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论文编号：	4685
作者编号：	2120102473
上传时间：	2012/12/10 21:14:38
中文题目：	价值链视角下政府创业投资引导基金组织协同研究
英文题目：	Organizational Collaboration Research of Governmental Venture Capital Guiding Funds in the View of Value Chain
指导老师：	刘志远
中文关键字：	价值链，政府创业投资引导基金，组织协同
英文关键字：	Value Chain, Governmental Venture Capital Guiding Fund，Organizational Collaboration
中文摘要：	破解科技型中小企业融资难，改革科技金融体制是当前国民经济的重大课题。中央及地方各级政府根据丰富实体经济投融资环境，构建多层次资本市场的总体思路，引导并活跃国内风险投资行业，纷纷发起设立政府风险投资引导基金，从而实现引资引智，助推行业及地区经济发展。引导基金发展势头迅猛，取得很大成绩，但也暴露出不少问题，突出表现在引导基金自身发展时间短，发展水平不高且参差不齐，组织协同不健全，“被引导”的现象比较突出。本研究认为解决以上问题，引导基金需要引入价值链分析思路，进行有效组织协同，发挥引导基金在政府资源协调上的优势，吸引其他协同主体，通过设立基金或战略合作等方式，在引导基金价值活动的各个环节展开实质合作。 　　价值链分析是组织协同研究的出发点。引导基金是具有公益性质的市场化运作机构。引导基金应该在实际运作中充分借鉴风险投资机构的经验，引入价值链的管理思路，系统梳理自身业务活动。引导基金的价值链主要由价值发现、价值管理和价值实现组成。在具体价值活动的优劣势分析中，研究认为引导基金自身能力不足，政府缺乏相关专业人才储备，引导基金市场化运作机制不成熟。引导基金实际运作中由于缺少专业化团队以及资源整合能力，使得其管理逐步退化成对个别条款的考核和约束，演化成“资金+投资条件”的简单模式。引导基金无法在短期内解决这些问题，因此运用组织协同方法，发挥市场中各主体的优势，通过有效机制在影响引导基金运作效果的重点领域展开合作是切实有效之路。 　　　政府创业投资引导基金组织协同指引导基金通过与其他资本市场经营主体展开协同，提升被投资企业价值，从而实现取长补短，延长价值链，降低经营风险。政府创业投资引导基金组织协同是政府创业投资引导基金借鉴风险投资机构定位下的必然选择，是在价值链视角下对引导基金从外部获取资源和能力，并实现模式固化的一种行为。政府创业投资引导基金组织协同主要体现在协同主体、协同内容和协同模式三方面。协同主体主要明确引导基金与谁协同，包括风险投资机构、商业银行、证券公司、行业协会、会计师事务所和律师事务所。协同内容主要明确引导基金协同什么，在价值发现、价值管理和价值实现的各价值活动中，引导基金的劣势是组织协同的方向和内容。协同模式主要明确引导基金怎么协同。协同主体和协同内容不能当然保证组织协同的顺利实施。实际工作中，各种引导基金或多或少地都在进行某种程度的组织协同，但缺少正确有效的组织协同模式是导致组织协同不成功的主要问题。本研究认为合资设立基金和战略合作是引导基金合适的协同模式。 　　政府创业投资引导基金组织协同研究有利于解决引导基金的表现和期望之间的差距，增强其服务实体经济特别是科技型中小企业的功能，完善功能定位，提升自身能力。研究政府创业投资引导基金组织协同，可以从经营层面帮助引导基金经营者提升经营认识，有利于组织协同方加深对引导基金的认识。政府创业投资引导基金组织协同研究将为引导基金相关研究提供全新角度。
英文摘要：	It is a crucial issue for current domestic economy to well resolve the difficulty of medium-to-small enterprises financing. Governments of all levels are trying to establish the multi-tiers capital markets so as to inspire the venture capitals. Governmental Venture Capital Guiding Funds is one fundamental solution. They have achieved dramatic development since 2008, but obvious problems are consequently emerging. Most of them are simple yet uneven development as a result of short history, dysfunctional organizational collaboration. The research holds such opinions that by introducing the value chain analysis framework, guiding funds can launch effective organizational collaboration to well utilize the advantage of governmental resources to attract other collaborative entities. Guiding funds can make cooperation along with every core value activity by setting up joint venture funds and strategic cooperation. 　　　Value chain analysis is the very beginning of the research. Since guiding funds are earning enterprises with common welfare. In the routine operation guiding funds should introduce what venture capitals do and scrutinize value activities. The value chain of guiding funds includes value discovery, value management and value realization. By balancing the individual value activity performance, the research finds that guiding funds lack of professionals, historical accumulation as well as good operation mechanism. These cannot be well resolved in a short time, which requires organizational collaboration to attract advantageous entities to share their merits in an effective operation framework. 　　　The organizational collaboration of guiding funds comprises of collaboration entities, collaboration contents and collaboration framework. The collaboration entities focus on who guiding funds collaborate with. The major entities are venture capitals, commercial banks, IBDs, industry guilds and accounting & law firms. The collaboration contents focus on what guiding funds collaborate. The disadvantages of value activities are the crucial parts for collaboration. The collaboration framework focuses on how guiding funds collaborate. The research holds that joint venture funds and strategic cooperation are appropriate solution to enhance organizational collaboration. 　　　The research aims to bridge the gap between the actual performance of guiding funds and the expectation. The organization collaboration will be able to promote the comprehension of the funds mechanism for guiding funds management board apart from other collaboration entities. The research will open the new horizon for succeeding research in related fields.
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