發(fā)布時間：2018-05-28 02:34

  本文選題：創(chuàng)業(yè)投資 + 引導(dǎo)基金��； 參考：《重慶大學(xué)》2012年博士論文

【摘要】：我國從1985年開始探索運用財政資金扶持創(chuàng)業(yè)投資發(fā)展。過去20多年的主要做法是通過財政出資設(shè)立國有創(chuàng)業(yè)投資公司，直接從事創(chuàng)業(yè)投資。在運作過程中不可避免地遇到了難以建立收益激勵機(jī)制和風(fēng)險約束機(jī)制，以及難以發(fā)揮財政資金杠桿放大作用的問題。2005年后，我國政府開始嘗試設(shè)立創(chuàng)業(yè)投資引導(dǎo)基金，即通過扶持商業(yè)性創(chuàng)業(yè)投資企業(yè)的設(shè)立與發(fā)展，引導(dǎo)社會資金進(jìn)入創(chuàng)業(yè)投資領(lǐng)域，自身不直接從事創(chuàng)業(yè)投資，并且不以營利為目的。引導(dǎo)基金的設(shè)立避免了政府過分干預(yù)市場運作的缺陷，又可以充分發(fā)揮財政資金的杠桿效應(yīng)，以吸引更多的創(chuàng)業(yè)資本投向處于種子期及初創(chuàng)期的科技創(chuàng)新企業(yè)，解決單純通過市場配置創(chuàng)業(yè)資本的缺陷。引導(dǎo)基金的出現(xiàn)標(biāo)志著政府促進(jìn)創(chuàng)業(yè)投資發(fā)展方式的轉(zhuǎn)變，是中國創(chuàng)業(yè)投資事業(yè)發(fā)展的重要里程碑。 本文從政府引導(dǎo)創(chuàng)業(yè)投資發(fā)展的視角出發(fā)，以私人創(chuàng)業(yè)資本、創(chuàng)業(yè)投資企業(yè)、創(chuàng)業(yè)投資家作為研究對象，在廣泛搜集國內(nèi)外相關(guān)研究文獻(xiàn)與政策法規(guī)的基礎(chǔ)上，參考國外引導(dǎo)基金的運作模式，結(jié)合我國資本市場的客觀條件和政策背景，針對目前我國引導(dǎo)基金激勵機(jī)制不足的主要問題，探討了參與各方在創(chuàng)業(yè)投資各階段的利益博弈及相應(yīng)的激勵機(jī)制設(shè)計，以期為改進(jìn)和提高我國創(chuàng)業(yè)引導(dǎo)基金的運作效率提供理論支持和政策建議。論文的主要研究內(nèi)容包括： 1、吸引私人資本進(jìn)入創(chuàng)業(yè)投資的補(bǔ)償機(jī)制研究。公共資本介入創(chuàng)業(yè)投資活動的目的之一是為了增加對早期階段創(chuàng)新項目的投資，而基于風(fēng)險/收益的權(quán)衡，這一目標(biāo)通常與利潤最大化目標(biāo)相沖突。因此，為吸引更多私人資本進(jìn)入創(chuàng)業(yè)投資領(lǐng)域，公共資本必須對其進(jìn)行補(bǔ)償。各國政府目前對私人資本的補(bǔ)償機(jī)制多種多樣，這些補(bǔ)償機(jī)制的特征是什么，對私人資本的激勵強(qiáng)度如何，對社會福利有何不同的影響，如何針對各地不同的情況選擇合適的補(bǔ)償機(jī)制？對這些問題的回答是本部分所研究的主要問題。 2、多目標(biāo)環(huán)境下對創(chuàng)業(yè)投資企業(yè)的激勵機(jī)制研究。對商業(yè)性創(chuàng)業(yè)投資的理論研究表明，簽訂按可觀察的產(chǎn)出（利潤）為基準(zhǔn)的分成制契約可以有效解決出資人和創(chuàng)投企業(yè)之間的代理問題。而在引導(dǎo)基金運作中，創(chuàng)投企業(yè)通常同時兼顧政府特定項目和自選項目的投資，因此固定比例的分成制契約可能會扭曲創(chuàng)投企業(yè)的激勵：投資處于后期階段的項目風(fēng)險更小，平均收益可能更高，創(chuàng)投企業(yè)沒有激勵實現(xiàn)政府希望增加對早期階段創(chuàng)新項目或特定行業(yè)（領(lǐng)域）投資的目標(biāo)。而強(qiáng)制規(guī)定創(chuàng)投企業(yè)必須以一定比例投資于政府指定項目的做法通常不能滿足其激勵相容約束。因此如何設(shè)計適當(dāng)?shù)募�勵契約，使創(chuàng)投企業(yè)在投資項目的選擇上能夠自愿兼顧自身收益和政府目標(biāo)是本部分所探討的主要問題。 3、基于代理人私利的創(chuàng)業(yè)投資家激勵機(jī)制研究。已有研究通常都假定創(chuàng)業(yè)投資家以追求項目收益最大化為目標(biāo)，除此之外沒有其它私人目標(biāo)，因此對創(chuàng)業(yè)投資家的激勵主要限定在如何刺激其努力投入和防范合謀上。本部分則將創(chuàng)業(yè)投資家從事創(chuàng)業(yè)投資活動的收益劃分為：內(nèi)部私人收益和外部私人收益兩個部分，在實物期權(quán)框架下分析了最優(yōu)激勵合約的設(shè)計，討論了不同代理人私利對最優(yōu)投資時刻、激勵效率和激勵成本的影響。 本論文的創(chuàng)新之處在于： 1、將實踐中對私人資本的多種不同補(bǔ)償方式按其特征明確劃分為虧損保底、虧損補(bǔ)償、收益補(bǔ)償、風(fēng)險/收益獨享4種方式，在私人投資者風(fēng)險規(guī)避假設(shè)下證明了事前承諾對虧損進(jìn)行補(bǔ)償?shù)臋C(jī)制可以最有效地激勵私人資本的進(jìn)入，而當(dāng)前實踐中通常采用的收益補(bǔ)償?shù)姆绞绞且环N雙輸機(jī)制。從而為現(xiàn)行補(bǔ)償機(jī)制的改進(jìn)提供了理論依據(jù)。 2、將創(chuàng)業(yè)投資企業(yè)的激勵問題模型化為一個多任務(wù)環(huán)境下的激勵合約設(shè)計問題，通過引入不同任務(wù)間產(chǎn)出的關(guān)聯(lián)性和任務(wù)的相對重要性，本文首先從理論上證明，如果任務(wù)間的產(chǎn)出分布正相關(guān)，或任務(wù)間的重要性存在差異，則最優(yōu)的激勵合約可以是對抗性，即在提高一種任務(wù)激勵強(qiáng)度的同時必須降低另一任務(wù)的激勵強(qiáng)度。這就從理論上拓展了Holmstrom和Milgrom（1991）關(guān)于不同任務(wù)間的激勵強(qiáng)度必須互補(bǔ)的經(jīng)典結(jié)論；從實踐上本文還證明，對政府指定項目和創(chuàng)業(yè)投資家自選項目應(yīng)實施差別激勵，特別地，如果指定項目對政府而言非常重要，那么其激勵強(qiáng)度應(yīng)該嚴(yán)格高于自選項目；若政府組建不同類型的創(chuàng)業(yè)投資基金，分別從事政府指定項目和自選項目的投資，則政府能夠從這種專業(yè)化分工模式中獲得更高的凈剩余；而在專業(yè)化分工模式中，對創(chuàng)業(yè)投資家實行相對業(yè)績比較的激勵政策可以進(jìn)一步提高政府效用。 3、通過引入代理人私利因素拓展了前人對創(chuàng)業(yè)投資家激勵機(jī)制的研究，，從如何激勵創(chuàng)業(yè)投資家選擇最優(yōu)投資時刻這一新的視角出發(fā)探討了代理人不同類型的私利對激勵合約的影響，發(fā)現(xiàn)了創(chuàng)業(yè)投資家的外部私人收益與因掌握信息優(yōu)勢而獲得的內(nèi)部私人收益對最優(yōu)投資時機(jī)選擇正反兩方面的作用及其影響機(jī)制。
[Abstract]:Since 1985, China began to explore the use of financial funds to support the development of venture capital. The main practice of the past 20 years is to set up state-owned venture capital companies through financial investment, and directly engage in venture capital. In the process of operation, it is inevitable that it is difficult to establish income incentive mechanism and risk constraint mechanism, and it is difficult to play financial capital. After.2005 years, our government began to try to set up a venture capital guidance fund, that is, by supporting the establishment and development of commercial venture capital enterprises, leading social funds into the field of venture capital, not directly engaged in venture capital, and not for profit making purposes. The establishment of guidance fund has avoided the government. The overintervention of the defects in the market operation can also give full play to the leverage effect of financial funds, in order to attract more venture capital to the technological innovation enterprises in the seed period and initial stage, and to solve the defects of the simple market allocation of venture capital. The emergence of the guide fund marks the transformation of the government to promote the development of venture capital. An important milestone in the development of China's venture capital.
From the perspective of government guidance on the development of venture capital, this paper takes private venture capital, venture capital enterprises and venture capitalists as the research object. On the basis of extensive collection of relevant domestic and foreign relevant research documents and policies and regulations, and referring to the operation mode of foreign guidance fund, the objective conditions and policy background of China's capital market are combined. In order to improve and improve the operational efficiency of the Venture guidance fund in China, the main problems of the lack of incentive mechanism in China's guidance fund are discussed, and the theoretical support and policy suggestions are provided to improve and improve the operational efficiency of the Venture guidance fund in China.
