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Part 1: Model of Financial Investment Policies
Key words: venture capital; Guidance fund; Financing guarantee; Guaranteed bonds; Participating securities
Article No.: 1003-4625 (2010) 03-0104-05
CLC No.: F832.5
Document ID: A
1、 Introduction
Since the mid-1980s, our government has adopted the way of setting up venture capital institutions funded by finance to cultivate the venture capital market, so as to solve the financing difficulties of small and medium-sized scientific and technological enterprises in China. However, practice has proved that venture capital institutions directly funded by the government are inefficient and have little demonstration effect. After 15 years of development, by the end of 2000, there were only 206 active venture capital institutions in China, with a total venture capital of 43.67 billion yuan, of which 34.6% were directly invested by the government (Wang Songqi et al., 2002). This scale of funds is far from meeting the financing needs of China's technology-based SMEs.
In January 2002, Zhongguancun Management Committee took the lead in changing its concept, setting up Zhongguancun Venture Capital Guiding Fund to attract and drive social capital to invest in local small and medium-sized technology enterprises, and help enterprises to obtain venture capital. On November 15, 2005, the Interim Measures for the Administration of Venture Capital Enterprises was issued, in which Article 22 stipulates that "the state and local governments can set up venture capital guidance funds to support the establishment and development of venture capital enterprises through equity participation and financing guarantees." Since then, local governments have started to set up policy oriented venture capital guidance funds, To attract social capital to invest in local small and medium-sized technology enterprises. By the end of 2008, there were about 25 venture capital guidance funds set up by local governments, with a total size of 15 billion yuan.
At present, the scale of local government venture capital guidance funds set up in China is between 100 million yuan and 2 billion yuan, of which the scale of venture capital guidance funds set up solely by local governments is more than 500 million yuan. In terms of capital operation, it mainly adopts two ways of equity participation sub funds and joint investment. Compared with the current trend of expanding the scale of venture capital funds, the local government's participation in several sub funds with a capital scale of 500 million yuan to attract social capital is slightly inadequate. How to improve the guidance of policy funds on private venture capital and promote the flow of private capital into local small and medium-sized technology enterprises is a problem that local governments should consider when setting up or regulating policy based venture capital guidance funds. According to the Guiding Opinions on the Standardized Establishment and Operation of Venture Capital Guiding Fund (hereinafter referred to as the Guiding Opinions) issued on October 18, 2008 and formulated by the Development and Reform Commission, the Ministry of Finance and the Ministry of Commerce, the guiding fund is funded by: (1) special financial funds to support the development of venture capital enterprises; (2) Investment income and guarantee income of the guiding fund; (3) Interest income from idle funds deposited in banks or purchased treasury bonds; (4) Funds donated by individuals, enterprises or social institutions without compensation. Therefore, improving the guidance by expanding the fund scale of the guidance fund will be limited by the local financial fund scale. However, for the three operation modes of equity participation, financing guarantee and follow-up investment proposed in the Guiding Opinions, China's local government venture capital guidance fund currently only adopts the equity participation and follow-up investment mode, but has not tried the financing guarantee mode. Whether the financing guarantee mode can become the contradiction between the limited local financial funds and the huge financing gap of small and medium-sized science and technology enterprises, which needs to be demonstrated from the perspectives of possibility and feasibility. Therefore, after analyzing the specific practices and effects of the Small Business Investment Corporation (SBIC) financing guarantee model in the United States, this paper examines the significance and remaining problems of our local government guiding funds to adopt the financing guarantee model.
2、 The Implementation and Effect of Financing Guarantee Mode of American Small Business Investment Companies
（1） The Specific Implementation of Financing Guarantee Mode of American Small Business Investment Companies
In 1958, the United States Congress issued the Small Business Investment Act, which encourages private investors to provide equity funds and long-term credit funds for projects with unbalanced supply and demand of venture capital to meet the equity financing needs of small and medium-sized enterprises by providing financial support to private small business investment companies (SBICs) through the government. The SBIC program is implemented by the U.S. Small Business Administration.
Before 1986, the Small Business Administration adopted the direct investment method of providing preferential loans to small business investment companies. Due to the mismatch between the repayment of loan financing and the long-term nature of equity investment, many SBICs have to cash in their investments in advance when the return on investment is low or even negative in order to repay the loans, thus falling into operational difficulties (Su Qilin, 2004). Between 1977 and 1984, about 70 small business investment companies were liquidated, with a liquidation amount of more than 200 million dollars, which seriously eroded the financial capital of the United States. In 1985, the U.S. government stopped direct financial support for small business investment companies and began to support small business investment companies to engage in equity investment by providing bond financing guarantees. SBIC was initially guaranteed by the Small Business Administration to issue bonds with a repayment period of 10 years. These bonds are not allowed to be realized in the first five years. In the next five years, SBIC will pay interest every half a year. The interest rate is the 10-year treasury bond interest rate plus 1.75% to 2.25% premium. The principal will be paid once when the bonds are due. The Small Business Administration will charge a guarantee fee of 1% of the guarantee amount every year during the five-year trusteeship period when it provides guarantee. As the long-term interest rate of bonds is fixed and not allowed to be cashed in advance, when the market interest rate fell sharply at the end of the 1980s, small business investment companies entered the worst stage in history due to high costs and asymmetric investment returns. Between 1986 and 1994, 145 SBICs went into liquidation, with a liquidation amount of $632 million.
At present, the Small Business Administration has adopted two modes of debt guarantee financing and equity guarantee financing, fully absorbing the historical lessons and experience. Debt guaranteed financing follows the practice of guaranteed bonds created in 1985, and the Small Business Administration revised the content of guaranteed bonds in 1994, allowing bonds to be cashed at any time, but a penalty will be paid for cashing in the first five years, with a penalty of 5% in the first year, a decrease of 1% every year thereafter, and no penalty from the sixth year. The minimum private registered capital requirement of SBIC has risen to US $5 million, and the leverage financing amount of guaranteed bonds cannot exceed three times of private capital. The equity guarantee financing was founded in 1995 and adopted the participatory securities method. SBA purchased or guaranteed the participatory securities issued by SBIC in the form of limited partner shares, preferred shares and bonds paid according to profits, which enabled SBIC to obtain leverage funds up to twice the private paid funds. Except that SBIC is required to issue participative securities with a minimum private capital registration of $10 million, other provisions are similar to secured bonds, but SBIC must redeem the participative securities held by SBA at an amount equal to its initial issue price and cumulative preferential payment within 15 years at the latest. Before accumulating profits, SBIC may delay the priority payment to SBA until it accumulates profits. In terms of profit distribution, the specific split ratio of SBIC and SBA is determined according to the proportion of private capital leverage (total value of participating securities/private capital), and SBA shares about 10% of SBIC's net profit. See Table 2-1 for the specific provisions of the two financing guarantee modes.
In order to ensure the security of guarantee funds, the Small Business Administration (SBA) has adopted the principle of collective management. When setting up an investment department to be responsible for the specific implementation of the SBIC plan, the Project Development Department under the Executive Office is responsible for the qualification review and due diligence of SBIC applicants
Investigation, the Registration and Project Standards Office is responsible for the registration of SBIC, and the SBIC Operation Office is responsible for supervising and inspecting the investment behavior and financial status of the registered SBIC, and providing it with leverage funds; The SBIC with problems will be handed over to the clearing office for processing. According to the Small Business Investment Company Law, individuals, banks or others finance Institutions and non-financial institutions can start SBIC, but their private registered capital cannot be less than 1 million dollars; Management personnel must have at least 5 years of relevant work experience; stay investment SBIC is bound by the SBIC Law in terms of objects, investment methods and organizational structure. If it cannot invest in real estate, it cannot only engage in loan investment or bond investment, and it cannot directly control small enterprises. The repayment period of long-term loans to small enterprises should be at least 5 years. Without permission, it cannot arbitrarily change SBIC's control or equity of more than 10%. When SBIC defaults or goes bankrupt, fails to maintain the minimum management fee, and capital or liquidity losses exceed the regulations, the Small Business Administration has the right to prohibit it from engaging in other investments, and transfer it to the liquidation department and buy back the government guaranteed bonds issued by it; Or prohibit any distribution before paying off all matured leveraged funds. See Figure 2-1 for the financing guarantee management model of American small business investment companies.
（2） The Implementation Effect of Financing Guarantee Mode of American Small Business Investment Companies
The emergence of guaranteed bonds and participatory securities has expanded the leverage of government funds, which has led to the rapid growth of private capital attracted by SBIC. According to the statistics of the Small Business Administration, SBIC attracted private capital of US $2.93 billion in 1994, nearly doubled to US $4.52 billion in 1996, and further expanded to US $10.41 billion in 2000. By the end of 2007, SBA had managed an external leverage fund of $9.8 billion, 370 private equity partnerships, and provided financial support of about $9.4 billion to small enterprises nationwide. Since SBIC has obtained a long-term stable source of funds, the leading form of investment in start-ups has also changed from debt to equity. In 1981, SBIC's equity investment was 37.6%, in 1996 it reached 58.9%, in 1997 it exceeded 60%, and in 1999 it exceeded 70%. Among SBIC's overseas investment, about 60% of the capital is invested in small enterprises in the seed stage and start-up stage, and the investment industry is widely distributed in agriculture, forestry and fishery, mining, construction, manufacturing, communication and transportation, wholesale, retail, finance, insurance, real estate, services and other fields.
During the 10 years from 1994 to 2004, SBA spent about $85.3 million in management fees for the two projects of guaranteed bonds and participatory securities, of which $23.1 million was offset by the review and registration fees paid by SBIC and SBIC applicants. Affected by the bursting of the Internet bubble in 2000, these two financing models failed to achieve a break even, but the effect of capital utilization was not satisfactory.
1. Application effect of guaranteed bonds
During the period from September 30, 1992 to September 30, 2004, SBA provided guarantee for the US $2.84 billion of guaranteed bonds issued by SBIC. The bonds redeemed due to SBIC's default and other reasons and capital losses of the issued bonds amounted to US $180 million, accounting for 7% of the issued guaranteed bonds. It provided 77 million debt compensation for default guaranteed bonds, which was slightly lower than originally expected. About 27.7% of SBICs registered and issued guaranteed bonds before 2001 have been transferred to the liquidation department due to operational problems or have incurred more than 50% of capital losses; In 2002, the US Congress cancelled the financial allocation for the SBIC project, but accumulated a high positive cash flow for the guaranteed bond project over the years. From 2003 to 2004, although negative net cash flow was also generated, only 2-2% of guaranteed bond funds were transferred to the clearing department due to repayment problems. See Table 2-2 for cash inflow and outflow of each year.
