中国产业投资基金发展研究
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摘要
产业投资基金是一种新的投资工具，是一种促进产业发展并支持经济发展的一种金融创新。中国的产业投资已取得了一定的进展，但总体上还处在初级阶段。我国政府已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。目前，发展产业投资基金并进行相关研究对中国经济的发展具有重要意义。
本文首先基于经济发达国家创业投资基金的分析，对中国的产业投资基金进行了定位。进而对中国产业投资的现状进行了分析，并探讨了现阶段发展产业投资基金对中国经济发展的意义。
然后，结合中国的实际情况，分析了中国产业投资基金应采取的组织形式、资金来源与退出机制。目前中国的产业投资基金的组织形式应该采取契约型，原因在于契约型基金的设立、运作和解散等过程比较方便；契约型基金能更好地保护投资者利益；中国目前缺乏有实力的机构投资者和普通合伙人，公司型基金难以找到必需的发起人；有利于中方对基金的控制等。基于对民间私人持有资本、保险基金和养老基金、企业资金、商业银行与证券公司资金、政府资金和外国投资资金的比较和分析，目前居民应该是中国产业投资基金最大的投资主体，它与保险资金、企业、政府、外国投资者等共同构成产业投资基金的资金供应方。中国产业投资基金在发展初期可采取公开上市、公司或创业家本人购买、大企业兼并收购、买壳上市或借壳上市、较长时期内持有创业企业的股份等多种退出机制。
最后，通过对中国产业投资基金发展环境的分析，提出了中国产业投资基金的发展模式和战略措施。中国产业投资基金的发展模式：①采取由经验丰富的金融企业和产业公司发起并吸收国家的贷款或基金，或由中外双方有实力的投资公司共同组成境外中国产业投资基金，或直接向社会发行可上市流通的产业投资基金等三种设立方式；②提高单个产业投资基金的规模，并充分发挥产业投资基金的专业优势；③建立和完善中国产业投资基金的管理体制；④为产业投资基金单独立法。
发展中国产业投资基金的战略措施：①建立健全有效的创业投资机制；②建立有效的科技创新机制；③扩大产业投资基金的资金来源；④开发创业投资保险业务；⑤建立健全社会化服务体系；⑥建立和完善退出机制；⑦转变政府职能，引导社会资金的流向；⑧完善有关法律法规，为创业投资提供完备的法律保护体系。
Industrial investment fund (IIF) is not only a new kind of investment instrument but also a kind of innovative financial system which can speed up industrial development and over all economic development. Chinese industry investment had made some progress but it is still in primary stage. Our government has realized the importance of IIF and has employed positive policies to promote IDF in China It is important for Chinese financial development to develop IIF and make relevant study.
First of all, Chinese IIF is defined based on the analysis of venture capital in the developed country in this work. The status of Chinese industry investment is analyzed and the effect of developing IIF on Chinese economy is discussed.
Secondly, the organizational form, fund source and withdrawing mechanism of Chinese IIF are discussed based on Chinese reality. Contract fund is the adoptable form for Chinese IIP at present The foundation, operation and withdrawing processes of contract fund are easy. Contract fund is better in protecting the investor's benefit than corporate fund. It is difficult to find the necessary organiger for corporate fund because the capable institution investor and common partner are absent in China. Contract fund is convenient for Chinese investor to control the fund. Presently, it can be concluded the denizen should be the primary investor of Chinese IIF based on the comparison and analysis of the capitals from common people, insurance found, enterprises, commercial banks, government and external investor, they provide capital for Chinese IIF together. Chinese IIF in the initial stage can select several withdrawing mechanisms, such as IPO, purchased by corporation, merger and acquisition, buying shell or allianc
e, and keeping the stock for along time.
In the end, the development mode and strategy of Chinese IIF are brought based on the analysis
of the Chinese economic environment. The development mode of Chinese DDF involves
foundation manner, fund scale, management mechanism and legislative mode. The development
strategy of Chinese IIF is discussed in constructing and perfecting effective venture capital
mechanism, constructing effective technological innovation mechanism, expending the fund
resource of IIP, developing insurance for venture capital, constructing and perfecting socialized
service system, constructing and perfecting withdrawing mechanism, leading the social fund by
transformation of governmental function and perfecting the relevant Laws and Regulations.