1, a study of the compensation mechanism for attracting private capital into venture capital. One of the aims of public capital involvement in venture capital is to increase investment in early stage innovation projects, and this goal is usually in conflict with the goal of profit maximization. Therefore, to attract more private capital into venture capital, it is to attract more private capital to venture capital. In the field, public capital must be compensated. The current compensation mechanisms for private capital are varied. What are the characteristics of these compensation mechanisms, what is the incentive intensity to private capital, the difference in social welfare and how to choose the appropriate compensation mechanism for different situations in different places? The answer is the main problem in this section.
2, research on the incentive mechanism of venture capital enterprises under multi objective environment. The theoretical research on commercial venture investment shows that the signing of the divided contract based on the observable output (profit) can effectively solve the agency problem between the investors and the venture capital enterprises. In the operation of the guidance fund, the venture capital enterprises usually take into account the government at the same time. The investment of specific projects and selected projects, so a fixed proportion of the contract may distort the incentive of the venture capital enterprise: the project risk is smaller in the later stage, the average income may be higher, and the venture capital enterprise does not encourage the government to achieve the goal of increasing the investment of new or specific industry (field) at the early stage. However, it is the main problem that how to design an appropriate incentive contract so that the venture capital enterprises can give consideration to their own income and government goals voluntarily in the choice of investment projects.
3, research on the incentive mechanism of venture capitalists based on the agent's private interest. The existing research usually assumes that the venture investor aims to maximize the benefit of the project. In addition, there are no other private goals. Therefore, the incentive to the venture capitalist is mainly limited to how to stimulate its effort and guard the conspiracy. The income of the entrepreneurs engaged in venture capital activities is divided into two parts: internal private income and external private income. In the framework of real options, the design of the optimal incentive contract is analyzed. The effects of different agents' private interest on the optimal investment time, incentive efficiency and incentive cost are discussed.
The innovation of this paper lies in:
1, according to its characteristics, the different compensation methods of private capital are clearly divided into 4 ways: loss guarantee, loss compensation, income compensation and risk / income alone. Under the assumption of risk aversion of private investors, the mechanism of pre undertaking commitment to loss is proved to be the most effective incentive for private capital to enter. In practice, the way of income compensation is usually a double lose mechanism, which provides a theoretical basis for the improvement of the current compensation mechanism.
2, the incentive model of the venture capital enterprise is modeled as an incentive contract design in a multi task environment. By introducing the relevance of the output of different tasks and the relative importance of the task, this paper first proves that the optimal excitation is optimal if the output distribution between tasks is positive or the importance of the task is different. The incentive contract can be antagonistic, that is, to reduce the incentive intensity of another task while improving the intensity of a task incentive. This extends the classical conclusion of Holmstrom and Milgrom (1991) on the complementary incentive intensity between different tasks. In practice, this paper also proves that the government designated the project and the venture capitalist. Self selected projects should implement differential incentives, especially if the designated project is very important to the government, then its incentive intensity should be strictly higher than the self selected project. If the government sets up different types of venture capital funds to invest in the government designated and selected projects respectively, the government can get from this specialized division of labor model. In the mode of specialized division of labor, the incentive policy of relative performance comparison for venture capitalists can further improve the effectiveness of government.
3, through the introduction of agents' private interest factors, this paper expands the former research on the incentive mechanism of the venture capitalists. From the new perspective of how to motivate the entrepreneur to choose the best investment time, this paper explores the influence of the agent's different types of private interest on the incentive contract, and finds out the external private income of the venture capitalist and the advantage of mastering the information. The internal private benefits obtained by the potential have two positive and negative effects on the optimal investment timing and their influencing mechanisms.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F832.48