2. Application effect of participatory securities
According to the statistics of SBIC, from 1994 to 2004, SBIC projects provided guarantees for US $11.25 billion of participating securities, and thus obtained investment returns of US $2.7 billion, with costs slightly higher than originally envisaged. Redemption of participating securities of US $1.1 billion due to SBIC default of the issued securities and other reasons, accounting for 18% of the guaranteed issued participating securities. To sum up the application effect of participatory securities, there are three main points:
(1) Increased investment income of private capital
According to SBA's survey results, affected by the bursting of the Internet bubble in 2000, on September 30, 2004, SBA estimated that the value of each dollar of participating securities guaranteed or preferentially paid by it was 78 cents, while private investors earned $1.3 for each dollar they invested. During the ten years, SBA has earned 28 cents in the form of guarantee fee or investment income for every dollar of participating securities guaranteed by it, that is, the guaranteed income ratio (guarantee and investment income/guarantee limit) is 28%, and private investors have earned 0.69 investment income for every dollar of capital invested. During the peak period of venture capital development from 1994 to 1998, the guaranteed income ratio of SBA was only 50%, while private investors achieved 1.9 times of the return on their invested capital.
(2) Investment income is affected by moral hazard
Since profit distribution is heavily biased towards private investors, and profits are distributed before repaying leverage funds, this increases the moral risk borne by SBA. For example, between 1994 and 1998, more than 75% of the private investors who obtained investment returns several times of their invested capital did not fully repay their leveraged debt owed to SBA. The 49 participating SBICs guaranteed by SBA provided a total net profit of $280 million (investment income minus related losses), 50% of which came from 4 SBICs, and 37 SBICs provided less than 25% of the profits (see Figure 2-2).
(3) Affected by the bursting of the network bubble in 2000, the capital of participating securities suffered heavy losses
See Table 2-3.
3、 China policy The Significance and Policy Suggestions of Guiding Funds to Implement Financing Guarantee Mode in Sexual Venture Capital
（1） The Significance of the Implementation of Financing Guarantee Mode in China's Policy oriented Venture Capital Guiding Fund
From the above analysis of the financing guarantee mode in the United States, it can be seen that the adoption of financing guarantee mode by China's policy oriented venture capital guidance fund will have a very positive significance in improving the magnification of the guidance fund, controlling investment risks and improving the efficiency of fund use.
First of all, the implementation of financing guarantee mode can increase the magnification of policy oriented venture capital guidance fund and increase the financing supply of small and medium-sized technology enterprises. Under the operation mode of participating in the sub fund or follow-up investment, as the guiding fund needs to provide funds directly to venture capital enterprises or venture capital enterprises supported by venture capital enterprises, limited by the guiding fund's own capital scale, the private capital multiple that can be amplified into the government supported parks is limited. For example, the guidance fund of Zhongguancun Management Committee has invested 53.28 million yuan in the past six years, driving the investment of cooperative institutions to 224.48 million yuan, with a magnification of 4.2 times. The financing guarantee mode does not need to directly occupy the funds of the guidance fund, so the guidance fund can provide financing support for more venture capital enterprises, so that the venture capital flowing into the local government science and technology parks will expand by a larger multiple. For example, the US SBIC project has allocated a total of 228.5 million US dollars from 1994 to 2002, when it began to implement the financing guarantee mode. Since 2002, the finance has stopped investing in SBIC projects. However, in fiscal year 2002 alone, SBA approved the registration applications of 313 small business investment companies, introduced private direct investment of US $6.166 billion, guaranteed debt funds of US $8.2791 billion for small business investment companies, making the funds available for small business investment in that year as high as US $14.4451 billion, 63.22 times the total accumulated financial allocation.
Secondly, the implementation of financing guarantee mode can effectively improve the efficiency of guiding fund. Under the operation mode of the participating sub fund, for venture capital enterprises, the funds of the pilot fund are cost free funds, so individual sub funds delay in project investment after the completion of the investment of the pilot fund, resulting in idle funds. Under the financing guarantee mode, entrepreneurship
Investment enterprises should pay commitment fees for the debt guarantee commitment provided by the guidance fund, and pay interest, guarantee fees, annual management fees and other costs for the incurred guaranteed debt, which will force cooperative venture capital enterprises to pay attention to the selection of investment projects and the efficiency of the use of funds, so as to improve the overall use efficiency of the guidance fund.
Thirdly, the implementation of the financing guarantee model can reduce the investment risk of the guiding fund and solve the serious mismatch between investment income and risk. Under the current operating mode of the equity sub fund, in order to attract venture capital enterprises participating in cooperation, the Fund has adopted a strong policy of giving up profits, and only shares the return rate equivalent to the national debt yield in the same period while undertaking high equity investment risks. This serious mismatch between low returns and high risks is not conducive to guiding the continuous operation of the fund. Under the financing guarantee mode, the guiding fund does not directly bear the investment risk, and only contributes to repay the guaranteed debt when the venture capital enterprise cannot repay the guaranteed debt on schedule due to operating difficulties. The identity of the guarantor (creditor) enables the guiding fund to give priority to the disposal of the assets of venture capital enterprises, thereby reducing the investment risk. And the income such as commitment fee and guarantee fee collected before the venture capital enterprise defaulted to pay the guarantee debt also offset the loss incurred by paying the guarantee debt on behalf to a certain extent.
Finally, the implementation of the financing guarantee model can solve the problem that the current capital scale of some policy guidance funds is too small, and realize the sustainable operation of the guidance funds. For example, the total scale of Zhongguancun Venture Capital Guidance Fund was designed to be 500 million yuan, and by the end of 2008, 375 million yuan had been invested accumulatively, but the financing needs of science and technology enterprises in the park have not been fully met. Under the trend of increasing the scale of individual venture capital funds, if these funds still take the way of participating in sub funds, It is far from achieving the policy goal of introducing private capital to solve the financing difficulties of science and technology enterprises in the park. However, in the financing guarantee mode, since the guiding fund can greatly expand the multiple of capital introduced without directly providing funds to venture capital enterprises, these funds, as the guarantee for providing financing guarantee, can meet the requirements of the guiding fund's continuous operation and ensure the realization of policy objectives.
（2） Specific suggestions for China's policy oriented venture capital guidance fund to adopt financing guarantee mode
At present, China's bond market is still underdeveloped, and it is difficult for local policy guidance funds to generally provide bond financing guarantees to guide private capital. The current General Principles of Loans stipulates that "Borrowers shall not use loans to engage in equity investment, unless otherwise stipulated by the state." This makes it impossible for local policy oriented venture capital guidance funds to directly provide loan financing guarantees to venture capital institutions for their equity investment before making policy breakthroughs. According to the situation in China, the policy oriented venture capital guidance fund should actively innovate when adopting the financing guarantee mode, sign a tripartite agreement with venture capital institutions and loan banks, and directly provide loan financing guarantee to the enterprises to be invested by venture capital institutions. In order to enhance the attractiveness of this financing guarantee mode for venture capital institutions, policy guidance fund guaranteed loans can be designed to allow venture capital institutions to take over the claims on venture capital enterprises after repaying the principal and interest, and to give venture capital institutions the right to choose to convert the taken over loans into equity holdings. This not only avoids the restrictions on the use of loans in the General Principles of Loans, but also improves the investment ability of private venture capital institutions to the enterprises to be supported. The following two links should be paid attention to in specific operation.
1. The guaranteed loan is granted to the venture capital, but the venture capital institution will repay the principal and interest on behalf of the venture capital institution and convert it into the equity held by the venture capital institution in the venture capital enterprise after the repayment of the principal and interest.
The purpose of issuing loans directly to start-ups is to circumvent the restrictions of the General Principles of Loans on the use of loans for equity investment. However, in order to attract private capital to make equity investment in entrepreneurial enterprises encouraged by the policy, the guaranteed loans are granted to entrepreneurial enterprises that have received investment from venture capital institutions, and venture capital institutions are allowed to repay the principal and interest on their behalf and hold a certain proportion of equity in entrepreneurial enterprises when the loans expire. In essence, this practice provides financial support to venture capital institutions and improves their ability to make equity investment. On the other hand, since the enterprises invested by venture capital institutions are often carefully investigated and selected by venture capital institutions, providing guaranteed loans to them also reduces the risk of guiding funds to a certain extent.
2. The guidance fund has the right to supervise the financial situation of the venture and vote on the disposal decision of the venture's asset income.
As the guarantor of the loan for the start-up enterprise, the guidance fund shall bear the obligation to pay the principal and interest of the bank loan when the venture capital institution does not pay the principal and interest on behalf. In order to prevent losses caused by loan default, the guidance fund has the right to inspect and supervise the financial situation of the venture, and vote on the disposal decision of the venture's asset income. If the venture capital institution does not repay the principal and interest, the guidance fund has the right to dispose of the venture capital's assets to recover the loan. In order to prevent venture capital institutions from transferring risks, it may be stipulated that venture capital institutions shall not withdraw capital from venture capital enterprises before the guaranteed loans have been fully realized; Only after paying the current interest payable can venture capital institutions obtain relevant dividends from venture enterprises.
reference:
Part 2: Model Articles on Financial Investment Policies
Key words: government investment; Private investment; economic growth
CLC No.: F224; F830.59
1、 Introduction
Since 2010, under the background of deep adjustment of the world economy and deepening of domestic structural adjustment, Beijing's economy has also changed from high-speed growth to medium speed growth. From the GDP index that best reflects the economic operation, the growth rate in the third quarter dropped to 7.7%, 0.2 percentage points lower than that in the first quarter, close to the bottom line of government regulation; And the endogenous power is insufficient. From the perspective of the troika driving the economy, although the investment growth rate stabilized in the second half of the year, it showed a general downward trend (from February to September, the year-on-year growth rate was 10.2%, 12.1%, 9.2%, 7.3%, 7.4%, 7.8%, 7.8%, 8.2%); Although consumption growth stopped falling and stabilized in the second half of the year, the growth rate dropped significantly compared with that of last year (from March to September, the year-on-year growth rate was 7.8%, 11.9%, 5.6%, 7.4%, 9.7%, 7.1% and 8.0%, 2.4 percentage points lower than the average level of the same period last year); The growth rate of export showed a downward trend (from February to September, the year-on-year growth of export was 11.90%, 1.40%, 9.90%, 9.88%, 2.90%, 6.39%, 7.50%, 5.77%). In this case, in order to ensure social stability, it is necessary to introduce a series of policies to achieve stable growth. From the perspective of Beijing's economic characteristics, consumption has the largest contribution to GDP, averaging over 70%, but its main body is the citizens. The stimulus policy has slow and insignificant effect, and investment has become the fastest way to effect. However, we are currently facing serious overcapacity, and the formulation of investment policies has become a top priority. This paper starts with the economic growth model, considers the factors of technological progress, optimizes the Cobb Douglas production function, and uses the statistical data over the years for empirical analysis and research to obtain the basic model of Beijing's economic growth, and puts forward policy recommendations.
2、 Literature review
Foreign studies on the relationship between government investment, private investment and economic growth are relatively few, mainly focusing on a specific field or industry, and the research results are also different. For example, Ashauer (1994), based on the data of seven western countries, believes that government investment contributes more to economic growth than private investment [1]; Khan and other scholars (1990) took 24 developing countries as samples and found that private investment has a greater direct pull on economic growth than government investment [2]; Fisher and Turnovsky (1998) found that government investment has crowding in effect on private investment, which can promote economic growth [3]; Nader and Migue (1997) found that both private investment and public investment have a positive effect on economic growth by studying Mexico's historical investment data, but government investment has a crowding out effect on private investment [4].
