政府引导基金在私募股权投资领域的运作案例研究

发布时间：2018-02-22 08:32

本文关键词： 私募股权投资政府引导基金 FOFs 市场化　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：私募股权投资(Private Equity)起源于美国,作为金融创新和产业创新结合的产物,私募股权投资为新兴企业提供创业和持续发展所需的宝贵资金,催生新的产业,促进产业结构和消费水平的升级,扩大就业机会。发达国家的经验与数据证明,私募股权投资对于经济的发展、社会的进步具有重要的作用,这与政府的社会经济管理职能相吻合,由此产生了关于政府涉足私募股权投资领域的讨论和各种模式实践,政府引导基金正是其中之一。由于政府在政治、经济、社会中的特殊地位,使得其一方面要发挥信息优势以克服“市场失灵”,发挥“杠杆作用”撬动民间资本,同时又避免与私人部门发生直接竞争,造成与民争利的“挤出效应”。因此,引导基金在模式设立上存在着诸多的限制性规定。同时,国内引导基金模式的实践较为短暂,引导基金目前承担着创业投资引导和战略产业投资引导的职能,在运作机制上,单纯的政策性引导基金居多,与市场化相去甚远。政府引导基金往往以“母基金”(Fund of Funds, FOFs)的模式运作,FOFs本身是私募股权投资基金发展到一定阶段的产物,它通过专业的尽职调查和基金团队选任流程帮助投资者甄别基金的品质,通过全盘监测基金业绩表现掌握基金运作,并以多元化的投资组合形成不同的投资策略,以此有效地分散风险。虽然,政府引导基金以FOFs的方式进行操作,但毕竟不是从市场化发展而来的FOFs,二者的内涵在中国具有实质性的区别。其本质在于,引导基金的基因来自于政府职能,而FOFs的基因来自于市场。是在“政府化”或“市场化”中进行选择,亦或是从实践中创新出一条中间路线来,政府引导基金如何向市场化FOFs演进是其发展过程中值得思考的重要话题。本文以某政府引导基金为研究对象,通过管理层访谈、文件整理和分析、行业文献综述、市场调查和数据分析,形成了关于政府引导基金和FOFs的基本认识,以及对该引导基金运行机制的深入了解,最终提出政府引导基金的市场化运作思路。本文一共分为六部分,以章节为标志,主要内容如下：第一章,概述私募股权投资的经济促进作用,引出关于政府引导基金的理论及实践。第二章,介绍以FOFs模式运作的国内政府引导基金的概况,包括发展历程、政策环境等。第三章,重点讲述政府引导基金的运作模式,主要从设立结构、资金来源、管理模式、投资方式、投资条件、退出方式等方面做了阐述。第四章,本章是全文的重点,以某正在运作中的政府引导基金为案例对象,从其合作模式、内部运行机制、投资组合等方面进行了深入研究及评述。第五章,提出政府引导基金的市场化思路,以及评析市场化策略与政府引导功能。第六章,基于前文,对政府引导基金的市场化路线做出研判。
[Abstract]:Private Equity (Private Equity) originated in the United States. As a combination of financial innovation and industrial innovation, private equity provides the valuable capital needed for the start-up and sustainable development of new enterprises, and spawned new industries. Promote the upgrading of industrial structure and consumption level, expand employment opportunities. Experience and data from developed countries prove that private equity investment plays an important role in economic development and social progress. This coincides with the social and economic management functions of the government, resulting in the discussion of the government's involvement in the field of private equity investment and the practice of various models, among which the government-led fund is one of them. Because of the special position of the government in politics, economy and society, on the one hand, the government should exert its information advantage to overcome the "market failure" and "leverage" to leverage private capital, while at the same time avoiding direct competition with the private sector. Therefore, there are many restrictive regulations on the establishment of the guiding fund. At the same time, the practice of the domestic guiding fund model is relatively short. At present, the guiding fund assumes the functions of venture capital guidance and strategic industry investment guidance. In the operation mechanism, the pure policy-oriented guiding fund is the majority, which is far from market-oriented. Government-led funds often operate as "parent funds" of funds (FOFss). FOFs themselves are the product of private equity funds at a certain stage of development. It helps investors identify the quality of the fund through professional due diligence and the selection process of the fund team, master the performance of the fund through overall monitoring of the performance of the fund, and form different investment strategies with a diversified portfolio. In order to effectively spread the risk. Although the government guides the fund to operate by the way of FOFs, after all, it is not from the market development of FOFs, the connotation of the two has substantial difference in China, its essence is that the gene of the guiding fund comes from the function of the government. And the FOFs gene comes from the market. It's a choice between "government" or "marketization," or an intermediate route from practice. How the government leads the fund to the market-oriented FOFs is an important topic to be considered in its development. In this paper, a government-led fund as the research object, through management interviews, document collation and analysis, industry literature review, market research and data analysis, the formation of a basic understanding of government-led funds and FOFs, Finally, the author puts forward the market-oriented operation of the government-guided fund through a deep understanding of the operating mechanism of the guiding fund. This paper is divided into six parts, marked by chapters, the main content is as follows:. The first chapter summarizes the role of private equity investment in economic promotion, leading to the theory and practice of government-led funds. The second chapter introduces the general situation of the domestic government-led funds operating in FOFs mode, including the course of development, policy environment and so on. The third chapter focuses on the operating mode of the government-guided fund, mainly from the establishment structure, the source of funds, the management model, the investment mode, the investment condition, the exit way and so on. Chapter 4th, this chapter is the focal point of the full text, taking a government guiding fund in operation as a case object, the paper makes a deep research and comment on its cooperation mode, internal operating mechanism, investment portfolio and so on. In chapter 5th, the author puts forward the marketization thinking of the government-guided fund, and comments on the marketization strategy and the government-guided function. Chapter 6th, based on the above, the government-led fund market line to make a study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224

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