本文選題：產業(yè)投資基金 + 交通項目��； 參考：《東北財經大學》2013年碩士論文

【摘要】：一直以來,交通項目的建設都是居民進行正常的生活和生產經營必不可少的重要條件,也是國民經濟發(fā)展的重要保障。目前,我國正處于城鎮(zhèn)化發(fā)展的快速階段,同時,黨的十八大報告提出,促進工業(yè)化、信息化、城鎮(zhèn)化、農業(yè)現(xiàn)代化同步發(fā)展,要求“必須以改善需求結構、優(yōu)化產業(yè)結構、促進區(qū)域協(xié)調發(fā)展、推進城鎮(zhèn)化為重點,著力解決制約經濟持續(xù)健康發(fā)展的重大結構性問題”�？梢钥闯�,城鎮(zhèn)化已經成為我國當前主要的發(fā)展趨勢。但根據國際經驗,在這個階段需要投入大量資金進行交通設施的建設。作為一種準公共產品,交通項目的融資問題一直是一個亟待解決的問題。在這樣的背景下,本文研究了產業(yè)投資基金在交通項目中的應用,希望能夠對交通項目的融資問題做出理論上的貢獻。 本文采用了理論研究與實證研究相結合的研究方法。在現(xiàn)有的研究成果的基礎上,運用國內外產業(yè)投資基金的相關理論,結合國內外的實際案例進行說明,對城鎮(zhèn)化背景下交通項目建設的產業(yè)投資基金應用進行了探討。 本文的創(chuàng)新之處首先在于積極關注熱點,結合當前形勢,從城鎮(zhèn)化的角度入手,探討了我國發(fā)展產業(yè)投資基金的必要性、可能性以及具體的運用模式；其次,本文沒有泛泛而談,而是選取了一種在城鎮(zhèn)化建設中最重要、最緊迫的交通項目的建設來分析產業(yè)投資基金的應用。 本文也不可避免地存在一些不足之處。第一,由于產業(yè)投資基金在我國剛剛起步,還處于萌芽階段,因此無論是理論方面還是實踐方面都涉及較少。同時,產業(yè)投資基金大多是私募基金,可獲得的數(shù)據在數(shù)量和質量方面都具有一定的局限性。第二,由于本人的知識和水平有限,在分析研究的過程中可能會出現(xiàn)失誤和偏差,還有待于更多的學者對該題目進行進一步的深入研究。第三,理論和實踐不可避免地存在距離,在應用理論的過程中可能會出現(xiàn)很多沒有考慮過的問題,并隨著具體案例的不同而產生不符之處,因此還需要在更多的產業(yè)投資基金實踐后總結經驗,完善理論。 本文總共分為六章,具體安排如下： 第一章：導論。主要介紹了選題的背景和意義,對國內外的研究進行了簡單述評,并介紹了本文的研究方法和主要研究內容。 第二章：相關概念界定和理論基礎。本章從本文涉及的基本概念入手,結合納瑟姆曲線、公共物品理論、委托代理理論等三個方面分析了交通項目運用產業(yè)投資基金的理論基礎。 第三章：產業(yè)投資基金運用于交通項目建設的可行性分析。本章從產業(yè)投資基金在我國的發(fā)展現(xiàn)狀開始,分析了其在我國發(fā)展緩慢的原因,論證了交通項目運用產業(yè)投資基金的可行性。 第四章：產業(yè)投資基金在城鎮(zhèn)交通項目中的運作模式。本章系統(tǒng)地從發(fā)起、募資、組織形式、經營、退出的過程分析比較,闡述了適合在我國城鎮(zhèn)交通項目建設中應用的運作模式。 第五章：國外經驗借鑒--以澳大利亞產業(yè)投資基金為例分析。由于我國的產業(yè)投資基金尚處于探索階段,因此本章主要研究了產業(yè)投資基金發(fā)展成熟的澳大利亞的案例,為我國提供了經驗借鑒。 第六章：對策與建議。在前五章的基礎之上,提出了相關的對策和建議。 根據以上分析,得出了以下主要結論： 第一,在當前我國城鎮(zhèn)化的大背景下,交通項目的建設成為重點。發(fā)展交通項目產業(yè)投資基金不僅能夠彌補交通項目現(xiàn)有融資模式的不足,還能夠為民間的私人和機構的資金創(chuàng)造了一個較好的投資渠道。 第二,雖然產業(yè)投資基金在我國還處于起步階段,試點基金的運行出現(xiàn)了一定的困難,但是由于交通項目本身具備市場化的條件,我國為產業(yè)投資基金設立的法律法規(guī)逐漸完善,民間資金來源廣泛,多層次的資本市場也逐步建立起來,已經具備了將產業(yè)投資基金應用于交通項目的條件。 第三,現(xiàn)階段下,交通項目產業(yè)投資基金主要采用有限合伙型、私募的方式進行募集,逐步向公司型、公募的方式轉變；運營時選擇合適的投資策略,細致評估項目的收益與風險,并采取多種方式進行投資。在退出時,從在中小板和創(chuàng)業(yè)板上市或股權轉讓的方式,逐步向基金整體上市的方式轉變。 第四,在未來將產業(yè)投資基金運用于交通項目的過程當中,應當分清政府與市場的界限,充分發(fā)揮產業(yè)投資基金的市場功能；解決好基金的收益補償問題和雙層委托代理問題以吸引更多的投資者；培養(yǎng)更多的交通項目產業(yè)投資基金方面的人才來支持這一產業(yè)的發(fā)展。
[Abstract]:All along, the construction of traffic projects is an essential condition for the residents to carry out normal life and production and operation. It is also an important guarantee for the development of the national economy. At present, China is in the rapid stage of the development of urbanization. At the same time, the eighteen major reports of the party put forward to promote industrialization, informatization, urbanization and agricultural modernization. The exhibition requires "to improve the structure of the demand, optimize the industrial structure, promote the coordinated development of the region, promote the urbanization as the key and focus on solving the major structural problems that restrict the sustained and healthy development of the economy." it can be seen that urbanization has become the main trend of development in our country. As a quasi public product, the financing of traffic projects has been an urgent problem to be solved as a quasi public product. In this context, this paper studies the application of industrial investment funds in traffic projects, hoping to make a theoretical contribution to the financing problems of traffic projects.