There are three types of domestic research on this issue. One is to qualitatively analyze the role of promoting economic growth from the characteristics of private investment through qualitative methods, and put forward policy suggestions, such as Tian Jianying (2002) [5], Meng Yao (2004) [6], Ding Songlin (2003) [7], etc. The second is to use historical data to conduct correlation analysis and obtain the relationship model between government investment, private investment and economic growth, such as Liang Yihua (2011) [8], Guo Weidong (2011) [9], Chen Zhenling (2010) [10], Han Xueguang (2012) [11], etc. The third is to establish an economic growth model and use historical data to empirically analyze the role of relevant factors on economic growth, such as Chao Xiaojing (2008) [12], Fang Junzhi (2011) [13], etc.
From the results, scholars such as Zhao Xiaojing (2008) believe that, in the long run, government investment plays a negative role in economic growth, while private investment plays a promoting role in economic growth; In the short term, both government investment and private investment have a promoting effect. Chen Zhenling (2010) and other scholars believe that both government investment and private investment will promote economic growth, but the effect of government investment is less than that of private investment. Chen Xian (2009) [14], Cao Jianhai (2006) [15] and others believe that the effect of government investment is greater than that of private investment.
3、 Establishment of model
The neoclassical economic growth theory believes that population and capital are the determinants of economic growth. The basic model is:
Where, Y is economic growth, Q is Solow residual value to explain the role of technological progress, L is population, and I is capital.
However, with the deepening of research, it is found that on the one hand, the theory regards technological progress as the decisive factor of economic growth; On the other hand, it is assumed that technological progress is an exogenous variable and excluded, which has defects. After the 1980s, the new growth theory gradually developed, separating different factors from Solow's residual value and endogenous into the economic growth model. Some scholars emphasized that development research is the product of economic stimulus, that is, the knowledge obtained by the development research of consciousness is the source of economic growth. It is introduced into the economic growth model. The basic model is:
Where Y is economic growth, L is population, I is capital, and A is development research.
Considering that investment is divided into government investment and private investment, the model is transformed into:
Where Y is economic growth, L is population, Ig is government capital, Is is social capital, and A is development research.
Cobb Douglas production function is the most widely used production function in economics, which is used to describe the relationship between input and output. This paper assumes that the production function of government capital, private capital, population and development research meets the requirements of Cobb Douglas function, and its manifestation is:
Yt is the GDP in year t, At is the development research in year t, Igt is the government investment in year t, Ist is the social investment in year t, Lt is the labor input in year t, ε t is the random error term in year t, and Ct, τ, α, β, γ are the parameters to be estimated to measure the role of development research, government capital, social capital, and labor force in economic growth.
Taking the natural logarithm on both sides of formula (1), we can get the optimization model of economic growth and development research, government capital, private capital, population and other factors:
4、 Data analysis
（1） Data selection and processing
This part is divided into the following aspects.
1. Selection of raw data (see Table 1)
In the existing Beijing Statistical Yearbook, the fixed asset investment of the whole society is divided into seven categories according to the type of registration: state-owned, collective, joint-stock, Hong Kong, Macao and Taiwan businessmen, foreign businessmen, private individual economies, and other economies, but not by government investment and private investment. Scholars usually use relevant data to replace, mainly in the following ways:
(1) Guo Weidong (2011), Chao Xiaojing (2008) and others replaced government investment with state-owned investment, and the other six types of non-state-owned investment such as collective and joint-stock investment replaced private investment;
(2) Guo Dong (2004) [16] and other scholars used state-owned investment instead of government investment, collective, private and joint-stock investment instead of private investment, and the rest were defined as foreign investment;
(3) Some scholars have replaced government investment with mixed economy of state-owned investment and state-owned holding, and replaced foreign investment with collective, private, non-state-owned holding economy, foreign businessmen, Hong Kong, Macao and Taiwan businessmen and their holding economy.
Considering that Beijing, in order to cooperate with the new 36 articles of the State Council, has issued the Implementation Plan of Introducing Social Capital to Promote Pilot Projects in the Field of Municipal Infrastructure Construction, which is essentially aimed at social capital, this paper accepts the first classification method, that is, replacing government investment with state-owned investment, and replacing private investment with other non-state-owned investments such as collective and joint-stock investment.
It is difficult to directly reflect technological progress with statistical data. Some scholars use scientific research input data to reflect development research, and some use the number of patent approvals or applications to reflect. In view of the lack of long-term historical data on these two items in the Beijing Statistical Yearbook, this paper uses the number of people receiving higher education to approximate.
2. Data processing
In the statistical yearbook, GDP, government investment, private investment, employed population and number of educated people can be obtained. Among them, GDP, government investment and private investment are calculated based on the actual price of the year. Considering the price factor, they need to be processed to increase comparability. The GDP value is converted into a time series based on 1981 according to the GDP deflator; Since the fixed asset price index has been compiled since 1990, the index used the commodity retail price index [17] for reference before 1990, according to which, the government investment and private investment were converted into a time series based on 1981.
3. Disposal of capital stock
(1) Basic formula
In the Cobb Douglas function, the input factor is capital, while in the statistical yearbook, it is investment, which cannot be directly used. It is necessary to convert the investment quota into the capital stock of each year. At present, the most commonly used method to measure the stock of physical capital is the perpetual inventory method. The basic formula is:
Wherein, Kt is the capital stock of year t, Kt-1 is the capital stock of year t-1, It is the investment volume of year t, and δ t is the capital depreciation rate.
(2) Determination of capital depreciation rate
At present, different researchers have adopted different depreciation rates. This paper accepts the research results of Ma Shuangyou (2003) [18] and others, and sets the comprehensive depreciation rate at 5%.
(3) Estimation of capital stock in base year
According to the international common method, the capital stock in the base year is calculated by the following formula:
Where, I0 is the investment in the base year, α is the average growth rate of investment in the sample period, and δ is the average depreciation rate.
From this calculation, the stock of government capital and private capital in the base year is:
(4) Final data
The final data is shown in Table 2.
（2） Model verification
This part is divided into the following aspects.
1. ADF unit root inspection
When conducting regression analysis, the time series used must be stable, or false regression may occur and affect the analysis results. In this paper, the unit root test is used to determine whether each time series is a stationary series. During the test, in order to obtain the stationary series and eliminate heteroscedasticity, the natural logarithms of each data are taken respectively, and the lag order is determined according to the principle of AIC or SC minimum. Use Eview5.0 software to calculate, and the results are shown in Table 3.
From the results, we can see that the horizontal value of each time series is greater than the critical value, so the assumption of unit root cannot be rejected, and the series is unstable; The first order difference is less than the critical value of 10%, which rejects the assumption that there is a unit root. The sequence is stable, so they are all first order stationary data I (1).
2. Cointegration inspection
According to the principle of cointegration, the single integer order of the series to be tested must be the same. The test proves that the data of the five time series selected are all first-order stable and can be used for cointegration analysis. In this paper, Johansen maximum likelihood estimation method for multivariable systems is used for cointegration test, where the lag order is determined according to AIC and SC criteria. See Table 4 for inspection results.
From the test results, at the 5% test level, the trace statistics or the statistics of the largest characteristic root are all lower than the critical value, which indicates that there is a cointegration relationship between variables, that is, there is a long-term stable relationship between them through a linear combination, which is:
InGDP=0.0449+0.1644InGOV+0.4044InPOPU+0.4223InSOC+0.1416InEDU
To verify whether the cointegration relationship is correct, rewrite the linear combination as:
θ=InGDP-0.0449-0.1644InGOV-0.4044InPOPU-0.4223InSOC-0.1416InEDU
The unit root test of this series (see Table 5) shows that its horizontal data is a stationary series, which verifies that the cointegration relationship is correct.
Therefore, in the long run, there is a long-term equilibrium relationship among lnGDP, lnGOV, lnPOPU, lnSOC and lnEDU:
InGDP=0.0449+0.1644InGOV+0.4044InPOPU+0.4223InSOC+0.1416InEDU
3. Validation results
From this, we can draw the following conclusions:
First, the analysis of the historical data of Beijing shows that both government capital and private capital promote economic growth, but the effect of government capital on economic growth is less than that of private capital.
Second, because there is a simple linear relationship between capital and investment, it can be considered that the role of government investment and private investment in the economy is the same as that of government capital and private capital.
Third, in addition to capital, development research also has a pulling effect on the economy.
5、 Policy recommendations
Based on the above analysis, suggestions on Beijing's investment policies under the current situation are as follows:
First, fully recognize the role of government investment in promoting economic growth. Government investment is the most direct and effective means to stimulate the economy. It can avoid sharp fluctuations in the economy and ensure full employment. It is the basis for ensuring the normal operation of the market economy system, and also has a guiding role in the investment in fixed assets of the whole society. Therefore, in the current situation of overcapacity, we should not turn pale when talking about government investment. We should fully affirm the role of government investment in promoting economic growth.
Second, choose the most suitable direction for government investment. Government investment should avoid simply increasing production capacity in the existing economic structure, exacerbate the current degree of surplus, and should give full play to the role of "four liang to allocate a thousand gold" and "building a nest to attract phoenix". First, strengthen infrastructure construction such as transportation, telecommunications and environmental protection, improve urban civilization and ecological civilization, provide a good environment for private investment, and reduce investment and operation costs; Second, strengthen the construction of key functional areas, improve the carrying capacity, and provide conditions for promoting the adjustment and upgrading of industrial structure in the direction of "functional specialization and industrial clustering"; Third, improve the facilities for people's livelihood such as hospitals, schools, and elderly care, so that urban construction and social development are more suitable for people's lives; The fourth is to establish various construction funds based on government investment, widely attract private investment into urban construction, and play the role of "four liang" to allocate thousands of dollars.
Third, we should have a deep understanding of the role of private investment in promoting the economy. From the analysis, it can be seen that private investment not only plays a direct role in promoting economic development, but also has a stronger effect than government investment. According to relevant research, the indicators of labor productivity, return on capital, and employment absorption of private economy are higher than those of state-owned economy, which has higher economic efficiency and shock resistance, and can effectively enhance the endogenous power of economic development, It is beneficial to change the original extensive economic development model, and cooperate with state-owned investment to form a pattern of multiple subjects and moderate competition, and ensure the supply of public goods. Therefore, we should fully understand the important role of private investment from the overall perspective of economic and social development.
Fourth, create conditions to expand the role of private investment. Use a series of policy combinations to solve the problem of "it is difficult to invest with money" and "it is not dare to invest with money" in private investment. First, on the basis of the new 36 articles of the State Council, formulate relevant policies and measures to encourage and attract private investment, solidify them into an integral part of the existing investment system, and improve the willingness and confidence of private investment; Second, implement extensive industry access, promote private investment into monopoly industries and basic industries such as telecommunications and railways, and create investment opportunities; The third is to innovate the system, promote the reform of the financial system, expand financing channels, and formulate policies such as loan guarantee, discount interest and loan preference to solve the problem of private investment financing; Fourth, constantly improve the level of infrastructure, reduce the cost of private investment, and flexibly use financial subsidies, loan discount and other ways to improve the profitability of private investment.
