本文選題：創(chuàng)業(yè)投資 + 引導(dǎo)基金　； 參考：《山西財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：“十二五”期間，戰(zhàn)略性新興產(chǎn)業(yè)的培育、發(fā)展與升級(jí)已經(jīng)成為我國(guó)經(jīng)濟(jì)和社會(huì)發(fā)展的重要戰(zhàn)略目標(biāo)。戰(zhàn)略性新興產(chǎn)業(yè)通常是高新技術(shù)產(chǎn)業(yè)，根據(jù)產(chǎn)業(yè)的發(fā)展規(guī)律，高新技術(shù)產(chǎn)業(yè)的組織形式是一個(gè)由小到大的過程。從產(chǎn)業(yè)發(fā)展的制度環(huán)境來看，目前我國(guó)仍然存在體制不健全的問題。當(dāng)高新技術(shù)企業(yè)尤其是高新技術(shù)的新興產(chǎn)業(yè)處在成長(zhǎng)期時(shí)，卻很難獲得各方面的資金支持，而能獲得資金支持的基本上都是處于成熟期或者是已經(jīng)做大做強(qiáng)的企業(yè)。海外先進(jìn)經(jīng)驗(yàn)已充分證明，創(chuàng)業(yè)投資就是一種良好的高新技術(shù)成果市場(chǎng)化和產(chǎn)業(yè)化的支持體系。 通過為創(chuàng)業(yè)企業(yè)提供管理服務(wù)和資本支持，創(chuàng)業(yè)投資日益成為支持企業(yè)進(jìn)行技術(shù)創(chuàng)新的強(qiáng)大引擎，以此來推動(dòng)一國(guó)的科技創(chuàng)新和經(jīng)濟(jì)發(fā)展。我國(guó)創(chuàng)業(yè)投資經(jīng)過20多年的發(fā)展已經(jīng)具有一定的規(guī)模，但從發(fā)展現(xiàn)狀來看，仍然處于初級(jí)階段，發(fā)展速度緩慢。與美國(guó)、以色列、澳大利亞等創(chuàng)業(yè)投資發(fā)達(dá)國(guó)家相比，無(wú)論在創(chuàng)業(yè)投資機(jī)構(gòu)的數(shù)量、投資規(guī)模以及被投資中小企業(yè)數(shù)量等方面仍然存在很大差距。由于創(chuàng)業(yè)投資是一種風(fēng)險(xiǎn)較高、成功率較低以及信息高度不對(duì)稱的投資活動(dòng)，因此投資者對(duì)其往往是望而生畏，而單純依靠市場(chǎng)來對(duì)創(chuàng)業(yè)資本進(jìn)行配置通常又會(huì)出現(xiàn)“市場(chǎng)失靈”的問題。當(dāng)前,我國(guó)創(chuàng)業(yè)投資呈現(xiàn)出所謂的“紅蘋果”效應(yīng)，即創(chuàng)業(yè)投資主要集中在處于成長(zhǎng)期或成熟期的創(chuàng)業(yè)企業(yè)。這就使得處于種子期、初創(chuàng)期的創(chuàng)業(yè)企業(yè)通常得不到創(chuàng)業(yè)資本的支持，從而阻礙了科技成果的轉(zhuǎn)化和高科技產(chǎn)業(yè)的發(fā)展。而在創(chuàng)業(yè)投資發(fā)達(dá)的國(guó)家和地區(qū)，一般都通過設(shè)立政府創(chuàng)業(yè)投資引導(dǎo)基金來引導(dǎo)民間資本、社會(huì)資本參股設(shè)立各種創(chuàng)投子基金，以此來促進(jìn)創(chuàng)業(yè)資本的形成，并引導(dǎo)私人部門投資者投向種子期、初創(chuàng)期的企業(yè)。因此，借鑒海外創(chuàng)業(yè)基金經(jīng)驗(yàn)，對(duì)我國(guó)創(chuàng)業(yè)投資引導(dǎo)基金的運(yùn)行機(jī)制進(jìn)行深入研究具有非常重要的理論意義和現(xiàn)實(shí)意義。 戰(zhàn)略性新興產(chǎn)業(yè)的市場(chǎng)、技術(shù)、產(chǎn)業(yè)發(fā)展等存在不確定性，具有高風(fēng)險(xiǎn)、高收益的特點(diǎn)，因此，單靠傳統(tǒng)的債權(quán)融資手段遠(yuǎn)遠(yuǎn)不能滿足企業(yè)的需要。而政府創(chuàng)業(yè)投資引導(dǎo)基金正是新經(jīng)濟(jì)時(shí)代出現(xiàn)的一種新的融資方式。本文以引導(dǎo)基金如何支持戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展作為切入點(diǎn)展開論述，全文共分為兩大部分： 第一部分包括第2章和第3章，主要運(yùn)用經(jīng)濟(jì)學(xué)理論分析創(chuàng)業(yè)資本的形成、私募股權(quán)融資的分類、政府創(chuàng)業(yè)投資引導(dǎo)基金的概念以及戰(zhàn)略性新興產(chǎn)業(yè)的融資需求與融資供給，為后文對(duì)政府引導(dǎo)基金進(jìn)行大量的圖表和案例分析奠定理論基礎(chǔ)。 第二部分包括第4、5、6、7章，，在借鑒國(guó)外創(chuàng)業(yè)投資引導(dǎo)基金支持模式和成功經(jīng)驗(yàn)的基礎(chǔ)上，重點(diǎn)研究了我國(guó)政府創(chuàng)業(yè)投資引導(dǎo)基金的發(fā)展必要性、政策環(huán)境、發(fā)展歷程及試點(diǎn)簡(jiǎn)況，并對(duì)我國(guó)地方政府引導(dǎo)基金的四大模式進(jìn)行了探索，為后文政府引導(dǎo)基金的運(yùn)行模式選擇提供了經(jīng)驗(yàn)總結(jié)，最后有針對(duì)性地從法律法規(guī)層次和政策制度層面兩個(gè)角度，對(duì)引導(dǎo)基金如何更好地支持戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展提出了一些相關(guān)的政策建議。
[Abstract]:During the "12th Five-Year", the cultivation, development and upgrading of the strategic emerging industries have become an important strategic target for the economic and social development of our country. The strategic emerging industries are usually high and new technology industries. According to the law of industrial development, the organization form of the high-tech industry is a process from small to large. At present, there is still a problem of imperfect system in our country. When high and new technology enterprises, especially new and new high-tech industries, are in the growth period, it is difficult to obtain financial support from all aspects. The capital support is basically in the mature period or the enterprises have already become bigger and stronger. The advanced overseas experience has been fully proved. Ming, venture capital is a good support system for the commercialization and industrialization of high and new technology achievements.
