政府引导基金的设立与退出(中英文版)

“跟进投

资”

之 名

,

直接从事创业投资运作业务

,

而应发挥商业性创业投资企

业发现投资项目、评估投资项目和实 施投资管理的作用。

政府引导基金的退出与国有股转持义务

政府引导基金投资的创业投资企业一般可采取上市、

股权转让及

破产清算等方式退出。其中

,

在采用上市退出的情况下

,

根据

2009

年

6

月财 政部、国资委、证监会、社保基金会联合颁布的《境内证券

市场转持部分国有股充实全国 社会保障基金实施办法》

的规定

,

凡 在

境内证券市场首次公开发行股票并上市的含国有股的股份有限公司

,

除国务院另有规定的

,

均须按首次公开发行时实际发行股份数量的

10%,

将股份有限公司部分国有股转由社保基金会持有。因此

,

政府

引导基金投资的创业投资企业可能会面临国有股转持的义务。< /p>

尽管有

消息称

,

相关监管部门正在积极讨论豁免各地政府引导基金国有股

转持的方案。

但在政策未确定前

,

仍将是各创投引进政府引导基金 的

顾虑之一。

Establishment and Exit of Government Guide Funds

A

government

guide

fund

is

a

policy

fund

established

by

the

government

that

takes

a

market

approach

to

investing. It

leads

social funds into the area of venture capital investment by

assisting

in

the

development

of

venture

investment

enterprises.

As early as the end of 2005, the National Development and

Reform

Commission

(

“

NDRC

”

),

under

approval

by

the

State

Council,

issued

Provisional

Rules

of

Administration

of

Venture

Investment Enterprises. These rules allow state and local

governments

to

establish

government

guide

funds

to

support

the

establishment and development of venture capital enterprises

by

way

of

holding

their

shares,

providing

financing

guaranties,

etc. After

that,

many

local

governments

promulgate

respective

methods

to

set

up

government

guide

funds

which

are

suitable

to

their conditions.

In

October

2008,

NDRC,

Ministry

of

Finance

and

Ministry

of

Commerce

jointly

published

the

Guiding

Opinions

for

Regulating

the Establishment and Operation of the Venture Capital Guide

Funds, which regulates the establishment, source of capital,

principles

and

mode

of

operation,

as

well

as

management

and

risk

control

of

government

guide

funds.

Thereafter,

local

governments

speed

up

the

progress

of

promoting

government

guide

funds.

Government

guide

funds

have

been

established

in

Beijing,

Shanghai

and

Shenzhen,

etc.

to

assist

in

local

economic development.

Industry Orientation of Government Guide Funds

The

purpose

of

a

government

guide

fund

is

to

give

full

play

to

the

leverage

effect

of

financial

funds,

increase

the

supply

of

venture

investment

capital,

and

cope

with

self-induced

market

failure.

Investments

in

start

up

or

seed

stage

businesses

are

especially

encouraged

so

as

to

make

up

for

insufficient access to capital for these enterprises since