Fifth, strive to improve the level of development research. From the perspective of empirical analysis, development research can also promote economic growth, and is an important way and means to change the quality of economic growth and realize the transformation of development mode. Suggestions: First, increase investment in scientific research to change the low proportion of scientific research investment in GDP for a long time; The second is to strengthen supervision, improve the efficiency of scientific research investment, and avoid false claims, excessive use of funds for meetings and travel, repeated purchase of equipment and other phenomena; The third is to strengthen policy guidance, promote the convergence of production, teaching and research, and accelerate the transformation of scientific research into productivity.
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Part 3: Model Articles on Financial Investment Policies
1、 Main Problems in Investment and Financing of Cultural Industry in Henan Province
At present, there are still some problems in the investment and financing of the cultural industry, and the diversified investment and financing system of the cultural industry needs to be improved to solve the investment and financing problems in the development of the cultural industry and provide financial support for the sustainable and healthy development of Henan regional cultural industry.
（1） Lack of policy banks to support the development of cultural industry
At present, the policy based investment and financing channels are mainly through the special fund for cultural industry development and cultural investment limited liability company, which cannot meet the development requirements of the cultural industry. For example, the provincial special funds for cultural industry development mainly support cultural industries or industrial projects with industrial foundation, market demand and development prospects through subsidies, interest discounts and incentives. However, the amount of funds is limited, which is difficult to meet the needs of many small and medium-sized cultural enterprises.
（2） Single investment and financing channel to promote the development of cultural industry
Most of the key enterprises in Henan's cultural industry are formed by the transformation of cultural institutions, such as cultural arts, radio, film and television, press and publishing and other pillar industries. Government investment still accounts for a considerable proportion. In the development of enterprises, financing channels mainly rely on bank loans. Large cultural enterprises that use the securities market for financing are still rare. For cultural industry projects that attract foreign investment, in terms of expansion of development scale, the financing channel also mainly relies on bank loans.
（3） The financing channels to encourage the development of cultural industry are not smooth
Henan, as a big cultural province, has a series of policies to encourage the development of cultural industry. Because the construction of financing platform is not perfect, and cultural enterprises lack professional financing teams and financing concepts, most cultural enterprises mainly rely on self raised funds, supplemented by bank loans, and few cultural enterprises use other financing methods to obtain funds.
2、 Suggestions on Solving the Difficulties in Investment and Financing of Henan Cultural Industry
（1） Improve investment and financing policies for cultural industry
In accordance with the resolution of the Sixth Plenary Session of the 17th CPC Central Committee, the 9th Party Congress of Henan Province, and the spirit of the Guiding Opinions of the State Council on Supporting Henan Province to Accelerate the Construction of the Central Plains Economic Zone on accelerating the development of cultural industry, specific policies and measures for investment and financing of cultural industry were formulated, and the capital market access policy for the development of cultural industry was defined, Strengthen the coordination between cultural industry policies and investment and financing policies, improve the detailed rules of cultural industry investment and financing policies, ensure the connection between cultural industry policies and financial policies, and improve the coordination and implementation efficiency of policies.
（2） Improve the government investment mechanism of cultural industry
Strengthen the leading and guiding role of financial investment policies of governments at all levels, increase the amount of special funds for cultural industry development, provide investment support for cultural enterprises with industrial foundation, product advantages and market potential through policy based investment, and guide social capital or industrial capital into major cultural industry projects in line with national industrial policies. At the same time, relevant functional departments of the government should also establish monitoring and evaluation of the implementation effect of investment policies to ensure the guiding role of financial investment policies.
（3） Establish a policy bank for the development of cultural industry
The establishment of a policy bank for the cultural industry is of great significance for promoting the healthy development of the cultural industry. To ensure the development direction of the cultural industry, policy banks are needed to support the healthy and upward development of the cultural industry; To promote the implementation of cultural industry policies, policy banks need to follow up, promote the implementation of cultural industry policies, support the rise of emerging cultural industries, and support the scale development of cultural industries.
（4） Build a cultural industry financing service platform
Strengthen the cooperation between banks and enterprises, build a financing platform for cultural enterprises, and open up a green channel. Establish and improve the connection between the cultural industry financing policy and the government's cultural industry development policy, establish a cultural industry financing platform, establish a database of key high-quality projects in the cultural industry, provide financial experts with consulting services for the cultural industry, organize various forms of bank enterprise conferences, and promote the two-way connection between financial institutions and cultural enterprises.
（5） Strengthen the management of cultural industry financing market
While building the cultural industry financing service platform, we should strengthen the management of the cultural industry financing market and standardize the competition in the financing market. Support the listing arrangement of qualified key backup cultural enterprises, and give priority to the approval, approval, filing and other procedures for project establishment; We will encourage eligible cultural enterprises to raise funds through bond financing, equity financing, equity participation and holding, and encourage venture capital funds and other venture investors to provide financial support to cultural enterprises that are in the entrepreneurial stage and have market potential.
Part 4: Model Articles on Financial Investment Policies
1、 Necessity of replacing long-term construction bonds
1. Disadvantages of continuous implementation of long-term construction national debt
Since 1998, China has implemented a proactive fiscal policy focusing on issuing long-term construction bonds and increasing government investment. Over the past seven years, 910 billion yuan of long-term construction bonds have been issued, and remarkable results have been achieved. It has effectively expanded the domestic investment demand, curbed the trend of deflation, ensured the sustained and rapid growth of the national economy, built a large number of major infrastructure projects, and accomplished some important things that have been wanted but not done for many years. However, the issuance of long-term construction bonds, as a phased policy in the case of insufficient demand, has been implemented for seven consecutive years, inevitably resulting in the following drawbacks:
(1) It has increased China's financial risks. After 1998, due to the issuance of long-term treasury bonds in successive years and other reasons, China's major financial risk indicators have reached or exceeded the international warning line.
From 1997 to 2003, China's national debt dependence and debt repayment rate exceeded the international warning line year after year, especially the national debt dependence of the central government more than doubled the international warning line; In 2002, China's deficit rate also exceeded the international warning line. At the same time, on the surface, China's national debt burden rate is far from the international warning line, but China has a huge amount of "quasi national debt", such as financial bonds of policy banks, bad debts of state-owned commercial banks, pension insurance arrears, local government contingent debts, etc. Therefore, China's actual national debt burden rate has also approached the international warning line. This shows that the issuance of long-term construction treasury bonds in successive years has increased China's financial risk.
(2) The efficiency of national debt investment is low. First of all, there are endogenous planning system and state-owned enterprise entrustment system in the selection, supervision and restriction of projects and their operators in the long-term construction of national debt investment. Secondly, the creditor does not constitute a hard constraint on the user of national debt investment, which is not conducive to improving the efficiency of fund use. Third, because the investment and financing of long-term construction national debt is an investment and financing behavior mediated by the national finance, the beneficiaries of national debt do not directly bear the debt repayment responsibility, which makes the local government or enterprises often feel "free lunch" when obtaining the investment funds of national debt, objectively causing the inefficiency of long-term construction national debt investment.
(3) It does not conform to the direction of China's investment system reform. The long-term construction treasury bond investment and financing in China at the present stage is the product of the economic system transition period, and its essence is still the way of planned and administrative allocation investment. Long term implementation, to some extent, has resulted in the reversion of the old investment system. It is not conducive to the improvement of the market investment mechanism and the construction of the social credit system and credit system, nor does it conform to the decision of the Third Plenary Session of the Sixteenth Central Committee of the Communist Party of China, which clearly states: "To further establish the status of enterprises as the investment subject, and to realize who invests, who gains, and who bears the risk. The state only examines and approves major projects, government investment and restricted projects related to economic security, environmental resources, and overall layout. The examination and approval of other projects is changed to the filing system, which is decided by the investors themselves. The state guides the direction of social investment, curbs disorderly competition and blind duplication of construction, mainly through planning and policy guidance, information and regulating market access. " A series of investment system reform spirit.
(4) The macro-control effect is decreasing year by year. First of all, because long-term construction of national debt investment is a plan rather than a market choice, and the investment mechanism is administrative approval rather than a market mechanism, so at the beginning of each year, various regions and departments come to compete for national debt investment, making the considerable amount of national debt investment become a drop in the bucket due to excessive dispersion. Secondly, because the long-term construction of national debt investment implements the administrative investment selection mechanism, resulting in layers of administrative dependence and enterprises' dependence on government investment, strengthening the containment effect of the government and administrative mechanism on market investment and market investment mechanism, and affecting the effect of China's macro-control. Third, because the direction of national debt investment is mostly infrastructure construction, its industrial development chain is short, and its driving effect on local economies is decentralized and limited.
(5) This has increased the difficulty of macro-control in the future. The issuance of long-term construction treasury bonds for seven consecutive years has made economic growth significantly dependent on proactive fiscal policies. It seems that to maintain economic growth of more than 7%, proactive fiscal policies must be implemented, increasing the difficulty of future macroeconomic policy adjustment.
2. Long term construction national debt investment should not be simply withdrawn, but should find alternative ways
Although China's social investment and independent growth capacity of the national economy have been strengthened, the foundation for sustained and rapid economic growth is not solid, and the deep-seated contradictions that restrict the sustainable and healthy development of China's economy have not yet been fundamentally resolved. To achieve the great goal of building a well-off society in an all-round way, China must maintain a certain economic growth rate in the first 20 years of this century. Therefore, we should not simply let the long-term construction national debt investment withdraw, but actively seek new investments that can not only ensure economic growth, but also avoid the drawbacks of national debt investment to replace it.
2、 Alternatives to long-term construction treasury bond investment
The overall plan is to gradually replace long-term construction bonds with construction investment and development finance within the national budget. It is suggested to issue 50 billion yuan of long-term construction bonds in 2005, 60 billion yuan less than this year. The long-term construction treasury bond investment in 2005 is only used for the completion of long-term construction treasury bond projects started in the previous year. In 2005, the reduced 60 billion yuan of long-term treasury bond investment was replaced by 10 billion yuan of construction investment within the financial budget and 50 billion yuan of development investment.
1. Gradually increase the regular construction investment within the budget
In order to coordinate with the transformation of government functions and deepen the reform of the financial system, long-term construction treasury bond investment within the scope of public finance responsibilities should be included in the construction investment within the government budget. The construction investment within the government budget will gradually replace the long-term construction treasury bond investment within the scope of public finance responsibilities. The reasons are as follows: First, many long-term national debt investment projects, such as rural infrastructure construction, public health care, basic education, grass-roots political power and infrastructure construction of the public security, procuratorial and judicial departments, belong to the scope of public finance investment and should be invested by the national and local financial budgets. Second, China's financial situation has improved year by year in recent years, and the government has the financial resources to increase budgetary investment. Since 2001, China's fiscal revenue has increased year by year, breaking through 200 billion yuan in 2003. From January to August 2004, China's fiscal budget revenue increased by 28.7% year on year, realizing a fiscal surplus of more than 300 billion yuan. It is suggested to increase the regular construction investment within the central budget by 10 billion yuan in 2005.
