摘要
科技创新是国家的核心竞争力,存在复杂性和偶然性,特别需要风险投资和私募投资基金的长期支持。对杭州、合肥、深圳、上海、北京等地的调研发现,我国股权投资在募投管退四个方面仍存在不足。一是长线资金配置比例低、地方财力有限、国际资金减少等导致募资难;二是国有资本主导,市场化资金不足,地方政府替代市场职能导致投资存在隐忧;三是审批式监管导致项目管理限制过多,监管不确定性较大,税收等优惠政策落地存在难度;四是退出渠道不畅,上市趋紧,并购退出占比低。为加强对科创企业的长期资金支持,需从完善长期资本投资机制、健全政府性基金管理运作机制、优化监管与考核、畅通股权投资退出渠道四个方面进一步完善我国股权投资市场。
Technological innovation is the core competencies of the country,with complexities and contingencies that require,in particular,long-term support from venture capital and private equity funds.Research on Hangzhou,Hefei,Shenzhen,Shanghai,Beijing and other places found that China's equity investment in the four aspects of fund-raising,investment,management and retirement are still deficient.First,the low proportion of long-term capital allo-cation,limited local financial resources,and the reduction of international funds have led to difficulties in fund-rais-ing;second,the dominance of state-owned capital,the lack of market-oriented funds,and the substitution of market functions by local governments have led to hidden concerns about investment;third,approval-based regulation leads to too many restrictions on project management,greater regulatory uncertainty,and difficulties in landing preferential policies such as taxation;fourth,poor exit channels,tightening of listing,and a low proportion of M&A exits.In or-der to strengthen the long-term financial support for science and innovation enterprises,it is necessary to further im-prove China's equity investment market in four aspects:improving the long-term capital investment mechanism,im-proving the management and operation mechanism of governmental funds,optimizing the supervision and assess-ment,and smoothing the exit channels of equity investment.
作者
张雪春
苏乃芳
Zhang Xuechun;Su Naifang(PBC Research Bureau,Beijing 100032,China;PBC Financial Research Institute,Beijing 100032,China)
出处
《金融发展研究》
北大核心
2023年第7期56-64,共9页
Journal Of Financial Development Research
关键词
风险投资
私募投资基金
科技创新
venture capital
private investment fund
technological innovation
