导　　师： 崔毅

学科专业： 120204

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 高新技术产业作为新世纪的产业主力军，在推动经济的发展中发挥越来越重要的作用，而高新技术企业中大部分企业为中小企业，而且有许多是处于种子期、早期的发展阶段。目前我国风险投资行业存在“市场失灵”行为，资金主要投向中后期的项目，大量的种子期、早期项目无法获得风险投资资金支持。政府引导基金通过带动社会资本参与到创业投资行业，能有效解决创业投资行业的“市场失灵”行为。创业投资引导基金对于创业投资业和当地企业、科技创新、经济增长等有重要意义。 广东省作为全国的经济大省，但引导基金的发展却处于起步晚、发展慢的状态，亟需有效的指导创业投资引导基金系统发展的有效政策。而目前国内对于创业投资引导基金的研究并不深入，仅限于参考国外模式进行少量的静态研究，关于创业投资引导基金系统内部各个主体如何协调运作还没有相关的研究，更没有从动态上研究过系统序参量如何对系统协同度产生影响，通过哪些方式更好地促进引导基金的发展。 本文基于这样的背景，对我国创业投资引导基金系统内各个主体协同机制进行剖析，并对广东省引导基金进行仿真模拟，旨在深入分析创业投资引导基金协同运作机制，为创业投资引导基金的发展献计献策。 本文首先阐述了有关引导基金理论和系统动力学、协同学理论，然后对创业投资引导基金进行结构解析，进而根据协同学理论分析引导基金系统各主体、相关要素、系统序参量和协同内容等，然后根据系统动力学理论把系统分成政府-引导基金-社会资本、创投子基金、创投管理机构、创投管理机构-创业企业三个子系统，对系统各个主体之间的因果关系进行分析并构建模型，接着对广东省创业投资引导基金进行仿真模拟，观察序参量变动对协同度被投企业成功率和其他序参量辅助变量的影响情况，并据此提出建议：/(1/)由于政府对创投子基金的投资约束程度对协同度被投企业成功率影响程度最大，因此，要促进系统更好地协同运作，要在一定程度上放松对创业投资企业的投资约束，使得创投企业更市场化、更专业化运作。/(2/)政府支持力度的下降对协同度产生的负面影响时间较长，建议政府加大对引导基金的支持力度，以提高其正面效应。/(3/)加强资本市场建设、提高让渡收益幅度等会对代表序参量辅助变量的投资收益、投资于政府重点支持领域的资金等变量产生积极的效果，从而促进创业投资引导基金各个主体协同良性运作。 High-tech industries is the main force industry of the new century, playing anincreasingly important role in promoting economic development of our Country. Most of thehigh-tech companies is small and medium enterprises, and many are in the seed and earlystages. These years, venture capital industry is facing 'market failure'. Funds are mainlyinvested in mature enterprises while a lot of enterprises in seed and early stage cannot getenough financial support. Government guidance funds can effectively solve the problem of'market failure' by driving social capital to participate in the venture capital industry.Government guidance funds are of great importance for the venture capital industry, localbusinesses, technological innovation and economic growth. Guangdong Province is one of the largest economy of our country, but the governmentguidance funds is in the state of started late and slowly development. Efficient and effectivepolicy guidance for the government guidance funds is in great need. The study forgovernment guidance funds does not in-depth in our country, which is just to learn about thestatic foreign mode. There is less study researching about the Dynamic operating mechanismof government guidance funds system and how the order parameter affect the systemcoordination degree, as well as how to promote the development of government guidancefunds. Based on the background, this paper will analyze the collaborative mechanism ofgovernment guidance funds, and then make a simulation for Guangdong province in order toprovide advice for the development of government guidance funds in Guangdong. Firstly, this paper describes the theory of government guidance funds, system dynamicstheory, collaborative learning theory, and then analyze the structure of Government guidancefunds. Secondly, analyze the participating subjects, relevant elements, order parameter andcollaborative content of government guidance funds system according to the theoretical. Thennext, this paper divides the system into three subsystems: government-guidance funds-social capital subsystem, venture capital sub-funds-venture capital management agenciessubsystem, venture capital management agencies-Venture subsystem based on systemdynamics theory and analyze the causation between the various bodies of the systems and then build the model. Then simulation is made for Government guidance funds of GuangdongProvince. We will observe how the order parameter affect the Collaborative Degree of thesystem and make suggestions according to the result:/(1/) Because the constraints fromgovernment affect the coordination degree greatly, to some extent, government shouldreduce the investment constraints for venture capital management agencies in order to makeventure capital management agencies operate more market-oriented and professional;/(2/) Asthe decrease of government support will have a long negative impact on collaborative degree,the government should increase its support to guarantee the positive results./(3/) Strengthenthe capital markets, enhance the magnitude of transferring income.

关 键 词： 引导基金 协同机制 系统动力学

分 类 号： [F832.51]

领　　域： [经济管理]