本文首先基于经济发达国家创业投资基金的分析，对中国的产业投资基金进行了定位。进而对中国产业投资的现状进行了分析，并探讨了现阶段发展产业投资基金对中国经济发展的意义。
然后，结合中国的实际情况，分析了中国产业投资基金应采取的组织形式、资金来源与退出机制。目前中国的产业投资基金的组织形式应该采取契约型，原因在于契约型基金的设立、运作和解散等过程比较方便；契约型基金能更好地保护投资者利益；中国目前缺乏有实力的机构投资者和普通合伙人，公司型基金难以找到必需的发起人；有利于中方对基金的控制等。基于对民间私人持有资本、保险基金和养老基金、企业资金、商业银行与证券公司资金、政府资金和外国投资资金的比较和分析，目前居民应该是中国产业投资基金最大的投资主体，它与保险资金、企业、政府、外国投资者等共同构成产业投资基金的资金供应方。中国产业投资基金在发展初期可采取公开上市、公司或创业家本人购买、大企业兼并收购、买壳上市或借壳上市、较长时期内持有创业企业的股份等多种退出机制。
最后，通过对中国产业投资基金发展环境的分析，提出了中国产业投资基金的发展模式和战略措施。中国产业投资基金的发展模式：①采取由经验丰富的金融企业和产业公司发起并吸收国家的贷款或基金，或由中外双方有实力的投资公司共同组成境外中国产业投资基金，或直接向社会发行可上市流通的产业投资基金等三种设立方式；②提高单个产业投资基金的规模，并充分发挥产业投资基金的专业优势；③建立和完善中国产业投资基金的管理体制；④为产业投资基金单独立法。
发展中国产业投资基金的战略措施：①建立健全有效的创业投资机制；②建立有效的科技创新机制；③扩大产业投资基金的资金来源；④开发创业投资保险业务；⑤建立健全社会化服务体系；⑥建立和完善退出机制；⑦转变政府职能，引导社会资金的流向；⑧完善有关法律法规，为创业投资提供完备的法律保护体系。
Industrial investment fund (IIF) is not only a new kind of investment instrument but also a kind of innovative financial system which can speed up industrial development and over all economic development. Chinese industry investment had made some progress but it is still in primary stage. Our government has realized the importance of IIF and has employed positive policies to promote IDF in China It is important for Chinese financial development to develop IIF and make relevant study.
First of all, Chinese IIF is defined based on the analysis of venture capital in the developed country in this work. The status of Chinese industry investment is analyzed and the effect of developing IIF on Chinese economy is discussed.
Secondly, the organizational form, fund source and withdrawing mechanism of Chinese IIF are discussed based on Chinese reality. Contract fund is the adoptable form for Chinese IIP at present The foundation, operation and withdrawing processes of contract fund are easy. Contract fund is better in protecting the investor's benefit than corporate fund. It is difficult to find the necessary organiger for corporate fund because the capable institution investor and common partner are absent in China. Contract fund is convenient for Chinese investor to control the fund. Presently, it can be concluded the denizen should be the primary investor of Chinese IIF based on the comparison and analysis of the capitals from common people, insurance found, enterprises, commercial banks, government and external investor, they provide capital for Chinese IIF together. Chinese IIF in the initial stage can select several withdrawing mechanisms, such as IPO, purchased by corporation, merger and acquisition, buying shell or allianc
e, and keeping the stock for along time.
In the end, the development mode and strategy of Chinese IIF are brought based on the analysis
of the Chinese economic environment. The development mode of Chinese DDF involves
foundation manner, fund scale, management mechanism and legislative mode. The development
strategy of Chinese IIF is discussed in constructing and perfecting effective venture capital
mechanism, constructing effective technological innovation mechanism, expending the fund
resource of IIP, developing insurance for venture capital, constructing and perfecting socialized
service system, constructing and perfecting withdrawing mechanism, leading the social fund by
transformation of governmental function and perfecting the relevant Laws and Regulations.