2. Mainly replace long-term construction bonds with development finance
In order to maintain the normal development speed and good development momentum of the national economy, while reducing the issuance scale of long-term construction treasury bonds, it is necessary to select appropriate financial instruments that meet the essential requirements of the socialist market economy and can achieve the national macro-control intent to replace most long-term construction treasury bonds investment. In this way, it can not only meet the needs of sustained, rapid and healthy development of the national economy, but also eliminate the drawbacks of long-term construction of national debt investment. Drawing on the experience at home and abroad, development finance may be the best alternative tool.
(1) Development finance and its operating mechanism. Development finance is based on the national credit of the policy bank, raising funds in the form of issuing development financial bonds, and cooperating with local governments and using market mechanisms for investment in accordance with national industrial policies and the requirements of the central government's macro-control. It combines the financing advantages of policy banks with the organizational advantages of the government, and realizes the government's macro-control intention by promoting project construction and system construction. Development finance has a special operating mechanism with the dual nature of "free allocation" of government finance and "paid lending" of commercial finance, which is an ingenious combination of government finance and commercial finance.
(2) Development finance has the advantage of replacing long-term construction treasury bonds. First, the development financial bonds issued by the policy banks are not national debts and will not directly increase the financial risk of the country. Second, development financial investment uses market financial mechanism, which can improve investment efficiency and realize investment recycling. The unique professional financial asset management system and operation mechanism of development finance enable its investment to be recovered and recycled smoothly. Third, development finance makes up for market failure through system construction, drives credit upgrading, and makes profits by integrating system resources through system construction. It can drive economic growth while developing healthily, and achieve high efficiency and high quality of investment growth. Fourth, development finance can effectively integrate social resources, promote the construction of social credit system and the improvement of financial market, and has a good demonstration role for the entire social capital. Through the guidance of commercial funds, we can mobilize social resources, expand the government's ability to regulate the economy, and promote the realization of macro-control objectives. Fifthly, it is convenient and flexible to use development finance for macro-control and operation. Since development financial bonds are special financial bonds issued by policy banks, not national debts, there is no need to pass strict, time-consuming and tedious legislative procedures to increase or decrease the issuance scale of development financial bonds; The policy bank is also a financial institution directly under the State Council, so the government can easily control its policy direction and strength.
(3) The scope of development finance replacing long-term construction treasury bonds. In recent years, China's long-term construction treasury bonds are mainly invested in four areas: public goods (category I), quasi public goods (category II), some competitive areas (category III), and completely competitive areas (category IV). Class I projects belong to the scope of government public finance investment and should be invested by the government budget. The four types of projects have good economic benefits, which can be solved by using the market financial mechanism. Class II and Class III projects are neither within the scope of government public finance investment, nor have good economic benefits, and market forces are unwilling to intervene. These projects are essential for the long-term development of the national economy, and it is appropriate to replace them with development finance. For the existing treasury bond projects under construction, in order to maintain the continuity of treasury bond budget arrangement for the existing construction and ensure the smooth completion of the commenced treasury bond projects, the construction is still arranged by treasury bond funds. Development finance should start with incremental national debt projects to replace long-term construction national debt investment.
(4) Development finance replaces the management of long-term construction treasury bonds. The construction is managed by the mode of national guidance, financial support and policy bank operation. The government and development financial institutions jointly formulate the supervision and management measures for the use of funds to ensure the safety of funds. The government bears the main supervision responsibility for the asset management of the development financial borrowers and their investment projects, strengthens the audit supervision of the projects within the agreement, promotes the standardized management of the projects, and improves the investment efficiency. A development financial institution shall establish a development financial loan account and exercise unified management over the income and expenditure of loan funds. Both parties jointly conduct qualitative classification and quantitative management on the cash flow construction of development financial borrowers and their investment projects.
(5) Policy guarantee for development finance to replace long-term construction bonds. The state should confirm the function of policy banks to operate development finance instead of long-term construction treasury bond investment, so as to ensure the normal operation of this work. For the policy banks engaged in development finance, they should be different from commercial banks in terms of profit plans and tax policies, and continue to implement the policy of "returning income tax to increased capital". The Ministry of Finance, the People's Bank of China, the banking regulatory authorities, the National Development and Reform Commission, and the policy banks should formulate supporting policies and operational measures for development finance to replace long-term construction national debt projects. Specific policies should include:
——- Discount policy. The financial department should determine different discount interest policies according to the profitability of the project. ① For low profit projects, development financial institutions enjoy full discount interest from the government. ② For long-term benefit projects, after loans from development financial institutions, they will enjoy financial discount interest during the project construction period; Discounts will be stopped after the project is put into production or benefits are realized. ③ For loans for projects that can see benefits in the near future, the borrower will be given appropriate term and interest rate discount.
Part 5: Model Text of Financial Investment Policies
To this end, it is necessary to support scientific and technological development through financial system innovation, and effectively play the role of finance in promoting scientific and technological innovation of enterprises and the whole society.
present situation
At present, China's financial industry's investment in science and technology is still very limited in terms of financing methods and overall scale. In particular, bond financing, venture capital, investment funds, credit guarantees, bank enterprise cooperation under the guidance of the government and other new scientific and technological investment methods are still in their infancy.
Loans from financial institutions in China have always been the main form of investment in science and technology in the financial industry. At present, China's enterprises and institutions are mainly funded by enterprises themselves, government funds and loans from financial institutions. Among them, enterprise funds are the largest source of scientific and technological funds. For example, from 19 * to 20 years, the proportion of total scientific and technological funds increased from 43.2% to 56.3%; Government funds are the second largest source of science and technology funds, and their proportion in science and technology funds fell from 30.77% to 25.35% in the same period; The average annual growth rate of loans from financial institutions over the same period was 13.15%, and the proportion of scientific and technological funds fell from 12.16 to 7.37%. From the perspective of the way the financial industry invests in science and technology, the main channel is technology loans from financial institutions. In recent years, although the proportion of scientific and technological loans of financial institutions in the increase of financial institutions' loans has increased year by year, financial institutions have focused on supporting large and medium-sized industrial enterprises, focusing on projects in the fields of agricultural science and engineering science and technology in natural science, and have given greater support to small projects below 3 million yuan and large projects above 10 million yuan.
With the rapid development of China's stock market in recent years, it has become the second largest financing channel in the external financing of Chinese enterprises, second only to loans from financial institutions. In particular, stock market financing has become an important financing channel for high-tech enterprises. According to statistics, 518 of the 1271 listed companies in China belong to the high-tech industry from 19 * to July 20 *, accounting for 40.76% of the total number of listed companies, raising a total of 165.5 billion yuan, accounting for 35.12% of the total stock market financing. However, the scale of stock market financing of high-tech enterprises is still limited compared with that of the entire technology investment: from 19 * to 20 *, the total amount of technology funds raised was 1366.043 billion yuan, of which the total amount of loans from financial institutions was 150.86 billion yuan, accounting for 11.04%; The total stock financing of high-tech listed companies was 137.699 billion yuan, accounting for only 10.08%.
In the same period, bond financing, venture capital, investment funds, credit guarantees and bank enterprise cooperation under the guidance of the government and other new technology investment methods are only in the initial stage. It was not until 20 * years ago that the first attempt was made to promote scientific and technological investment with bond financing under the organization of the Ministry of Science and Technology, and 800 million yuan of "China's high-tech industrial zone corporate bonds" were issued for 19 infrastructure construction projects in 12 national high-tech zones. At present, there are more than 200 venture capital companies established, with a total capital scale of only about 10 billion yuan. Compared with the number of more than 80000 private technology enterprises, the number and scale of venture capital companies are far from meeting the financing needs of small and medium-sized technology enterprises. The "Innovation Fund for Scientific and Technological SMEs" established in 19 * has promoted the development of scientific and technological SMEs, but the scale of funding is limited. At present, various forms of SME credit guarantee business have been carried out in China, but the credit guarantee under the leadership of local governments is the main form, with a small coverage.
problem
In recent years, there has been a relative decline in science and technology loans in China's financial industry, and the problem of financing difficulties for SMEs has always existed. The financial mechanism to promote science and technology investment is relatively backward, and the key is the lack of a sound and effective policy based financial support mechanism.
Since 1995, although the proportion of science and technology loans in the increase of financial institutions' loans has increased year by year, the proportion of financial institutions' loans in the total amount of science and technology funds raised has continued to decline, and the overall support of the financial industry for science and technology investment has declined relatively. The main reasons are as follows: First, enterprises and the government have continuously strengthened their investment in science and technology, which has weakened the importance of financial institutions' loans; Second, after the second half of 1993, the government adopted tightening macro-control policies, which had a great impact on science and technology loans. From 1995 to 1997, the average annual growth rate of financial institutions' loans fell back to 23.33%, while the average annual growth rate of science and technology loans dropped significantly to 10.5%. The proportion of science and technology loans in the increase of financial institutions' loans was about 10%; Third, in recent years, the commercialization reform of state-owned banks has made banks more cautious in granting loans, especially for science and technology loans with high risks, which has led to the decline of the proportion of science and technology loans in the amount of science and technology funds raised year by year.
At the same time, more than 50% of financial technology loans mainly flow to large and medium-sized enterprises. According to the special survey of the Central Bank for 20 years, with the acceleration of the market-oriented reform process of commercial banks, financial institutions have increased their awareness of risk aversion, and credit funds are increasingly concentrated in economically developed regions, key industries, key enterprises and high-quality enterprises; However, due to the low credit rating, difficulties in credit guarantee and mortgage, small amount of loans, cumbersome procedures and some small enterprises' evasion of bank debts, SMEs, especially those in underdeveloped areas, are increasingly difficult to finance. In recent years, a series of policies and measures to encourage financial institutions to strengthen financing services for SMEs have alleviated the problem of SMEs' loan difficulty to a certain extent, but have not fundamentally solved it. From the perspective of external financing channels for science and technology financing of enterprises and institutions, although China has formed a financial market pattern including the stock market, bond market, foreign exchange market, futures market, interbank borrowing market and other financial markets, the financial market dedicated to science and technology investment is still not perfect. Compared with technology loans, stock market financing is still the secondary way of technology investment in the financial industry. Although other scientific and technological investment modes in the financial industry have been launched, their scale and practical effect are very limited.
Facing the high risk of science and technology investment, the market alone cannot completely solve the needs of start-up investment of small and medium-sized technology-based enterprises. At present, there are many types of SME financing service institutions in China, such as technological innovation funds for technology-based SMEs, SME credit guarantee institutions, incubators for technology-based SMEs, and bank enterprise cooperation under the guidance of the government. These institutions play an important role in promoting the development of some small and medium-sized enterprises, but they are all sectoral or local organizations with limited financial resources, most of which are small in scale and narrow in coverage. They are far from forming a regional or national policy based financial support institution, which is difficult to meet the development needs of technology-based small and medium-sized enterprises.
draw lessons from
The experience of various countries shows that the policy support system can play an important role in promoting the development of technology-based SMEs. The government needs to prepare for the establishment of a policy based financial service system, but it must take the market operation mode as a reference. The focus is to improve the policy based financial service system to promote enterprise technology investment.
