【作者】 陈磊；

【导师】 陈志霞；

【作者基本信息】 华中科技大学 ， 公共管理， 2018， 硕士

【摘要】 经过40年的改革开发,我国已经成为世界第二大经济体,然而过去粗放式发展方式难以为继,经济面临着重大转型升级。创业人才不断涌现,科技储备不断增多,如何抓住当前人口红利的优势,实现“大众创业”“万众创新”的宏伟目标,离不开资金支持。政府引导基金作为一种政府出资,促进经济结构调整、产业升级的工具,逐渐被各级政府所推广采用。其吸引社会资本参与的放大效应,市场化运作的管理方式,被政府部门视为能够起到“四两拨千金”作用。因创业投资的专业性和企业运营的差异性,作为身处市场主体之外的政府部门在运营监管方面存在着不为所知的问题和信息交互的障碍。如不能化解这些问题,将会给国家经济社会健康发展带来不可回避的系统性风险。本文将从五个部分对武汉市政府引导基金发展状况进行研究。第一部分是绪论,重点介绍研究的背景意义和研究方法。第二部分武汉市政府引导基金发展概况和成效,介绍了政府引导基金定义,“1+N”管理模式和投管分离策略,以及各支基金的管理概况和成效。第三部分武汉市政府引导基金存在的问题分析——以市、区基金为例,从微观层面在实际操作方面对比分析,发现存在国有股东占比高,基金资金放大倍数不显著、基金管理团队和市场化水平不高,存在道德风险和逆向选择风险等个性化问题。其他共性化问题还有投资限制多,项目选择难度大,人才激励、绩效评价制度不完善、退出渠道不健全、存在系统性风险等。第四部分案例分析——总结武汉市政府引导基金相关经验和好的做法,从中观层面在管理方式上,总结了基金规划要结合产业布局,投后管理体现基金核心竞争力,项目分级管理防范投资风险,项目退出力度应进一步加大的发展趋势。第五部分政府引导基金发展的对策和建议,从宏观层面在理论和制度建设方面,提出了理清政府职能、加强资源配置、放宽投资限制、建立考核激励和信息共享机制的对策和建议。更多还原

【Abstract】 After 40 years of reform and development,China has become the world’s second largest economy.However,in the past,the extensive development mode was unsustainable and the economy faced a major transformation and upgrading.Entrepreneurial talents are constantly emerging,and scientific and technological reserves are constantly increasing.How to grasp the advantages of the current demographic dividend and realize the grand goal of “mass entrepreneurship” and “mass innovation” cannot be separated from financial support.The government guiding fund,as an instrument of government contribution to promote economic restructuring and industrial upgrading,is gradually promoted and adopted by governments at all levels.Its amplification effect of attracting social capital and management mode of market operation are regarded by government departments as being able to play the role of " art is good for strength ".Due to the professionalism of its investment and the individualization of enterprise characteristics,the government department,as a non-market subject,has problems and obstacles in the operation supervision that are not known to the government.If these problems cannot be solved,it will bring inevitable systemic risks to the healthy development of national economy and society.This paper will focus on the research of Wuhan government guiding funds from five parts.The first part is the introduction,which introduces the research background and research methods.In the second part,the general situation and effect of Wuhan government guiding fund development were introduced,including the definition of government guiding fund,the "1+N" management mode and the separation strategy of investment and management,as well as the general situation and effect of each fund.The third part is the analysis of existing problems of Wuhan government guiding,taking municipal funds and district funds as examples.Comparison and analysis on a micro level in the actual operation,found personal problems such as the proportion of state-owned shareholders is high,the fund fund magnification was not significant,the fund management team and the marketability level are not high,Moral hazard,adverse selection risk and so on.Other common problems include multiple investment restrictions,difficult project selection,imperfect talent incentive system,imperfect performance evaluation system,unsound exit channels,and systemic risks.The fourth part is the case analysis,summarizes the Wuhan government guiding fund related experience and good practice.Summarizes the development trend of the government guiding fund,from the medium level in the mode of management.Such as the fund planning should combine industry layout,the post-investment management reflects the fund’s core competitiveness,the project hierarchical management prevents investment risks,project exit efforts should further strengthen.In the fifth part,the countermeasures and Suggestions for the development of government guiding funds.From the aspects of theory and system construction at the macro level,put forward countermeasures and suggestions to clarify government functions,strengthen resource allocation,relax investment restrictions,and establish assessment and incentive mechanism and information sharing mechanism.更多还原