引文
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[2] Gasper and Andrew. Overview of the venture.capital field sources of funds and their investment. Conference Record-Electro, 1985; 10(3):10p
[3] Ellison and Michael A. Venture capital process-sprout or wither. Northcon Conf. Rec. 1984:3p
[4] Nair and Mohan. The venture capital value chain. J. Cost Manage. 2004; 18(2): 13-20
[5] Egan and William P. Venture capital perspective. Conference Record - Electro, 1984; 9:3p
[6] Sroufe and Evelyn. Legal aspects of venture capital financing. Northcon Conf. Rec. 1984:9p
[7] Pandey I M and Jang A. Venture capital for financing technology in Taiwan. Technovation, 1996; 16(9):499-514
[8] Pandey I M. Process of developing venture capital in India. Technovation, 1998; 18(4):253-261
[9] Pratt S E and Khoylian R. Insights into Pers. Comput. New York: IEEE, 1985
[10] Horsnell R. Role of venture capital in the UK electronics industry. IEE Proc. Part A, 1990; 137(6):361-364
[11] Diefendorf S. Venture capital and the environmental industry. Corporate Environ. Strategy, 2000; 7(4):388-399
[12] Moles P. Venture capital investment opportunities in biodiversity markets. Corporate Environ. Strategy, 2001; 8(4):355-365
[13] West M W and Butler B. Venture capital and the development of information products. Proc. Natl. Online Meet. 1985:487-494
[14] 张伟．发展投资基金与国企改革的几点认识和思考．技术经济与管理研究，2001；22(3)：24-26
[15] 樊增强．论发展产业投资基金的意义和途径 西安电子科技大学学报，2000；10(4)：44-47
[16] 罗君明，陈霜枝．西部开发导向：西部产业投资基金运作设计．黑龙江民族丛刊，2002；6(2)：74-77
[17] 何秉孟，何德旭．加入WTO后中国投资基金的发展策略．南方经济，2001；19(3)：69-72
[18] 杨有志．中国产业投资基金运作中难点及对策探析．中南财经大学学报，1999；14(6)：108-110
[19] 曹向华，夏德兴．发展产业投资基金的几点认识和思考．金融理论与教学，1999；10(1)：26-28
[20] 卢薏．组建电力产业投资基金问题研究．嘉兴学院学报，2003；15(3)：110-112
[21] 周英豪．关于构建中医药业产业投资基金平台的几点思考．中医药管理杂志，2002；12(4)：38-39
[22] 闫康，丁秀英．我国房地产产业投资基金探析．中国房地产金融，2002；11(5)：15-17
[23] 刘喜波，陈建军，胡方俊．关于建立交通产业投资基金的设想．交通财会，2002；16(7)：11-12
[24] 朱金红．浅析林业产业投资基金的设立．林业财务与会计，2002；12(8)：8-10
[25] 欧阳卫民．产业投资基金．北京：经济科学出版社，1997
[26] 刘健钧．创业资本与风险辨析．中国证券报，1998．9．24
[27] 文玲，张国平．产业投资基金：我国投融资体制改革的路径选择．特区经济，1999；15(2)：23-24
[28] 曹尔阶．风险投资：技术进步的推进器．中国经贸导刊，1998；8(14)：32-34
[29] 张力军，张陆洋．中国产业投资基金论．北京：中国财政经济出版社，1999
[30] 叶翔．美国产业投资基金．金融研究，1998；20(10)：20-27
[31] 刘曼红．风险投资：创新与金融．北京：中国人民大学出版社，1998
[32] 哈佛企业管理丛书编纂委员会．企业管理百科全书(上册)．北京：中国对外翻译出版社，1991
[33] GomPers P.A optimal investment, monitoring and the staging of venture capital. J. Finance, 1995; 42(5)1461-489
[34] 戴志敏．当前美国风险投资的特点．金融参考，1998；4(12)：25-29
[35] 吕炜．风险投资发展的制度背景与价值分析．经济研究参考，2001；10(10)：
[36] 迈克尔．竞争战略．北京：三联出版社，1988
[37] Yasushi H, Frank P, Jay R. Institutional affiliation and the role of venture capital evidence from initial public offering in Japan. Pacific - Basin J. 2000; 42(8):529-558
[38] 李宇龙，严旭芳．日本产业投资基金分析．外国经济与管理，1998；15(12)：31-35
[39] 戴志敏．中国风险投资：制度性缺陷及纠正．管理工程学报，2002；16(1)：30-34
[40] 季敏波．中国产业投资基金研究．上海：上海财经大学出版社，2000
[41] 法博齐，莫迪利亚尼．资本市场：机构与工具．北京：经济科学出版社，1998
[42] 郭宝新，傅斌．现代投资基金管理与运作．北京：中国金融出版社，1997
[43] 渭河．财经时评：中国10万亿庞大居民储蓄怎样分流．中国证券报，2003．12，24
[44] 中国保监会．我国保险业继续保持快速发展势头．http://www.f7168.com/news/read20562.htm, 2004．2．10
[45] 李伸亭．创造有利环境大力发展我国风险投资业．中国软科学，1998；13(11)：26-28
[46] 盛岚．中国人民银行公布2001年货币政策执行报告．http://finance.sina.com.cn/news/kuaixun/2566.htm, 2003．12．26
