政府环保类引导基金的运行管理模式研究

本文基于国内已有的相关政府引导基金和环保基金的运行管理模式,经分析和比较提出适合中央和地方层面环保类引导基金的运行管理模式。除了要符合基金运作的一般规律,本文认为中央层面设立政府环保类引导基金适合契约制形式,引导基金内只有中央财政出资,按照母基金参股子基金的方式来运作,同时达到撬动社会资本和引入先进基金管理公司的目的;地方层面设立相应基金适合采用有限合伙制形式,直接吸引社会资本与政府共同建立引导基金,投资方式以直接投资为主、参股子基金为辅,可以发挥金融机构的融资优势和环保类专业机构的技术和经验优势。

Research on the Operating Management Mode of Government Guide Fund in Environmental Protection Area

Based on the analysis of operation and management mode in the existing government guide funds or environmental funds in China, this paper proposed operating management mode of government duide fund in environmental protection area suit for the contral and local levels. Besides fitting with the general rules of fund operation, at the central government lever where the fund financing only from government budget, this paper argued that the structure of this fund should be chosen directly contract with the fund manager, then using funds of funds method, introducing social capital and advanced fund managers. At the local government lever, the fund financing from private sector and local government budget, usually private sector being the major investor. Limited partnership should be applied as the structure, and directly invested equity of company as the main option, the funds of funds way supplemented.