跨国私募股权基金与滨海新区金融创新-金融学专业论文.docx

内容摘要20世纪70年代以来，国际资本流动出现了新趋势，即私募股权基金(PE)的国际化 内容摘要 20世纪70年代以来，国际资本流动出现了新趋势，即私募股权基金(PE)的国际化 趋势越来越明显，跨国私募股权投资已经成为国际资本流动的重要组成部分。 随着国际资本流动新趋势的发展，滨海新区单纯靠廉价劳动力和政策优惠等优势吸引 外资投资对加快产业升级和自主创新都显不足。而滨海新区传统的融资模式以其内源性融 资过大，直接融资比例过低、科研融资不足、外地民间资本引入不足、金融业外资的投入 过少等弊端亦不能满足众多中小企业的发展。文章以目前滨海新区的实际出发，提出滨海 新区若要在新一轮区域竞争中胜出，就必须在制度和交易产品上创新以吸引国际私募股权 基金，从而改变滨海新区融资模式比较单一的现状，并为中小企业的发展提供更多的融资 渠道，而滨海新区也可以借助创新产品的推出来进一步吸引国际上的金融业资本。 文章首先简要介绍了跨国私募股权基金的市场结构与不同国家间的运作模式等基本 情况．其次分析了目前滨海新区融资体系的概况，并参考借鉴国外市场的经验，研究滨海 新区利用跨国私募股权基金进行金融创新从而改变当前中小企业融资渠道单一、吸引国际 金融资本不足的现状．在此基础上设计了上市型私募股权投资基金和特种高收益风险债券 等金融创新产品．最后从防范创新产品风险的角度出发，建立了创新产品的风险模型，并 提出了防范风险的策略。 关键词：私募股权基金；资本流动；金融创新 AbstractSince Abstract Since the 1 970s，there has sprung up a new trend in international capital flows，which is private equity funds(PE)．It is obvious that more and more private equity funds going to global． Private equity investment has become an important component part in International capital flows． With the new trend of international capital flows，it is insufficient for Binhai New Area which absorbing the direct investment of the foreign capitals simply by cheap labor and favorable comparative advantage of the policy．The Binhai New Area in its traditional mode of financing，the endogenous financing is too large，too low proportion of direct financing， inadequate financing of scientific research，less than the introduction of foreign private capital， foreign investment in the financial industry is too small，and SO many defects call not meet the development of SMEs．To the reality of Binhai New Area,if it wants to win in a new round of regional competition，we must deal in the system and innovative products to attract the international private equity funds，thus changing Binhai New Area comparison of a single mode of financing．For the development of SMEs to provide more financing channels，the Binhai New Area Can also use the introduction of innovative products to further attract international capital on the financial industry． For the new trend in Int