Build The Industrial Developmental Funds Of Our New Energy Learn Experience Of America's Venture Capital Fund

Since reform and opening up, our country's economy has achieved continuous and rapid growth. Meantime, extensive economic growth with the characteristics of highly investing, highly-polluting, toughly-cycling and inefficiency is not changed fundamentally. Contradiction between economic growth depending on energy and energy shortage becomes bigger and bigger. Under the circumstance of conventional energy in emergency and environment-friendly concept identified, how to increase energy amount by developing new energy industry, and then maintain sustainable economic growth on base of perfecting energy structure has been a center problem on accelerating transportation of way of economic development.Comparatively, funding input in new energy regions in our China is severely insufficient, even less than small and medium developing countries, can not meet the need. Being lack of funding input, indispensible infrastructure and technical equipment are in short supply which result in slow pace of development and low level of the industrializations, commercialization and internationalization. It can not meet the requirement of coordinated development of the economy and society. By which means to make up for the fund shortage in new energy industry development and then boost its healthy development has become a currently prominent problem. The key solution, taking examples by other countries'general practice, is to establish a special fund for new energy industry.U.S. is a nation with the most full-order systems in fund collection, management mechanism and exit mechanism, which have remarkably contributed for American economic growth. 80 percent of American companies survived and developed in the support of venture capital investment fund. American successful development mechanism in venture capital investment fund has set up a good example for us. We should bring those mature experiences in channels of fund-raising, types of organization and exit mechanism. Drawing on American successful experience of developing venture investment fund to develop new energy industry development fund with Chinese characteristics has become a significant point cut of solving the bottleneck of new energy industry.New energy industry fund model is divided into three parts which are management model, fund-raising model and operation model. To set up new energy industry development fund is in accordance with the three models to establish respectively.Management model of new energy industry fund:Our previous other industry funds were all contractual type funds, which had insurmountable defects in"free-riding"and"fund spokesperson absent". Corporate type fund, combines corporate system with fund feature to establish industry fund management organization in charge of fund management, operation and fund-raising can overcome the shortcomings above thanks to board of directors and independent management from director.Fund-raising model of new energy industry:Out of considerations that the required huge volume of new energy industry fund and long-time operation, most of countries adopt way of fund-raising by private placement. In aspect of fund capital sources, pension insurance is the principle capital source of American venture capital investment fund, which accounts for 50% of fund sources. It, on the one hand, solves the problem of difficulty of capital sources and also makes pension insurance profitable. Our conventional capital sources are from government fund, bank credit, venture capital and foreign businessmen's capital. Social insurance funds and insurance companies can be only allowed to invest in low-risk regions such as bank account, government bond and financial bond. This results in large gap in capital supply. In this case, government should issue relevant laws and measures to permit them investing in industry fund. Not only can it make up for the capital deficiency, but also can broaden the channels of fund-raising and lower the risks in process of fund collection including scale risk, cost risk, progress risk and portfolio risk. To make sure sufficient capital supply, we should not only broaden fundraising channels to reduce the risks in the course of fundraising but also collect funds in different stages. Fundraising scale, progress and ways of combination vary from different growing stages of enterprises and projects in contract to build. We should check and confirm fundraising scale in accordance with the specific stage to lower the fundraising risks and costs.Operation model of new energy industry:Industry fund is mostly operated in a closed-end way to reduce the risk of with drawl at any time. When fund is operated direction of fund operation should be hold in case of deviation from investment direction like Bo Hai Fund. In the process of fund operation, the most breathtaking and important as well is the time fund entering into new energy enterprises and quitting from it. As fund flows into enterprise, we should to the fullest, analyze the specific stage and region that enterprise is in and items and risks in case of chain break. By means of reasonable portfolio, region distribution and stage enterprise is in, we can reduce the risk in process of investment and get better return profit from social capital and maintain Fund Corporation a sustainable development. In the support of capital and management method from Fund Company, new energy industry leading China forward in the next competition will become a bellwether in the next round of economic growth.