城市产业风投基金发展质量评估与障碍突破——以宁波为例

Quality Assessment and Obstacle Breakthrough of Urban Industrial Venture Capital Fund Development:Taking Ningbo as an Example

城市产业风投基金发展质量既是综合衡量城市新兴产业发展环境的核心要素,又是城市创新创业竞争力的核心支撑条件。甄别城市产业风投基金发展质量维度,构建其评估模型,并辅以宁波案例。研究发现:(1)宁波产业风投基金整体发展不强,以高新区、宁海和鄞州最为活跃,累计规模尚未超过百亿元,尤其是创投引导和天使引导基金规模偏小;投资领域基本覆盖战略性新兴产业和各县市区传统优势产业;(2)宁波产业风投基金主要采用母基金运作模式,仅鄞州区建设发展投资基金、宁海县天使投资基金采用直接投资模式;(3)宁波已实质运作的产业风投基金的资本撬动效应初现,已促成新兴产业(企业)健康发展;(4)宁波亟需破解金融资本与产业风投基金结合程度较低、风投企业不成熟、人才短缺等障碍,可通过培育多主体多层次金融资本市场,优化产业风投政策,提升其政策性目标与商业性目标的吻合度,并耦合政府与市场力量集聚高级金融人才及机构。

The Urban industrial venture capital fund development quality is not only the core factor for comprehensive assessment of the development environment of urban emerging industry, but also the core support condition of urban innovation and entrepreneurial competitiveness. This paper is designed to identify the venture capital fund development quality dimension and construct an evaluation model, which is complemented by the Ningbo case. Research results have shown that： （ 1 ） overall development of Ningbo industrial venture fund is weak, High-tech zones, Ninghai and Yinzhou are the most active, and the accumulative scale has not yet exceed 10 billion, especially the scale of venture capital and angel capital guiding fund is small. Investment fields basically cover emerging industries of strategic importance and traditional advantage industries in counties and cities; （2） The model of mother fund is mainly used for Ningbo industrial venture fund ; while the direct investment model is adopted only for the Yinzhou District construction and development investment fund and Ninghai County angel investment fund ; （3）Ningbo industrial venture capital fund which has been put into actual operation begins to show capital leveraging effect, and has contributed to the healthy development of emerging industries/enterprises; （4）Ningbo urgently needs to overcome the obstacles of low combination degree between financial capital and industrial venture capital fund, immature venture capital enterprises, talent shortage, etc. It is recommended to improve coincidence between policy goals and commercial goals via cultivating multi-agent multi-level financial capital market and optimizing the industrial venture policy and to couple government forces with market forces to gather senior financial talents and agencies.