In order to ensure the rapid development of small and medium-sized technology-based enterprises, many countries have established policy based financial support mechanisms and venture capital service systems for small and medium-sized technology-based enterprises, which can be roughly divided into five categories: first, government and semi government organizations that support the development of small and medium-sized enterprises. For example, the SME Committee of the U.S. Congress, the SME Conference of the government, and the SME Administration. Second, policy lending institutions. There are three main types: loan institutions in the form of government departments, such as the central treasury of Japan's commercial and industrial groups, the national financial treasury and the financial treasury of small and medium-sized enterprises; Policy banks, such as the industrial bank established in South Korea to support small and medium-sized enterprises; Loan institutions in the form of funds, such as the British Phoenix Fund, which provides loans and guarantees for SMEs. Third, policy guarantee institutions. Such as the Small and Medium sized Enterprise Administration of the United States, the Small and Medium sized Enterprise Credit Insurance Treasury of Japan, the credit guarantee fund and technology credit guarantee fund of South Korea. Fourth, venture capital companies. There are mainly three types of independent private venture capital companies, cooperative venture capital companies and government small and medium-sized enterprise investment companies. Fifth, the second board market. For example, NASDAQ in the United States, SESDAQ in Singapore, etc.
All these have played an important role in promoting the development of technology-based SMEs. Their experience gives us the following enlightenment:
First, the preparation for the establishment of a policy based financial service system requires government investment and participation, and the degree of government participation needs to be adjusted in due course. The fund sources of policy financial institutions mainly include government financial input, bond issuance, deposit taking or borrowing from financial institutions. Due to the relative lack of funds, developing countries need more government intervention, and the policy financial system is mainly government owned. At present, China's financial market is underdeveloped. It is necessary for the government to participate to a large extent in the initial stage of raising funds for the start of China's policy based financial system. But when the time is ripe, it is necessary to gradually introduce market mechanisms to reduce government participation, so that the policy based financial system can achieve sustainable development. Second, the use of funds in China's policy based financial system should be based on market interest rates. In the United States, the Administration of Small and Medium sized Enterprises stipulates that the interest rate shall be negotiated by both lenders and borrowers, but the interest rate shall be based on the benchmark interest rate published by Wall Street on the day, and the maximum shall not exceed the benchmark interest rate by 2.25 percentage points; In Japan, the special loans provided by the SME financial treasury are usually only 0.1-0.3 percentage points higher than the benchmark interest rate. In addition, the interest rate of foreign currency loans provided by the Bank mainly refers to the LIBOR market interest rate. When China establishes a policy based financial system, we should learn from these experiences. The use of funds needs to be based on market prices, otherwise it is very easy to repeat the past mistakes of policy based fund abuse in China. Third, the form of policy based financial organizations should meet the needs of specific service objects. As between countries, different regions of the same country and different stages of economic development, the key to the form of policy based finance is to adapt to local conditions.
countermeasure
To fundamentally solve the problem of insufficient investment in science and technology in China's financial industry, it is necessary to establish a financial science and technology investment service system with the purpose of "market guiding investment direction, government providing policy environment, enterprises as investors, and finance as the main means" and the purpose of "all-round, all stage, and all means" through financial innovation.
It is an effective way to solve the financing problem of small and medium-sized science and technology enterprises to establish and improve the risk investment mechanism and take policy finance as a supplement. In this regard, we propose eight suggestions:
First, prepare to build a policy bank to support scientific and technological innovation. According to the actual situation of our country, it is necessary to set up at least one policy bank dedicated to serving SMEs and scientific and technological innovation. Options include: first, establishing a technology bank with the nature of a specialized commercial bank, part of which belongs to the policy financial business dedicated to scientific and technological innovation; The second is to set up a small and medium-sized enterprise bank to provide policy oriented financial services for small and medium-sized enterprises; Third, a science and technology development bank was established to provide policy based financial services for scientific and technological innovation activities. From a practical point of view, it is suggested to set up a policy oriented science and technology development bank first.
Second, improve credit guarantee and encourage science and technology loans. It may be considered to establish a credit guarantee institution dedicated to scientific and technological innovation, and encourage various commercial banks to increase loan support for enterprises' scientific and technological innovation activities.
Third, vigorously develop private banks and encourage and support scientific and technological innovation.
Fourth, set up a technology board market at the right time to accelerate the development of the venture capital market. China needs to further develop venture capital companies and venture capital funds, and more importantly, it needs to launch venture capital exit mechanisms such as the second board market for technology-based SMEs as soon as possible.
Fifth, issue scientific and technological innovation bonds to promote the development of the bond market. Developing the corporate bond market is one of the inevitable choices for China's financial system reform in the future. On the basis of carefully summarizing the pilot experience, we can consider expanding the scale and scope of bond issuance, so that more scientific and technological innovation enterprises can have the opportunity to issue bonds.
Sixth, we should continue to develop investment funds and diversify investment subjects. From the perspective of improving the investment fund mechanism and guiding the legal investment of social idle funds, the government should relax the conditions for fund establishment and access methods, accelerate the development of venture capital funds, allow the establishment of private funds, and encourage more private funds to flow into the field of scientific and technological innovation.
Part 6: Model of Financial Investment Policies
Key words: policy banks; Commercial operation; Equity investment; Asset securitization
CLC No.: F83 Document ID No.: A Article No.: 1006-4117 (2012) 02-0147-02
The commercialized operation of policy banks is a summary of the operation methods of policy banks. The commercialized operation can make better and more reasonable use of policy financial resources, give full play to the function of policy finance, and achieve the maximization of social benefits and their own sustainable development. Since the theory of policy finance came into being, it has always advocated and insisted that policy finance should be different from government finance and operate in accordance with financial rules, that is, operate policy businesses in a commercial way.
1、 The Necessity of Commercial Operation of China's Policy Banking Business Model
（1） Commercial operation is the internal requirement of financial deepening
The original intention of establishing policy banks is to implement national industrial policies and development strategies, optimize resource allocation and make up for market failure through financial support from policy banks. The government intervened in the operation of policy banks in the process of implementing policies, resulting in low efficiency in their operation and allocation of financial resources, which is the embodiment of financial repression. However, all reforms that are conducive to competition, financial operation efficiency and financial resource allocation efficiency are commercialization reforms. These reforms have improved the operational efficiency of micro finance and made financial resources more reasonably allocated, thus greatly promoting the healthy and sustainable development of the national economy. Especially after the marketization degree of domestic industries has significantly improved, the policy banks have implemented the commercialization reform, and more and more substantial financial service functions have been established and improved, which is the objective requirement of financial deepening and the inevitable step of financial system reconstruction.
（2） Commercial operation is the inevitable choice to solve the unfair competition with commercial banks
Policy banks have been accused of "double track arbitrage" because of their policy advantages and low-cost capital sources, which can lead to unfair competition with commercial banks. One track arbitrage in "double track arbitrage" means that as a national policy bank, it can enjoy preferential interest rate subsidies under the support of national credit, and issue medium and long-term financial bonds at a lower cost. The other track of arbitrage is that policy banks can use their own advantages in operating medium and long-term loan business and entering certain fields earlier to win more easily in projects with fierce competition. Throughout the world, policy banks also resolve the growing competition with commercial banks through commercial operation. At the same time, the commercialization of business model can prevent the moral hazard caused by the transfer of business losses to national finance. Therefore, the commercial operation of policy banking business model is the inevitable choice to solve the unfair competition with commercial banks.
（3） Commercial operation is an effective means to solve its own system defects
The institutional defects of China's policy banks are mainly reflected in the imperfect internal and external governance, which directly leads to the low efficiency of resource allocation of policy banks and the ineffectiveness of policies. Policy banks do not operate in accordance with the market, lack of market mechanism constraints, and have high loan risks. Once they default, they will inevitably form non-performing assets, and a large number of them have to take the form of standing on account and overdraft. China has not yet established any set of laws and regulations on policy based finance. The business operation of policy based banks has been greatly interfered by the government. The policy based banks' own "rent-seeking" and profit seeking behaviors also exist. From the perspective of external supervision, due to the particularity of policy banking business operation, supervision should be strictly distinguished from commercial banks, establish a supervision mechanism that conforms to policy banking business operation, and establish a scientific coordination mechanism. Therefore, through the commercial operation of business model and the establishment of supporting laws and regulations and strict external supervision system, it is an effective means to solve the system defects of policy banks.
2、 The Current Situation of Commercial Operation of China's Policy Banking Business Model
The three policy banks in China have developed so far, and China Development Bank has carried out commercial operation earlier and more comprehensively. In order to meet the needs of economic and social development, the CPC Central Committee and the State Council decided to implement the reform of the National Development Bank according to the specific conditions of the Bank. Since 2007, China Development Bank has made active exploration and bold attempt in the commercial operation, and carried out a lot of work.
（1） Take the road of internationalization
From the composition of the International Advisory Committee of the National Development Bank (including Maurice Hank Greenberg, former chairman of AIG, and Sir Edward George, former governor of the Bank of England), we can see that the National Development Bank has already prepared for its entry into the international arena. On July 23, 2007, China Development Bank signed a subscription agreement and strategic cooperation memorandum with Barclays Bank, one of the largest commercial banks in the UK, and participated in the largest M&A case in the global banking industry led by Barclays Bank. Since 2005, China Development Bank has started financial cooperation with Latin America. So far, it has cooperated with Venezuela, Brazil, Chile, Peru, Argentina, Mexico, Costa Rica and other countries, with a total financing of more than 8 billion dollars. In 2010, China Development Bank led the establishment of the China ASEAN banking consortium, established the "BRICS" bank cooperation mechanism, promoted the establishment of the China Portugal Fund, China Greece special fund arrangement for ship development, studied the establishment plan of the Shanghai Cooperation Development Bank, promoted the materialization of the Shanghai Cooperation Bank consortium, and laid a good foundation for deepening economic and financial cooperation between China and all parties.
（2） Actively carry out investment banking business
For a long time, China Development Bank has actively prepared to carry out medium and long-term credit and investment banking business, started to try to set foot in securities, trust, leasing and other fields, entered the field of equity investment, and actively built a universal banking platform. Investment banking business involves fund investment, equity investment and equity management, industrial integration, bond underwriting and other fields. At present, China Development Bank has participated in the establishment of China Switzerland Cooperation Fund, China ASEAN SME Investment Fund, China Belgium Direct Equity Investment Fund, Bohai Industrial Investment Fund, China Africa Development Fund, Sino Italian Mandalin Fund, Joint Venture Capital Enterprise Fund, CITIC Vision Infrastructure Investment Collective Trust Plan Kaitou Growth Venture Capital Enterprise Fund, Kaixin Venture Capital Co., Ltd. and other funds. In August 2009, CDB Finance Co., Ltd. was developed and established to undertake the existing non-financial equity assets of CDB, mainly engaged in private equity funds, direct investment, investment consulting, financial advisory and other businesses. In addition, the bond underwriting business of China Development Bank has always been in a leading position in the domestic capital market. With the further expansion of its business scope, China Development Bank has become the only banking institution that can underwrite corporate bonds, short-term financing bonds and medium-term notes.
