中国产业投资基金发展模式研究
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摘要
产业投资基金将金融与产业有效结合起来,是更高形式的金融工具。国际经验证明,产业投资基金的发展能够极大地提高投资效率,以产业投资基金引导资金流向,通过金融市场优化资源配置,创造就业机会,推动高新技术产业、支柱产业、基础设施产业等产业升级,促进经济发展。
目前,产业投资基金在我国属于刚刚起步的行业,对它的认识有一个渐进的过程,提高投资者、相关管理机构以及管理人员对产业投资基金的认识,将极大地影响到产业投资基金在我国未来的发展。
本文围绕产业投资基金发展模式进行研究,简要介绍了产业投资基金发展历程及存在问题,将中国产业投资基金发展模式分为几个层面分析,包括现行产业投资基金运行模式分析,产业投资基金宏观发展模式设计与产业投资基金微观发展模式设计,对于后续基金的成立具有一定的借鉴意义。在现行产业投资基金运行模式研究的基础上,提出对产业投资基金绩效评价及风险控制的评估方法,加强基金管理的专业性,以提升产业投资基金的投资效率。
在研究方法上采用理论分析、实例分析、计量分析等多种分析方法,提出产业投资基金发展思路,构建研究框架。
本文主要内容包括
第一：绪论部分,阐述研究背景、研究方法、论文结构、主要创新点。
第二：中国产业投资基金发展概述,简要介绍了产业投资基金的概念界定,分类以及相关理论基础。
第三：划分中国产业投资基金的发展阶段,存在问题以及发展意义。
第四：对现行中外合资及中资产业投资基金的运行模式进行分析,通过具体基金实例,划分为基金筹资模式、投资模式、退出模式分析。
第五：对产业投资基金的绩效评价进行理论与实例分析,并且阐述了产业投资基金的业绩报酬决定因素。
第六：产业投资基金宏观发展模式设计：细分为产业投资基金优化产业布局设计,产业投资基金投资区域设计,产业投资基金运行环境完善几个部分。
第七：产业投资基金微观发展模式设计：主要分为产业投资基金的组织形式选择,资金来源选择,投资行业选择,退出模式选择。
第八：分析产业投资基金风险的相关理论,采用VAR风险投资度量实证分析方法进行某投资案例分析,并且提出风险控制策略。
It is the higher form financial instruments that the Industrial Investment Fund combines effectively the finance and the industry. The international experience proved that the Industrial Investment Fund's development can raise the rate of investment enormously, guide to capital flows, through the money market optimize allocation of resources, creates employment opportunity, impels industrial upgrading on high technology and new technology industry, pillar industry, infrastructure industry and so on, promote economic development.
At present, the Industrial Investment Fund belongs to the profession which in our country just started, has an evolution process to its understanding, enhances the investor, the related management structure as well as the administrative personals to the industrial investment understanding, will affect enormously the Industrial Investment Fund development in our country future.
This paper conducts the research regarding the Industrial Investment Fund development model, introduced briefly the Industrial Investment Fund development process and the existence question, the Chinese Industrial Investment Fund development model will divide into several stratification plane analyses, including the present Industrial Investment Fund operation model analysis, the Industrial Investment Fund macroscopic development model design and the Industrial Investment Fund microscopic development model design, for the establishment of follow-up funds with a certain significance. Base on the present Industrial Investment Fund operation model research, proposed performance evaluation and the risk control's appraisal method of the Industrial Investment Fund, strengthens the fund management professional, promotes investment efficiency of the Industrial Investment Fund.
In the research method, uses many kinds of analysis methods, including the theoretical analysis, the example analysis, the measurement analysis and so on, proposes the Industrial Investment Fund development mentality, the construction research framework.
This paper mainly includes:
First, introduction part, elaboration research background, research technique, paper structure, major innovations.
Second, the Chinese Industrial Investment Fund development outline, introduced briefly the Industrial Investment Fund concept limits, the classification as well as the correlation theories foundation.
Third, divides the Chinese Industrial Investment Fund the development phase, the existence question as well as the development significance.
Fourth, carries on the analysis to the present Chinese-foreign joint venture and the Chinese-funded Industrial Investment Fund's operation model. Through specific fund examples, divides into fund financing model, investment mode, exit mode analysis.
Fifth, carries on the theory and the example analysis to the Industrial Investment Fund's Performance evaluation, and elaborated the deciding factor of the Industrial Investment Fund performance reward.
Sixth, Industrial Investment Fund macroscopic development model design. Subdivided into several parts,Industrial Investment Fund optimize the industrial layout, the Industrial Investment Fund investment regional design, improved Industrial Investment Fund operation environment.
Seventh, Industrial Investment Fund microscopic development model design, Mainly divides into the choose for organization form of the Industrial Investment Fund, the sources of fund, the investment industry and the exit mode.
The last, The analysis on the Industrial Investment Fund risk's related theories, uses the VAR venture capital measure empirical analysis method to carry on a investment case analysis, and proposes the risk control policy.
