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论文编号：	11632
作者编号：	2320170475
上传时间：	2020/6/19 14:30:58
中文题目：	L政府引导基金投资管理问题及对策研究
英文题目：	Research on the investment management problems and solutions of L Government Guiding Funds
指导老师：	黄福广
中文关键字：	政府引导基金；投资管理；基金管理机构
英文关键字：	government guiding fund; privite equity investment; fund management organization
中文摘要：	2015年开始，我国政府引导基金呈现出爆发式增长的态势。蓬勃发展的背后，部分政府引导基金也出现了一些问题，比较突出的是政府引导基金的政策性与市场化难以调和、政府过度监管、专业性缺乏，制约了基金的发展。基金的核心是投资管理，通过对国内外政府引导基金发展状况与投资经验的分析可以发现，政府引导基金的投资管理必须要始终坚持市场化、专业化发展的方向。投资是政府引导基金的重要工作，建立合理有效的投资逻辑可以使得基金有效的运营，推动自身的持续发展。 本文首先介绍了政府引导基金发展概况，阐述了政府引导基金的概念特点，指出辽宁省引导基金的发展历史与发展现状以及L政府引导基金面对的机遇与挑战。在此背景下，对L政府引导基金的投资管理问题进行阐述，分析问题产生的原因。通过研究国内外引导基金的案例，可以看到政府引导基金成功的投资经验应具备三个关键要素：市场化投资、专业化管理、经验丰富的投资团队。投资管理的市场化水平、专业化程度、投资团队建设决定了基金投资的成败。关于市场化水平，部分政府引导基金被赋予过多政策性目标，增加了投资难度，资金利用效率低下，投资质量不高，难以促进科技创新，推动促进经济发展，基金的引导作用失灵。基金的投资应坚持市场化，政府做好顶层设计，在明确投资方向、聚焦产业领域后应减少行政干预。关于专业化管理，政府引导基金应积极挖掘区域内优质项目，深入行业研究，优化投资组合，进而提高投资质量与投资效率，为实现基金收益性与政策性目标建立合理有效的保障。关于投资团队建设，基金投资风险很高，属于智力密集型行业，应招募有经验的投资团队，并设置合理的激励机制，提高团队的积极性与能动性，促使基金团队不断提高专业投资能力，为基金的长期发展奠定基础。 本文提出了L政府引导基金投资管理的改进思路，对存在的问题提出了解决方案。为解决L政府引导基金在现有的投资管理问题，应坚持市场化投资、提高专业化水平、优化投资团队等原则，促进L政府引导基金健康、快速的发展。
英文摘要：	Since 2015, the number of the government guiding funds has been explosively rising. Along with the vigorous development, problems have also been discovered. The most prominent problem is that it is difficult to reconcile the truly demand of the government and marketization demand behind the capital which has also invested in the government guiding funds. Too much government supervision and lack of professionalism have restricted the future development of the funds. Investment is the foundation of a fund. Through the analysis of the development status and experience of government guiding funds in domestic and abroad, it can be concluded that the government guiding funds must always be market-oriented and be professional. Investment is the purpose of guiding fund. By establishing a efficient investment logic can support guiding funds sustainable development. This paper first introduces the general situation of the development of government guiding funds, expounds the conceptual characteristics of government guiding funds, and points out the development history and current situation of government guiding funds in Liaoning province, as well as the opportunities and challenges faced by L government guiding funds. In this context, this paper states and explorer the reason of the investment management problems of L government guided fund. Through the study of domestic and foreign cases of government guiding funds, we can see that the successful investment experience of government guiding funds should have three key elements: market-oriented investment, professional management, and experienced investment team. The marketization, specialization and team building of investment management determine the success or failure of fund investment. With regard to the level of marketization, some government guiding funds have been given too many policy objectives, making it more difficult to invest, resulting in inefficient use of funds and poor investment quality, which makes it difficult to promote scientific and technological innovation and also cannot promote economic development. As a result, the guiding role of funds has failed. The investment of the fund should adhere to the marketization, the government should design the top-level, then reduce the administrative intervention after the investment direction and the industrial field are clear. As for professional management, government guiding funds should actively explore high-quality projects in the region, conduct in-depth industrial research, and optimize the investment portfolio, so as to improve the investment quality and efficiency, and establish a reasonable and effective guarantee for the realization of fund profitability and policy objectives. About the investment team building, the fund investment has high risk. Government guiding funds belong to the intelligence intensive industry, so it should recruit the experienced investment team, and set a reasonable incentive mechanism to improve the team's enthusiasm and initiative, so as to promote the fund team to continuously improve the professional investment ability, and also to lay the foundation for the long-term development of the fund. The paper concludes that the improvement in investment the government guiding fund and try to provide solutions to the existing problems. The professional ability of the investment team, a reasonable investment strategy, and incentive policy will determine whether a government guiding fund will success or fail.
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