产业基金是一种主要针对特定的产业或区域中事先约定的投资领域，对未上市公司 进行股权投资并提供运营管理建议的一种集合投资制度，可以归属于广义上的私募基 金。2019 年底新冠肺炎疫情爆发以来，全球经济受到极大的挑战，在国内如何支持小微 企业和实体经济发展，使经济增速由负转正是面临的首要问题。产业基金作为产业发展 的重要抓手，在促进地方产业转型升级，促进大众创业、万众创新，在地方政府产业培 育、招商引资和服务实体经济等方面都能发挥很强的促进作用；同时地方平台公司迫切 需要加强资本运作和转型发展，但自身财力和产业沉淀薄弱的情况下，利用产业基金工 具无疑是最佳的选择；而作为地方实体企业，资金的需求和现有的金融体系存在不匹配 情况，在企业初创期或者陷入资金困境时，很难得到资金的支持，此时也需要不同性质 和属性的产业基金提供全方位的支持。 本文以 A 城投公司产业基金作为研究对象，运用信息不对称和静态博弈等理论，通 过焦点小组访谈法收集资料，再通过层次分析法利用 MATLAB 软件计算得出 A 城投公司 产业基金募、投、管、退四个方面风险影响因子权重，提出 A 城投公司产业基金运作每 一环节风险点及应对措施。本文研究结论对中小城市城投公司产业基金风险管理提供一 定借鉴和参考作用。本文共分为七章，具体框架与主要内容如下：第一章为绪论。阐述 本文选题的背景和意义，介绍国内外研究动态以及本文研究方法和内容。第二章为相关 概念界定、理论基础和政策背景。首先进行相关概念界定，基于投资成本估值、比较优 势等理论进行分析，对国内产业基金政策的发展和现状进行梳理。第三章为国内外产业 基金运作经验的介绍，国内选取情况较为类似的合肥和处于先进序列的深圳，国外则对 以色列、美国、日本、欧洲等国家的运作模式进行分析比较，得出可借鉴经验。第四章 为 A 城投公司产业基金现状及特征。简要介绍 A 市与 A 城投公司的情况，从“募投管退” 四个环节对 A 城投公司基金运行情况进行统计，并根据统计结果总结 A 城投公司基金的 特征、风险管理的现状及存在问题。第五章为 A 城投公司产业基金风险识别分析。首先 运用焦点小组访谈法收集资料，随后运用层次分析法进行风险分析，构建判断矩阵，计 算风险影响权重，利用 MATLAB 软件，进行一致性检验，确保风险权重可用，从而初步 确定 A 城投公司产业基金风险评价指标。第六章在明确 A 城投公司风险管理目标后，提 出切合实际的风险控制措施。第七章为研究结论，并提出本文存在的不足和未来展望。 关键词： 产业基金；风险管理；A 城投公司 A 城投公司产业基金风险管理研究A 城投公司产业基金风险管理研究 2 ABSTRACT Industrial fund is a kind of collective investment system, which mainly aims at the specific industry and pre-agreed investement field. It provides suggestion concerning stock investment and operation management to the unlisted company and can be broadly categorized as private Equity Funds. Since the outbreak of new coronary pneumonia at the end of 2019, the global economy has been greatly challenged. How to support the development of micro, small enterprises and real economy domestically and how to turn the economic growth rate from negative to positive is the most important problem that we face. As a key point in industrial development,industrial funds have played great roles in such areas as the transformation and upgrading of local industries, mass entrepreneurship and innovation and also facilitated industrial development, foreign investment attraction and the real economy.Meanwhile, for local platform companies that are financially and historically weak and in the urgent need of strengthening capital operation and transforming development, utilizing industrial fund tools is undoubtedly the best choice.and for local corporate entities, there is a mismatch between the demand for funds and the existing financial system. That is when the corporate entities are in their start-up period or in financial difficulties, it is hard for them to get financial support. Therefore, under such circumstances, industrial funds of different nature are greatly needed to provide all-round support for local corporate entities. This paper takes the industrial fund ofAcity investment company as its research object under the theoretical framework of InformationAsymmetry and Static Game and collects data through focus group interviews. Then, this paper calculates the weight of four risk factors regarding offering, investment, management and retreat ofAinvestment company’s industrial fund through analytic hierarchy process using Matlab software. Based on what have been researched, this paper puts forward the risk points and corresponding solutions in each link of AInvestment Company’s industrial fund and hopefully this conclusion can be used as a reference for the industrial fund risk management of small and medium-sized city investment companies. The conclusion of this paper can be used as a reference for the Industrial Fund Risk Management of small and medium-sized city investment companies. This paper is divided into seven chapters,and the specific framework and the main contents are as follows:The first chapter is the introduction which expounds the background and significance of the research topic and introduces the research trend at home and abroad as well as the research methods and content of this paper. The second chapter is the definition of relevant concepts, theoretical basis and policy background. Firstly, the relevant concepts are defined3 and the development and status quo of domestic industrial fund policy is analyzed under the theoretical framework of investment cost valuation and comparative advantage. The third chapter introduces the operation experience of industrial funds at home and abroad. Domestically, Hefei and Shenzhen which are in the advanced sequence are selected. Then it analyzes and compares the operation model of industrial funds in such foreign countries as Israel, the United States, Japan, European countries in order to draw experiences that can be learned from.The