滨海新区产业投资基金运作模式研究——以渤海产业投资基金为例

Study on Operation Model of Industrial Investment Fund in Binhai New Area——Case Study of Bohai Industrial Investment Fund

产业投资基金试点运作对于推进滨海新区开发开放具有重要意义。在借鉴国外私募股权基金运作模式和国内类似性质投资基金发展经验的基础上,根据我国的基本国情和滨海新区开发开放的实际需要,滨海新区试点运作的我国首支中资产业投资基金——渤海产业投资基金应采用私募和公募相结合的募资方式,通过改善基金管理公司董事会结构和强化基金托管人的监督职能等途径来优化法人治理,重视基金持有人与管理公司、管理公司与被投资企业两个层面的利益协调,从而促进我国产业投资基金的健康发展。

The experimental operation of industrial investment fund plays an important role in promoting the development and openning-up of Binhai New Area. Based on analysis of the operation model of overseas private equity fund and the development experience of domestic similar investment funds, and according to the actual situation of China and the practical need of promoting the development and opening up of Binhai New Area, Bohai Industrial Investment Fund the first industrial investment fund initiating experimental operation in Binhai New Area, which is held by domestic capital, should explore the integrative style of raising private and public fund, optimize the corporate govemance by improving the board structure of fund management corporation, and consolidating the supervising function of fund trustee, and pay great attention to the interest coordination between fund holders and fund management corporation, as well as between fund management corporation and the invested enterprises, in an attempt to promote the healthy development of industrial investment fund in China.