發(fā)布時(shí)間：2018-01-11 11:20

  本文關(guān)鍵詞：中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中的政府作用研究　出處：《遼寧大學(xué)》2012年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 風(fēng)險(xiǎn)投資 外部性 信息不對(duì)稱 政府作用

【摘要】：風(fēng)險(xiǎn)投資是一種由普通投資者提供資金，由專業(yè)的風(fēng)險(xiǎn)投資公司使用并管理該資金，一般以股權(quán)投資的方式投資于發(fā)展?jié)摿薮蟮男屡d企業(yè)并為其提供管理和咨詢服務(wù)，最終以某種方式出售產(chǎn)權(quán)以期獲取新興企業(yè)高收益率的資本投資方式，本質(zhì)上是一種通過(guò)支持新興企業(yè)進(jìn)行創(chuàng)新活動(dòng)取得高額增值收益的投資制度。 風(fēng)險(xiǎn)投資為從事高新科技的中小企業(yè)提供了融資途徑，客觀上促進(jìn)了技術(shù)進(jìn)步和科技創(chuàng)新，對(duì)促進(jìn)一國(guó)高新科技產(chǎn)業(yè)發(fā)展和經(jīng)濟(jì)增長(zhǎng)發(fā)揮了重要作用。回顧世界各國(guó)風(fēng)險(xiǎn)投資發(fā)展的歷史，政府都在其中發(fā)揮了積極的作用，我國(guó)的風(fēng)險(xiǎn)投資市場(chǎng)更是如此。中國(guó)第一家風(fēng)險(xiǎn)投資公司——中國(guó)新技術(shù)創(chuàng)業(yè)投資公司，就是由政府于1985年出資設(shè)立的。此后，我國(guó)政府又陸續(xù)的出臺(tái)了一系列法律法規(guī)以促進(jìn)風(fēng)險(xiǎn)投資發(fā)展，并采取了直接投資、政府引導(dǎo)基金、政府貸款、政府擔(dān)保、政府補(bǔ)貼、政府采購(gòu)等方式在風(fēng)險(xiǎn)投資市場(chǎng)的發(fā)展中發(fā)揮了積極的作用。我國(guó)的風(fēng)險(xiǎn)投資發(fā)展一開(kāi)始就帶有濃厚的政府色彩，是國(guó)家科技政策的一部分和政府?dāng)U大科技投入的一種方式。 本文結(jié)合大量中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展的現(xiàn)實(shí)資料，，引用并構(gòu)建了風(fēng)險(xiǎn)分擔(dān)模型、聲譽(yù)模型、分階段投資模型、錦標(biāo)賽模型、政府主導(dǎo)型風(fēng)險(xiǎn)投資機(jī)構(gòu)博弈模型、主觀博弈模型等一系列經(jīng)濟(jì)模型，采用博弈分析、實(shí)證分析與規(guī)范分析相結(jié)合的研究方法來(lái)分析中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府介入的原因、政府作用的局限性、政府干預(yù)導(dǎo)致的問(wèn)題以及政府在促進(jìn)風(fēng)險(xiǎn)投資發(fā)展方面應(yīng)該發(fā)揮的作用，并與發(fā)達(dá)國(guó)家特別是美國(guó)的風(fēng)險(xiǎn)投資發(fā)展?fàn)顩r與政府作用情況作了比較分析，對(duì)我國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中的政府作用問(wèn)題進(jìn)行全面而深入的探討，為促進(jìn)我國(guó)風(fēng)險(xiǎn)投資發(fā)展以及政府作用的發(fā)揮提供理論依據(jù)和政策建議。 文章主要內(nèi)容如下： 第一，文章分析了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府介入的原因。政府介入風(fēng)險(xiǎn)投資的主要原因在于風(fēng)險(xiǎn)投資活動(dòng)對(duì)技術(shù)進(jìn)步和科技創(chuàng)新的推動(dòng)作用，本文分析了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中正外部性產(chǎn)生的原因，論述了風(fēng)險(xiǎn)投資推動(dòng)技術(shù)創(chuàng)新的作用機(jī)制，也即風(fēng)險(xiǎn)投資正外部性的實(shí)現(xiàn)形式，具體包括資本增加效應(yīng)、增值效應(yīng)和創(chuàng)新傾向提高效應(yīng)。在此基礎(chǔ)上，文章總結(jié)了我國(guó)政府介入風(fēng)險(xiǎn)投資市場(chǎng)的歷史階段和具體的作用形式，并以美國(guó)、歐洲和日本作為分析對(duì)象，對(duì)政府介入風(fēng)險(xiǎn)投資的具體形式做了國(guó)別比較。 第二，文章論述了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府作用的局限性。在風(fēng)險(xiǎn)投資的運(yùn)行過(guò)程中，普通投資者與風(fēng)險(xiǎn)投資公司之間、風(fēng)險(xiǎn)投資公司與新興企業(yè)之間普遍存在著信息不對(duì)稱問(wèn)題，由此必然會(huì)導(dǎo)致逆向選擇問(wèn)題和道德風(fēng)險(xiǎn)問(wèn)題。本文總結(jié)了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)中逆向選擇問(wèn)題和道德風(fēng)險(xiǎn)問(wèn)題的具體表現(xiàn)，介紹了在風(fēng)險(xiǎn)投資自身不斷的實(shí)踐、發(fā)展和完善的過(guò)程中逐漸形成的解決這些問(wèn)題的機(jī)制，包括報(bào)酬機(jī)制、風(fēng)險(xiǎn)分擔(dān)機(jī)制、聲譽(yù)機(jī)制、參與管理機(jī)制、分階段投資機(jī)制、錦標(biāo)賽機(jī)制等。政府在面對(duì)風(fēng)險(xiǎn)投資市場(chǎng)中信息不對(duì)稱問(wèn)題時(shí)的作用有限，主要在于為市場(chǎng)形成的調(diào)節(jié)機(jī)制充分發(fā)揮作用提供必要的法律、制度保障。 第三，文章研究了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府干預(yù)導(dǎo)致的問(wèn)題。我國(guó)風(fēng)險(xiǎn)投資市場(chǎng)的發(fā)展具有自身的特點(diǎn)，帶有濃厚的政府色彩。本文結(jié)合大量中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府作用的現(xiàn)實(shí)資料，分析了政府干預(yù)導(dǎo)致的問(wèn)題。首先，政府干預(yù)過(guò)多導(dǎo)致風(fēng)險(xiǎn)資金來(lái)源結(jié)構(gòu)不合理，并由此帶來(lái)風(fēng)險(xiǎn)資金總量供給不足和風(fēng)險(xiǎn)投資基金規(guī)模偏小的后續(xù)問(wèn)題；其次，政府主導(dǎo)型風(fēng)險(xiǎn)投資機(jī)構(gòu)在我國(guó)風(fēng)險(xiǎn)投資公司中占了相當(dāng)大的比重，本文分析了這類風(fēng)險(xiǎn)投資機(jī)構(gòu)進(jìn)行項(xiàng)目選擇時(shí)存在的尋租問(wèn)題、資產(chǎn)回報(bào)率低問(wèn)題以及投資過(guò)度問(wèn)題；第三，文章分析了政府法律法規(guī)中的某些現(xiàn)行條款以及法律法規(guī)不完善對(duì)風(fēng)險(xiǎn)投資發(fā)展的限制。 第四，文章論述了中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中政府應(yīng)該發(fā)揮的作用。因?yàn)檎槿腼L(fēng)險(xiǎn)投資的起因在于風(fēng)險(xiǎn)投資活動(dòng)具有正外部性以及由此引起的市場(chǎng)失靈，所以政府應(yīng)該發(fā)揮的作用主要在于調(diào)整風(fēng)險(xiǎn)投資公司與新興企業(yè)的收益和成本，使其私人收益與社會(huì)收益相符。政府應(yīng)該在建立適合風(fēng)險(xiǎn)投資發(fā)展的外部環(huán)境中發(fā)揮積極的作用，包括建立促進(jìn)風(fēng)險(xiǎn)投資發(fā)展的稅收政策環(huán)境、法律環(huán)境、風(fēng)險(xiǎn)資金退出環(huán)境以及人才環(huán)境；應(yīng)該對(duì)政府主導(dǎo)型風(fēng)險(xiǎn)投資公司進(jìn)行項(xiàng)目選擇過(guò)程中的尋租、腐敗等問(wèn)題進(jìn)行監(jiān)督和監(jiān)管；應(yīng)該采取積極有效的方式塑造適合風(fēng)險(xiǎn)投資發(fā)展的創(chuàng)新文化氛圍和誠(chéng)信文化氛圍。
