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论文编号：	9820
作者编号：	2120152799
上传时间：	2017/12/12 16:45:46
中文题目：	哈尔滨创投引导基金引导效果研究
英文题目：	The Guiding performance Research Of Venture Capital Guiding Fund Of Harbin
指导老师：	姚颐
中文关键字：	创投引导基金；引导效果；风险投资；FOF
英文关键字：	venture capital guiding fund; performance of guiding; venture investment;FOF
中文摘要：	近年来，我国政府引导基金在数量及资金规模上发展迅速，已经成为风险投资行业重要的资金来源，对于促进风险投资行业发展和产业转型升级发挥了越来越重要的作用。但政府引导基金尤其是创业投资引导基金在发展过程中面临诸多问题，如基金各主体利益诉求不一致，该问题不利于政府引导基金积极发挥引导作用。如何平衡各主体利益，实现较好的引导效果成为政府引导基金面临的迫切的问题。 本文以委托代理理论研究政府引导基金与子基金的关系，明确了引导基金与子基金直接存在的代理层级，及代理过程中目的不一致的问题。同时通过并对政府创业引导基金的子基金现有评估模式进行研究，发现其中存在评价立场不同而影响引导效果的最终实现的问题，借鉴其中合理的部分，提出政府引导基金子基金评估应站在引导基金本身的角度出发，以引导效果为核心进行评估体系的完善。 对哈创投引导基金的案例分析，重点分析哈创投基金对子基金的管理模式，通过哈创投现有的子基金投资效果分析发现，其未达到与哈创投引导基金管理办法中的目标，从哈尔滨的经济环境、私募基金的投资困难、潜在的考核标准角度分析了出现偏差的原因。提出通过完善子基金评估体系、改进激励模式及创造良好投资环境培育优质创业项目等三个角度提升引导基金的引导效果。 本文的研究对于政府引导基金提升子基金管理水平，改善引导效果具有一定意义。尤其对于创投行业欠发达的二三线城市，与哈尔滨创业引导基金所面临的问题具有一定的相似性，本文的解决建议对这些城市创业引导基金的发展将具有一定的借鉴意义。
英文摘要：	Government guiding fund(GGF) in China has developed rapidly in recent years, which become an important source of funds. GGF has played a more important role in risk investment industry and industrial upgrading. As the inconsistent of interests of the subject is outstanding, which make an adverse effect on GGF’s guiding performance. This article analyses how to implement guidance around the target for fund management. Based on the principal-agent theory, the relationship between GGF and sub-fund, has been clear about the guiding fund existing agent level directly, and in the process of the agent is inconsistent with the purpose of the problem. Through and at the same time the government guiding fund of funds existing evaluation model, evaluation position found that there were different and finally realizes the problems affecting the effects of lead, adopt the reasonable part, the government should guide the fund child assessment to stand in the perspective of guiding fund itself, as the core to evaluate the effect of lead to the improvement of the system. For the venture capital fund of case analysis, the key pair analysis, venture capital fund management model, through the analysis of existing sub-fund, vc investment effect, found that it has not reached and the venture capital fund management approach the target, from Harbin difficult economic environment, the private equity investment, the criteria of assessment of a potential Angle analyses the reasons of the deviation. This paper proposes to improve the guiding effect of guiding funds through perfecting the sub-fund evaluation system, improving the incentive model and creating a good investment environment. The research of this thesis has some significance to improve the management level of the fund and improve the guiding effect. Especially for second and third-tier cities where venture capital industry is underdeveloped, and entrepreneurial guidance and Harbin fund has a certain similarity, and the problems faced in this paper, the Suggestions to solve these urban business guide fund for the development will have certain reference significance.
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