目前,产业投资基金在我国属于刚刚起步的行业,对它的认识有一个渐进的过程,提高投资者、相关管理机构以及管理人员对产业投资基金的认识,将极大地影响到产业投资基金在我国未来的发展。
本文围绕产业投资基金发展模式进行研究,简要介绍了产业投资基金发展历程及存在问题,将中国产业投资基金发展模式分为几个层面分析,包括现行产业投资基金运行模式分析,产业投资基金宏观发展模式设计与产业投资基金微观发展模式设计,对于后续基金的成立具有一定的借鉴意义。在现行产业投资基金运行模式研究的基础上,提出对产业投资基金绩效评价及风险控制的评估方法,加强基金管理的专业性,以提升产业投资基金的投资效率。
在研究方法上采用理论分析、实例分析、计量分析等多种分析方法,提出产业投资基金发展思路,构建研究框架。
本文主要内容包括
第一：绪论部分,阐述研究背景、研究方法、论文结构、主要创新点。
第二：中国产业投资基金发展概述,简要介绍了产业投资基金的概念界定,分类以及相关理论基础。
第三：划分中国产业投资基金的发展阶段,存在问题以及发展意义。
第四：对现行中外合资及中资产业投资基金的运行模式进行分析,通过具体基金实例,划分为基金筹资模式、投资模式、退出模式分析。
第五：对产业投资基金的绩效评价进行理论与实例分析,并且阐述了产业投资基金的业绩报酬决定因素。
第六：产业投资基金宏观发展模式设计：细分为产业投资基金优化产业布局设计,产业投资基金投资区域设计,产业投资基金运行环境完善几个部分。
第七：产业投资基金微观发展模式设计：主要分为产业投资基金的组织形式选择,资金来源选择,投资行业选择,退出模式选择。
第八：分析产业投资基金风险的相关理论,采用VAR风险投资度量实证分析方法进行某投资案例分析,并且提出风险控制策略。
It is the higher form financial instruments that the Industrial Investment Fund combines effectively the finance and the industry. The international experience proved that the Industrial Investment Fund's development can raise the rate of investment enormously, guide to capital flows, through the money market optimize allocation of resources, creates employment opportunity, impels industrial upgrading on high technology and new technology industry, pillar industry, infrastructure industry and so on, promote economic development.
At present, the Industrial Investment Fund belongs to the profession which in our country just started, has an evolution process to its understanding, enhances the investor, the related management structure as well as the administrative personals to the industrial investment understanding, will affect enormously the Industrial Investment Fund development in our country future.
This paper conducts the research regarding the Industrial Investment Fund development model, introduced briefly the Industrial Investment Fund development process and the existence question, the Chinese Industrial Investment Fund development model will divide into several stratification plane analyses, including the present Industrial Investment Fund operation model analysis, the Industrial Investment Fund macroscopic development model design and the Industrial Investment Fund microscopic development model design, for the establishment of follow-up funds with a certain significance. Base on the present Industrial Investment Fund operation model research, proposed performance evaluation and the risk control's appraisal method of the Industrial Investment Fund, strengthens the fund management professional, promotes investment efficiency of the Industrial Investment Fund.
In the research method, uses many kinds of analysis methods, including the theoretical analysis, the example analysis, the measurement analysis and so on, proposes the Industrial Investment Fund development mentality, the construction research framework.
This paper mainly includes:
First, introduction part, elaboration research background, research technique, paper structure, major innovations.
Second, the Chinese Industrial Investment Fund development outline, introduced briefly the Industrial Investment Fund concept limits, the classification as well as the correlation theories foundation.
Third, divides the Chinese Industrial Investment Fund the development phase, the existence question as well as the development significance.
Fourth, carries on the analysis to the present Chinese-foreign joint venture and the Chinese-funded Industrial Investment Fund's operation model. Through specific fund examples, divides into fund financing model, investment mode, exit mode analysis.
Fifth, carries on the theory and the example analysis to the Industrial Investment Fund's Performance evaluation, and elaborated the deciding factor of the Industrial Investment Fund performance reward.
Sixth, Industrial Investment Fund macroscopic development model design. Subdivided into several parts,Industrial Investment Fund optimize the industrial layout, the Industrial Investment Fund investment regional design, improved Industrial Investment Fund operation environment.
Seventh, Industrial Investment Fund microscopic development model design, Mainly divides into the choose for organization form of the Industrial Investment Fund, the sources of fund, the investment industry and the exit mode.
The last, The analysis on the Industrial Investment Fund risk's related theories, uses the VAR venture capital measure empirical analysis method to carry on a investment case analysis, and proposes the risk control policy.
引文
①参见《2008中国投资发展报告——方兴未艾的产业投资基金》上海财经大学出版社
①参见《2008中国投资发展报告——方兴未艾的产业投资基金》上海财经大学出版社
①寿伟光,刘听.产业基金费用提取与业绩报酬分配机制研究[J].财经研究,2004(8)：25
①桑德斯著, 刘宇飞译：《信用风险度量——风险的新方法与其他范式》机械工业出版社,2001.
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①参见《2008中国投资发展报告——方兴未艾的产业投资基金》上海财经大学出版社
①寿伟光,刘听.产业基金费用提取与业绩报酬分配机制研究[J].财经研究,2004(8)：25
①桑德斯著, 刘宇飞译：《信用风险度量——风险的新方法与其他范式》机械工业出版社,2001.
[1]Aghion, P., Tirole, J.,1994. The management of innovations. Quarterly Journal of Economics 109,1185-1210
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