3、 Countermeasures for the Commercialization of China's Policy Banking Business Model
At present, China's policy banks take market financing as the main source of funds, do not make full use of the characteristics of national credit, and are not closely linked with finance. Therefore, in the future, when undertaking policy tasks, China's policy banks should give full play to the advantages of national credit and raise a certain amount of funds with relatively low cost. At the same time, the government should also increase the financing support for policy banks to make the fund source structure of policy banks more reasonable.
（1） Equity investment model
The commercial operation of policy finance is an inevitable choice to optimize the efficiency of fund use. Investment income and financing efficiency should also be considered as two factors when policy banks provide policy funds. For projects with high risks and uncertain returns, policy banks can choose to adopt the equity investment model to provide financial support to enterprises or projects by providing equity funds, and the investment returns are represented by the share transfer or dividends obtained.
The equity investment model is characterized by the combination of the business performance of enterprises and the income of banks. The policy banks themselves also need to bear certain business risks. The specific operating mechanism is as follows: the income of banks will fluctuate with the business conditions of enterprises, and when the business conditions of enterprises decline, the income of banks will also decrease accordingly; When the income of the enterprise exceeds a certain level, the bank will choose to transfer its shares to the enterprise and exit. Since this model is mainly applicable to pioneering high-risk projects, it requires policy banks to fully identify project risks and assess the commercial value of projects when selecting projects for financing. To some extent, this also requires policy banks to actively participate in enterprise operation, supervise enterprises, and fully cooperate with the motivation and functions of policy funds while granting loans.
（2） Improve market-oriented issuance of financial bonds and further reduce financing costs
1. Improve the secondary market of financial bonds and broaden the target of bond issuance
For a long time, China's policy banks have mainly issued bonds to commercial banks. To achieve the smooth issuance of bonds, it is necessary to ensure that the interest rate of policy bank bonds is not lower than the financing cost of commercial banks. Therefore, the capital cost of policy banks is relatively high, and sometimes even the interest rate is inverted. For this problem, it can be alleviated by broadening the domestic and foreign debt issuing objects. In order to broaden the target of domestic bond issuance, we should first realize the public issuance of financial bonds of China's policy banks to attract individual and corporate investors. The issuance of government guaranteed bonds with government bond qualification is conducive to improving bond credit and enhancing investor confidence. The international capital market has a large capital capacity and low financing costs. China's policy banks can use the international capital market to expand the target of issuing bonds, with the national credit as the guarantee. China's policy banks can not only raise funds in the international capital market by issuing bonds, but also win foreign syndicated loans.
2. Strengthen the research and development of bond varieties or portfolios
Under the dual pressure of further marketization of financing channels and competition of international capital, developing attractive bond varieties or combinations will help policy banks meet the growing demand for funds and better adapt to market-oriented financing channels. When selecting the type of bond issuance, policy banks should, on the one hand, take into account the interest rate risk faced by future interest rate changes; On the other hand, the matching of fund sources and fund use structure should be considered. The investment of policy banks is mostly concentrated on the issuance of medium - and long-term loans. In order to match with assets, bonds with longer maturities are more appropriate choices. Therefore, policy banks should, according to the demand of bond varieties in the money market, consider the asset distribution of subscription financial institutions, the need for liquidity and profitability of funds, as well as the reasonable matching of the term of capital sources and the term of loans, and comprehensively determine the term, interest rate and portfolio of bonds.
（3） Broaden the source of funds and bring foreign exchange reserves into the financing category
Since China's capital account has not yet been opened, the net inflow of foreign capital and foreign trade surplus have made China's new foreign exchange reserves and foreign exchange reserve balance increase rapidly every year. However, how Chinese enterprises make use of high foreign exchange reserves to "go global" has not been fully straightened out in terms of mechanisms, channels and channels. With its unique advantages and perspectives, policy banks can efficiently reach relevant enterprises through reasonable and legal ways and channels, and vigorously support enterprises to "go global", so that the national economy can develop well and quickly.
1. Refer to Huijin mode
Huijin model is a model for China to manage and use foreign exchange assets investment by referring to the Singapore Temasek model. Its core is to reasonably use the national foreign exchange assets to invest in national key financial institutions and provide them with stable long-term financing services. The Central Huijin Company was established on December 6, 2003. Its main function is to exercise the rights and obligations of investors of key financial enterprises on behalf of the state, support them to implement various reform measures, improve the corporate governance structure, ensure the safety of national capital injection and obtain reasonable investment returns. In the future, when using foreign exchange reserve funds as a financing channel for policy banks, we can refer to the Huijin model, in which the China Investment Corporation will inject capital into the policy banks to provide them with long-term stable funds. However, the investment company does not participate in the management of equity participation financial institutions, but only obtains capital returns with a fixed rate of return from equity participation institutions.
2. Issue targeted bonds
Policy banks have a single source of funds, mainly relying on government subsidies and bond issuance to raise funds. When policy banks need rapid and large amount of financing, they should take advantage of their national credit support and the ability to obtain low-cost and large amount of financing to broaden their funding sources, such as choosing to issue bonds to specific investors. Issuing targeted bonds means that bonds are only sold to specific investors rather than publicly issued bonds. For China's policy banks, they can choose to issue a certain amount of targeted bonds to China Investment Corporation for financing, and both parties can decide the specific size and duration of the bonds according to needs. The characteristics of this kind of bonds are that the funds raised have a long duration, and the banks can use them freely. In addition, China Investment Corporation, which purchases bonds, has no right to interfere with the bank's business decisions. By issuing bonds for financing, the capital source of policy banks can be long-term, low-cost and centralized, which can meet their large financing needs.
3. Asset securitization
Asset securitization was innovated by the American National Mortgage Association in the 1980s, and began to expand rapidly to other countries and regions in the 1990s. The innovation of asset securitization makes commercial banks complete the role transformation from "fund lender" to "asset seller", and increases the liquidity of commercial banks. The United States Securities and Exchange Commission (SEC) defines asset securitization as: "the process of structuring and transforming the non tradable stock assets or foreseeable future income of enterprises (sellers) into financial products that can be sold and circulated in the capital market." In this process, stock assets (such as accounts receivable or residential mortgages) It is sold to a special purpose vehicle (SPV) or intermediary, and then the SPV or intermediary obtains funds by issuing asset-backed securities (ABS) to investors. The issuance of asset-backed securities depends on the stock assets, and the income is closely related to the future cash flow of the stock assets.
The proportion of loans in the assets of China's policy banks is more than 80%, showing the characteristics of high loan amount, long term, clear repayment method, etc. Since most of the loan risks are borne by the state, their loan risks are small. All these characteristics indicate that the loans of China's policy banks are suitable for asset securitization. Agricultural Development Bank of China can also establish a business exit mechanism through asset securitization, that is, issue bonds based on loan contracts in industries and fields that need to exit, and sell bonds to social investors through the capital market, so as to exit these industries and fields. Asset securitization business can reduce the cost of loan financing and reduce the credit risk and interest rate risk caused by the mismatch of interest rate and term in traditional business. When carrying out asset securitization operations, China's policy banks should update their business operation systems in a timely manner, determine the rights and obligations of all involved participants through the construction of a complete and rigorous legal and regulatory system, and ensure the benign operation of securitization.
Author's unit: International Business School of Shenyang Normal University
About the author: Yang Tongshu: (1983.01) female, born in Shenyang, Liaoning Province, Han nationality, lecturer of International Business School of Shenyang Normal University, doctor. Research direction: policy finance.
reference:
[1] China Development Bank, Joint Research Group of Renmin University of China. Outline of Development Finance [M]. Beijing: Renmin University of China Press, 2006
[2] Li Zhihui, Li Weibin. Theory, Policy and Practice of China's Development Finance [M]. Beijing: China Finance Press, 2010
Part 7: Model Articles of Financial Investment Policies
Three modes of financial support for cultural industry
Like cultural diversity, cultures and their industrial management policies around the world are also characterized by diversity, including the British "arm's length" decentralization model, the French centralized model, the Nordic welfare finance model, the American non intervention model, and so on. If we further simplify these categories, they can be roughly summarized into the following three categories: the government led model represented by France and Germany, the non-governmental organization led model represented by the United States and Britain, and the government led model represented by socialist countries such as China. We will interpret the financial support policies for these three types of cultural industries through the different links between cultural industries and policy based finance and commercial finance, and analyze their characteristics and reference significance.
First, we will discuss different models of policy finance.
According to the industrial policy theory, the cultural industry, as an important growth point of the emerging economy, is still in the initial stage of development, and there will inevitably be a large number of market failures. Therefore, the financial support policies of cultural industries in the world include not only market-oriented commercial financing policies, but also policy financing policies. In other words, no matter what kind of cultural management system, policy finance and culture and related industries in various countries are closely related. As far as policy finance is concerned, the differences between the three models mainly reflect the scope, strength and ways of policy finance supporting culture and its related industries. Here, the UK, France and China are represented (see Table 1).
It is easy to see from the figure that, as far as the scope of policy based financial support is concerned, the more centralized the cultural management system is, the wider the scope of its support will be. For example, the French type is much wider than the British type. According to this logic, the scope of policy based financial support of the Chinese model should be more extensive, which is also true under China's traditional planned economic system, that is, almost all cultural products are provided by the state. However, due to the transformation of China's economic system to the market-oriented direction, coupled with the fact that China is still in the primary stage of socialist development, the financial revenue is limited, especially the financial investment in culture is insufficient, so even with the government dominated system, China's current policy based financial support for cultural fields is very limited. Secondly, as far as the way of policy financial support is concerned, whether it is the cultural management system dominated by government or non-governmental institutions, or the financial system dominated by financial markets or financial intermediaries, the policy finance in western countries emphasizes the policy oriented role of special support funds, but also the policy guarantee Investment leverage of government credit such as policy investment. For example, both Britain and France have national level management institutions or fund types with the nature of investment funds. However, as a representative country of Type III model, China's policy finance support mainly focuses on traditional ways such as policy loans or interest discounts, and has not yet fully played the role of government credit in investment guidance and leverage.
To sum up, compared with the French and British models, the model of policy finance supporting the development of cultural industry in China still has obvious deficiencies such as insufficient investment, limited scope of investment, and backward investment methods. Therefore, there is still a huge space for reform of policy finance in the field of cultural industry in China. In particular, it is necessary to reform and optimize the input mode of policy finance, innovatively use policy guarantee, policy investment and other methods, and make full use of the investment guidance and leverage of government credit to create a good financial environment for the development of cultural industry.
Secondly, we will analyze the different models of commercial finance.