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[48] Gomper P and Lerner J. An analysis of compensation in the U. S. venture capital partnership. J. Financial Economics, 1999; 51(1):3-44
[49] 陈叙．中国产业投资运营研究．成都：西南财经大学，2001
[50] 陆世敏．中小企业与风险投资．上海：上海财经大学出版社，2001
[2] Gasper and Andrew. Overview of the venture.capital field sources of funds and their investment. Conference Record-Electro, 1985; 10(3):10p
[3] Ellison and Michael A. Venture capital process-sprout or wither. Northcon Conf. Rec. 1984:3p
[4] Nair and Mohan. The venture capital value chain. J. Cost Manage. 2004; 18(2): 13-20
[5] Egan and William P. Venture capital perspective. Conference Record - Electro, 1984; 9:3p
[6] Sroufe and Evelyn. Legal aspects of venture capital financing. Northcon Conf. Rec. 1984:9p
[7] Pandey I M and Jang A. Venture capital for financing technology in Taiwan. Technovation, 1996; 16(9):499-514
[8] Pandey I M. Process of developing venture capital in India. Technovation, 1998; 18(4):253-261
[9] Pratt S E and Khoylian R. Insights into Pers. Comput. New York: IEEE, 1985
[10] Horsnell R. Role of venture capital in the UK electronics industry. IEE Proc. Part A, 1990; 137(6):361-364
[11] Diefendorf S. Venture capital and the environmental industry. Corporate Environ. Strategy, 2000; 7(4):388-399
[12] Moles P. Venture capital investment opportunities in biodiversity markets. Corporate Environ. Strategy, 2001; 8(4):355-365
[13] West M W and Butler B. Venture capital and the development of information products. Proc. Natl. Online Meet. 1985:487-494
[14] 张伟．发展投资基金与国企改革的几点认识和思考．技术经济与管理研究，2001；22(3)：24-26
[15] 樊增强．论发展产业投资基金的意义和途径 西安电子科技大学学报，2000；10(4)：44-47
[16] 罗君明，陈霜枝．西部开发导向：西部产业投资基金运作设计．黑龙江民族丛刊，2002；6(2)：74-77
[17] 何秉孟，何德旭．加入WTO后中国投资基金的发展策略．南方经济，2001；19(3)：69-72
[18] 杨有志．中国产业投资基金运作中难点及对策探析．中南财经大学学报，1999；14(6)：108-110
[19] 曹向华，夏德兴．发展产业投资基金的几点认识和思考．金融理论与教学，1999；10(1)：26-28
[20] 卢薏．组建电力产业投资基金问题研究．嘉兴学院学报，2003；15(3)：110-112
[21] 周英豪．关于构建中医药业产业投资基金平台的几点思考．中医药管理杂志，2002；12(4)：38-39
[22] 闫康，丁秀英．我国房地产产业投资基金探析．中国房地产金融，2002；11(5)：15-17
[23] 刘喜波，陈建军，胡方俊．关于建立交通产业投资基金的设想．交通财会，2002；16(7)：11-12
[24] 朱金红．浅析林业产业投资基金的设立．林业财务与会计，2002；12(8)：8-10
[25] 欧阳卫民．产业投资基金．北京：经济科学出版社，1997
[26] 刘健钧．创业资本与风险辨析．中国证券报，1998．9．24
[27] 文玲，张国平．产业投资基金：我国投融资体制改革的路径选择．特区经济，1999；15(2)：23-24
[28] 曹尔阶．风险投资：技术进步的推进器．中国经贸导刊，1998；8(14)：32-34
[29] 张力军，张陆洋．中国产业投资基金论．北京：中国财政经济出版社，1999
[30] 叶翔．美国产业投资基金．金融研究，1998；20(10)：20-27
[31] 刘曼红．风险投资：创新与金融．北京：中国人民大学出版社，1998
[32] 哈佛企业管理丛书编纂委员会．企业管理百科全书(上册)．北京：中国对外翻译出版社，1991
[33] GomPers P.A optimal investment, monitoring and the staging of venture capital. J. Finance, 1995; 42(5)1461-489
[34] 戴志敏．当前美国风险投资的特点．金融参考，1998；4(12)：25-29
[35] 吕炜．风险投资发展的制度背景与价值分析．经济研究参考，2001；10(10)：
[36] 迈克尔．竞争战略．北京：三联出版社，1988
[37] Yasushi H, Frank P, Jay R. Institutional affiliation and the role of venture capital evidence from initial public offering in Japan. Pacific - Basin J. 2000; 42(8):529-558
[38] 李宇龙，严旭芳．日本产业投资基金分析．外国经济与管理，1998；15(12)：31-35
[39] 戴志敏．中国风险投资：制度性缺陷及纠正．管理工程学报，2002；16(1)：30-34
[40] 季敏波．中国产业投资基金研究．上海：上海财经大学出版社，2000
[41] 法博齐，莫迪利亚尼．资本市场：机构与工具．北京：经济科学出版社，1998
[42] 郭宝新，傅斌．现代投资基金管理与运作．北京：中国金融出版社，1997
[43] 渭河．财经时评：中国10万亿庞大居民储蓄怎样分流．中国证券报，2003．12，24
[44] 中国保监会．我国保险业继续保持快速发展势头．http://www.f7168.com/news/read20562.htm, 2004．2．10
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