政府引导基金支持创业投资的法律规制问题探讨

Research on Legal Regulations on Government-Guided Funds Supporting Venture Capital

创业投资具有较强的正外部性及投资收益的不确定性。通过政府引导基金方式解决创业投资基金遭遇的市场失灵,已经成为各国促进创业投资健康发展的成功经验之一。政府引导基金是基于合作治理理念下政府投资的重要制度创新,应当正确认识作为政策性机构的政府引导基金和准金融机构的创业投资基金之间的合作关系,依据二者合作的切入点,推进政府引导基金对创业投资基金的阶段参股、联合投资、融资担保、风险补助等引导机制的法律规制变革与创新,从而实现政府投资与私人投资的合作治理。

Venture capital has strong positive externality and uncertainty of investment income.It is one of the successful experience that solving the market failure of venture capital fund by government-guided fund to promote the healthy development of venture capital fund.The government sponsored fund is an important institutional innovation of the government investment under the concept of collaborative governance.It is necessary to correctly understand the cooperative relationship between the government sponsored fund as the policy institution and the venture capital fund as quasi-financial institution.According to the entry point of the cooperation,we can promote legal reform and innovation of stage participation share,coinvestment,financing guarantees,risk subsidies and other support mechanisms,in order to achieve cooperation co-governance between government investment and private investment.