纾困基金的运行机理、投资模式与创新路径

Research on the Operation Mechanism,Investment Mode and Innovation Path of Bail-Out Fund in China

中国经济结构调整叠加外部不确定性的冲击,导致资本市场出现大幅波动,进而诱发大量民营上市公司及其股东面临流动性困难。为防止风险叠加引致系统性风险,各地纷纷设立纾困基金缓解民营企业的短期流动性压力。但是当前中国纾困基金普遍存续时间较短,对纾困基金的学术研究较为缺乏。鉴于此,分析当前有限的纾困基金投资案例,提炼纾困基金在"募投管退"方面的运行机理与主要特征,并对其投资模式进行系统化阐述;提出运用母基金(FOF)模式将纾困基金与产业引导基金相结合的路径。

The impact of external uncertainties on China's economic restructuring has led to large fluctuations in the capital market,which has led to a large number of private listed companies and their shareholders facing liquidity difficulties.In order to prevent systemic risks caused by risk overlap,bail-out funds have been set up to alleviate the short-term liquidity pressure of private enterprises.However,at present,China's bail-out fund generally has a relatively short duration,and there is lack of academic research on the bail-out fund.In view of this,based on the analysis of current limited investment cases of bail-out funds,this paper refines the operation mechanism and main characteristics of the bail-out funds in terms of"fund raising,investment management and withdrawal",and systematically expounds their investment modes.On this basis,it puts forward an innovative path of combining bail-out funds with guidance funds by using the FOF model.