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论文编号：	9494
作者编号：	2120152888
上传时间：	2017/12/6 17:20:38
中文题目：	天津未来产业创新基金运行机制研究
英文题目：	Research of Operation Mechanism of Tianjin Future Industrial Innovation Fund
指导老师：	黄福广教授
中文关键字：	政府引导基金；母基金；天津未来产业创新基金
英文关键字：	Governmental guiding fund; FOFs; Tianjin Future Industrial Innovation Fund
中文摘要：	我国科技型中小企业融资困难，处于初创期的科技型中小企业融资问题尤为突出，政府引导基金的出现恰好有助于解决这一难题。但是政府引导基金的发展还处于起步阶段，仍旧存在着很多问题。目前，我国对政府引导基金的研究主要集中于借鉴国外成功案例的先进经验，例如以色列、英国、美国以及芬兰的政府引导基金，但是对于这些成功经验对我国政府引导基金发展的适用性分析较少。同时，我国对政府引导基金的研究方向偏向理论研究较多，案例研究较少。 本文以天津未来产业创新基金为研究主体，从“募投管退”四个角度对基金在运行过程中产生的问题进行分析：包括未来产业创新基金及其子基金资金募集不到位、多层次委托代理问题、投资流程叠加问题、政府公职人员兼任基金投资人员带来的问题以及未能事前设计退出渠道与退出时机问题进行深入分析。 针对未来产业创新基金运行机制中的这些问题，从调整未来产业创新基金的募集资金结构、募集范围以及募集对象，设立监督与激励机制，精简投资流程，做好项目投后管理工作以及事前根据投资者无差异曲线以及期望收益率设计好基金退出时机与方式等措施逐一提出优化改进建议。通过对天津未来产业创新基金运作机制的现状分析，针对基金在实际运行过程中遇到的问题与难点，提出具有实践性的改进措施与建议。
英文摘要：	Financing difficulty is a big problem for Chinese small and medium technology-based enterprises. Governmental guiding fund exactly can solve this problem. But governmental guiding fund still in the initial development stage and still has some other problem. At present, most of the researches about governmental guiding fund focused on the introduction of foreign successful cases, such as Israel YOZMA fund, The United Kingdom governmental guiding fund, American Small Business Investment Company plan and Finland governmental guiding fund. But the research didn’t analysis the successful experience whether applicable to Chinese governmental guiding fund. At the same time, most of researches about governmental guiding fund focus on the theoretical study rather than case study. The article studies the problem of operation mechanism of Tianjin Future Industrial Innovation Fund in four angles include fund-raising, investment, management and exit channel. From the fund-raising angle, the fund has problem that social capital cannot be raised to the target. From the investment angle, the fund has problem such as multiple principle-agent relationship and superposition of investment process. From the management angle, stuff can’t afford the investment works and the government works at the same time because the Tianjin High Technology Area lack of professional finance talents. From the exit channel angle, the fund has the unreasonable exit channel. The article provides solution and suggestion one by one for these problems. For example, governmental guiding fund should expend the source of fund, adjust the structure of the raising range and objects, set up supervising and inspiring system, simplify the investment process, pay attention to the post-investment management of the fund and design the reasonable exit channel and exit timing according to the investors’ indifference curve and the expected yields. The article provides the practical measures and suggestions by analysis the operation mechanism of Tianjin Future Industrial Innovation Fund.
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