本文選題：政府引導基金 + 母基金��； 參考：《上海交通大學》2013年碩士論文

【摘要】：自2012年中旬至今，受宏觀經(jīng)濟疲軟、資本市場持續(xù)低迷、投資回報率未達投資者預期等因素影響，我國風投行業(yè)的基金募資規(guī)模呈逐步下滑趨勢。盡管我國2013年初宏觀經(jīng)濟呈現(xiàn)回暖跡象，但資本市場的退出不暢使得大部分基金投資者仍普遍持謹慎態(tài)度，這嚴重影響了諸多風投基金的募投計劃，整個風險投資行業(yè)形勢低迷。 在這種背景下，對中國風險投資市場發(fā)展中資金來源的一大渠道和政府介入的主要渠道——政府創(chuàng)業(yè)風險投資基金（以下簡稱“政府引導基金“）的歷史沿革、市場定位和作用、國外標桿進行分析，認識到政府作用的局限性和政府創(chuàng)業(yè)投資引導基金發(fā)展的瓶頸，進而分析討論政府引導基金發(fā)展母基金論，這既可以加深對國內(nèi)風險投資發(fā)展過程中相關(guān)問題的認識和理解，也可以作為市場已有的政府創(chuàng)業(yè)投資引導基金進一步發(fā)展的理論依據(jù)，，對促進我國風險投資業(yè)良性發(fā)展、促進高新科技產(chǎn)業(yè)發(fā)展和經(jīng)濟發(fā)展均有一定的理論指導和現(xiàn)實意義。 作為特定歷史時期的產(chǎn)物，政府引導基金一直致力于地方創(chuàng)投行業(yè)的發(fā)展以及中小企業(yè)的融資，在促進創(chuàng)業(yè)風險投資市場發(fā)展和扶持初創(chuàng)企業(yè)方面都做出了積極的貢獻。然而，由于政府引導基金的發(fā)展依賴政府政策支持和推動，加上政府資金的功用和定位與社會資本利益訴求本身存在一定的差異或矛盾，我國政府創(chuàng)業(yè)投資引導基金在加速發(fā)展的同時，運作過程中也面臨了一些問題亟待帶解決。同時，隨著國內(nèi)私募股權(quán)投資市場的成熟，越來越多的社會資本進入私募股權(quán)投資市場，包括風險投資行業(yè)。在政府引導逐步讓位于市場配置的大趨勢下，政府引導基金如何定位和持續(xù)發(fā)展也成為一個問題。這些問題都已經(jīng)成為政府引導基金進一步發(fā)展的瓶頸。 針對上述問題，本文一方面對國內(nèi)外政府介入風險投資的形式——政府引導基金進行了比較分析，得出國內(nèi)外政府在風險投資中參與角色的差異；另一方面，本文介紹了我國政府引導基金的歷史沿革和目前情況，闡述了政府引導基金至今對于風投行業(yè)和高科技行業(yè)的積極貢獻，并通過對上海創(chuàng)投基金管理部專業(yè)人士的訪談，具體了解政府引導基金在實際投資活動中遇到的瓶頸和困惑。最后，本文針對政府引導基金發(fā)展中存在的問題從基金定位、運作管理和募資渠道等方面探討優(yōu)化發(fā)展的對策，并提出借鑒目前部分引導基金市場化運作的成功經(jīng)驗，轉(zhuǎn)型為承擔一定政府引導職能的市場化母基金，是政府引導基金轉(zhuǎn)型的最佳選擇。
[Abstract]:Since the middle of 2012, the scale of fund raising in venture capital industry in China has been declining gradually because of the weak macro economy, the persistent downturn of capital market and the fact that the return on investment has not reached the expectation of investors.Despite the signs of a rebound in China's macro-economy at the beginning of 2013, the withdrawal of the capital market has made most fund investors generally cautious, which has seriously affected the plans of many venture capital funds to raise funds.The whole venture capital industry is in a doldrums.Against this background, the historical evolution of the government venture capital fund (hereinafter referred to as the "government-led fund") is a major channel for the development of the Chinese venture capital market and the main channel for government intervention.Market orientation and function, foreign benchmarking analysis, recognizing the limitations of the role of the government and the bottleneck of government venture capital leading the development of funds, and then analyzed and discussed the theory of the development of parent funds,This can not only deepen the understanding and understanding of the related problems in the development of domestic venture capital, but also serve as the theoretical basis for the further development of the government venture capital fund, which can promote the benign development of the venture capital industry in our country.To promote the development of high-tech industry and economic development has certain theoretical guidance and practical significance.As a product of a specific historical period, the government-led fund has been committed to the development of local venture capital industry and the financing of small and medium-sized enterprises, and has made positive contributions to promoting the development of venture capital market and supporting start-ups.However, the development of government-led funds depends on the support and promotion of government policies, and there are some differences or contradictions between the functions and positioning of government funds and the demands of social capital interests.At the same time of accelerating the development of the government venture capital guiding fund, it also faces some problems that need to be solved.At the same time, with the maturity of the domestic private equity investment market, more and more social capital enters the private equity investment market, including the venture capital industry.Under the general trend of government guidance giving way to market allocation, it is also a problem how the government guides the fund to locate and develop continuously.These problems have become the bottleneck of the further development of the government-led fund.In view of the above problems, on the one hand, this paper makes a comparative analysis of the form of government involvement in venture capital at home and abroad-the government-led fund, and draws the difference of the roles of the domestic and foreign governments in the venture capital; on the other hand,This paper introduces the history and current situation of the government-led fund, expounds the positive contribution of the government-led fund to the venture capital industry and the high-tech industry, and interviews with the professionals of the Shanghai Venture Capital Management Department.Specific understanding of the government-led fund in the actual investment activities encountered bottlenecks and confusion.Finally, aiming at the problems existing in the development of government-guided funds, this paper probes into the countermeasures of optimizing the development from the aspects of fund positioning, operation management and fund-raising channels, and puts forward some successful experiences in guiding the market-oriented operation of the funds.It is the best choice for government-led funds to transform into market-oriented parent funds with certain government-guided functions.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1748305