美国和以色列私募股权基金产业政策比较分析

The Comparative Analysis of the Industrial Policy on PE between US and Israel

美国、以色列是目前私募股权基金(PE)产业比较成熟的两个国家,从两国PE产业的发展路径来看,产业政策起到了不可替代的作用。本文通过比较这两国PE产业政策的发展路径和异同点,结合北京、上海、深圳和天津这四大城市PE产业的发展现状,指出PE产业政策的立足点不应该只停留在优惠政策的制定上,而在于金融环境的改善,进而提出从明确产业政策目标、与国外成熟的PE市场建立学习链接、整合国内的PE机构等方面着手调整我国PE产业政策的建议。

The United States and Israel are comparatively much mature in private equity（PE） industry,which,from the perspective of development pathways in these two countries,irreplaceably attributes to their industrial policies.In this paper,the author,through the comparison between similarities and differences in the development and industrial policies,together with the analysis of current situation in Beijing,Shanghai,Shenzhen and Tianjin,points out that the emphasis should be placed on the improvement of financial circumstances instead of only on the formation of preferential policies.Finally,the author concludes that the industrial policy in China should be adjusted in accordance with the specific goal of PE,and the construction of learning linkage with mature overseas PE markets as well as the integration of domestic institutions.