the construction of traffic project is the key point. The development of the investment fund not only can make up the shortage of the existing financing mode of the traffic project, but also can create a better investment channel for private private and institutional funds.
Second, although the industrial investment fund is still in its initial stage in our country, the operation of the pilot fund has appeared some difficulties. However, due to the market conditions of the traffic project itself, the laws and regulations set up for the industrial investment fund have been gradually perfected, the sources of private funds are wide, and the multi-level capital market has been gradually established. It has the conditions to apply industrial investment funds to transportation projects.
Third, at the present stage, the investment fund of the traffic project industry mainly adopts the limited partnership type, the way of private placement is raised, the way of the company type and the public offering is gradually changed, the appropriate investment strategy is chosen in the operation, the income and risk of the project are carefully evaluated, and the investment is taken in many ways. The way of listing or share transfer is gradually changing to the way of listing the fund as a whole.
Fourth, in the process of applying the industrial investment fund to the transportation project in the future, we should distinguish the boundary between the government and the market, give full play to the market function of the industrial investment fund, solve the compensation problem of the fund and the double agent problem in order to attract more investors, and cultivate more investment funds of the transportation project industry. Talent to support the development of this industry.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.2;F512

【参考文献】