国有企业创业投资的社会贡献评价体系研究
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摘要
企业创业投资(CVC)近年在上海取得长足发展,通过市场进行资源配置,改善所投资公司的治理结构,有助于促进产业结构调整和培育优质上市资源,也有助于完善投融资体系和上海高新技术产业化进程,是对现有经营体制的扩展和完善,将对上海经济的转型和产业升级起到重要支撑和推动作用。因此,大企业应作为带动创业投资发展的重要主体之一。其中,国有企业往往具有雄厚的实力,拥有民营企业所无法比拟的优势,对于开展创业投资(Venture Capital, VC)而言无疑具备更好的资金和资源优势。然而,由于相关管理部门不够重视,缺乏科学、合理的评价体系对国企创业投资成果进行有效的评估和激励,再加上不合理的国企管理、激励机制的存在,以及有效的项目退出机制的缺失,目前普遍存在外部动力不足,国资管理机制与创业投资不匹配、领导者管理考核机制抑制国有大企业开展创业投资等问题,迫切需要机制的改变以及政策的引导。
鼓励国有企业创业投资具有重大的现实意义。鉴于国有企业创业投资的上述现状,关键是要政府相关管理部门的重视以及管理机制的改变,为此需要对国有企业的创业投资成果进行相应的评估及评估基础上的激励。本文在总结国内外现有创业投资项目评价理论的基础上,结合我国及上海市的国有企业创业投资发展现状,尝试建立一个符合我国国情的国有企业创业投资的社会贡献评价指标体系。文章从政府的角度出发,采用了定性研究和定量相结合的方法,在大量查阅相关文献的基础上,首先通过对企业进行问卷调查和实地访谈,总结国有企业创业投资现状;采用专家调查法和优序图法(Precedence Chart),试图构建国有企业创业投资的社会贡献指标评估体系,并对华虹集团2008年创业投资成果进行了实际评估运用；最后,从国有企业管理机制以及配套政策等方面提出引导国有企业开展创业投资的对策建议。
文章共分为六章,主要包括以下三方面的内容：
(1)通过对上海市大企业集团创业投资活动进行问卷调查,并针对上海宝钢、上海张江高科等国有企业集团创业投资进行深度访谈,从而揭示和分析上海市国有大企业集团开展创业投资现状、上海市国有大企业集团开展创业投资的条件、意愿、存在的问题等,旨在为进一步的研究提供基础和条件。
(2)在查阅大量文献及分析对比的基础上,确定初选指标,并利用课题之便,采用专家调查法,邀请政府官员、专家学者以及企业相关管理人员对指标进行问卷评分；随后采用优序图法,试图构建国有企业创业投资的社会贡献指标评估体系,并对华虹集团2008年创业投资成果进行了实际评估运用。
(3)在前述研究及分析成果的基础上,从推广实施及配套政策等方面提出引导大企业开展创业投资的对策建议,以期对上海市大企业,尤其是国有企业创业投资的快速健康发展及政策制定带来一定的借鉴意义,以助一臂之力。
Corporation Venture Capital has largely enterprised in Shanghai in recent years, and made substantial progress, through the market allocation of resources, to improve the investment company's management structure, and help to promote industrial restructuring and nurturing high-quality listing of resources, and also improve the investment and financing system. Thus Shanghai High-tech Industry process is the expansion and perfection of the existing management system, and will be helpful to Shanghai's economic restructuring and industrial upgrading which will play an important supporting and facilitating role. Therefore, the large enterprises should be used as leading of the development of Venture Capital, which is one of the most important subjects. Among them, state-owned enterprises tend to have a strong community, with private enterprises which have more advantages in terms of venture capital, for they no doubt have better funding and resources to the carrying out. However, due to insufficient attention to the relevant administrative departments, the lack of scientific and rational evaluation system on the outcome of state-owned venture capital for effective evaluation and incentives, coupled with the unreasonable state-owned enterprises management, and the existence of incentives, and also the lack of effective program exiting mechanism and the prevailing lack of an external driving force, state-owned assets management system and venture capital does not match the leaders in management evaluation mechanisms to rein in large state-owned enterprises for venture capital and other issues, the urgent need for change in the mechanism and policy guidance.
State-owned enterprises encouraged to venture capital is of great practical significance. In view of the above-mentioned state-owned enterprise status of venture capital, the key is to focus the relevant government authorities and the management changing in the mechanism, which requires state-owned venture capital companies of the corresponding results based on the assessment and evaluation of incentive. This articles using qualitative research and quantitative method of combining, in a large number of access on the basis of relevant literature, first of all, through the enterprise survey and field interviews, summary up the status quo of state-owned venture capital companies; then use expert survey method and Precedence Chart, trying to build an indicators of evaluation system for state-owned enterprises'social contribution of venture capital, and after that, will be the use of this evaluation system for the venture capital results of Hua Hong Group in Shanghai in 2008. Finally, some advances and policies related will be supported, etc.
The article is divided into six chapters, which mainly includes the three aspects as follow:
(1) Make venture capital survey of Shanghai State-owned enterprise groups with a questionnaire, and interview with some of them, such as Shanghai Baosteel Group, Shanghai Zhangjiang Hi-Tech Corporation about their Venture Capital enterprise groups such as in-depth interviews, through which reveals and analyzes the conditions, aspirations, problems for the state-owned enterprises to carry out Venture Capital, which provide a basis for further research.
