河北省政府引导基金的投资运营管理——以节能环保领域为例(2)

Abstract

Abstract

The government assumed the functions of creating good investment environment, legal and policy guarantees, and the like government in the process of implementing financial supervision and standardizing the investment behavior. It not only controls the industries through macro-control, but also can guide and support social capital and venture capital enterprises through direct capital entrance. Government guidance fund, as a financial means, plays an increasingly important role in the aspect of government supervision and service level on finance by the aid of its unique driving effect. In the key period of Hebei province of updating industry, encouraging innovation, and supporting financial development, the financial system in Hebei province can be developed more soundly and healthily through correctly recognizing the active role of government guidance fund and avoid the administrative and market risk that may arise in the process of advancing the policy. Energy saving and environmental protection industry venture investment is an important block in the field of government guidance fund investment. The venture investment in the energy-saving environmental protection industry is prominently more important under the context of increasing serious environmental pollution in Beijing, Tianjin and Hebei in recent several months especially with proposal of ‘Beautiful China’ concept in China currently. We combine the above industry background and the regional factor that Hebei is close to Beijing and Tianjin, it is a major topic in front of us to drive the development of energy-saving and environment protection industry in the province by the aid of Hebei provincial government guidance funds, and to further improve the actual operation level of government guidance funds.

The paper adopts an example of Hebei Zhonghong energy saving and environmental protection venture capital fund, which is guided by Hebei provincial government in 2013. We domestic and foreign operating model and implementation details in the record about government guidance fund, and analyze the mode and methods that can be consulted by our province as well as the problems in our provincial government guidance fund at the same time, thereby exploring a feasible method of government guidance fund, which is suitable for Hebei Province.

Key words The government guide fund energy conservation and environment protection,Venture capital

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目 录

目 录

导 论........................................................................................................................................1 第1章 政府引导基金的发展历程及运作机制....................................................................5

1.1 政府引导基金的定义及发展历程............................................................................5

1.1.1 政府引导基金的定义......................................................................................5 1.1.2 国外政府引导基金概况..................................................................................5 1.1.3 我国政府引导基金的发展历程及现状分析..................................................8 1.2 政府引导基金的作用..............................................................................................13

1.2.1 引导社会资本，推动社会资本的聚集机制................................................13 1.2.2 鼓励创新型企业，合理配置资源................................................................13 1.2.3 明确投资方向................................................................................................13 1.2.4 人才发展战略................................................................................................13 1.3 政府引导基金的运作模式......................................................................................14 1.4 创投机构与中国主要政府引导基金合作情况分析..............................................15

1.4.1 创投机构与中国主要政府引导基金合作条件............................................15 1.4.2 创投机构与中国主要政府引导基金合作现状............................................24

第2章 河北省政府引导基金的设立标准..........................................................................27

2.1 河北省政府引导基金的设立标准..........................................................................27

2.1.1 新兴产业创投计划参股创业投资国家基本要求........................................27 2.1.2 投资产业及阶段............................................................................................27 2.1.3 河北省政府引导基金管理要求....................................................................28 2.1.4 河北省政府引导基金申请条件....................................................................29 2.1.5 河北省政府引导基金激励体系....................................................................29 2.1.6 河北省政府引导基金基金管理人（管理机构）基本要求........................30 2.1.7 河北省政府引导基金申报审批流程............................................................32 2.1.8 政府引导资金在基金中的权益....................................................................33 2.2 河北省创业投资基金的发展历程..........................................................................34

III

目 录

2.2.1 河北省备案创业投资企业汇总....................................................................34 2.2.2 河北省创业投资政府引导基金基本情况....................................................36

第3章 河北省节能环保产业及初创企业现状分析..........................................................38

3.1 节能环保产业背景..................................................................................................38

3.1.1 世界工厂之痛................................................................................................38 3.1.2 环境问题成因——以污染换GDP...............................................................39 3.2 节能环保产业将爆发巨大的投资机会..................................................................39

3.2.1 环境危机下蕴藏的投资机会........................................................................40 3.2.2 市场——环保板块前景明朗........................................................................40 3.2.3 投资——以价值投资为主............................................................................40 3.3 在河北省设立节能环保基金的优势及必要性......................................................41 3.4 在河北省设立节能环保基金的运作空间和机遇..................................................41 3.5 河北省节能环保企业现状......................................................................................42 第4章 河北省节能环保创业投资引导基金的基本结构及框架......................................44

4.1 基金概况..................................................................................................................44 4.2 引导基金设立的基本要求......................................................................................45 4.3 基金管理架构..........................................................................................................45

4.3.1 管理公司组织架构........................................................................................45 4.3.2 管理架构........................................................................................................46 4.4 项目遴选程序..........................................................................................................46

4.4.1 投资管理公司遴选项目程序........................................................................46 4.4.2 项目遴选决策流程图....................................................................................47 4.5 项目决策机制..........................................................................................................48 4.6 投资托管..................................................................................................................48 4.7 风险防范..................................................................................................................48 4.8 投资退出..................................................................................................................49 4.9 经营期限..................................................................................................................49 第5章 主要结论和前景展望..............................................................................................50

5.1 主要结论..................................................................................................................50

IV

目 录

5.1.1 资金来源缺乏持续性....................................................................................50 5.1.2 基金管理人/管理机构的专业性有待提高...................................................50 5.1.3 市场化运作不足............................................................................................50 5.2 对河北省政府引导基金发展的建议......................................................................51

5.2.1 放宽投资限制................................................................................................51 5.2.2 政府与民间资金共同承担资金风险............................................................51 5.2.3 政府应多角度提高除资金以外的增值服务................................................51 5.3 前景展望..................................................................................................................51 参考文献..................................................................................................................................52 致 谢......................................................................................................................................54

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导 论

导 论

1.研究背景

政府引导基金通过引导创业投资行为，支持初创期科技型中小企业的创业和技术创新。政府在发挥金融监管、规范投资行为的过程中，承担了创造良好的投资环境、法律政策保障等职能，除通过宏观调控进行行业把关以外，也会通过直接的资本进入，对社会资本及创投企业进行引导、扶持。1998年“十一五”政策出台，随即，以“自主创新”为核心的国家战略也成为中国的风险投资行业发展的基石，极大的开启了整个金融市场创业投资的历史篇章。创业投资的外部环境优化从2005年开始，2005年11月15日，国家发展和改革委员会、科技部等十部委共同发布了《创业投资企业管理暂行办法》，为创业投资行业的整体发展奠定了基础。创业投资的真正大发展始于2009年的创业板启动，也是从这一年起，创投机构及优秀的民营企业有了明确的退出渠道，我国的创投事业进入了大发展阶段。

综上所述，政府是创业投资发展的助推器，对创投行业影响深远。政府对创业投资的扶持方式分类：

图1 政府对创业投资的扶持方式

2009年以来，政府由直接投资设立创业投资公司转变为通过设立政府引导基金，利用政府资金的带动作用，吸引更多的资金进入创业投资领域，由直接投资者逐渐向间接投资者转变。市场资本需要政府资本带动的原因有二：首先创业企业规模小、商业模式

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