基于产业转型升级的我国政策性并购基金研究

A Research on Policy Buyout Fund in Industrial Transformation and Upgrading

由政府引导设立政策性并购基金,以"政府引导、市场运作、产融结合"为原则,引导投资方向,通过并购引导基金吸引不同类型的社会资本进入,构建包括组织治理、资金来源、投资方向、管理及利润分配机制的基金体系,发挥并购对产业转型升级的促进作用,以解决我国现存的严重产能过剩、并购融资难以及政府补贴约束机制不强等问题。

To solve the problems of severe overcapacity, difficulty of financing in M＆A, and loose constraint of government subsidies, this article proposes to establish policy buyout fund for M＆A. The fund should be managed by the government, operated in accordance with the marketing rules, and integrated in its capital sources. The investment should be directed by the government and social capital of various types will be attracted in M＆A. To promote the effect of M＆A on industrial transformation and upgrading, it is also proposed that an administration institution be constructed, which comprises of organizational management, capital sources, investment direction, and profit allotment and management.