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论文编号：	533
作者编号：	20032924
上传时间：	2008/6/19 10:55:58
中文题目：	自主创新战略导向的产业投资基金
英文题目：	Study on the Operating Mechani
指导老师：	齐寅峰
中文关键字：	自主创新;产业投资基金;运行机制
英文关键字：	Independent Innovation;Industr
中文摘要：	2006年2月，国务院发布的《国家中长期科学和技术发展规划纲要》以增强自主创新能力为主线，以建设创新型国家为奋斗目标，对我国未来15年科学和技术发展作出了全面规划与部署。2006年3月，全国人大通过的《国民经济和社会发展第十一个五年规划纲要》强调，必须提高自主创新能力，把增强自主创新能力作为科学技术发展的战略基点和调整产业结构、转变增长方式的中心环节，大力提高原始创新能力、集成创新能力和引进消化吸收再创新能力。自主创新战略已经成为国家发展战略的核心，但如何为实施自主创新战略提供有针对性的融资支持，目前尚未有系统的研究。本文的主旨在于：第一，论证在自主创新领域中引入产业投资基金的必要性和可行性；第二，研究论述自主创新战略导向的产业投资基金的运行机制。 在论文的结构安排上，本文共分八章。第一章是导论，交代本文的写作背景、研究内容、主要结论及创新等。第二章是文献综述，对国内外在这一领域的研究进行综合、概括和评判。第三章从理论上阐述我国自主创新战略与产业基金之间的关系，认为我国现有的典型融资方式并不能为我国自主创新战略的实施提供有力支撑，在自主创新领域引入产业基金既具有必要性也具有可行性。第四章阐述国内外现有产业基金的运行机制，并基于自主创新战略对这些运行机制进行评判，认为国内现有的产业基金并未专门针对我国自主创新行为，而国外产业基金又不太可能响应国家自主创新战略。第五章分析投资机制和融资机制。第六章分析组织形式、退出机制、风险补偿机制、收益费用机制。第五、六章构成了对自主创新战略导向的产业基金运行机制的系统论述。第七章是基于我国TD-SCDMA产业的应用分析，对TD-SCDMA产业投资基金的方案进行了设计。第八章是研究结论、不足之处与政策建议。 本文的创新之处主要体现在如下四个方面。 第一，首次提出了自主创新战略导向的产业投资基金（简称自主创新产业基金）概念，系统总结了该基金的七大特征，并将这些特征融入到后续的机制设计之中。自主创新产业基金是指：在国家自主创新战略指引下，通过政府引导、社会资本参与等方式，设立的专项产业基金；该基金运用市场化运作手段，用以支持、推动某一领域或多领域的、以企业为主体、合乎国家创新战略的自主创新活动，并逐步带动和促进整个产业链的形成和发展，形成核心竞争力，在为基金创造效益的同时，实现国家创新战略。自主创新产业基金应兼有天使基金、创业基金、产业基金、私募基金中并购基金的功能，以弥补这些基金由于“非经典模式偏移”导致的功能缺失。 第二，在较系统地梳理了我国目前正在运营的产业基金及国外私募股权基金的运行机制之后，从自主创新战略的角度进行了分析、评判，认为国内现有的创业资本及产业基金对自主创新战略难以起到预期的支撑作用，国外的私募资本（含创业资本）不可能成为支持我国自主创新战略的主要力量，提出了必须建立基于自主创新战略导向的产业基金。 第三，针对自主创新产业基金的特点，原创性地系统设计了自主创新产业基金的运行机制，丰富、完善了我国产业基金理论，对指导产业基金投资实践具有积极意义。例如，在投资策略上，除遵循一般产业基金的投资规则外，自主创新产业基金还必须遵循关注核心技术、关注产业链及其价值分析、关注商业模式创新与技术创新结合的原则；在融资机制上，自主创新产业基金的融资规模应以补充满足某一领域或相关领域的基本资金需求、并促进其健康持续发展为原则；在存续期上，自主创新产业基金的存续期限受投资项目研发周期和产业化周期制约，应参考核心技术的研发及产业化周期；在出资方式上，自主创新产业基金可以接受行业共性技术及知识产权等无形资产出资，而不仅仅局限于货币资本；在资金来源方面，政府财政性资金的直接或间接投入是自主创新产业基金的重要资金来源之一；在风险方面，自主创新产业基金的风险要大于证券基金及一般意义的产业基金，单一领域的自主创新产业基金的风险大于一般意义的创业基金；建立风险补偿机制是实现自主创新产业基金市场化运作的前提之一，政府应直接或间接地给予自主创新产业基金多种方式的风险补偿。 第四，基于理论分析和电子信息行业创新及融资特点，对TD-SCDMA产业基金的设立方案及运行机制进行了系统设计。与自主创新产业基金一般特征对比，在投资阶段上，TD-SCDMA产业对TD-SCDMA产业基金的依赖度有明显的阶段性，前期明显高于后期；在退出机制上，TD-SCDMA产业基金的退出可能比其他自主创新产业基金更为便利；在风险方面，政府应采取更有利的产业政策等措施，规避TD-SCDMA产业基金面临的的各种风险；在收益方面，TD-SCDMA产业基金会有更多的财政性资金资助或风险补助。
英文摘要：	In February 2006, Chinese State Council issued the "long-term national science and technology development plan compendium". It comprehensively plans China's future science and technology development in the coming 15 years, with the main line of strengthening the ability of independent innovation and the goal of building an innovation-oriented country. In March 2006, the "national economic and social development program for the 11th five-year" passed by the National People's Congress stressing that it is must to improve the capability of independent innovation, and to consider enhancing the capability of independent innovation as the strategic basis of the developing of science and technology also the central link of adjusting the Industry structure and altering the growth form ,and to greatly improve the ability of original innovation and the ability of integrated innovation, meanwhile to introduce into, digest and absorb the ability of renovation. But how can we provide financing support for independent innovation strategy? There’s not yet a systematic study. The leitmotiv of this paper is: Firstly, to demonstrate the necessity and feasibility of introducing the Industry Investment Funds into the field of independent innovation; Secondly, to discuss the operating mechanism of the Industry Investment Funds which is independent innovation-oriented. The structure of the paper is divided into eight chapters. The first chapter is the introduction, accounting for the writing background, the research content, and primary innovation points and so on. The second part concerns the former literature on the Industry Investment Fund, generalizing and judging the research of this realm at home and abroad. The third chapter demonstrates the relationship between the independent innovation in our country and the Industry Investment Fund in the light of theoretic aspect, deeming that the existing typical financing methods cannot support the independent innovation strategies in our country and it is necessary and feasible to introduce the Industry Investment Fund in the field of the independent innovation. The forth chapter illustrates the operating mechanisms of the Industry Investment Fund at home and at abroad, meanwhile judges these operating mechanisms basing on the independent innovation strategies, figuring out that the existing domestic Industry Investment Fund does not aim at the independent innovation strategies in our country specifically while the foreign Industry Investment Fund are much less likely to respond to the independent innovation