产业投资基金的运作原理及发展策略研究

【作者】 张彦；

【导师】 雷光龙；

【作者基本信息】 湖南大学 ， 管理科学与工程， 2002， 硕士

【摘要】 产业投资基金被认为是新经济制度下的一种金融制度创新，对促进产业结构的升级、推动经济发展起着重大作用。这从美国产业投资基金发展对其经济发展的巨大促进作用中可得到深刻的体现。而我国政府也意识到产业投资基金的重要作用并采用积极的措施促进产业投资基金在中国的发展。本文介绍了产业投资基金的定义、概念和在国外如美国、以色列、日本的发展历史和国外政府的促进措施；分析了影响产业投资基金的七个因素-首次股票公开上市发行(IPO)、劳动力市场刚性、财务报表标准、养老基金、宏观经济变化、政府政策和税收政策；并就对于投资者来说非常重要的选项和激励问题进行分析，指出产业投资家可采用七种方式实现从所投资的企业退出；就产业投资在信息不对称情况下的博弈关系进行分析，提出投资者、产业投资家和企业家三者在不同阶段的平衡状态；由于信息不对称而导致的道德风险始终是困扰产业投资家的一个问题，本文分析了道德风险的产生，并据此提出产业投资家可通过对所投资企业的监管和为其提供有价值的服务来达到减少道德风险； 产业投资基金在我国已有十几年的发展进程，但是仍然有很多障碍因素，本文分析了18个影响我国产业投资基金发展的障碍因素，将其归类并分析原因，并据此提出一系列发展策略。更多还原

【Abstract】 Venture capital is esteemed as a creative financial system that has its enormous impact on upgrading industrial structure and speeding up the development of economy in the New Economy. It can be proved by the great influence of venture capital on economy boosting in USA. Our government has realized the importance of venture capital and has employed positive policies to promote the venture capital in China.This essay introduces the concept and definition of venture capital and its developments in USA, Israel and Japan and the government policies abroad. It analyses the seven factors that influence the venture capital-IPO, labor market rigidities, financial reporting standards, pension funds, macroeconomics variables, government programs and capital gain tax. It also analyses sorting problem and incentive problem that are very important to investors and pointed out seven kinds of exit mechanism. It displays the balance status in different stages among the investors, venture capitalists and entrepreneurs by employing the game theory. Because the asymmetric information is always a problem that bothers the venture capitalists, the essay points out the venture capitalists can reduce the moral hazard by monitoring and providing valuable services. Venture capital has now been in China for more than ten years, but there are still many obstacles. This essay analyses and divides the eighteen barring factors into four groups and lays out the development strategy of venture capital.更多还原