本文關(guān)鍵詞： 私募股權(quán)投資 政府引導(dǎo)基金 FOFs 市場(chǎng)化　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：私募股權(quán)投資(Private Equity)起源于美國(guó),作為金融創(chuàng)新和產(chǎn)業(yè)創(chuàng)新結(jié)合的產(chǎn)物,私募股權(quán)投資為新興企業(yè)提供創(chuàng)業(yè)和持續(xù)發(fā)展所需的寶貴資金,催生新的產(chǎn)業(yè),促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)和消費(fèi)水平的升級(jí),擴(kuò)大就業(yè)機(jī)會(huì)。發(fā)達(dá)國(guó)家的經(jīng)驗(yàn)與數(shù)據(jù)證明,私募股權(quán)投資對(duì)于經(jīng)濟(jì)的發(fā)展、社會(huì)的進(jìn)步具有重要的作用,這與政府的社會(huì)經(jīng)濟(jì)管理職能相吻合,由此產(chǎn)生了關(guān)于政府涉足私募股權(quán)投資領(lǐng)域的討論和各種模式實(shí)踐,政府引導(dǎo)基金正是其中之一。 由于政府在政治、經(jīng)濟(jì)、社會(huì)中的特殊地位,使得其一方面要發(fā)揮信息優(yōu)勢(shì)以克服“市場(chǎng)失靈”,發(fā)揮“杠桿作用”撬動(dòng)民間資本,同時(shí)又避免與私人部門(mén)發(fā)生直接競(jìng)爭(zhēng),造成與民爭(zhēng)利的“擠出效應(yīng)”。因此,引導(dǎo)基金在模式設(shè)立上存在著諸多的限制性規(guī)定。同時(shí),國(guó)內(nèi)引導(dǎo)基金模式的實(shí)踐較為短暫,引導(dǎo)基金目前承擔(dān)著創(chuàng)業(yè)投資引導(dǎo)和戰(zhàn)略產(chǎn)業(yè)投資引導(dǎo)的職能,在運(yùn)作機(jī)制上,單純的政策性引導(dǎo)基金居多,與市場(chǎng)化相去甚遠(yuǎn)。 政府引導(dǎo)基金往往以“母基金”(Fund of Funds, FOFs)的模式運(yùn)作,FOFs本身是私募股權(quán)投資基金發(fā)展到一定階段的產(chǎn)物,它通過(guò)專(zhuān)業(yè)的盡職調(diào)查和基金團(tuán)隊(duì)選任流程幫助投資者甄別基金的品質(zhì),通過(guò)全盤(pán)監(jiān)測(cè)基金業(yè)績(jī)表現(xiàn)掌握基金運(yùn)作,并以多元化的投資組合形成不同的投資策略,以此有效地分散風(fēng)險(xiǎn)。 雖然,政府引導(dǎo)基金以FOFs的方式進(jìn)行操作,但畢竟不是從市場(chǎng)化發(fā)展而來(lái)的FOFs,二者的內(nèi)涵在中國(guó)具有實(shí)質(zhì)性的區(qū)別。其本質(zhì)在于,引導(dǎo)基金的基因來(lái)自于政府職能,而FOFs的基因來(lái)自于市場(chǎng)。是在“政府化”或“市場(chǎng)化”中進(jìn)行選擇,亦或是從實(shí)踐中創(chuàng)新出一條中間路線(xiàn)來(lái),政府引導(dǎo)基金如何向市場(chǎng)化FOFs演進(jìn)是其發(fā)展過(guò)程中值得思考的重要話(huà)題。 本文以某政府引導(dǎo)基金為研究對(duì)象,通過(guò)管理層訪談、文件整理和分析、行業(yè)文獻(xiàn)綜述、市場(chǎng)調(diào)查和數(shù)據(jù)分析,形成了關(guān)于政府引導(dǎo)基金和FOFs的基本認(rèn)識(shí),以及對(duì)該引導(dǎo)基金運(yùn)行機(jī)制的深入了解,最終提出政府引導(dǎo)基金的市場(chǎng)化運(yùn)作思路。 本文一共分為六部分,以章節(jié)為標(biāo)志,主要內(nèi)容如下： 第一章,概述私募股權(quán)投資的經(jīng)濟(jì)促進(jìn)作用,引出關(guān)于政府引導(dǎo)基金的理論及實(shí)踐。 第二章,介紹以FOFs模式運(yùn)作的國(guó)內(nèi)政府引導(dǎo)基金的概況,包括發(fā)展歷程、政策環(huán)境等。 第三章,重點(diǎn)講述政府引導(dǎo)基金的運(yùn)作模式,主要從設(shè)立結(jié)構(gòu)、資金來(lái)源、管理模式、投資方式、投資條件、退出方式等方面做了闡述。 第四章,本章是全文的重點(diǎn),以某正在運(yùn)作中的政府引導(dǎo)基金為案例對(duì)象,從其合作模式、內(nèi)部運(yùn)行機(jī)制、投資組合等方面進(jìn)行了深入研究及評(píng)述。 第五章,提出政府引導(dǎo)基金的市場(chǎng)化思路,以及評(píng)析市場(chǎng)化策略與政府引導(dǎo)功能。 第六章,基于前文,對(duì)政府引導(dǎo)基金的市場(chǎng)化路線(xiàn)做出研判。
[Abstract]:Private Equity (Private Equity) originated in the United States. As a combination of financial innovation and industrial innovation, private equity provides the valuable capital needed for the start-up and sustainable development of new enterprises, and spawned new industries. Promote the upgrading of industrial structure and consumption level, expand employment opportunities. Experience and data from developed countries prove that private equity investment plays an important role in economic development and social progress. This coincides with the social and economic management functions of the government, resulting in the discussion of the government's involvement in the field of private equity investment and the practice of various models, among which the government-led fund is one of them. Because of the special position of the government in politics, economy and society, on the one hand, the government should exert its information advantage to overcome the "market failure" and "leverage" to leverage private capital, while at the same time avoiding direct competition with the private sector. Therefore, there are many restrictive regulations on the establishment of the guiding fund. At the same time, the practice of the domestic guiding fund model is relatively short. At present, the guiding fund assumes the functions of venture capital guidance and strategic industry investment guidance. In the operation mechanism, the pure policy-oriented guiding fund is the majority, which is far from market-oriented. Government-led funds often operate as "parent funds" of funds (FOFss). FOFs themselves are the product of private equity funds at a certain stage of development. It helps investors identify the quality of the fund through professional due diligence and the selection process of the fund team, master the performance of the fund through overall monitoring of the performance of the fund, and form different investment strategies with a diversified portfolio. In order to effectively spread the risk. Although the government guides the fund to operate by the way of FOFs, after all, it is not from the market development of FOFs, the connotation of the two has substantial difference in China, its essence is that the gene of the guiding fund comes from the function of the government. And the FOFs gene comes from the market. It's a choice between "government" or "marketization," or an intermediate route from practice. How the government leads the fund to the market-oriented FOFs is an important topic to be considered in its development. In this paper, a government-led fund as the research object, through management interviews, document collation and analysis, industry literature review, market research and data analysis, the formation of a basic understanding of government-led funds and FOFs, Finally, the author puts forward the market-oriented operation of the government-guided fund through a deep understanding of the operating mechanism of the guiding fund. This paper is divided into six parts, marked by chapters, the main content is as follows:. The first chapter summarizes the role of private equity investment in economic promotion, leading to the theory and practice of government-led funds. The second chapter introduces the general situation of the domestic government-led funds operating in FOFs mode, including the course of development, policy environment and so on. The third chapter focuses on the operating mode of the government-guided fund, mainly from the establishment structure, the source of funds, the management model, the investment mode, the investment condition, the exit way and so on. Chapter 4th, this chapter is the focal point of the full text, taking a government guiding fund in operation as a case object, the paper makes a deep research and comment on its cooperation mode, internal operating mechanism, investment portfolio and so on. In chapter 5th, the author puts forward the marketization thinking of the government-guided fund, and comments on the marketization strategy and the government-guided function. Chapter 6th, based on the above, the government-led fund market line to make a study.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F224

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