本文選題：創(chuàng)投引導(dǎo)基金 + 委托代理�。� 參考：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：在經(jīng)濟(jì)新常態(tài)的大背景下,我國(guó)經(jīng)濟(jì)增長(zhǎng)模式已經(jīng)從過去的投資型轉(zhuǎn)變?yōu)閯?chuàng)新型,政府促進(jìn)創(chuàng)業(yè)投資的方式由直接投資轉(zhuǎn)變?yōu)殚g接投資。各地政府紛紛出臺(tái)相關(guān)政策,通過設(shè)立創(chuàng)業(yè)投資引導(dǎo)基金(簡(jiǎn)稱創(chuàng)投引導(dǎo)基金),吸引國(guó)內(nèi)外社會(huì)資金投向高科技產(chǎn)業(yè)領(lǐng)域。大力發(fā)展創(chuàng)業(yè)投資引導(dǎo)基金,對(duì)經(jīng)濟(jì)的持續(xù)增長(zhǎng)、科技型中小企業(yè)的生存與發(fā)展、深入推進(jìn)金融創(chuàng)新理念具有重要的意義。創(chuàng)投引導(dǎo)基金區(qū)別于一般的社會(huì)投資基金,擁有特殊的代理主體、代理對(duì)象和代理目標(biāo)。創(chuàng)投引導(dǎo)基金因政府作為投資主體決定了其政策導(dǎo)向性。本文從委托代理基礎(chǔ)理論入手,針對(duì)當(dāng)前蓬勃發(fā)展的創(chuàng)投引導(dǎo)基金,在廣泛搜集國(guó)內(nèi)外相關(guān)資料,并就研究文獻(xiàn)及政策法規(guī)進(jìn)行對(duì)比研究、歷史研究的基礎(chǔ)上,結(jié)合我國(guó)創(chuàng)新驅(qū)動(dòng)發(fā)展的戰(zhàn)略要求與十八屆五中全會(huì)關(guān)于金融創(chuàng)新的理念,分析國(guó)內(nèi)外多種創(chuàng)投引導(dǎo)基金的運(yùn)作模式及其發(fā)展現(xiàn)狀,并就參與主體間的多層委托代理關(guān)系進(jìn)行逐層分析。通過對(duì)創(chuàng)投引導(dǎo)基金運(yùn)行模式的研究,分析其多層代理下產(chǎn)生的道德風(fēng)險(xiǎn)、逆向選擇風(fēng)險(xiǎn)、經(jīng)營(yíng)管理風(fēng)險(xiǎn)、尋租風(fēng)險(xiǎn)和價(jià)值沖突風(fēng)險(xiǎn)。為進(jìn)一步防范法律風(fēng)險(xiǎn),提高創(chuàng)投引導(dǎo)基金的運(yùn)行效率,針對(duì)運(yùn)行中出現(xiàn)的道德風(fēng)險(xiǎn),提出應(yīng)當(dāng)完善對(duì)監(jiān)督權(quán)的立法規(guī)定,營(yíng)造委托競(jìng)爭(zhēng)條件;針對(duì)逆向選擇風(fēng)險(xiǎn),提出要規(guī)范信息披露機(jī)制,加強(qiáng)對(duì)管理機(jī)構(gòu)的監(jiān)管;針對(duì)經(jīng)營(yíng)管理風(fēng)險(xiǎn),提出應(yīng)組合投資,實(shí)施基金管理人與托管人分離機(jī)制;針對(duì)尋租風(fēng)險(xiǎn),提出應(yīng)建立監(jiān)督機(jī)制,完善績(jī)效考核評(píng)價(jià)指標(biāo);針對(duì)價(jià)值沖突風(fēng)險(xiǎn),提出要明確政府定位,堅(jiān)持讓利于民的利益分配原則。對(duì)創(chuàng)投引導(dǎo)基金法律風(fēng)險(xiǎn)的有效防范,可減少社會(huì)投資者的投資顧慮,調(diào)動(dòng)創(chuàng)業(yè)投資者參與創(chuàng)業(yè)投資活動(dòng)的積極性,進(jìn)一步保證創(chuàng)投引導(dǎo)基金的良好運(yùn)作,發(fā)揮政府創(chuàng)投引導(dǎo)基金杠桿放大的效應(yīng),促進(jìn)高新技術(shù)企業(yè)的快速發(fā)展,利于政府目標(biāo)的順利實(shí)現(xiàn)。
[Abstract]:Under the background of the new normal economy, China's economic growth model has changed from the past investment to the innovation type. The government's way of promoting venture capital is changed from direct investment to indirect investment. All the governments have issued relevant policies to attract domestic and foreign social capital through the establishment of venture capital guidance fund (the venture capital guidance fund). In the field of high-tech industry, it is important to develop the venture capital guidance fund, the sustained economic growth, the survival and development of the technology-based SMEs, and the deepening of the concept of financial innovation. The venture capital guidance fund is different from the general social investment fund, with special agents, agents and agents. The investment guidance fund determines its policy orientation because of the government as the main body of investment. This paper, starting with the principal-agent theory, aims at the current flourishing venture capital guidance fund, collects the relevant information at home and abroad, and makes a comparative study on the research documents and policies and regulations, and on the basis of historical research, combined with the innovation driven development of our country. The strategic requirements of the exhibition and the concept of financial innovation in the fifth Plenary Session of the 18th CPC Central Committee, analysis of the operation mode and development status of multiple venture capital guidance funds at home and abroad, and analyze the multi-layer principal-agent relationship among the participants. Through the study of the operation mode of the venture capital guidance fund, the moral of the multi-layer agent is analyzed. Risk, adverse selection of risk, management risk, rent-seeking risk and value conflict risk. In order to further prevent legal risk, improve the operation efficiency of the venture capital guidance fund, and aiming at the moral risk in operation, it is proposed that the legislative provisions of supervision right should be perfected, and the conditions of entrustment competition should be built, and the risk of adverse selection should be standardized. The information disclosure mechanism should strengthen the supervision of the management institutions. In view of the risk of management, it is proposed that the investment should be combined to implement the separation mechanism between the fund manager and the trustee. In view of the risk of rent-seeking, the supervision mechanism should be set up to improve the performance evaluation and evaluation index. In view of the risk of the value conflict, the government should make clear the position of the government and insist on the benefit of the people. The effective precautions against the legal risk of the venture capital guidance fund can reduce the investment concerns of the social investors, mobilize the enthusiasm of the venture investors to participate in the venture capital activities, further guarantee the good operation of the venture capital guidance fund, and give full play to the effect of the government venture capital guidance fund enlargement, and promote the rapid development of the high-tech enterprises. Development is conducive to the smooth realization of the government's goals.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D923.6

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