[Abstract]:Venture capital is a kind of capital by ordinary investors provided by professional Vc firm to use and manage the funds, usually by way of equity investment in emerging enterprises huge development potential and provides management and consulting services, and ultimately sell the property rights in some way in order to obtain new business capital investment high yield, nature is a kind of high value-added benefits of the investment system by supporting the new enterprise innovation activities.
Venture capital provides financing channels for high-tech SMEs, the objective to promote the technological progress and innovation of science and technology, has played an important role in promoting high-tech industry development and economic growth. Review of risk investment development of the world history, in which the government has played a positive role in risk investment in China the market is even more so. Chinese first Vc firm Chinese new technology venture capital company, is funded by the government in 1985. Since then, the Chinese government has promulgated a series of laws and regulations in order to promote the development of venture investment, and take a direct investment, government guidance funds, government loans, government guarantee, government subsidies the way of government procurement, development of risk investment in the market to play a positive role. The development of China's venture capital started with a strong political color Color is a part of the national science and technology policy and a way for the government to expand its investment in science and technology.
In this paper, combined with the reality of a large number of data Chinese venture capital market development, reference and construct the risk sharing model, reputation model, investment model, stages of the tournament model, government leading game model of venture capital institutions, subjective game model and a series of economic model, using game analysis, analysis of the causes of the government China risk investment market development intervention the research methods of empirical analysis and normative analysis to the limitations of the government role, government intervention leads to problems and the government should play a role in promoting the development of venture capital, and developed countries especially in the United States in the development of the venture investment and the role of government made a comparative analysis of a comprehensive and in-depth discussion on the role of government in the development of China's venture capital market, to promote the development of venture capital in our country and the government play the role of providing Theoretical basis and policy recommendations.
The main contents of the article are as follows:
First, this paper analyzes the reasons of government China risk investment market development intervention. The main reason of government intervention in risk investment is to promote the role of venture investment on technological progress and technological innovation, this paper analyzes the reasons of positive externalities generated by China venture capital market development, discusses the mechanism of venture investment to promote technological innovation, which form the positive externality of risk investment, including the effect of capital increase, the value-added effect and innovation tendency to increase the effect. On this basis, the article summarizes the historical stage of China's government intervention in the venture capital market and the specific role, and in the United States, Europe and Japan as the research object, on the specific form government intervention in the risk investment made international comparison.
