| The termination of buyer-oriented market marks that the development of China's economy must switch from seeking for economic growth to seeking for economic development and up-gradation of the quality of economic growth. It is, therefore, imperative for China to adjust and escalate its economic structure. The emerging economic forces need to be nurtured and the relatively declining ones need to be regenerated, during which China needs supports from financial systems, for if we let be the growth of the infant industries and the decline of declining ones, the process must be long and difficult. While the government intervention has proves to be inefficient, commercial banks haven't enough courage to get involved, Industrial Investment Fund (IIF) evolved as a new, marketized financial system. IIF is not only a new kind of investment instrument, but also a kind of innovative financial system which can speed up industrial development and overall economic development.China's IIF emerges from the Western countries' venture capital fund, but it is not only different from the re-combination fund of the Eastern European countries, but also different from the Western countries' venture capital fund . It is an individual financial system which has Chinese characteristic and retains the similar foreign funds' universality. Making use of the experience of other countries' and combining with practice, this thesis attempts to conduct an initiative research on Chinese IIF operation. This thesis consists of three parts and 7 chapters. The first part, chapter 1 and chapter 2 , makes comparison between Chinese IIF and foreign IIF . On the basis of analysis of the emergence and development of IIF, it home and abroad, and its organization and operation mechanism, this part defines IIF clearly and examines it systematically. The second part, chapter 3 to chapter 6, further analyzes the capital operation mechanism of IIF, including the IIF procedures, fund raising, modes of exit, and compensation mechanism. The last part, chapter 7, discusses the political, social and economic environments in which China develops IIF. This thesis explores IIF as follows.a. There are no standardized operating experience of IIF and corresponding rules in China, and academic research on IIF is still on the preliminary stage. Still further, such research is far from operant. This article devotes itself to a research that gives consideration to both theory and practice by virtue of modern financial management theories. b. IIF's investment projects are usually of great uncertainty. Evaluation methods of IIF's investment, which are traditionally qualitative, is hard to estimate the cash flow. Project evaluation of IIF investment adopts qualitative methods in general. This thesis attempts to quantitatize such qualitative methods. In order to be more operant, this thesis examines IIF's contract layout in the angle of financial structure arrangement. c. Analysis of the fund resources shows that China has rich financial resources among the common people. The government's role in the development of Chinese IIF is to administer it macro-economically on the principle of "supporting but not holding and directing but not intervening ". The most difficult in IIF's fund raising is not money shortage but the hindrance from the financial system and financial mechanism. Because the development of IIF relies on equity capital, we must set up an investment system composed mainly of non-governmental capital by system innovation, government criterion, and environment improvement. d. Efficient operation of IIF relies on the effective risk control mechanism that leads to the wide gap between the intrinsic high-level risk of technology innovation, technique transformation and traditional conservative investment operation. When it comes to the risk evaluation of IIF, in order to consider the subjectivity factors, the author refers to the utility theory of the economics. e. IIF is a special kind of fund in search of ultra-routine stock right earnings, so an exce... |
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