(2) On the basis of a large number of literatures, through analysis and comparison, determine the primary indicators. Then using experts survey method, invite government officials, experts, academics and business-related management personnel to complete the indicators questionnaire score about the social and economic contribution of state-owed enterprise venture capital; try to build social contribution indicator evaluation system for venture capital of state-owned enterprises, with the adoption of Precedence Chart, and then carry out it through the assessment of social contribution of Hua Hong Group venture capital in 2008.
(3)In the foregoing research and analysis based on the results from the promotion and implementation and fiscal policies put forward to guide business investment in large enterprises to develop policy proposals with a view to large enterprises in Shanghai, especially the state-owned enterprises, rapid and healthy development of venture capital and policy-making has brought a certain reference is meaningful to help.
鼓励国有企业创业投资具有重大的现实意义。鉴于国有企业创业投资的上述现状,关键是要政府相关管理部门的重视以及管理机制的改变,为此需要对国有企业的创业投资成果进行相应的评估及评估基础上的激励。本文在总结国内外现有创业投资项目评价理论的基础上,结合我国及上海市的国有企业创业投资发展现状,尝试建立一个符合我国国情的国有企业创业投资的社会贡献评价指标体系。文章从政府的角度出发,采用了定性研究和定量相结合的方法,在大量查阅相关文献的基础上,首先通过对企业进行问卷调查和实地访谈,总结国有企业创业投资现状;采用专家调查法和优序图法(Precedence Chart),试图构建国有企业创业投资的社会贡献指标评估体系,并对华虹集团2008年创业投资成果进行了实际评估运用；最后,从国有企业管理机制以及配套政策等方面提出引导国有企业开展创业投资的对策建议。
文章共分为六章,主要包括以下三方面的内容：
(1)通过对上海市大企业集团创业投资活动进行问卷调查,并针对上海宝钢、上海张江高科等国有企业集团创业投资进行深度访谈,从而揭示和分析上海市国有大企业集团开展创业投资现状、上海市国有大企业集团开展创业投资的条件、意愿、存在的问题等,旨在为进一步的研究提供基础和条件。
(2)在查阅大量文献及分析对比的基础上,确定初选指标,并利用课题之便,采用专家调查法,邀请政府官员、专家学者以及企业相关管理人员对指标进行问卷评分；随后采用优序图法,试图构建国有企业创业投资的社会贡献指标评估体系,并对华虹集团2008年创业投资成果进行了实际评估运用。
(3)在前述研究及分析成果的基础上,从推广实施及配套政策等方面提出引导大企业开展创业投资的对策建议,以期对上海市大企业,尤其是国有企业创业投资的快速健康发展及政策制定带来一定的借鉴意义,以助一臂之力。
Corporation Venture Capital has largely enterprised in Shanghai in recent years, and made substantial progress, through the market allocation of resources, to improve the investment company's management structure, and help to promote industrial restructuring and nurturing high-quality listing of resources, and also improve the investment and financing system. Thus Shanghai High-tech Industry process is the expansion and perfection of the existing management system, and will be helpful to Shanghai's economic restructuring and industrial upgrading which will play an important supporting and facilitating role. Therefore, the large enterprises should be used as leading of the development of Venture Capital, which is one of the most important subjects. Among them, state-owned enterprises tend to have a strong community, with private enterprises which have more advantages in terms of venture capital, for they no doubt have better funding and resources to the carrying out. However, due to insufficient attention to the relevant administrative departments, the lack of scientific and rational evaluation system on the outcome of state-owned venture capital for effective evaluation and incentives, coupled with the unreasonable state-owned enterprises management, and the existence of incentives, and also the lack of effective program exiting mechanism and the prevailing lack of an external driving force, state-owned assets management system and venture capital does not match the leaders in management evaluation mechanisms to rein in large state-owned enterprises for venture capital and other issues, the urgent need for change in the mechanism and policy guidance.
State-owned enterprises encouraged to venture capital is of great practical significance. In view of the above-mentioned state-owned enterprise status of venture capital, the key is to focus the relevant government authorities and the management changing in the mechanism, which requires state-owned venture capital companies of the corresponding results based on the assessment and evaluation of incentive. This articles using qualitative research and quantitative method of combining, in a large number of access on the basis of relevant literature, first of all, through the enterprise survey and field interviews, summary up the status quo of state-owned venture capital companies; then use expert survey method and Precedence Chart, trying to build an indicators of evaluation system for state-owned enterprises'social contribution of venture capital, and after that, will be the use of this evaluation system for the venture capital results of Hua Hong Group in Shanghai in 2008. Finally, some advances and policies related will be supported, etc.
The article is divided into six chapters, which mainly includes the three aspects as follow:
(1) Make venture capital survey of Shanghai State-owned enterprise groups with a questionnaire, and interview with some of them, such as Shanghai Baosteel Group, Shanghai Zhangjiang Hi-Tech Corporation about their Venture Capital enterprise groups such as in-depth interviews, through which reveals and analyzes the conditions, aspirations, problems for the state-owned enterprises to carry out Venture Capital, which provide a basis for further research.
(2) On the basis of a large number of literatures, through analysis and comparison, determine the primary indicators. Then using experts survey method, invite government officials, experts, academics and business-related management personnel to complete the indicators questionnaire score about the social and economic contribution of state-owed enterprise venture capital; try to build social contribution indicator evaluation system for venture capital of state-owned enterprises, with the adoption of Precedence Chart, and then carry out it through the assessment of social contribution of Hua Hong Group venture capital in 2008.
(3)In the foregoing research and analysis based on the results from the promotion and implementation and fiscal policies put forward to guide business investment in large enterprises to develop policy proposals with a view to large enterprises in Shanghai, especially the state-owned enterprises, rapid and healthy development of venture capital and policy-making has brought a certain reference is meaningful to help.
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