Fourth Chapter is the status quo and characteristics of the industrial fund of Acity investment Company. This chapter briefly introduces the situation ofAcity andAcity investment company,And perform statistical analysis on the fund operation ofAcity investment company in the four aspects of “raising funds for investment and management withdrawal”. Based on the statistical results, the chapter summarizes the features of funds inA city investment company, the status quo and potential problems of risk management.The fifth chapter involves identification analysis of industrial fund inAcity investment company. To start with, focus group interview is used to collect data andAHP is used to analyze risk factors, then judgment matrix is constructed to calculate risk influence. Consistency test is then carried out using Matlab software to ensure the availability of risk weight, thus preliminarily determining the evaluation indicators of the industrial fund inAcity investment company.Chapter six puts forward practical risk control measures after defining the risk management objectives ofAinvestment company. The last chapter concerns the research conclusion and points out the research insufficiency in the paper and make forecast on the prospect of future research. Key Words: Industrial Fund Risk management A city investment company A 城投公司产业基金风险管理研究1 目 录 第一章 绪论.....1 第一节 选题背景与意义....1 一、研究背景........................1 二、研究意义........................1 第二节 相关文献综述........2 一、国外文献综述................2 二、国内文献综述................4 三、文献评述........................6 第三节 研究方法与内容....6 一、研究方法........................6 二、研究内容........................6 第四节 本文创新点............8 一、定性指标定量化............8 二、分析全局流程化............8 第二章 相关概念与理论基础......9 第一节 相关概念界定........9 一、产业基金........................9 二、基金“募、投、管、退”流程.................10 三、风险识别......................13 四、风险管理......................13 第二节 相关理论基础......15 一、投资估值理论..............15 二、信息不对称理论..........16 三、委托代理理论..............17 四、生命周期理论..............17 五、全面风险管理理论......18 第三节 产业基金政策背景.............................19 一、政府产业引导基金政策.............................19 A 城投公司产业基金风险管理研究A 城投公司产业基金风险管理研究 2 二、市场化产业基金政策..21 第三章 国内外产业基金运作经验...........................22 第一节 国内相关产业基金运作经验.............22 一、合肥产业基金运作情况.............................22 二、深圳市引导基金运作情况.........................23 第二节 国外相关产业基金运作经验.............25 一、以色列 YOZMA 基金......25 二、其他国家产业基金经验.............................25 第四章 A 城投公司及其产业基金统计分析............28 第一节 A 市及 A 城投公司概况......................28 一、A 市概况.......................28 二、A 城投公司概况...........28 第二节 A 城投公司产业基金统计..................30 一、A 城投公司产业基金分类统计..................30 二、A 城投公司产业基金募资情况统计..........32 三、A 城投公司产业基金投资情况统计..........33 四、A 城投公司产业基金管理情况统计..........33 五、A 城投公司产业基金退出情况统计..........34 第三节 A 城投公司产业基金发展成效及风险管理分析...............35 一、A 城投公司产业基金发展成效..................35 二、A 城投公司产业基金风险管理现状..........36 第五章 A 城投公司产业基金风险识别与分析..........38 第一节 基于焦点小组访谈法的 A 城投公司产业基金风险点归集.............................38 一、焦点小组访谈过程......38 二、A 城投公司产业基金设立阶段风险..........39 三、A 城投公司产业基金投资阶段风险..........40 四、A 城投公司产业基金投后管理风险..........41 五、A 城投公司产业基金退出阶段风险..........42 第二节 基于层次分析法的 A 城投公司产业基金风险分析........42 一、采用层次分析法的必要性与可行性.........423 二、A 城投公司产业基金整体运作风险分析..44 三、A 城投公司产业基金设立阶段风险分析..45 四、A 城投公司产业基金投资阶段风险分析..46 五、A 城投公司产业基金投后管理阶段风险分析.........................46 六、A 城投公司产业基金退出阶段风险分析..47 七、A 城投公司产业基金风险评价指标的构建.............................48 第六章 A 城投公司产业基金风险控制目标及措施49 第一节 A 城投公司产业基金风险控制目标及设立总体原则.....49 一、宏观目标......................49 二、具体目标......................49 三、设立总体原则..............49 第二节 A 城投公司产业基金设立阶段风险控制措施.................50 一、优选基金合作单位及管理人.....................50 二、设立资金募集保障条款.............................50 三、厘清产业基金属性，明晰功能定位.........50 四、选择已有牌照的母基金或者备案环节前置............................50 第三节 A 城投公司产业基金投资阶段风险控制措施.................51 一、创新基金市场化运作..51 二、加强专业化的投资人才建设，充分发挥中介机构作用........51 三、设置灵活多样的投资调整机制.................51 四、建立投资决策相关主体的互动机制.........51 五、增强投资策略的系统性规划.....................52 第四节 A 城投公司产业基金投后管理阶段风险控制措施...........52 一、完善投后分类管理机制.............................52 二、完成信息监测共享和信用体系建设.........53 三、建立监督评价动态长效机制.....................53 四、建立风险监测、预警和补偿机制.............53 第五节 A 城投公司产业基金退出阶段风险控制措施.................53 一、建立科学的问责机制..53 二、拓宽和灵活产业基金的退出渠道.............54 三、合理运用项目退出总结.............................54 A 城投公司产业基金风险管理研究A 城投公司产业基金风险管理研究 4 第七章 结论与展望....................55 第一节 本文结论..............55 一、设立阶段：强化顶层系统设计.................55 二、投资阶段：多部门联动，设立保障条款.55 三、投后阶段：摒弃 “重投前，轻投后”思想..........................55 四、退出阶段：及时总结评价反馈投前.........56 第二节 本文不足与未来展望.........................56 一、本文不足......................56 二、未来展望......................56