【作者】 王剑；

【导师】 万解秋；

【作者基本信息】 苏州大学 ， 金融学， 2013， 博士

【摘要】 由2007年美国次贷危机而引发的全球金融危机，对世界经济构成了迄今为止仍在继续的巨大伤害。为了尽快从危机中迅速恢复，并在未来世界经济竞争新格局中处于领先地位，发达国家纷纷制定了支持新兴产业的发展规划。与此同时，新兴经济体及发展中国家亦不断加大对新兴产业的投入力度。此次金融危机发生正值我国三十年传统经济发展急待转型之时，“金融危机”、“经济转型”与“中等收入陷阱”三者叠加之痛更加急切地促使我国制定新经济发展战略规划。为此，我国已将战略性新兴产业发展提升到国家战略高度。2010年10月18日,国务院发布了《国务院关于加快培育和发展战略性新兴产业的决定》。同日，十七届五中全会通过的《中共中央关于制定国民经济和社会发展第十二个五年规划的建议》中,提出“要发展现代产业体系、提高产业核心竞争力，改造提升制造业，培育发展战略性新兴产业”，再次明确了未来“培育战略性新兴产业”的重要任务。2012年7月20日，我国政府发布的《“十二五”国家战略性新兴产业发展规划》中，就发展目标明确提出，战略性新兴产业规模年均增长率保持在20%以上，形成一批具有较强自主创新能力和技术引领作用的骨干企业，一批特色鲜明的产业链和产业集聚区。到2015年，战略性新兴产业增加值占国内生产总值比重达到8%左右，对产业结构升级、节能减排、提高人民健康水平、增加就业等带动作用明显提高。到2020年，力争使战略性新兴产业成为国民经济和社会发展的重要推动力量，增加值占国内生产总值比重达到15%，部分产业和关键技术跻身国际先进水平，节能环保、新一代信息技术、生物、高端装备制造产业成为国民经济支柱产业，新能源、新材料、新能源汽车产业成为国民经济先导产业。在此基础上，中央和地方政府相继制定了战略性新兴产业发展的实施方案。战略性新兴产业因其具有前瞻性、跨学科跨产业的交叉复杂性、级数成长性、发展持续性等特征，目前存在许多崭新的课题有待深入系统地进行研究。而其中重要的课题之一就是如何通过金融体制及模式的创新健康高效地促进战略性新兴产业的发展。诚然，战略性新兴产业的发展不仅需要政策层面的宏观规划指导，而且需要金融资源的具体支持。但是，我国现行金融体制和融资模式是建立在30年传统产业发展基础上的，与战略性新兴产业发展的需求相比还存在着滞后性、不匹配性以及创新不足等特征，因此，如何构建与战略性新兴产业发展相适应的融资体制和融资模式是理论界和实践界所面临的重大课题。当前，我国学术界较多地从产业经济学的角度对战略性新兴产业的内涵、发展模式及政策框架等方面进行了研究，并取得了一定的共识。但是对战略性新兴产业的融资模式进行系统研究的文献尚且不足。拙文以战略性新兴产业特征及其相应的融资理论阐释为启点，通过战略性新兴产业融资模式的国际比较，反观我国战略性新兴产业及其融资现状，针对现状存在的问题较为系统地构建了与战略性新兴产业相适应的融资模式体系，特别是针对战略性新兴产业不同发展阶段的经营风险特征和财务金融属性，对优先股及其组合产品的应用进行了探索性研究。具体而言，本文主要研究内容如下:第1章指出了本文研究的背景和意义，并在对国内外相关文献进行归纳梳理的基础上导出了本文选题的依据和方向，从而进一步概括了本文研究主要内容及技术路线，最后总结出本文研究的主要贡献以及存在的不足；第2章主要为战略性新兴产业相关融资理论阐述，笔者首先对战略性新兴产业的内涵与特征加以界定，接着对相关融资模式（市场主导型与政府主导型）理论进行比较分析，进而阐述了战略性新兴产业与融资模式相互影响机理；第3章主要以发达国家为研究对象，分析了美国、日本和德国战略性新兴产业的融资模式，并通过对这三个典型国家战略性新兴产业融资模式的比较，获得一些有意义的启示；第4章首先介绍了我国战略性新兴产业的发展现状，并在阐述战略性新兴产业生命周期不同阶段的财务金融属性的基础上，分析了我国战略性新兴产业的主要融资来源，并以我国战略性新兴产业上市公司为研究对象，实证分析了我国战略性新兴产业的融资效率，最后通过对我国金融体制的分析，指出其与战略性新兴产业发展的体制错配问题，以及我国战略性新兴产业不同发展阶段的融资模式存在错配；第5章主要从宏观层面分析了我国战略性新兴产业融资模式的创新路径，如设立政府先导基金、发展知识产权质押融资模式、创新债券融资模式、多角度探索VC/PE模式的创新、推行优先股制度、探索多种融资模式风险分担机制等；第6章通过个案研究对我国战略性新兴产业融资模式创新进行了探讨，选择对阿里巴巴发展历程中所采取的融资模式进行分析，总结了战略性新兴产业在融资模式选择中所应汲取的经验教训；第7章为本文的总结部分，通过对本文研究结论的归纳概括，进一步指出笔者未来应继续努力研究的方向。更多还原

