如何规范政府引导基金的运作与管理——以三峡引导基金为例

How to Standardize the Operation and Management of Government Guided Fund——Take Three Gorges Guided Fund as Example

政府引导基金作为一种政府出资,促进经济结构调整、创新财政资金对产业发展的支持方式,逐渐被各级政府所推广采用。但是,由于政府引导基金运作具有较强的探索性,管理决策流程较长,同时,也存在专业能力不足的问题。本文理论结合实际,展示政府引导基金与被投企业、产业发展、资本市场之间的交互关联,着重分析政府引导基金参股子基金投资全流程。从财政规制、行业背景、可行性、动静因果出发,结合估值分析、收益预期、退出分析、风险控制等环节深入其运行机制,从而得到对顶层设计、被投项目、资本市场、产业振兴、政府引导等实操启示,为政府引导基金绩效评价机制标准确立,切实提升财政资金的放大效应提供借鉴。

Government guided fund,as an investment tool of government,promotes the adjustment of economic structure and innovates the pattern of financial funds in supporting industrial development,is gradually adopted by governments at all levels.However,due to the strong innovativeness of the operation in government guided fund,the decision-making process could be time consuming.At the same time,there are also problems of insufficient professional competence in fund management.Based on detailed analysis and comparison,and combining theory with practice,the article reveals the interaction between the government guided fund and the invested enterprises,industrial development,capital market,and focuses on the analysis of the whole process of the government guided fund’s participation in sub funds investment.From the perspective of financial regulation,industry background,project feasibility,cause and effect,combined with valuation analysis,expected earnings,withdrawal mechanism,and risk control,we can get practical conclusions on top-level design,invested projects,capital market,industrial revitalization,and government guidance,etc.These conclusions can provide assistance for the establishment of performance evaluation mechanism of government guided funds,and effectively enlarge the amplification effect of financial funds.