By providing management services and capital support for the enterprise, venture capital has become a powerful engine for supporting enterprises to carry out technological innovation. In order to promote the technological innovation and economic development of a country, the development of China's venture capital has already had a certain scale after 20 years' development, but it is still in the primary stage from the current situation of development. Compared with the developed countries such as the United States, Israel and Australia, there is still a big gap in the number of venture capital institutions, the scale of investment and the number of small and medium sized enterprises. Because of the high risk, low success rate and high asymmetric information, venture capital is a kind of investment. The investor is often afraid of it, but the problem of "market failure" is usually found in the allocation of venture capital by the market. At present, the venture capital in China presents the so-called "red apple" effect, that is, the venture capital is mainly concentrated in the growth or maturity of the enterprise. This makes the seed in the seed. In the initial period, the start-up enterprises usually do not have the support of the venture capital, which hinders the transformation of scientific and technological achievements and the development of high-tech industries. In the countries and regions with developed investment, the government is generally guided by the government to guide the private capital, and the social capital shares all kinds of venture capital funds. To promote the formation of venture capital, and to guide the private sector investors to the initial stage of the enterprise. Therefore, it is of great theoretical and practical meaning to study the operating mechanism of the venture capital guide fund for reference from the experience of overseas venture fund.
The market, technology and industry development of strategic emerging industries are uncertain, with high risk and high income. Therefore, the traditional means of debt financing can not meet the needs of the enterprises. And the government venture capital guidance fund is a new financing way in the new economic era. With the development of strategic emerging industries as the breakthrough point, the paper is divided into two parts.
The first part includes the second chapter and the third chapter, mainly using economic theory to analyze the formation of venture capital, the classification of private equity financing, the concept of government venture capital guidance fund and the financing demand and financing supply of strategic emerging industries, and lay a theoretical foundation for a large number of chart and case analysis of the government guidance fund. Foundation.
The second part includes chapter 4,5,6,7. On the basis of drawing on the support model and successful experience of foreign venture capital guidance fund, this paper focuses on the development necessity, policy environment, development process and pilot situation of the government venture capital guidance fund in China, and explores the four major modes of local government guidance fund in China, which is the latter. The operation mode selection of the government guidance fund provides experience summary. At last, it puts forward some relevant policy suggestions on how to better support the development of strategic new industry from two angles of law and regulation level and policy system level.
【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】：2012
【分類號(hào)】：F832.48;F276.44

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