【Abstract】 The global financial crisis, originally caused by2007US subprime mortgage, hasdone and is still continuously doing harm to the world economy system. To get throughthis crisis, as well as to seize the advance position in the world economy, both developedcountry and emerging market have programmed plans and established policies to supportthe emerging industries.The financial crisis occurred at a very special period while our nation is facing theturning point of economy development. The triple problem of “financial crisis”,“economytransformation” and “middle income trap” called for new strategic economy plan. Hence,we have raised emerging industries as an important part of national strategy.On October18,2010, the State Council issued the "State Council Resolution onAccelerating the Strategic Emerging Industries". Moreover, CPC Central Committee alsosuggested “develop modern industry system, strengthen core competency, reform andimprove manufacturing and foster strategic emerging industry” in the12thfive year plan,indicating the importance of strategic emerging industry.On July20,2012, the Chinese government stated target of emerging industrydevelopment in the “Emerging Industry Development Plan of12thFive Year Plan Period”.The target includes “average20%growth”,“formation of numerous leading enterpriseswith independent innovation abilities, advanced technology and multiple industrialagglomerations with unique feature”.According to the plan, by2015, emerging industries growth should account for8%ofGDP, with an important role in industrial restructure, green economy, the improvement ofhealth and employment rate; by2020the emerging industry will become the new engine ofeconomy and its growth will account for15%of GDP, from which we will see GreenInitiative, new IT, Biotech, and high-end equipment manufacturing become pillar industrywith global advance technique; new energy, new material and new energy automobile will become forerunner industry. Chinese government and local government will createstrategic plan to support developments of these industries accordingly.Strategic emerging industries met with many challenges for us to face, for itsperceptiveness, interdisciplinary and cross-industry complexity, progression growth,sustained development and other characteristics. There are a lot of new subjects to bethoroughly and systematically studied, one of which is how to promote efficient andbalanced development of strategic emerging industries via innovation of financial system.It is obvious that the development of strategic emerging industries requires not onlythe macro policy guidance, but also support of financial resources.Unfortunately, China’s current financial system relies on the basis of development oftraditional industries in the past30years which means it is lagged, mismatched and lack ofinnovation. Therefore, it is an important subject as to how to build proper financingsystems and patterns fitting the emerging industries.Currently, China academia focus more on the natural, development history and policyframework of emerging industries with concern of industrial economics, and have achievedmany consensus. However, we are lack of systematic research on financing pattern ofemerging industry.In this article, the author starts from corresponding characteristics of emergingindustry and financing theories, and then analyzes the status quo of financing patterns bycomparison between domestic and offshore, attempting to build a systematic financingmode, with a specially focus on operation risks and financial characteristics in differentstages of industrial life cycle. And at last, it explores the application of preferred stock andthe preferred stock package.Specifically, the main contents of the dissertation are as follows: Chapter1describesthe background and significance of the study, gives a summary of relevant literature ofboth home and abroad so as to interpret the basis of this study and its relevant approach.Further along this line, it concludes the main contributions of this dissertation as well as itsshortcomings. Chapter2covers the theoretical part. The author defines the nature andcharacteristics of emerging industries, then makes an analysis of the difference betweenmarket-oriented and policy-oriented financing models to further dig into how financingissues affect the development of emerging industry. In Chapter3, by taking financingmodels from developed countries including US, Japan and Germany as role model, the author aims to arrive at some valuable inspirations by comparing their characteristics.Chapter4introduces China’s strategic emerging industry development and performs aresearch on financing resources available to emerging industries in the different stages oflife cycle, featured with their traits. It also discusses about the financing efficiency byusing samples of public listed companies and demonstrates the financing resourcesmismatch caused by finance system and patterns, in different lifecycle stages of emergingindustries. In Chapter5, the author explores the feasibilities of different innovation routesof emerging industry financing from the macro-policy aspect. Potential measures includes:government sponsored financing vehicles, intellectual property backed commercialmortgage, innovative bond, innovative VC-PE business model, preferred stock mechanism,multi-model risk allocation financing and etc. In Chapter6, the author performs casestudies on emerging strategic industry financing, namely focus on Alibaba’s financingmodel, to surmise the lesson we learned from current finance model selection. Chapter7isthe conclusion part in which it discusses the potential further research of this research field.更多还原