政府引导基金绩效影响因素研究——基于解释结构模型

Research on the Influencing Factors of Government Guiding Fund Performance——Based on Interpretative Structural Modeling

政府引导基金伴随规模的日益扩大和管理水平的不断提升,对各地区重点扶持的产业给予了有力支持,与此同时也存在规模与效率、财政与市场、社会性与经济性等方面的矛盾。本文从绩效评价的角度出发,分析政府引导基金绩效影响因素间的有向关系,运用ISM-解释结构模型,得出因素间的多级递阶结构。研究发现,除基金本身目标外绩效影响因素最终指向产业规模的增长率,政府引导基金管理团队能力是达成基金绩效的最根本因素,投后管理在所有因素中处于重要枢纽位置,引导基金的支持体现了从企业到产业的传导性。为此,本文提出政府引导基金绩效评价的最终落脚点应放在产业上;并应区别于普通的国有资产;而政府引导基金市场化值得思考;政府引导基金应进一步提升话语权的对策建议。

Along with the increasing scale and the continuous improvement of management level,the Government Guiding Funds have given strong support to the key industries supported by each region.But at the same time,there are contradictions be⁃tween scale and efficiency,finance and market,and social and economic.This article an⁃alyzes the directed relationship among factors influencing the performance of Govern⁃ment Guiding Funds from the performance evaluation perspective,using ISM-interpreta⁃tive structural modeling to get the multi-level hierarchical structure among these factors.The study finds that,in addition to the goal of the fund itself,the performance factors ulti⁃mately point to the growth rate of the industrial scale,The management team's capability in Government Guiding Funds is the fundamental factor in achieving fund performance and post-investment management plays a pivotal role among all factors.The support pro⁃vided by the guided fund reflects the transmission from enterprises to industries.There⁃fore,this article proposes that the ultimate focus of performance evaluation for Govern⁃ment Guiding Funds should be on industries,distinguishing them from ordinary stateowned assets.It is also worth considering the market-oriented nature of Government Guiding Funds.The article also puts forwards strategic measures for Government Guid⁃ing Funds to further enhance their discourse power.