Study On The Forms And Methods Of The Investment Intermediary For Defense R&D Of Civil-military Integration

Equipment research and development is the important content of national defense and army building, its ability directly determines equipment technical level. Under the condition of socialist market economy, the investment in equipment research and development can’t just rely on the government investment, and should absorb more social capital through the market mechanism. Our current equipment research and development created our own system in our country, military and civilian separation phenomenon is serious, which can’t completely adapt to the requirement of socialist market economy system. The lack of investment intermediary results in serious information asymmetry on both sides of military and civilian, private capital was unable to obtain the demand information of equipment research and development, the military also don’t know the research and development ability of private institutions, restricting the efficiency of equipment research and development investment. Civil-military integration equipment research and development investment intermediary, can build a bridge of connection between equipment research and development projects and social capital, flexibly to achieve the barrier-free circulation of information for both sides, effectively promote the further development of military and civilian integration in the field of weapons equipment research and manufacturing, also can achieve double harvest of national defense and economic benefits.The thesis consists of six chapters. The first chapter, introduction, which summarized the selected topic background, research significance, research status, research ideas and research methods at home and abroad, as well as the main content and innovation. The second chapter, the theoretical basis of civil-military integration equipment research and development investment intermediary. It defined the main concepts and main characteristics involved in the thesis, and combed the theoretical basis of form and ways about civil-military integration equipment research and development investment intermediary. The third chapter, the existing problems in the equipment research and development investment and investment intermediaries in our country, which analyzed the current situation and main problems about our country’s military and civilian integration equipment research and development, and took the United States as an example to study the foreign relevant experience and method. The fourth chapter, the form of civil-military integration equipment research and development investment intermediary, which mainly studied the form that civil-military integration equipment research and development investment intermediary should have according to the two kinds of classification- business feature and intermediary function. The fifth chapter, the ways of civil-military integration equipment research and development investment intermediary, which put forward the operation mode which can be adopted for different ways of investment intermediary. The sixth chapter, policy and suggestions.The research results of the thesis show that:(1) The equipment research and development investment in China mainly exists in six problems such as administrative discrimination, asymmetric information, research and development risk, inequality preferential policies, X- inefficiency and results which is difficult to transform, and it is is the key for solving these problems to establish and perfect the civil-military integration equipment research and development investment intermediary.(2) The civil-military integration equipment research and development investment intermediary has a variety of forms, in accordance with business features, it can be divided into investing equipment research and development investment intermediary, financing equipment research and development investment intermediary, insurance equipment research and development investment agents and information consulting equipment research and development investment intermediary, etc.; According to the intermediary function, it can be divided into fund-raising investment intermediary, risk-preventing investment intermediary, cost-controlling investment intermediary and information-communicating investment intermediary.(3) The ways of civil-military integration equipment research and development investment intermediary mainly include government policy preferential way, way of issuing stocks and bonds, and way of providing information consulting and technical services, etc.(4) The form and ways of improving civil-military integration equipment research and development investment intermediary need to perfect the system of laws and regulations, remove the barriers of private enterprises for entering the equipment research and development market, adopt appropriate preferential tax policies, set up the risk funds of equipment research and development, improve the transformation mechanisms of equipment research and development, cultivate relevant professional talents.