中国产业投资基金的发展战略与模式选择

第26卷第5期财经研究Vol.26No.52000年5月TheStudyofFinanceandEconomicsMay.2000*季敏波1,徐莉芳2(1.,200433;2.,310027):中国产业投资基金业的战略目标是用15年左右的时间,分三步把中国产业投资基金发展成为组织形式多样,在总量结构机制上能基本满足促进中国产业发展和国有经济战略性重组的需要,成为中国金融业和国家创新体系中不可或缺的组成部份在中国产业投资基金的模式选择上,提出了两类发起人和三种发起方式,多样化的资金来源,渐进式的组织形式,权变式的监管体制,市场激励和物质激励并重的激励机制,单独的立法模式:产业投资基金;发展战略;模式选择:F830.91:A:10019952(2000)05003706,,,,,,,,,,,1,,,19901,1996,199767780(1998!,1998)19977:20000301:(1964),,,,;(1966),,,∀37∀,19911998133%(,1998)1990800,,,,2,,1%-3%,10,10002000,3%3,,,,,4,,,::,,,,:,,,:,,,,,,,1,,,,,,,,(),,∀38∀,,(25%),,3,5,1000,,70%,,:(1),,,,,(2),,,(3),,;,2,,(1),,,,15,2000,3;(),(2)#∃,#∃,,;,,#∃#∃,,#∃,#∃,,,3,,,,,,,,,;,∀39∀,,,,5000,504,,,,,,,,,#∃,,,,#∃,70%-80%,,20%-30%,#∃,,,,,:,!5,,:#∃;#∃;#∃,,,#∃,,,,,,,,,:;,,;∀40∀,,,;,,,6,,,,,;,,,7,,,,,,,,,,;#∃,,,,;,8,,1995!,,1992!,,:!;!;,,,!!!!!!,,,,#∃,,!∀41∀!!!!,,,,!,,,,!*,:[1]WillianA.Sahlman.TheStructureandGovernanceofVenturecapitalOrganizations[J].JournalofFinancialEconomics27,1990.[2]PaulGomperandJoshLerner.AnAnalysisofCompenastionintheU.S.VentureCapitalPartnership[J].JournalofFinancialEconomics,51,1998.[3]PaulGomperandJoshLerner.VentureCapitalDistributions:ShortrunandLongrunReactions[J].theJournalofFinance.Vol.liii,No.6,1998.[4].[M].:,1999.[5].:[M].:,1998.[6].[J].,1998(6).[7].[J].,1999(7).DevelopmentStrategyandModelSelectionofIndustrialInvestmentfundinChinaJIMinbo1,XULifang2(1.SchoolofInternationalBusinessManagment,ShanghaiUniversityofFinanceandEconomics,Shanghai,China,200433;2.SchoolofEconomics,ZhejiangUniversity,ZhejiangHangZhou,China,310027)Abstract:TheauthorsthinktheChina%sIIF(IndustrialInvestmentFund)strategictargetistomeettherequirementsofstimulatingtheindustrialdevelopmentandrestructuringstateownedeconomy,anditwillbeessentialcomponentsofChina&sfinanceindustryandNationalInnovationSystem.ItconsidersthattherearetwotypesofsponsorsandthreetypesofsponsorshipmodesforChinatoselectthemodelofdevelopingIIF.Thefundshouldhavemanyimportantcharacters:greatsize,diversifiedfinancialresources,gradualorganizationforms,flexiblemonitoringsystem,themarket-basedincentivesandmaterialincentives,independentlegislativemodel,etc.Keywords:industrialinvestmentfund(IIF);developmentstrategy;modelselection∀42∀