新型研发机构创投基金的发展模式与运营机制研究
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摘要
新型研发机构能有效发挥自身技术优势组建创投基金,实现金融资本的持续性增值。从股权分配、控制度和开放性角度将创投基金发展模式分为独立控制、控股组建和合资管理3种类型,新型研发机构应根据发展阶段、资本规模、技术成熟度选择合适的发展模式。基于双方委托代理关系,提出采用二元决策机制、增值服务管理机制、利益分配机制、投资监管机制、信息传递机制的创投基金运营机制能有效实现新型研发机构对创投基金决策行为的激励和约束。最后,提出政府应深化管理机制创新、强化培育和监管、积极引进社会资本,提高创投基金的管理能力和运作效率。
The new R&D institutions can give full play to their own technological advantages and set up venture capital funds to realize the continuous appreciation of financial capital. From the point of view of equity distribution,control system and openness, this paper divides the development model of venture capital fund into three types:independent control, holding formation and joint venture management, the new R&D institutions should choose appropriate development mode according to the development stage, capital scale and technology maturity. Based on the principal-agent relationship between the two sides, it is proposed that the venture capital fund operation mechanism based on dual decision-making mechanism, value-added service management mechanism, benefit distribution mechanism, investment supervision mechanism and information transmission mechanism can effectively realize the incentive and restraint of new R&D institutions to the decision-making behavior of venture capital funds. Finally,the paper puts forward that the government should deepen the management mechanism innovation, strengthen the cultivation and supervision, actively introduce the social capital, and improve the management ability and operation efficiency of the venture capital fund.
The new R&D institutions can give full play to their own technological advantages and set up venture capital funds to realize the continuous appreciation of financial capital. From the point of view of equity distribution,control system and openness, this paper divides the development model of venture capital fund into three types:independent control, holding formation and joint venture management, the new R&D institutions should choose appropriate development mode according to the development stage, capital scale and technology maturity. Based on the principal-agent relationship between the two sides, it is proposed that the venture capital fund operation mechanism based on dual decision-making mechanism, value-added service management mechanism, benefit distribution mechanism, investment supervision mechanism and information transmission mechanism can effectively realize the incentive and restraint of new R&D institutions to the decision-making behavior of venture capital funds. Finally,the paper puts forward that the government should deepen the management mechanism innovation, strengthen the cultivation and supervision, actively introduce the social capital, and improve the management ability and operation efficiency of the venture capital fund.
引文
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[17]张凡.区域创新体系下新型研发机构发展模式:基于风险投资视角[J].科技管理研究, 2018, 38(11):81-86.
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[19]陈红喜,姜春,袁瑜,等.基于新巴斯德象限的新型研发机构科技成果转移转化模式研究:以江苏省产业技术研究院为例[J].科技进步与对策,2018,35(11):36-45.
[20]谈力,陈宇山.广东新型研发机构的建设模式研究及建议[J].科技管理研究, 2015(20):45-49.
[21]龙云凤,任志宽,郑茜,等.民办非企类新型研发机构的现实困境与构建方略:基于三元循环悖论的视角[J].科技管理研究,2018, 38(16):125-130.
[22]赵剑冬.企业主导建设的新型研发机构运作管理模式研究[J].价值工程, 2018, 37(26):85-88.
[23]陈宝明,刘光武,丁明磊.我国新型研发组织发展现状与政策建议[J].中国科技论坛, 2013, 1(3):27-31.
[24]赖志杰,任志宽,李嘉.新型研发机构的核心竞争力研究:基于竞争力结构模型及形成机理的分析[J].科技管理研究,2017,37(10):115-120.
[25]董静,翟海燕,汪江平.风险投资机构对创业企业的管理模式:行业专长与不确定性的视角[J].外国经济与管理, 2014,36(9):3-11.
[2]陈红喜,姜春,罗利华,等.新型研发机构成果转化扩散绩效评价体系设计[J].情报杂志, 2018, 37(8):113, 162-171.
[3]杨博文,涂平.北京新型研发机构评价指标体系研究[J].科研管理, 2018, 39(增刊1):81-86.
[4]陈宝明,刘光武,丁明磊.我国新型研发组织发展现状与政策建议[J].中国科技论坛, 2013, 1(3):27-31.
[5]封凯栋.源头性技术创新与国家创新系统[J].中国科技论坛,2013, 1(3):5-10.
[6]LUTZ E, GEORGE G.Venture capitalists'role in new venture internationalization[J].The Journal of Private Equity, 2012, 16(1):26-41.
[7]MANSO G. Motivating innovation[J].Journal of Finance, 2011,66(5):1823-1860.
[8]BERTONI F, TYKVOVáT.Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies[J].Research Policy, 2015, 44(4):925-935.
[9]董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理:行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[10]周莉,盛梦婷.创业板中创业投资基金的投资效益分析[J].中央财经大学学报, 2012(1):32-37.
[11]刘曼红.风险投资探析[J].金融研究, 1998(10):39-46.
[12]苟燕楠.风险投资背景对企业技术创新的影响研究[J].科研管理, 2014, 35(2):35-42.
[13]刘昕.产业投资基金及其管理机构的模式选择[J].财经问题研究, 2004(10):33-38.
[14]刘胜军.风险投资对企业创新的影响机制:融资还是融智?[J].南方金融, 2016(4):39-47.
[15]程成.我国农业科技创新风险投资发展模式探究[D].保定:河北农业大学, 2015.
[16]张本照,万伦来.美国风险投资的运作模式及其对中国的启示[J].世界经济, 2002(5):52-54.
[17]张凡.区域创新体系下新型研发机构发展模式:基于风险投资视角[J].科技管理研究, 2018, 38(11):81-86.
[18]曾国屏,林菲.创业型科研机构初探[J].科学学研究, 2014,32(2):242-249.
[19]陈红喜,姜春,袁瑜,等.基于新巴斯德象限的新型研发机构科技成果转移转化模式研究:以江苏省产业技术研究院为例[J].科技进步与对策,2018,35(11):36-45.
[20]谈力,陈宇山.广东新型研发机构的建设模式研究及建议[J].科技管理研究, 2015(20):45-49.
[21]龙云凤,任志宽,郑茜,等.民办非企类新型研发机构的现实困境与构建方略:基于三元循环悖论的视角[J].科技管理研究,2018, 38(16):125-130.
[22]赵剑冬.企业主导建设的新型研发机构运作管理模式研究[J].价值工程, 2018, 37(26):85-88.
[23]陈宝明,刘光武,丁明磊.我国新型研发组织发展现状与政策建议[J].中国科技论坛, 2013, 1(3):27-31.
[24]赖志杰,任志宽,李嘉.新型研发机构的核心竞争力研究:基于竞争力结构模型及形成机理的分析[J].科技管理研究,2017,37(10):115-120.
[25]董静,翟海燕,汪江平.风险投资机构对创业企业的管理模式:行业专长与不确定性的视角[J].外国经济与管理, 2014,36(9):3-11.