strategies in our country. The fifth and sixth chapter systematically discusses the operating mechanisms of the independent innovation strategy-oriented Industry Investment Fund from the aspects of the initiator, the organizing form, the investing mechanism, the financing mechanism, the exiting mechanism, the risk compensating mechanism, the benefit-and-cost mechanism, the management mechanism and so on. The seventh chapter designs the project for the TD-SCDMA Industry Investment Fund, basing on the application analysis of the TD-SCDMA industry. The eighth chapter involves the research conclusion and the policy suggestion. The main innovation of this paper includes four aspects as the follows: Firstly, the paper puts forward the concept of Industry Investment Fund (Innovation Fund) oriented by the independent innovative strategies integrally, and sums up the seven characteristics of the fund systematically, putting these features into the design of the follow-up mechanism. The Innovation Fund is the special industry fund that established through the guidance of government and the social capital participation under the guidance of the national independent innovation strategies, which will support and promote the independent innovative activities which take the enterprise as the principal part in one particular field or several fields by the means of marketing operations and gradually drive and promote the formation and development of the whole industry chain, then form the core competitiveness at last. The Innovation Fund will make benefit while achieve the national innovation strategy. Also, the Innovation Fund should have the functions of M & A Fund in angel funds, venture capital funds, industry funds and private equity fund simultaneously, which will make up the loss of the functions caused by the “non-classical model migration” for these funds. Secondly，after systematically combing the operating mechanisms of the four major industry funds operating at home presently and the foreign private equity funds, I animadvert it from the point of independent innovation strategy. The penman thinks that it is difficult for the existing domestic venture capital and industry funds to play the anticipated role in supporting independent innovation strategy; what is more, it is impossible for the foreign private capital (including venture capital) to become the main strength to support it. So, I propose that we have to establish industry funds based on independent innovation strategy-oriented. Thirdly, the paper gives a comprehensive explanation about the operating mechanism of the Innovation Fund. Innovations of this part mainly concentrates on these affects as follow: in the way of the investment strategy, in addition to following the general investment rules of the Industry Fund, the Innovation Fund also must comply with the principle of focusing on the core technology, the Industry chain and its value analysis, then the combination of business model innovation and technological innovation. On the financing mechanism, the financing scale of the Innovation Fund should reinforce and meet the basic funding requests for a certain area or individual projects, and promote their development continually and healthily; the existence period of the Innovation Fund should be restricted to the R & D cycle of investment projects and the industrialization cycle, referring to the R & D cycle of the core technology; as for investing means, the Innovation Fund can accept not only monetary capital but also intangible assets such as common industrial technology and intellectual property. With regard to the risk extent, the Innovation Fund is riskier than the Securities Fund and the Industry Fund of a general sense, and the Innovation Fund in a single field is riskier than the Venture Fund of a general sense; so the government should furnish the Innovation Fund with risk compensation of various forms. The fourth, based on theoretical analysis and the characteristics of electronic information industry’s innovation and finance, this paper designs the project of the TD-SCDMA Industry Fund’s establishment and operating mechanisms. On the investment stage, the TD-SCDMA industry’s dependence on the TD-SCDMA Industry Fund is significantly higher than the later period; On the exiting mechanism, it is more convenient for the TD-SCDMA Industry Fund than other innovative funds; As to the risk , TD - SCDMA industry’s risk is the TD-SCDMA Industry Fund’s system risk, the government should take measures to avoid the industry’s risk; About the income aspect, the TD-SCDMA Industry Fund will have more financial capital supporting or risk subsidy.
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