国外政府产业引导基金:特征、模式与启示

发布时间：2018-06-17 02:56

本文选题：产业引导基金 + 产融结合　；参考：《地方财政研究》2017年03期

【摘要】：国外产业引导基金一般不参与直接投资经营、占整体产业投资资金规模偏小、坚持市场化的运作原则、充分利用杠杆效应以及重点投资战略新兴产业。就发展模式而言,当前国外产业引导基金有四种主要发展模式,分别是以美国为代表的市场主导型发展模式,以以色列为代表的政府主导性发展模式、以澳大利亚为代表的混合模式和以德国为代表的产业政策+引导基金的模式。基于上述经验总结,中国各级政府在发展产业引导基金的过程中,应充分发挥政府的基础性作用和杠杆性作用,充分认识产业引导基金的产融结合本质,以市场化运作作为投资基金的运作原则,兼顾政府引导和市场需求,兼顾培育新兴产业和促进传统产业升级,重视法律框架和软件建设,注重防范风险。
[Abstract]:The foreign industry guide fund generally does not participate in the direct investment management, occupies the overall industry investment fund scale to be small, adheres to the market operation principle, fully utilizes the leverage effect as well as the key investment strategy emerging industry. As far as the development model is concerned, at present, there are four main modes of development for foreign industry-led funds, one is the market-oriented development model represented by the United States, and the other is the government-led development model represented by Israel. The mixed model represented by Australia and the industrial policy guiding fund model represented by Germany. Based on the above experience, Chinese governments at all levels should give full play to the basic role and leverage role of the government in the process of developing industrial guiding funds, and fully understand the nature of industrial guiding funds' combination of industry and finance. Taking market-oriented operation as the operating principle of investment funds, taking into account the guidance of government and market demand, cultivating new industries and promoting the upgrading of traditional industries, attaching importance to legal framework and software construction, and paying attention to risk prevention.
【作者单位】：中国社会科学院;中国人民银行;
【基金】：国家社科基金重点项目“我国金融体系的系统性风险与金融监管改革研究”(批准号13AJY018)、国家社科基金青年项目“西方国家金融危机与制度弊端分析研究”(批准号14CJL017)、国家社科基金重点项目“‘十三五’时期我国的金融安全战略研究”(批准号15AJY017) 中国社科院金融所2017年重点课题“系统性风险点的梳理及风险应对机制研究”的阶段性研究成果
【分类号】：F811.4

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