【作者】 王慧敏；

【导师】 周华臣；

【作者基本信息】 东北林业大学 ， 会计学， 2004， 硕士

【摘要】 产业投资基金是一种新的投资工具，是一种促进产业发展并支持经济发展的一种金融创新。中国的产业投资已取得了一定的进展，但总体上还处在初级阶段。我国政府已意识到产业投资基金的重要作用，并采用积极的措施促进产业投资基金在中国的发展。目前，发展产业投资基金并进行相关研究对中国经济的发展具有重要意义。 本文首先基于经济发达国家创业投资基金的分析，对中国的产业投资基金进行了定位。进而对中国产业投资的现状进行了分析，并探讨了现阶段发展产业投资基金对中国经济发展的意义。 然后，结合中国的实际情况，分析了中国产业投资基金应采取的组织形式、资金来源与退出机制。目前中国的产业投资基金的组织形式应该采取契约型，原因在于契约型基金的设立、运作和解散等过程比较方便；契约型基金能更好地保护投资者利益；中国目前缺乏有实力的机构投资者和普通合伙人，公司型基金难以找到必需的发起人；有利于中方对基金的控制等。基于对民间私人持有资本、保险基金和养老基金、企业资金、商业银行与证券公司资金、政府资金和外国投资资金的比较和分析，目前居民应该是中国产业投资基金最大的投资主体，它与保险资金、企业、政府、外国投资者等共同构成产业投资基金的资金供应方。中国产业投资基金在发展初期可采取公开上市、公司或创业家本人购买、大企业兼并收购、买壳上市或借壳上市、较长时期内持有创业企业的股份等多种退出机制。 最后，通过对中国产业投资基金发展环境的分析，提出了中国产业投资基金的发展模式和战略措施。中国产业投资基金的发展模式：①采取由经验丰富的金融企业和产业公司发起并吸收国家的贷款或基金，或由中外双方有实力的投资公司共同组成境外中国产业投资基金，或直接向社会发行可上市流通的产业投资基金等三种设立方式；②提高单个产业投资基金的规模，并充分发挥产业投资基金的专业优势；③建立和完善中国产业投资基金的管理体制；④为产业投资基金单独立法。 发展中国产业投资基金的战略措施：①建立健全有效的创业投资机制；②建立有效的科技创新机制；③扩大产业投资基金的资金来源；④开发创业投资保险业务；⑤建立健全社会化服务体系；⑥建立和完善退出机制；⑦转变政府职能，引导社会资金的流向；⑧完善有关法律法规，为创业投资提供完备的法律保护体系。更多还原

【Abstract】 Industrial investment fund (IIF) is not only a new kind of investment instrument but also a kind of innovative financial system which can speed up industrial development and over all economic development. Chinese industry investment had made some progress but it is still in primary stage. Our government has realized the importance of IIF and has employed positive policies to promote IDF in China It is important for Chinese financial development to develop IIF and make relevant study.First of all, Chinese IIF is defined based on the analysis of venture capital in the developed country in this work. The status of Chinese industry investment is analyzed and the effect of developing IIF on Chinese economy is discussed.Secondly, the organizational form, fund source and withdrawing mechanism of Chinese IIF are discussed based on Chinese reality. Contract fund is the adoptable form for Chinese IIP at present The foundation, operation and withdrawing processes of contract fund are easy. Contract fund is better in protecting the investor’s benefit than corporate fund. It is difficult to find the necessary organiger for corporate fund because the capable institution investor and common partner are absent in China. Contract fund is convenient for Chinese investor to control the fund. Presently, it can be concluded the denizen should be the primary investor of Chinese IIF based on the comparison and analysis of the capitals from common people, insurance found, enterprises, commercial banks, government and external investor, they provide capital for Chinese IIF together. Chinese IIF in the initial stage can select several withdrawing mechanisms, such as IPO, purchased by corporation, merger and acquisition, buying shell or alliance, and keeping the stock for along time.In the end, the development mode and strategy of Chinese IIF are brought based on the analysisof the Chinese economic environment. The development mode of Chinese DDF involvesfoundation manner, fund scale, management mechanism and legislative mode. The developmentstrategy of Chinese IIF is discussed in constructing and perfecting effective venture capitalmechanism, constructing effective technological innovation mechanism, expending the fundresource of IIP, developing insurance for venture capital, constructing and perfecting socializedservice system, constructing and perfecting withdrawing mechanism, leading the social fund bytransformation of governmental function and perfecting the relevant Laws and Regulations.更多还原