我国政府资金股权投资模式创新研究

摘要

With the development of equity investment (PE /VC)and found of funds (FOF),fiscal funds equity investment mode of science and technology enterprise in our country is constantly improving as well.Firstly,this paper analyzes the operation characteristics of FOF.On this basis,it analyzes direct and indirect equity investment operation modes of fiscal funds and points out the exiting diversified government leading funds do not play the operation advantage of FOF.There-fore,this paper suggests setting up FOF leading fund based on the operation modes of leading fund and FOF according to the purpose of fiscal funds equity investment,that is the function of enlarging,amplifying,specializing and marketizing the capital.Additionally,it designs its operation mode.%分析母基金的运作特点，在此基础上剖析我国政府资金直接股权投资和间接股权投资运作模式，并指出虽然现有各类引导基金是间接股权投资的典型方式但并未发挥母基金运作模式的优势；建议依据政府资金股权投资引导、放大、专业化和市场化的宗旨，借鉴现有引导基金和母基金运作模式设立母基金引导基金，并设计其运作模式。