【摘要】：風險投資①是促進高新技術產(chǎn)業(yè)發(fā)展的一種非常有效的方式,對推動科技進步、優(yōu)化產(chǎn)業(yè)結構、促進經(jīng)濟發(fā)展都有極其重要的作用,具有重要的戰(zhàn)略地位。為了支持創(chuàng)業(yè)投資的發(fā)展,引導更多的社會資本參與到風險投資并流向起步期、種子期等初創(chuàng)期企業(yè),促進創(chuàng)新經(jīng)濟的發(fā)展,世界上許多國家都設立了創(chuàng)業(yè)投資引導基金(簡稱引導基金),無論是理論上還是大多數(shù)國家經(jīng)驗都證明,創(chuàng)業(yè)投資引導基金,是促進風險投資發(fā)展的一種重要且有效的方式,能夠發(fā)揮政府資金的杠桿放大作用,是解決創(chuàng)業(yè)投資市場失靈、提高政府資金使用效率的重要途徑。我國創(chuàng)業(yè)投資發(fā)展尚不成熟,創(chuàng)業(yè)投資的市場失靈現(xiàn)象也比較突出,對早期創(chuàng)業(yè)企業(yè)投資嚴重不足,社會資本參與風險投資積極性還不是很高,決定了政府設立引導基金支持創(chuàng)業(yè)投資的必要。 近年來,通過設立政府引導基金,吸引民間資本參與風險投資,已經(jīng)成為我國各級地方政府提高政府資金的使用效率,促進創(chuàng)業(yè)投資產(chǎn)業(yè)發(fā)展,支持地方經(jīng)濟的重要方式。政府引導基金有利于改善創(chuàng)業(yè)資本的供給,實現(xiàn)風險資本來源的多元化,對于扶持我國初創(chuàng)期中小型企業(yè)的成長,創(chuàng)新經(jīng)濟的發(fā)展具有重要的戰(zhàn)略意義。我國政府引導基金在相關政策的推動下,逐步探索發(fā)展,現(xiàn)己步入快速發(fā)展、規(guī)范運作的軌道。政府引導基金力度不斷加大,加快了社會資本進入創(chuàng)業(yè)投資領域的步伐。 由于實踐時間尚很短,加上政府資金與社會資本利益訴求本身存在的矛盾,引導基金在加速發(fā)展的同時,運作過程中也還存在很多問題亟待解決。本文對國外的引導基金,包括美國的SBIC計劃、以色列的YOZMA基金、英國政府創(chuàng)業(yè)投資基金、芬蘭FII基金的大概運作情況進行了介紹,總結我國創(chuàng)業(yè)投資引導基金運作的實踐,對引導基金發(fā)展中存在的問題進行深入分析,從引導基金的定位、運作管理、投資策略、監(jiān)管等角度探討優(yōu)化引導基金發(fā)展的對策,以促進政府引導基金邁向健康規(guī)范之路,更好地發(fā)揮其作用。
[Abstract]:Venture capital is a very effective way to promote the development of high-tech industry. It plays an extremely important role in promoting the progress of science and technology, optimizing the industrial structure and promoting economic development, and has an important strategic position. In order to support the development of venture capital, to guide more social capital to participate in venture capital and flow to start-up enterprises, such as start-up, seed period and so on, to promote the development of innovation economy. Many countries in the world have established the Venture Capital guiding Fund (VCF), which is proved to be an important and effective way to promote the development of venture capital both in theory and in most countries. It is an important way to solve the market failure of venture capital and improve the efficiency of using government funds. The development of venture capital in our country is not mature, the market failure phenomenon of venture capital is also prominent, the investment of venture capital in the early stage is seriously insufficient, and the enthusiasm of social capital to participate in venture capital is not very high. Decided the government to set up guide fund to support the necessity of venture capital. In recent years, it has become an important way for local governments at all levels to improve the efficiency of the use of government funds, promote the development of venture capital industry and support the local economy through the establishment of government-led funds to attract private capital to participate in venture capital. The government-guided fund is helpful to improve the supply of venture capital and to realize the diversification of venture capital. It is of strategic significance to support the growth of small and medium-sized enterprises and the development of innovative economy in the initial stage of our country. Our government guides the fund to explore the development step by step under the promotion of the related policies. Now it has stepped into the track of rapid development and standardized operation. The government has led the fund to increase, speeding up the pace of social capital entering the field of venture capital. Due to the short time of practice and the contradiction between government funds and the interests of social capital, there are still many problems to be solved in the process of guiding the fund to accelerate its development. This paper introduces the general operation of the overseas guiding funds, including the SBIC program of the United States, the YOZMA Fund of Israel, the British Government Venture Capital Fund and the Finnish FII Fund, and summarizes the practice of the operation of the Venture Capital guiding Fund in China. This paper analyzes deeply the problems existing in the development of guiding fund, probes into the countermeasures of optimizing the development of guiding fund from the aspects of orientation, operation and management, investment strategy, supervision and so on, in order to promote the government to lead the fund to the healthy and standardized road. Better play its role.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.48

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