發(fā)布時(shí)間：2018-04-14 07:32

  本文選題：政府引導(dǎo)基金 + 母基金�。� 參考：《上海交通大學(xué)》2013年碩士論文

【摘要】：自2012年中旬至今，受宏觀經(jīng)濟(jì)疲軟、資本市場(chǎng)持續(xù)低迷、投資回報(bào)率未達(dá)投資者預(yù)期等因素影響，我國(guó)風(fēng)投行業(yè)的基金募資規(guī)模呈逐步下滑趨勢(shì)。盡管我國(guó)2013年初宏觀經(jīng)濟(jì)呈現(xiàn)回暖跡象，但資本市場(chǎng)的退出不暢使得大部分基金投資者仍普遍持謹(jǐn)慎態(tài)度，這嚴(yán)重影響了諸多風(fēng)投基金的募投計(jì)劃，整個(gè)風(fēng)險(xiǎn)投資行業(yè)形勢(shì)低迷。 在這種背景下，對(duì)中國(guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展中資金來(lái)源的一大渠道和政府介入的主要渠道——政府創(chuàng)業(yè)風(fēng)險(xiǎn)投資基金（以下簡(jiǎn)稱“政府引導(dǎo)基金“）的歷史沿革、市場(chǎng)定位和作用、國(guó)外標(biāo)桿進(jìn)行分析，認(rèn)識(shí)到政府作用的局限性和政府創(chuàng)業(yè)投資引導(dǎo)基金發(fā)展的瓶頸，進(jìn)而分析討論政府引導(dǎo)基金發(fā)展母基金論，這既可以加深對(duì)國(guó)內(nèi)風(fēng)險(xiǎn)投資發(fā)展過(guò)程中相關(guān)問(wèn)題的認(rèn)識(shí)和理解，也可以作為市場(chǎng)已有的政府創(chuàng)業(yè)投資引導(dǎo)基金進(jìn)一步發(fā)展的理論依據(jù)，，對(duì)促進(jìn)我國(guó)風(fēng)險(xiǎn)投資業(yè)良性發(fā)展、促進(jìn)高新科技產(chǎn)業(yè)發(fā)展和經(jīng)濟(jì)發(fā)展均有一定的理論指導(dǎo)和現(xiàn)實(shí)意義。 作為特定歷史時(shí)期的產(chǎn)物，政府引導(dǎo)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(jìn)創(chuàng)業(yè)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)展和扶持初創(chuàng)企業(yè)方面都做出了積極的貢獻(xiàn)。然而，由于政府引導(dǎo)基金的發(fā)展依賴政府政策支持和推動(dòng)，加上政府資金的功用和定位與社會(huì)資本利益訴求本身存在一定的差異或矛盾，我國(guó)政府創(chuàng)業(yè)投資引導(dǎo)基金在加速發(fā)展的同時(shí)，運(yùn)作過(guò)程中也面臨了一些問(wèn)題亟待帶解決。同時(shí)，隨著國(guó)內(nèi)私募股權(quán)投資市場(chǎng)的成熟，越來(lái)越多的社會(huì)資本進(jìn)入私募股權(quán)投資市場(chǎng)，包括風(fēng)險(xiǎn)投資行業(yè)。在政府引導(dǎo)逐步讓位于市場(chǎng)配置的大趨勢(shì)下，政府引導(dǎo)基金如何定位和持續(xù)發(fā)展也成為一個(gè)問(wèn)題。這些問(wèn)題都已經(jīng)成為政府引導(dǎo)基金進(jìn)一步發(fā)展的瓶頸。 針對(duì)上述問(wèn)題，本文一方面對(duì)國(guó)內(nèi)外政府介入風(fēng)險(xiǎn)投資的形式——政府引導(dǎo)基金進(jìn)行了比較分析，得出國(guó)內(nèi)外政府在風(fēng)險(xiǎn)投資中參與角色的差異；另一方面，本文介紹了我國(guó)政府引導(dǎo)基金的歷史沿革和目前情況，闡述了政府引導(dǎo)基金至今對(duì)于風(fēng)投行業(yè)和高科技行業(yè)的積極貢獻(xiàn)，并通過(guò)對(duì)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(dǎo)基金在實(shí)際投資活動(dòng)中遇到的瓶頸和困惑。最后，本文針對(duì)政府引導(dǎo)基金發(fā)展中存在的問(wèn)題從基金定位、運(yùn)作管理和募資渠道等方面探討優(yōu)化發(fā)展的對(duì)策，并提出借鑒目前部分引導(dǎo)基金市場(chǎng)化運(yùn)作的成功經(jīng)驗(yàn)，轉(zhuǎn)型為承擔(dān)一定政府引導(dǎo)職能的市場(chǎng)化母基金，是政府引導(dǎo)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(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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