供给侧改革背景下优质私募股权投资项目源的培育

Cultivation of High-Quality Private Equity Investment Project Sources under the Background of Supply-Side Reform

“供给侧结构性改革”是我国经济从高速增长向高质量发展转换的重要方略,私募股权投资基金作为金融服务于实体经济的长期权益性资本,在构建新的经济成长业态和创新路径方面具有先天优势。而目前制约其功能发挥的一个关键问题是优质私募股权投资项目源相对匮乏。因此本文在对优质私募股权投资项目源进行概念界定和现状分析的基础上,从优质私募股权投资项目源不足的成因入手,从理论逻辑和现实情况两方面进行了深入剖析。进而借鉴国际经验,进一步提出由政府和社会资本共同出资构建优质私募股权投资项目源培育基金,并从政府职能、法律制度、顶层设计、资金来源和项目源筛选标准等几个方面提出优质私募股权投资项目源培育的对策建议。

"Supply-side Structural Reform"is an important strategy for China's economy to transform from high-speed growth to high-quality development.As a long-term equity capital serving the real economy,private eq⁃uity investment funds have inherent advantages in constructing new forms of economic growth and innovation paths.However,a key problem restricting its function is the relative lack of high-quality private equity investment proj⁃ects.Based on the concept definition and current situation analysis of high-quality private equity investment proj⁃ects,the article analyzes the causes of insufficient source of private equity investment projects from two aspects of theoretical logic and current situation.Furthermore,on the basis of international experiences,it proposes that the government and social capital should jointly contribute to the construction of cultivation funds of high-quality pri⁃vate equity investment projects,and the suggestions are carried out from aspects of government function,legal sys⁃tem,top-level design,fund sources and investment projects selection criteria.