引导基金投资模式的比较研究  

Research on the Investment Model of Guide Fund

作　　者：陆铭[1] 尤建新[1] 周文泳[1] 

机构地区：[1]同济大学经济与管理学院,上海200092

出　　处：《中国软科学》2011年第S2期278-287,共10页China Soft Science

摘　　要：创业风险投资引导基金作为公共资本的放大器、创业企业的发动机和科技成果转化的催化剂,对发展我国高新技术产业和完善资本市场具有重要意义。但是对于引导基金投资模式的选择问题颇具争议,于是,论文从地方政府的投资收益角度,围绕参股投资和跟进投资这两种最具代表性的投资模式开展比较研究。在SWOT分析的基础上,分别构建两种投资模式下的委托代理模型,并对我国引导基金的发展现状开展实证分析,从项目选择、资本运作和投资收益等角度得到两种投资模式的适应条件和优劣势,以期为地方政府选择引导基金的投资模式提供决策依据。Guide fund can magnify the public capital of government,support pioneering enterprises and promote the transformation of scientific and technological achievements.So it is beneficial to develop high - tech industries and it is important to improve the capital market.However,there are many different ideas about the investment model of guide fund.Therefore,this paper compared the profit of government in equity investment with following investment on the basis of SWOT analysis,principal -agent model and empirical study.And then the applicable conditions,advantages and disadvantages of the two models could be concluded,in order to provide for choosing the superior investment model.

关 键 词：引导基金 参股投资 跟进投资 SWOT分析 委托代理 

分 类 号：F832.48[经济管理—金融学]