Second, this paper discusses the limitations of the role of government Chinese risk investment in the development of the market. In the operation process of venture capital, between ordinary investors and Vc firm, between the Vc firm and the emerging enterprises generally exist the problem of information asymmetry, which will inevitably lead to adverse selection and moral hazard problems. This paper summarizes the concrete manifestation and moral hazard the problem of adverse selection China in venture capital, introduces the risk investment own practice, gradually formed the mechanism to solve these problems and improve the development process, including compensation mechanism, risk sharing mechanism, reputation mechanism, participation management mechanism, investment mechanism, tournament mechanism. The government in the face of problems the information asymmetry risk investment market in a limited role, mainly lies in the formation of the market adjustment mechanism and give full play to The function provides the necessary law and system guarantee.
Third, this paper studies the government China venture capital market development intervention resulted in the problem. It has its own characteristics the development of venture capital market in China, with a strong political color. In this paper, combined with the reality of a large number of data Chinese government function in the development of venture capital market, analyzes the problems caused by government intervention. First, government intervention to venture capital source structure is not reasonable, and as a result of subsequent problems insufficient risk total supply of funds and venture capital funds of the small scale; secondly, the government leading venture capital institutions in China Vc firm accounted for a large proportion, this paper analyzes the problems of rent-seeking risk investment institutions for project selection at, over investment and low asset returns; third, the article analyzes some existing laws and regulations in terms of government and law The restrictions on the development of venture capital are not perfected by the laws and regulations.
Fourth, the article discusses the government China risk investment market development should play the role of government intervention. Because the cause of risk investment in risk investment has positive externality and market failure caused, so the government should play the role of Vc firm and emerging enterprises is mainly to adjust the income and the cost, the private benefits and social benefits consistent. The government should play an active role in the establishment of suitable for the development of risk investment in the external environment, including the establishment of environmental tax policy to promote the development of venture capital, venture capital exit legal environment, environment and talent environment; should be on rent-seeking government leading Vc firm for project selection process, supervision and regulation of corruption should be; take positive and effective way for shaping the culture of innovation and development of venture capital investment A good faith culture atmosphere.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.48

