【作者】 王雅静；

【导师】 张维；

【作者基本信息】 天津大学 ， 金融学， 2007， 硕士

【摘要】 近年来,随着科技型中小企业对于国家技术创新和经济发展作用的显现,天使投资日益受到人们的关注。天使投资是科技型中小企业种子期和初创期的主要融资来源,对企业的生存和发展具有重要意义。我国的天使资本市场还处于早期阶段,规模小,力量分散,还不能担负国外天使所承担的使命,因此政府资金应当介入其中。目前,政府资金的介入以创新基金影响最广、力度最大。本文以天使投资为参照,分析了创新基金的运作效果,发现在创新基金的执行中,存在着一个现实悖论:其政策性目标的成果超越了天使投资,但其引导性却不足,远不如天使投资的效果。本文主要从天使投资的角度研究了创新基金现实悖论的问题成因,并尝试提出相关的改进意见和建议。创新基金是政府资金对天使资本市场的直接介入,通过对其研究发现,创新基金在形式上具有天使投资的特性,在我国扮演了天使的角色;创新基金的产生有其借鉴依据,其现实悖论产生原因不能简单归结为其资金的政府性质。本文采用委托-代理模型分析了创新基金的体制设计,模型能够取得最优解,说明创新基金扶持方式的设计能够使政府和企业双方达到收益的最大化。因此,创新基金的体制设计是合理的,通过有效控制体制中的各个环节,我们可以取得预期效果。本文通过对创新基金中的各项机制分析,发现在创新基金的执行中,缺乏天使投资人的专业知识和技能,不具备风险投资的理念,这是导致创新基金现实悖论的根本原因。本文认为,改善创新基金的部分运作机制,将私人投资者引入到市场中,激励他们对政府期望的领域进行投资;并分区域、分时段逐渐退出风险资本市场,将市场主导权最终交与私人投资者。本文也为创新基金的退出提出了一个设想,创新基金应该分时间、分层次地逐步退出,在程序上遵循一个四步骤循环过程。更多还原

【Abstract】 In recent years, as SMEs becomes increasingly important in promote regional innovation and economy, angel investment begins draw the world’s attention. Angel investment is the main resource for SMEs financing at their seed and stare-up stages, and bring for the companies more than what they invest, which decides its importance in innovation and economic development in one country. However, angel capital market in China is still in its early stage. Although there are angels gradually emerging, it’s far from sufficient to meet SMEs needs. So there comes Innofund (Innovation fund for technological firms). Innofund is one of governmental fund, and is the most influencing among its peers. Nevertheless, there is little study on it from angel investment perspective. The article is a new try from angel investment angle, and finds that there is an inconsistency in its implementing results. It supports many SMEs to succeed in one hand and even exceeds angel investment in its policy goal, but totally fails in its leading role and introduces almost no venture capital in. So, the article is to dig out the causes behind this inconsistency, and finds ways to improve it. Innofund is the direct intervention of our government. Through the study, we can conclude that Innofund has had features of angel investment in its implementation, and plays the role of angels. This form has been proved to be effective in many capital markets, so we cannot due the inconsistency problem to it consequently.The article adopts principal-agent model to analyze Innofund’s system. Innofund supports the companies with money as need, and by designing fund scale properly, namely, through calculation of the incentive function correctly, the model could get maximum results, which means Innofund system could take maximum benefits for both sides. From this perspective, the system is reasonable and necessary.The article also analyzes the mechanisms of Innofund, found that it lacks knowledge and expertise of the angels badly, and is not consistent with the venture capital concepts. These finally cause the inconsistency above-mentioned. To amend this problem, the Innofund must introduce in the professional angel investors and the investing concepts, let the private investors develop the venture capital market themselves,and exits the market finally. The article proposes a four-step rotating development procedure, along which Innofund guides the development of the angel capital market and gradually exits the market at the same time.更多还原