联系我们

论文查询结果	返回搜索

论文编号：	10488
作者编号：	2220160659
上传时间：	2018/12/6 17:18:34
中文题目：	天津市创业投资引导基金运行机制研究
英文题目：	Research on operation mechanism of venture capital guiding fund in Tianjin
指导老师：	黄福广
中文关键字：	创业投资;引导基金;基金管理
英文关键字：	Venture capital; Guiding fund; Management of fund
中文摘要：	创业投资引导基金是指政府设立的一种旨在通过市场化的运作模式，为创业投资企业的发展提供帮助，从而正确引导社会资金进入创业投资行业的政策性基金。 由于创业风险投资的高风险性，单纯依靠市场配置风险投资往往面临市场失灵的问题。我国当前风险投资主要集中在成长期、成熟期阶段的创业企业，处于种子期、初创期的创业企业难以得到风险投资的支持，这一问题严重阻碍了科技成果的转化和高科技企业的发展。 通过借鉴国外风险投资发达国家和地区的成功经验和模式，以政府设立政策性创业投资引导基金的形式来引导民间资本设立各类商业性风险投资基金，促进风险投资投向种子期或初创期企业，可以有效地矫正市场失灵。因此，进行创业投资引导基金运行机制的研究，具有非常重要的理论和现实意义。 本文通过对创业投资引导基金相关参与方，即母基金、政府部门、受托管理机构、社会出资人、子基金、基金管理人权利义务的研究，对引导基金利益冲突管理机制、激励约束机制、引导基金保障机制、投资管理机制以及引导基金退出机制等进行分析和研究，借鉴美国、以色列、澳大利亚等国各具特色的政府引导基金运行特点以及国内北京、上海、苏州引导基金的经验，提出改进天津市创业投资引导基金运行机制的若干建议，为地方政府创业投资引导基金的发展与管理完善提供可行的思路。
英文摘要：	Venture capital guiding fund is a kind of policy fund guiding social capital supporting venture capital through marketing operation mode. Due to the high risk of venture capital, it is often faced with the problem of market failure to configure venture capital purely by market. At present, venture capital in China is mainly concentrated in the growth and maturity stages of start-ups. It is difficult for the seed stage and start-up stage to get the support of venture capital. This problem seriously hinders the transformation of scientific and technological achievements and the development of high-tech enterprises. By drawing lessons from the successful experiences and models of foreign venture capital developed countries and regions, and in the form of policy venture capital guiding fund established by the government to guide private capital to set up various types of commercial venture capital funds, promoting venture capital investment to seed or start-up enterprises, market failure can be effectively rectified. Therefore, it is of great theoretical and practical significance to study the operation mechanism of venture capital guidance fund. Through the study of the rights and obligations of the relevant participants in the venture capital guiding fund, namely, the parent fund, government departments, trusteeship management institutions, social investors, subfunds and fund managers, this paper aims to provide guidance for the management mechanism of the conflict of interest, incentive and restraint mechanism, guarantee mechanism of the guiding fund, investment management mechanism and guidance. Based on the analysis and research of the withdrawal mechanism of the fund, drawing on the operation characteristics of the government-led funds in the United States, Israel, Australia and other countries, as well as the experience of domestic Beijing, Shanghai and Suzhou, this paper puts forward some suggestions to improve the operation mechanism of the venture capital-led funds in Tianjin, so as to provide venture capital for local governments. The development and management of the guiding fund provide a feasible train of thought.
查看全文：	预览  下载(下载需要进行登录)