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 楊俊龍;;我國(guó)風(fēng)險(xiǎn)投資發(fā)展的制約因素及政策建議[J];安徽大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2008年02期

2 盛軍鋒;風(fēng)險(xiǎn)投資:市場(chǎng)主導(dǎo)過(guò)程還是政府超強(qiáng)干預(yù)結(jié)果[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2003年01期

3 王宏;駱旭華;;美國(guó)政府技術(shù)采購(gòu)促進(jìn)戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展分析[J];商業(yè)研究;2010年11期

4 李洪江;鮑曉燕;;政府導(dǎo)向型創(chuàng)業(yè)投資基金績(jī)效評(píng)價(jià)研究[J];商業(yè)研究;2011年06期

5 吳練達(dá);韓瑞;;糾正市場(chǎng)失靈的第三種機(jī)制[J];財(cái)經(jīng)科學(xué);2008年06期

6 左志剛;;政府干預(yù)風(fēng)險(xiǎn)投資的有效性:經(jīng)驗(yàn)證據(jù)及啟示[J];財(cái)經(jīng)研究;2011年05期

7 李湛;;風(fēng)險(xiǎn)資本契約理論和實(shí)證研究的最新進(jìn)展[J];當(dāng)代財(cái)經(jīng);2007年02期

8 談毅,馮宗憲;風(fēng)險(xiǎn)資本規(guī)模與最優(yōu)投資組合[J];當(dāng)代經(jīng)濟(jì)管理;2005年02期

9 王燕梅;創(chuàng)業(yè)投資與我國(guó)中小企業(yè)的發(fā)展[J];中國(guó)工業(yè)經(jīng)濟(jì);1999年08期

10 蔡寧;徐夢(mèng)周;;我國(guó)創(chuàng)投機(jī)構(gòu)投資階段選擇及其績(jī)效影響的實(shí)證研究[J];中國(guó)工業(yè)經(jīng)濟(jì);2009年10期

相關(guān)博士學(xué)位論文 前10條

1 胡順東;基于提升國(guó)民經(jīng)濟(jì)競(jìng)爭(zhēng)力的風(fēng)險(xiǎn)投資發(fā)展研究[D];哈爾濱工程大學(xué);2009年

2 仲銳敏;中國(guó)風(fēng)險(xiǎn)投資研究[D];復(fù)旦大學(xué);2011年

3 張斌;基于交易成本理論的風(fēng)險(xiǎn)投資機(jī)理研究[D];武漢理工大學(xué);2011年

4 聶穎;中國(guó)支持科技創(chuàng)新的財(cái)政政策研究[D];遼寧大學(xué);2011年

5 柏高原;創(chuàng)業(yè)投資引導(dǎo)基金運(yùn)作機(jī)制研究[D];天津大學(xué);2010年

6 孟祥林;美、德風(fēng)險(xiǎn)投資比較研究[D];中國(guó)社會(huì)科學(xué)院研究生院;2000年

7 紀(jì)純;風(fēng)險(xiǎn)資本的投資決策與契約關(guān)系研究[D];天津大學(xué);2003年

8 康偉;風(fēng)險(xiǎn)投資中介機(jī)構(gòu)理論與實(shí)踐研究[D];東北林業(yè)大學(xué);2003年

9 吳景賢;經(jīng)濟(jì)轉(zhuǎn)軌時(shí)期中國(guó)風(fēng)險(xiǎn)投資發(fā)展戰(zhàn)略研究[D];廈門大學(xué);2003年

10 歐陽(yáng)昌民;中國(guó)風(fēng)險(xiǎn)投資契約關(guān)系研究[D];中國(guó)農(nóng)業(yè)大學(xué);2004年

相關(guān)碩士學(xué)位論文 前5條

1 蔣迎明;從國(guó)際經(jīng)驗(yàn)看政府在風(fēng)險(xiǎn)投資中的職能和作用[D];西南財(cái)經(jīng)大學(xué);2004年

2 余正;政府支持風(fēng)險(xiǎn)投資的金融模式及“風(fēng)險(xiǎn)杠桿”效應(yīng)研究[D];復(fù)旦大學(xué);2008年

3 顧志清;風(fēng)險(xiǎn)投資與我國(guó)中小企業(yè)融資[D];蘇州大學(xué);2008年

4 蔣蔚;我國(guó)政府背景風(fēng)險(xiǎn)投資機(jī)構(gòu)的行為與績(jī)效研究[D];上海交通大學(xué);2009年

5 趙子乾;我國(guó)風(fēng)險(xiǎn)投資業(yè)相關(guān)稅收激勵(lì)政策研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2009年

本文編號(hào)：1409325