摘要
2008年金融海啸席卷全球,战略性新兴产业已经成为世界各国走向经济复兴的选择和重点。与传统产业相比,战略性新兴产业规模的形成是以大量资金投入为先导的,但是由于市场、技术等风险较大,传统融资模式无法满足战略性新兴产业初期的融资需求。鉴于此,论文拟构建一套适应于产业初期融资特性的融资模式,以期从理论上研究解决产业初期资金需求和供给之间的尖锐矛盾,并以融资活动为杠杆有效地撬动战略性新兴产业的发展,最终推动经济持续健康发展。
首先论文明确了战略性新兴产业融资模式等相关基本概念,接着对国外新兴产业初期融资模式的相关做法进行总结并得出对中国的启示,然后运用扎根理论构建了战略性新兴产业发展初期融资特性模型。在初期融资特性模型基础上,论文以宏观经济管理为研究视角,以产业生命周期理论、金融发展理论为指导,以开发性金融为重要的促进战略性新兴产业发展的融资工具,构建了基于开发性金融的战略性新兴产业初期融资模式,并且运用演化博弈理论和数学模型法对融资模式运行效率进行了探讨,最后还提出了推进该融资模式实施的政策建议。
论文得到以下主要研究结论：(1)战略性新兴产业是指对科技创新、产业结构优化升级和国民经济社会稳定协调发展具有重要战略意义的新兴产业。这类产业具备知识技术等创新要素密集、投资风险大周期长、发展国际化且国际竞争激烈等特征。融资模式指的是在对于具有共同融资特性的某类融资项目进行融资活动时可供融资主体选择和重复使用的一套完整的方案。因此战略性新兴产业初期融资模式则可以定义为：处于发展初期的战略性新兴产业内的融资主体进行融资时可供其选择和重复运用的方案。(2)运用扎根理论可以发展出战略性新兴产业初期融资特性的四个主范畴：资金需求、资金供给、资金配置和融资环境。其中资金需求是核心范畴,它是决定性内部因素,直接影响资金供给；资金配置和融资环境则作为条件调节着资金需求和供给的关系。此外,美、日两国的新兴产业发展经验也证明合理运用宏观经济政策、发展创业投资和加强政府支持、完善法律和信用担保体系、建立多层次资本市场体系等措施将会对新兴产业的发展起到积极作用。(3)基于开发性金融的战略性新兴产业初期融资模式由目标体系、内容体系和运行体系等三个方面构成,其中目标体系包括建立高效的融资平台、建立有序的信息交流平台、建立高质量的融资主体培养平台,内容体系包括开发性直接融资模式和开发性间接融资模式,运行体系包括投入评审机制、过程控制机制和退出机制。演化博弈和数学模型分析结果证明了基于开发性金融的战略性新兴产业初期融资模式比传统融资模式的运行效率更高。同时,中国现阶段促进该融资模式顺利实施的配套政策主要应由建立财政与金融的配合机制、构建多层次资本市场体系、健全信用担保体系、改善融资配套环境和强化资源整合等内容组成。
Financial tsunami swept across the world in2008. Under this background, the strategic emerging industry has become an important choice of economic revival for every country. Compared with the traditional industries, the formation of strategic emerging industry scale is based on the amount of funding. However, due to the high risk of market and technology, the traditional financing model can't meet the financing needs of the strategic emerging industry. To ease the sharp contradictions between the demand and supply of the early industry funding in theory, a set of financing model which is suitable for the industry financing characteristics must be constructed. In this way, the financing activities will become a lever to pry the development of the strategic emerging industry and ultimately promote the sustainable and healthy development of economy.
Firstly, the strategic emerging industry, the financing model and other related concepts are cleared, and then.the development experience and inspiration of the foreign early emerging industry is summed up, and then the financing characteristics of the early strategic emerging industry are summarized by the grounded theory. Secondly, based on the industry cycle theory, the financial development theory and other related theory, through the use of the development finance theory, from the macroeconomic management perspective, the financing model of the strategic emerging industry and other related contents are studied. And the efficiency of the financing model is evaluated by the evolutionary game theory and the mathematical models. Finally, the supporting policies promoting implantation of this financing model smoothly are discussed.
The main conclusions are as follows.(1) The strategic emerging industry is the emerging industry which is important to technological innovation, industrial structure optimization and upgrading, national economy and society stably and harmoniously development. This industry has the characteristics of innovation elements intensive, high investment risks and long investment cycle, industry internationalization and intense competition. The financing model is defined as a complete set of solutions which is available to financing entities selection and re-use when the financing entities with common financing characteristics. Thus, the financing model of the early strategic emerging industry can be defined as a complete set of solutions which is available to financing entities of the early strategic emerging industry selection and re-use.(2) The financing characteristics of the early strategic emerging industry can be summarized in four main areas by the grounded theory, they are fund demand, fund supply, fund allocation and fund condition. The fund demand is the core area, and it is the decisive internal factor that directly affects the fund supply. The fund allocation and the fund condition are the conditions which regulate the relationship between the capital demand and supply. In addition, the experience of the development of emerging industry in the United States and Japan has proved that it will play a positive role in the development of emerging industry that using the macro policies effectively, strengthening venture investment and government support, improving legal and credit guarantee system and building multi-level capital market system.(3) Target system, content system, and operation system constitute the financing model of the early strategic emerging industry based on the development finance. The target system includes that establishing an efficient financing platform, establishing an ordered information exchange platform, and establishing a high quality training platform of financing entities. The content system includes direct financing model based on the development finance and indirect financing model based on the development finance. The operation system includes input and evaluation mechanism, process control mechanism, and exit mechanism. The evolutionary game theory and the mathematical models analysis results have proved that the financing model of the early strategic emerging industry based on the development finance is higher than the operating efficiency of the traditional financing model. Meanwhile, at the present stage in China, the supporting policies promoting implantation of this financing model smoothly should include establishing fiscal and financial coordination mechanism, building a multi-level capital market system, improving the credit guarantee system, improving the financing environment and strengthening the integration of various resources.
引文
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