我国政府引导基金的风险管理研究

【作者】 曹珺；

【导师】 袁志刚；

【作者基本信息】 复旦大学 ， 金融学， 2011， 硕士

【摘要】 “十一五”以来,政府引导基金作为促进创业投资行业发展、加快高新技术产业化的一项政策性工具在我国得到了快速发展,国家和地方政府纷纷出台相关政策,积极探索通过设立引导基金,以“母基金”的方式吸引国内外社会资金进入创业投资领域,促进高科技产业的发展,以实现引导基金的杠杆放大效用。从理论和实践上看,国家和地方政府设立政府引导基金对中国经济持续增长、民营企业的生存和发展、科教兴国和建设创新型国家的宏观战略都具有极其重要的意义。但是,由于政府引导基金在实际运作中存在委托-代理关系和信息不对称,使得引导基金存在较高的风险。本论文研究的基本思路是,以我国政府引导基金的投资实践为核心,运用经济学、管理学等相关理论对其运作过程中的主要风险进行了系统性的分析,在对国内外政府引导基金模式和主要经验进行比较分析和总结的基础上,构建政府引导基金的风险管理体系,提出了完善政府引导基金风险管理的具体措施。研究此课题的意义在于：对我国处于发展初级阶段的政府引导基金进行风险管理方面存在的主要问题进行分析和探讨,通过构建政府引导基金的风险管理体系,加强对政府引导基金的规范和监管,从而更好地发挥政府引导基金的杠杆放大效应,带动我国以自主创新为主的高新技术产业的快速发展。更多还原

【Abstract】 Since the ’Eleventh Five-Year-Plan’, government guiding fund has grown rapidly as an important vehicle to boost the development of venture capital industry, and to accelerate the industrialization of the high-technology. A sery of supportive policies, national and local, have been annouced with the aim to explore the approach of setting the ’Mother Fund’ to attract international and domestic capital into venture capital sector, promote the development of high-tech industry, and therefore to realize the leverage effect of guiding fund. It is evident that national and provincial government-guiding-funds play a critial role in the the sustainable development of China’s economy, survival and development of China private enterprises, and the implementation of Strategy of Invigorating China Through Science and Education from both theoretical and empirical perspective. However, due to the information-asymmetry of the Commission-Agent relationship in the operation of the government guiding fund, high risk exposure is found in guiding fund practice.This paper aims to examine the major risks around the investment practice of China’s government guiding fund in a systemetic way by applying related theoris of Economics and Management, propose the risk management framwork of government guiding fund based on a comparison and summarization of operating model and experience of international and domestic government guiding fund, and to recommend on measures to improve risk management of government guiding funds.The value of such study lies in that through analysis and discussion on key issues problems in risk management of government guiding fund at initial stage, and construction of risk management system of government guiding fund, it is expected to contribute into strenghthening the regulation and supervision of government guiding fund, better utilizing the leverage of government guiding fund, and eventually the rapid development of China’s high-technology industry with endogenous innovation.更多还原