摘要
政府引导基金是科创投入的重要组成部分,对发展核心和新兴科技至关重要。国际经验显示,政府引导基金主要投资与早期小企业及高技术企业,政府可以通过法律制度、税收优惠等方式全方位支持引导基金发展,并完善让利机制和资本市场结构,拓宽政府引导资金的退出渠道。我国政府引导基金运作经过近20年的发展,管理和运作逐步完善和成熟,但在募投管退四个环节均存在不足。本文在总结国际经验的基础上,提出了我国政府引导基金应调整战略定位、完善募投管退各环节的相关政策建议。
Government-guided funds are important inputs for technology innovation, and crucial to the development of core and emerging technologies. International experience shows that government-guided funds invest mainly in small start-ups and high-tech enterprises. The government can promote the guided funds through proper legal system, tax incentives and other supportive measures, and broaden the exit channels for government funds through improving the profit-sharing mechanism and capital market structure. In China,the management and operation of government-guided funds has gradually improved and matured after nearly 20 years of development, yet, numerous deficiencies remain. To enhance efficiency of such funds, we suggest adjusting the strategic positioning of guided funds, and improving the procedures of fund raising, investment,management and exiting.
出处
《金融市场研究》
2022年第4期1-12,共12页
Financial Market Research
关键词
政府引导基金
科技
资本市场
私募基金
Government-Guided Funds
Science and Technology
Capital Market
Private Equity Fund