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張新立;王青建;;風(fēng)險投資家的最優(yōu)激勵契約模型研究——一種基于逆向選擇和道德風(fēng)險條件下的博弈模型分析[J];財經(jīng)研究;2006年05期

2 羅利,魯若愚;產(chǎn)學(xué)研合作對策模型研究[J];管理工程學(xué)報;2000年02期

3 吳艷芳;;創(chuàng)業(yè)投資企業(yè)的風(fēng)險控制制度研究[J];管理觀察;2009年18期

4 成思危;積極穩(wěn)妥地推進(jìn)我國的風(fēng)險投資事業(yè)[J];管理世界;1999年01期

5 劉健鈞;正確認(rèn)識創(chuàng)業(yè)資本 努力推進(jìn)創(chuàng)業(yè)投資體制建設(shè)[J];管理世界;1999年04期

6 邢毅;市場失靈—政府對高新技術(shù)產(chǎn)業(yè)規(guī)制的緣起[J];華東經(jīng)濟(jì)管理;2004年05期

7 蔡莉;于曉宇;楊雋萍;;科技環(huán)境對風(fēng)險投資支撐作用的實證研究[J];管理科學(xué)學(xué)報;2007年04期

8 錢蘋;張幃;;我國創(chuàng)業(yè)投資的回報率及其影響因素[J];經(jīng)濟(jì)研究;2007年05期

9 龔建立;徐炳炳;王飛絨;;政府性創(chuàng)業(yè)投資引導(dǎo)基金的運行模式研究[J];經(jīng)濟(jì)縱橫;2007年15期

10 張靜;吳菡;何國杰;;政府設(shè)立創(chuàng)業(yè)風(fēng)險投資引導(dǎo)基金的模式探討[J];科技管理研究;2007年02期

本文編號：1944899