摘要
对国内外政府引导基金的发展研究进行系统性综述,从设立动机、发展模式和投资结果三方面进行梳理,运用CiteSpace对检索到的国内外文献进行比较分析。研究结果表明:国内关于政府引导基金的研究在文献数量、共现强度等方面均与国外存在一定差异,尚未形成明确的研究聚类;目前政府引导基金的研究热点和前沿已从数量规模分析转为基金质量绩效评价,特别是对基金质量的多角度综合绩效考量。基于此,进一步对综合考虑政府引导基金多种绩效的前沿研究方向进行展望分析,通过构建多目标投资组合选择模型,为政府引导基金提供综合考虑经济绩效、创新绩效和社会绩效的投资决策机制,以解决社会资本和政府资本投资目标不一致而产生的矛盾,进而达到吸引社会资本、优化基金结构、提高综合投资效益的目的。
This paper makes a systematic review of the development research of government-guided funds at homeand abroad, combs three aspects of motivation, development mode and investment result, and uses CiteSpace tocompare and analyze the literature retrieved at home and abroad. The results show that: domestic researches ongovernment-guided funds have some differences with foreign countries in literature quantity and co-occurrenceintensity, and have not yet formed a clear cluster of studies;at present, the research focus and frontier of governmentguided funds have changed from quantitative scale analysis to fund quality performance evaluation, especially themulti-angle comprehensive performance consideration of fund quality. Based on this, the paper further looks forwardto research direction of the multi-performance of government-guided funds, and provides the investment decisionmaking mechanism for government-guided funds to consider the economic performance, innovation performanceand social performance comprehensively by constructing the multi-objective portfolio selection model, so as to solvethe contradiction caused by the inconsistency of social capital and government capital investment objectives, andthen achieve the purpose of attracting social capital, optimizing the fund structure and improving the comprehensiveinvestment benefit.
作者
齐岳
廖科智
张天媛
冯筱瑢
Qi Yue;Liao Kezhi;Zhang Tianyuan;Feng Xiaorong(China Academy of Corporate Govemance/Collahorative Innovation Center for China Economy/Research Center for Theoretical System of Socialism with Chinese Characteristics,Nankai University,Tianjin 300071,China;Department of Financial Management,Business School,Nankai University,Tianjin 300071,China)
出处
《科技管理研究》
CSSCI
北大核心
2020年第4期24-33,共10页
Science and Technology Management Research
基金
国家社会科学基金项目“金融创新背景下多目标公司治理投资支持实体经济研究”(18BGL063)。
关键词
政府引导基金
科学计量学
多目标投资组合选择模型
投资绩效
权衡取舍
government-guided funds
scientometrics
multi-objective portfolio selection model
investment performance
trade-off
