本文選題：引導(dǎo)基金　切入點：協(xié)同機制　出處：《華南理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：高新技術(shù)產(chǎn)業(yè)作為新世紀(jì)的產(chǎn)業(yè)主力軍，在推動經(jīng)濟的發(fā)展中發(fā)揮越來越重要的作用，而高新技術(shù)企業(yè)中大部分企業(yè)為中小企業(yè)，而且有許多是處于種子期、早期的發(fā)展階段。目前我國風(fēng)險投資行業(yè)存在“市場失靈”行為，資金主要投向中后期的項目，大量的種子期、早期項目無法獲得風(fēng)險投資資金支持。政府引導(dǎo)基金通過帶動社會資本參與到創(chuàng)業(yè)投資行業(yè)，能有效解決創(chuàng)業(yè)投資行業(yè)的“市場失靈”行為。創(chuàng)業(yè)投資引導(dǎo)基金對于創(chuàng)業(yè)投資業(yè)和當(dāng)?shù)仄髽I(yè)、科技創(chuàng)新、經(jīng)濟增長等有重要意義。 廣東省作為全國的經(jīng)濟大省，但引導(dǎo)基金的發(fā)展卻處于起步晚、發(fā)展慢的狀態(tài)，亟需有效的指導(dǎo)創(chuàng)業(yè)投資引導(dǎo)基金系統(tǒng)發(fā)展的有效政策。而目前國內(nèi)對于創(chuàng)業(yè)投資引導(dǎo)基金的研究并不深入，僅限于參考國外模式進行少量的靜態(tài)研究，關(guān)于創(chuàng)業(yè)投資引導(dǎo)基金系統(tǒng)內(nèi)部各個主體如何協(xié)調(diào)運作還沒有相關(guān)的研究，更沒有從動態(tài)上研究過系統(tǒng)序參量如何對系統(tǒng)協(xié)同度產(chǎn)生影響，通過哪些方式更好地促進引導(dǎo)基金的發(fā)展。 本文基于這樣的背景，對我國創(chuàng)業(yè)投資引導(dǎo)基金系統(tǒng)內(nèi)各個主體協(xié)同機制進行剖析，并對廣東省引導(dǎo)基金進行仿真模擬，旨在深入分析創(chuàng)業(yè)投資引導(dǎo)基金協(xié)同運作機制，為創(chuàng)業(yè)投資引導(dǎo)基金的發(fā)展獻計獻策。 本文首先闡述了有關(guān)引導(dǎo)基金理論和系統(tǒng)動力學(xué)、協(xié)同學(xué)理論，然后對創(chuàng)業(yè)投資引導(dǎo)基金進行結(jié)構(gòu)解析，進而根據(jù)協(xié)同學(xué)理論分析引導(dǎo)基金系統(tǒng)各主體、相關(guān)要素、系統(tǒng)序參量和協(xié)同內(nèi)容等，然后根據(jù)系統(tǒng)動力學(xué)理論把系統(tǒng)分成政府-引導(dǎo)基金-社會資本、創(chuàng)投子基金、創(chuàng)投管理機構(gòu)、創(chuàng)投管理機構(gòu)-創(chuàng)業(yè)企業(yè)三個子系統(tǒng)，對系統(tǒng)各個主體之間的因果關(guān)系進行分析并構(gòu)建模型，接著對廣東省創(chuàng)業(yè)投資引導(dǎo)基金進行仿真模擬，觀察序參量變動對協(xié)同度被投企業(yè)成功率和其他序參量輔助變量的影響情況，并據(jù)此提出建議：(1)由于政府對創(chuàng)投子基金的投資約束程度對協(xié)同度被投企業(yè)成功率影響程度最大，因此，要促進系統(tǒng)更好地協(xié)同運作，，要在一定程度上放松對創(chuàng)業(yè)投資企業(yè)的投資約束，使得創(chuàng)投企業(yè)更市場化、更專業(yè)化運作。(2)政府支持力度的下降對協(xié)同度產(chǎn)生的負面影響時間較長，建議政府加大對引導(dǎo)基金的支持力度，以提高其正面效應(yīng)。(3)加強資本市場建設(shè)、提高讓渡收益幅度等會對代表序參量輔助變量的投資收益、投資于政府重點支持領(lǐng)域的資金等變量產(chǎn)生積極的效果，從而促進創(chuàng)業(yè)投資引導(dǎo)基金各個主體協(xié)同良性運作。
[Abstract]:As the main force of the industry in the new century, the high-tech industry plays an increasingly important role in promoting economic development. Most of the high-tech enterprises are small and medium-sized enterprises, and many of them are in the seed period. The early stage of development. At present, there is "market failure" in the venture capital industry in our country. The capital is mainly invested in projects in the middle and late stages, with a large number of seed periods. Early projects are not supported by venture capital. The government guides the fund into the venture capital industry by bringing social capital to bear. It can effectively solve the "market failure" behavior of the venture capital industry. The venture capital guiding fund is of great significance to the venture capital industry and local enterprises, scientific and technological innovation, economic growth and so on. Guangdong Province is a major economic province in the country, but the development of the guiding fund is in a state of late start and slow development. There is an urgent need for effective policies to guide the development of the venture capital fund system. However, the domestic research on the venture capital guidance fund is not deep enough at present, and it is only limited to a small number of static studies based on foreign models. There has been no relevant research on how to coordinate the operation of each main body in the venture capital guiding fund system, and no dynamic study has been done on how the system order parameters affect the system synergy. How to better guide the development of the fund. Based on this background, this paper analyzes the main cooperative mechanism of the venture capital guiding fund system in our country, and simulates the guiding fund in Guangdong province, in order to deeply analyze the cooperative operation mechanism of the venture capital guiding fund. To guide the development of venture capital funds. In this paper, the theory of guiding fund and system dynamics, synergetic theory, and then the structure analysis of venture capital guiding fund are introduced, and then the main body and relevant elements of guiding fund system are analyzed according to the theory of synergetic theory. Then according to the theory of system dynamics, the system is divided into three subsystems: government-guide fund-social capital, venture capital sub-fund, venture capital management organization, venture capital management organization and venture capital enterprise. This paper analyzes the causality among the main bodies of the system and builds a model. Then the simulation of Guangdong Province Venture Capital guiding Fund is carried out. The influence of the change of order parameters on the success rate and other auxiliary variables of the enterprises with degree of synergy was observed, and then the suggestion was put forward that: (1) because the degree of restraint on the investment of the venture capital sub-fund by the government had the greatest influence on the success rate of the enterprises with the degree of synergy invested, Therefore, in order to promote a better coordinated operation of the system, to a certain extent to relax the investment constraints on venture capital enterprises, so that venture capital enterprises more market-oriented, (2) the decline of government support has a long negative impact on the degree of synergy. It is suggested that the government increase its support for the guiding fund to increase its positive effect. Increasing the yield of transfer will have a positive effect on the investment income of the auxiliary variables representing the order parameters and the funds invested in the key areas supported by the government, thus promoting the venture capital to guide the various subjects of the fund to work in a coordinated and benign manner.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前1條

1 溫志宏;第三產(chǎn)業(yè)升級優(yōu)化的評價指標(biāo)[J];統(tǒng)計與決策;2004年09期

本文編號：1604051