本文關(guān)鍵詞： 創(chuàng)業(yè)投資引導(dǎo)基金 參股支持 融資擔(dān)保 均值方差模型　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：自1993年我國(guó)第一家經(jīng)國(guó)家有關(guān)部門批準(zhǔn)設(shè)立的創(chuàng)業(yè)投資基金—原淄博鄉(xiāng)鎮(zhèn)企業(yè)投資基金成立算起,創(chuàng)業(yè)投資業(yè)在我國(guó)已經(jīng)走過了近20個(gè)年頭,政府對(duì)創(chuàng)業(yè)投資業(yè)的扶持也由直接投資型轉(zhuǎn)向引導(dǎo)基金型。創(chuàng)業(yè)投資引導(dǎo)基金在理論上和國(guó)際經(jīng)驗(yàn)上都證明是非常有效的政府促進(jìn)創(chuàng)業(yè)投資發(fā)展的方式,它能夠?qū)⒄Y源和成倍的市場(chǎng)資源整合到創(chuàng)業(yè)投資領(lǐng)域,為高科技中小企業(yè)的發(fā)展提供支持,對(duì)于提升國(guó)家的經(jīng)濟(jì)競(jìng)爭(zhēng)力,它的作用遠(yuǎn)高于單純的政府行為或單純的市場(chǎng)行為。海外國(guó)家創(chuàng)業(yè)投資引導(dǎo)基金的運(yùn)作模式主要包括兩種：參股支持模式與融資擔(dān)保模式,在我國(guó),絕大部分的政府創(chuàng)業(yè)投資引導(dǎo)基金采取的是參股支持模式。圍繞上述方面的內(nèi)容,本文的研究主要包括兩個(gè)部分： 第一部分：筆者對(duì)我國(guó)地方政府的創(chuàng)業(yè)投資引導(dǎo)基金進(jìn)行了實(shí)地調(diào)研,研究了國(guó)內(nèi)外現(xiàn)有文獻(xiàn)和我國(guó)發(fā)展創(chuàng)業(yè)投資引導(dǎo)基金的政策法律,系統(tǒng)地研究與分析了我國(guó)創(chuàng)業(yè)投資引導(dǎo)基金的發(fā)展?fàn)顩r與海外不同運(yùn)作模式的創(chuàng)業(yè)投資引導(dǎo)基金的成功案例,從而提出了我國(guó)當(dāng)前創(chuàng)業(yè)投資引導(dǎo)基金運(yùn)作的問題。 第二部分：利用金融學(xué)中經(jīng)典的馬柯維茨的均值-方差組合分析方法,構(gòu)建由兩類投資者和三類可投資資產(chǎn)共同組成的跨期模型,在這一基礎(chǔ)模式上,加入政府這一新的市場(chǎng)參與者,分別對(duì)參股支持模式與融資擔(dān)保模式進(jìn)行數(shù)理化表達(dá),最后就模型結(jié)果從福利經(jīng)濟(jì)學(xué)的角度對(duì)不同運(yùn)作模式的創(chuàng)業(yè)投資引導(dǎo)基金進(jìn)行效率的比較與評(píng)估,并得出結(jié)論：參股支持模式是最適合我國(guó)現(xiàn)有金融體系與創(chuàng)業(yè)投資產(chǎn)業(yè)成熟度的引導(dǎo)基金模式,但是這一模式并不是帕累托最優(yōu)的,在滿足一定條件下,融資擔(dān)保模式相對(duì)于參股支持模式更具有經(jīng)濟(jì)學(xué)效率。
[Abstract]:Since 1993, the first venture capital fund approved by the relevant government departments-the original Zibo township enterprise investment fund was established, venture capital industry in China has been through nearly 20 years. The support of the government to the venture capital industry has also changed from the direct investment type to the guiding fund type, which has been proved to be a very effective way for the government to promote the development of venture capital in theory and international experience. It can integrate government resources and market resources into the field of venture capital, provide support for the development of high-tech small and medium-sized enterprises, and promote the economic competitiveness of the country. Its role is much higher than the simple government behavior or simple market behavior. Overseas countries venture capital guide fund operation mode mainly includes two types: equity support model and financing guarantee mode in our country. Most of the government venture capital guiding funds adopt the support mode of equity participation. Around the above aspects, the research of this paper mainly includes two parts: The first part: the author has carried on the field investigation to the local government venture capital guide fund, has studied the domestic and foreign existing literature and our country development venture capital guidance fund policy law. This paper systematically studies and analyzes the development of the venture capital guiding fund and the successful cases of the overseas venture capital guide fund. Therefore, the paper puts forward the current problems of venture capital guiding fund operation in our country. The second part: using the classical Markowitz's mean-variance combination analysis method in finance to construct the intertemporal model which is composed of two types of investors and three kinds of investable assets. Join the government as a new market participant, respectively to share in the support model and financing guarantee mode of mathematical expression. Finally, from the perspective of welfare economics, this paper compares and evaluates the efficiency of venture capital guiding funds with different operating modes. And draw a conclusion: the share participation support model is the most suitable for the current financial system and venture capital industry maturity of the guiding fund model, but this model is not Pareto optimal, under certain conditions. The financing guarantee mode has more economic efficiency than the equity supporting mode.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.48

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