本文選題：創(chuàng)業(yè)投資引導(dǎo)基金 + 風(fēng)險��； 參考：《云南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：近些年來，隨著高新技術(shù)產(chǎn)業(yè)的不斷擴(kuò)容，政府對推進(jìn)高新技術(shù)產(chǎn)業(yè)化工作越來越重視，為提高政府資金的使用效率，扶持早期的高新技術(shù)企業(yè)，各地方政府相繼推出了創(chuàng)業(yè)投資引導(dǎo)基金。引導(dǎo)基金參與創(chuàng)業(yè)投資，可以發(fā)揮財政資金的杠桿放大作用，帶動更多的社會資本進(jìn)入該領(lǐng)域，促進(jìn)創(chuàng)業(yè)投資產(chǎn)業(yè)發(fā)展，支持地方經(jīng)濟(jì)建設(shè)。從2006年開始，在相關(guān)政策法規(guī)的推動下，我國政府引導(dǎo)基金每年在數(shù)量和資金規(guī)模上都形成了雙增的態(tài)勢。 由于創(chuàng)業(yè)投資引導(dǎo)基金是政府財政出資設(shè)立的，與商業(yè)性創(chuàng)業(yè)投資基金的逐利性存在很大的不同，其投資的目的在于實(shí)現(xiàn)政策目標(biāo)；且作為一種特殊的母基金，對創(chuàng)業(yè)投資的整個運(yùn)作過程僅僅是作為出資人及監(jiān)管者，而對子基金日常的經(jīng)營管理和投資決策不做干涉。這就使得政府與資金管理部門、創(chuàng)業(yè)投資機(jī)構(gòu)、創(chuàng)業(yè)企業(yè)家之間存在著典型的三重委托代理關(guān)系，其面臨的風(fēng)險也顯得更加復(fù)雜。首先，實(shí)際運(yùn)作中，在信息不對稱下，政府引導(dǎo)基金由于不能掌握有關(guān)合作機(jī)構(gòu)和創(chuàng)業(yè)項(xiàng)目的全部信息而面臨由不同代理人引發(fā)的逆向選擇和道德風(fēng)險等委托代理風(fēng)險。其次，職能部門管理人員擁有分配引導(dǎo)資本的決定權(quán)，而我國的創(chuàng)業(yè)投資機(jī)構(gòu)和中小科技型創(chuàng)業(yè)企業(yè)數(shù)量眾多卻是不爭的事實(shí)，在資源稀缺情況下，為了能夠獲得引導(dǎo)基金的支持，他們會向政府官員尋租，這是影響財政資金高效運(yùn)作的另一大風(fēng)險因素。還有，，引導(dǎo)基金同樣面臨子基金運(yùn)作過程中的政策沖突風(fēng)險、退出風(fēng)險及創(chuàng)業(yè)項(xiàng)目的市場風(fēng)險和技術(shù)風(fēng)險等。研究政府引導(dǎo)基金的風(fēng)險管理，就得先對以上風(fēng)險因素進(jìn)行分析�，F(xiàn)有的和新設(shè)立的引導(dǎo)基金如何有效地對這些風(fēng)險實(shí)施管理，使各地的財政資金能夠更好地發(fā)揮作用，支持當(dāng)?shù)氐膭?chuàng)業(yè)行業(yè)發(fā)展，是一個非常具有現(xiàn)實(shí)意義的內(nèi)容。所以，文中從政府角度出發(fā)，就其對不同層次代理人引發(fā)的風(fēng)險采取的管理對策結(jié)合實(shí)際中的一些具體案例做闡述，并對政府加強(qiáng)尋租風(fēng)險管理和監(jiān)管等方面提出一些建議。
[Abstract]:In recent years, with the continuous expansion of high and new technology industries, the government has paid more and more attention to promoting the industrialization of high and new technology. In order to improve the efficiency of the use of government funds and support the early high-tech enterprises, the local governments have launched the venture capital guidance fund. The enlargement of the rod brings more social capital into the field, promotes the development of the venture capital industry and supports the construction of local economy. From 2006, with the promotion of relevant policies and regulations, our government guidance fund has formed a double increase in both the quantity and the scale of capital every year.
Because the venture capital guidance fund is set up by the government finance, it is very different from the commercial venture capital fund, and its aim is to realize the policy goal. And as a special parent fund, the whole operation process of the venture capital is only as the investor and supervisor, but to the sub fund daily. There is a typical three principal agency relationship between the government and the capital management department, the venture capital institution and the entrepreneur, and the risk it faces is more complicated. First, in the actual operation, the government guidance fund cannot master the cooperation under the wrong information. The whole information of the organization and the venture project is faced with the principal agent risk, such as the adverse selection and moral hazard caused by the different agents. Secondly, the managers of the functional departments have the right to allocate the capital, while the number of venture capital institutions and small and medium-sized enterprises in China is indisputable, and the resources are scarce. In the case, in order to obtain the support of the guidance fund, they will rent to the government officials, which is another major risk factor affecting the efficient operation of financial funds. And the guidance fund is also faced with the policy conflict risk in the operation of the sub fund, the market risk and the technical risk of the venture, and the research of government guidance. The risk management of the fund should be analyzed first. The existing and newly established guidance funds can effectively manage these risks, make the local financial funds play a better role and support the development of the local entrepreneurial industry. It is a very realistic content. Therefore, the article is from the government angle. In order to explain the risk management and supervision of the government, some suggestions on strengthening the management and supervision of rent-seeking risk are put forward.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

【參考文獻(xiàn)】

中國期刊全文數(shù)據(jù)庫 前10條

1 譚祖衛(wèi);胡芳日;;創(chuàng)業(yè)投資引導(dǎo)基金運(yùn)作模式探討[J];中國科技投資;2008年08期

2 陳偉;;科技型中小企業(yè)創(chuàng)業(yè)投資引導(dǎo)基金現(xiàn)狀[J];中國科技投資;2009年03期

3 于鳳坤;;探討科學(xué)合理的政府引導(dǎo)基金發(fā)展之路[J];中國科技投資;2010年01期

4 李希義;;創(chuàng)業(yè)投資引導(dǎo)基金的運(yùn)行狀況和實(shí)施成效[J];中國科技投資;2011年04期

5 吳應(yīng)寧;;政府設(shè)立創(chuàng)業(yè)投資引導(dǎo)基金的效益研究[J];發(fā)展研究;2010年10期

6 尹睿哲;;政府對創(chuàng)業(yè)投資的支持:創(chuàng)業(yè)投資引導(dǎo)基金的比較研究[J];管理觀察;2009年08期

7 劉景波;;我國風(fēng)險投資退出機(jī)制研究[J];合作經(jīng)濟(jì)與科技;2009年08期

8 蔣芬;寧建榮;;創(chuàng)業(yè)投資引導(dǎo)基金的發(fā)展概況及啟示[J];今日科技;2008年07期

9 梁圣義;秦宇;;我國發(fā)展風(fēng)險投資政府引導(dǎo)基金模式研究[J];商業(yè)經(jīng)濟(jì);2009年24期

10 楊艷萍;風(fēng)險投資中雙重委托代理風(fēng)險及其防范[J];經(jīng)濟(jì)體制改革;2003年01期

本文編號：1905548