On the basis of the existing research results, this paper uses the relevant theories of domestic and foreign industrial investment funds and illustrates the actual cases at home and abroad, and discusses the application of the investment fund for the construction of traffic projects under the background of urbanization.
The innovation of this paper is first to pay attention to the hot spots and to discuss the necessity, possibility and specific application mode of the development of industrial investment fund in China from the point of view of urbanization. Secondly, this paper chooses a kind of most important and urgent traffic project in the construction of urbanization. The application of the industrial investment fund is analyzed.
There are some inadequacies in this paper. First, as the industrial investment fund is just in its infancy in China, it is still in the embryonic stage, so it is seldom involved in both theoretical and practical aspects. At the same time, the industrial investment funds are mostly private funds, and the available data have some limitations in terms of quantity and quality. Second, because of my limited knowledge and level, there may be errors and deviations in the process of analysis and research, and more scholars have to further study the subject. Third, the theory and practice inevitably have distance, and there may be a lot of unconsidered problems in the process of applying the theory. With the difference of specific cases, there is discrepancy. Therefore, we need to sum up experience and perfect theory after more practice of industrial investment fund.
This article is divided into six chapters, which are arranged as follows:
The first chapter is introduction. It mainly introduces the background and significance of the topic, makes a brief review on the research at home and abroad, and introduces the research methods and main contents of this paper.
The second chapter is the definition and theoretical basis of related concepts. Starting with the basic concepts involved in this article, this chapter analyzes the theoretical basis of the application of the industrial investment fund for transportation projects in three aspects, such as the Na se curve, the theory of public goods and the principal-agent theory.
The third chapter: the feasibility analysis of the industrial investment fund applied to the construction of the traffic project. This chapter begins with the development status of the industrial investment fund in China, analyzes the reasons for its slow development in China, and demonstrates the feasibility of the use of the industrial investment fund for the transportation projects.
The fourth chapter: the operation mode of industrial investment fund in urban traffic project. This chapter systematically analyzes and compares the process of launching, fund-raising, organization, management and withdrawal, and expounds the operation mode suitable for the construction of urban traffic projects in China.
The fifth chapter: foreign experience for reference -- Taking the Australian Industrial Investment Fund as an example. As the industrial investment fund of our country is still in the exploration stage, this chapter mainly studies the case of the mature Australian industry investment fund, which provides experience for our country.
The sixth chapter: countermeasures and suggestions. On the basis of the first five chapters, it puts forward relevant countermeasures and suggestions.
According to the above analysis, the following main conclusions are drawn.
First, under the background of urbanization in China, the construction of traffic project is the key point. The development of the investment fund not only can make up the shortage of the existing financing mode of the traffic project, but also can create a better investment channel for private private and institutional funds.
Second, although the industrial investment fund is still in its initial stage in our country, the operation of the pilot fund has appeared some difficulties. However, due to the market conditions of the traffic project itself, the laws and regulations set up for the industrial investment fund have been gradually perfected, the sources of private funds are wide, and the multi-level capital market has been gradually established. It has the conditions to apply industrial investment funds to transportation projects.
Third, at the present stage, the investment fund of the traffic project industry mainly adopts the limited partnership type, the way of private placement is raised, the way of the company type and the public offering is gradually changed, the appropriate investment strategy is chosen in the operation, the income and risk of the project are carefully evaluated, and the investment is taken in many ways. The way of listing or share transfer is gradually changing to the way of listing the fund as a whole.
Fourth, in the process of applying the industrial investment fund to the transportation project in the future, we should distinguish the boundary between the government and the market, give full play to the market function of the industrial investment fund, solve the compensation problem of the fund and the double agent problem in order to attract more investors, and cultivate more investment funds of the transportation project industry. Talent to support the development of this industry.
【學位授予單位】：東北財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F299.2;F512

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本文編號：1999380