When commenting on the current situation of banks' loans to cultural industries, the European Cultural Finance Report (2000) said, "These banks still lack a basic understanding of the characteristics of the cultural industry. The cultural industry is driven by intellectual property rights and innovation, so they have the characteristics of high risk, lack of fixed assets, short-term interest expectations, etc.". These characteristics make the combination of finance and cultural industry face many bottlenecks, among which the most important bottleneck is the risk compensation of cultural industry financial products, that is, cultural products light assets and cultural enterprises lack stable cash flow, which makes the investment risk in this field high and can not get the due compensation. Therefore, Commercial financial institutions around the world are extremely cautious in investing in this field. However, almost all countries are aware of the importance of the development of the cultural industry for the adjustment of their economic structure and the improvement of national competitiveness, so they have taken certain measures to promote commercial financial institutions to increase investment in this field. This also makes the commercial financial policies of these countries often have the shadow of government support. In particular, the developed countries' governments resolve the risks of cultural industry financial products by establishing a sound risk compensation mechanism, protect the enthusiasm of commercial financial institutions, and thus ensure the smooth flow of cultural industry financing channels. Therefore, even in commercial financial policies, there is no lack of the role of the government. In this regard, the differences between the three models mainly reflect the ways and methods of commercial finance to support the cultural industry. Here, the United States, France and China are represented to illustrate (see Table 2).
It can be seen from the figure that the way commercial finance supports the cultural industry is to a considerable extent related to the country's financial system. Countries with financial market dominance tend to emphasize the role of financial market as the main financing channel, while countries with financial intermediary dominance tend to emphasize the role of financial intermediary as the main financing channel. However, no matter how its financial system and financing methods are, in order to keep these financing channels unblocked, we need perfect intermediary service institutions and risk compensation mechanisms. Take the United States as an example. The capital market in the United States is developed, and its involvement in the cultural industry is also very comprehensive and in-depth. In particular, in view of the characteristics of the cultural industry, such as strong professionalism and high risk, it is difficult to solve the financing problem of the cultural industry by setting up various forms of investment funds through financial innovation. Since the emergence of Wall Street film investment funds in 2004, GunHillRoad has provided Sony and Universal with 750 million and 515 million dollars respectively from 2005 to 2006, Magic Films invested $505 million in Disney, Warner Brothers and Fox received $500 million and $325 million respectively from Legendary Pictures and DuneCapital, and Paramount received $300 million from Melrose Investment. These professional investment funds, with their market-oriented mechanism of "collective investment, expert management, risk diversification, and standardized operation", can better adapt to the characteristics of cultural industry investment, establish an innovative channel connecting the cultural industry and the capital market, and to some extent solve the bottleneck problem of cultural industry financing.
While France implements government led cultural management, which is responsible for cultural management, investment and other affairs, since the end of last century, the French government has also begun to try some new ways of cultural investment, the most representative of which is the Institute for FinancingFilm Productions and the Cultural Industries (IFCIC). The Film and Culture Industry Finance Bureau is an independent financing institution jointly launched by the Ministry of Culture and the Ministry of Finance in 1983. Its purpose is to promote the development of French cultural industry by helping cultural industry enterprises obtain bank loans. The assets of the Film and Culture Industry Finance Bureau are only 12.5 million francs, but it is in charge of a guarantee fund of 60 million francs, including the guarantee fund for film and Shixin Art provided by the National Film Center, the cultural industry fund and the press and publication guarantee fund provided by the Ministry of Culture. These funds enable it to guarantee a total of 2.11 loans
100 million francs. In other words, the French government has set up specialized financial institutions and established a risk compensation mechanism for cultural industry investment through government funds, so as to open up financing channels for cultural industry through the linkage between the government and society.
Compared with the two types mentioned above, China, as a representative country of government administration, is still in the initial stage of its commercial financial support for the cultural industry. There is great room for improvement in both the category and strength of financial products, and there is still a lack of systematic intermediary service system and risk compensation system, This constitutes the direct bottleneck of the commercial financial channel for cultural industry financing. Therefore, the biggest task facing China's current cultural and financial policies is to establish a systematic intermediary service system and risk compensation system, so as to provide a good external environment for commercial finance to fully participate in cultural industry investment.
Some suggestions on setting up special policy financial institutions
From the above analysis, whether government led or non-governmental institutions led, they all have professional cultural industry financial service institutions. In the non-governmental institutions led model, for example, the United States has market-oriented film investment funds and other professional financial institutions, In the government led model, for example, in France, there are professional government institutions such as the Film and Cultural Industry Finance Bureau to provide financing and related services for the cultural industry. Among the policies and measures of financial support for the development of cultural industry, the establishment of specialized institutions is very important, because the professionalism and risk of cultural industry make it difficult for many comprehensive financial service institutions to provide specialized financial service products. In China's existing policy banking system, no matter which policy bank is, it cannot provide professional financial products and services for the cultural industry. Therefore, China's current cultural and financial policies should give priority to the establishment of special policy oriented financial institutions, or the establishment of government led cultural industry investment funds to provide professional financial products and services for the cultural industry. This is not only conducive to the full implementation of the Cultural Industry Revitalization Plan and the provision of practical financial support for the revitalization of the cultural industry, but also conducive to the provision of business guidance for other financial service institutions in terms of operation mode, service mode, etc.
Establish a comprehensive and systematic risk compensation mechanism
As we all know, there is an obvious conflict between the characteristics of the cultural industry, such as light assets and high risks, and financial products. For example, banks and other financial institutions lack the due compensation mechanism for their business risks in the loan business of cultural industry enterprises, which leads to these institutions often based on the consideration of capital security, and the motivation for loans is often insufficient. Therefore, an important aspect of cultural and financial policies in western developed countries is to establish a sound risk compensation mechanism to share the risks of financial institutions. For example, in countries such as Germany and France, in financial support for the development of cultural industries, intermediary institutions such as guarantees are generally set up to defuse investment risks, and the government realizes risk compensation through various ways, and even sets up specialized financial institutions to provide loans for cultural industries to bear risks directly. Even in the United States, which is known as "governing by doing nothing", it also provides guarantee, risk capital and other risk compensation means for enterprises to obtain loans through the establishment of a special agency to promote the development of small and medium-sized enterprises - the Small and Medium Enterprises Administration. Therefore, the financial policy of cultural industry should focus on establishing a risk compensation mechanism for financial products of cultural industry to solve the problem of insufficient motivation of financial institutions to support the cultural industry due to the mismatch of risk and return. On the one hand, through direct compensation, improve the income of financial products of cultural industry; On the other hand, through indirect compensation, that is, through the guarantee and insurance of cultural industry financial products, risks can be transferred or resolved. We believe that only by establishing a sound risk compensation mechanism in the field of cultural finance can we establish a commercial mechanism linking cultural industry and financial institutions, attract social capital to invest in cultural industry, and thus build a sound cultural industry investment system.
Establish a complete and systematic intermediary service system
From the gap between the above-mentioned financial support policies for China's cultural industry and the other two models, we can easily find that in addition to the problems of the cultural industry and financial institutions themselves, the imperfect intermediary system, including financial services such as guarantee, insurance, consultation and management, also constitutes an important reason for the backwardness of financial services for China's cultural industry. When studying the cultural industry policies of various countries, Barrowclough and others emphasized that in addition to financial support, management, commerce, insurance and other intermediary services are also indispensable. The two types compared here, whether dominated by financial markets or financial intermediaries, have a very perfect intermediary service system. The most important intermediary services include value assessment, intellectual property protection, risk compensation and management consulting. Therefore, we believe that China's financial support for the cultural industry should establish a perfect and systematic intermediary service system as soon as possible: improve the value evaluation mechanism, including cultural assets evaluation, so that the value of the cultural industry can be found and reasonably evaluated; Perfect the intellectual property protection mechanism, so that the commercial interests of the cultural industry can be effectively protected; Perfect financial intermediary services, including guarantee and insurance, so as to open the financing channel of cultural industry through the risk compensation mechanism of cultural industry financial products; Improve the commercial service intermediary system, including financing methods, enterprise management and commercial marketing, so as to improve the financing ability and profitability of cultural industry enterprises, and realize the value of financing.
Chapter 8: Model Articles on Financial Investment Policies
Based on the demonstration of the importance of policy financing for the development of strategic emerging industries, this paper takes policy loans and government venture capital guidance funds as the research objects, and conducts an empirical analysis of the policy financing effect of strategic emerging industries in China from 2010 to 2014. The analysis shows that the financing effect of policy loans on strategic emerging industries is not obvious, while the financing effect of government venture capital guidance funds on strategic emerging industries is obvious. In the future, China can improve the support of policy financing for strategic emerging industries by establishing a strategic emerging industry policy bank, guiding the market-oriented operation of policy funds and establishing a policy financing guarantee system.
In 2010, the Chinese government identified seven major areas of strategic emerging industries - energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy, new materials and new energy vehicles. The development of the seven strategic emerging industries can alleviate the downward pressure on China's economy to a certain extent, especially when domestic demand is insufficient to make up for the decline in total exports, the strategic emerging industries can serve as a new engine for economic growth. In recent years, China's strategic emerging industries have maintained rapid growth. According to the data of the National Bureau of Statistics of China, the scale of China's strategic emerging industries continued to expand during the "Twelfth Five Year Plan" period, and the overall growth rate of the seven major industries was about twice the GDP growth rate. In recent years, the added value of strategic emerging industries accounted for the proportion of GDP also continued to grow. Although China's strategic emerging industries are gradually becoming the mainstay of supporting economic growth, industrial development still faces many constraints, one of which is the difficulty in financing, and enterprise innovation in China's strategic emerging industries still needs more financial support. Strategic emerging industries are characterized by large initial investment and long payback period. Policy based financing is one of the important financing channels that can not be ignored by emerging technology enterprises. Policy financing can not only make up for the lack of commercial financing market to a certain extent, but also is a market-oriented behavior of financial support for science and technology. Compared with tax and other preferential policies, it is more able to test the wisdom and operation ability of the government to subsidize emerging technology enterprises at the start-up stage with low interest and compensation and ensure a virtuous circle of funds. From the perspective of policy financing, this paper analyzes the financing status and effects of China's strategic emerging industries, and attempts to propose optimization strategies for policy financing, which is conducive to improving the efficiency of policy financing of China's strategic emerging industries, which plays an important role in promoting the growth of strategic emerging industries.
1、 Theoretical circles demonstrate the necessity of policy financing for strategic emerging industries
Enterprises in strategic emerging industries often have technological advantages and innovation capabilities, which are very important for the structural adjustment and upgrading of the entire industry. However, the development characteristics of these enterprises are contrary to the investment preference of commercial financial institutions, resulting in the weak external financing capacity of these enterprises. LatimerAsch (2000) believed that in the eyes of commercial financial institutions, SMEs need a small amount of capital, so it is difficult to form the scale effect of loans, and there is little profit to be made. The financing difficulty of small and medium-sized enterprises is a universal problem. Since the British Macmillan put forward the financing gap of small and medium-sized enterprises - "Macmillan gap" in the 1930s, many countries have taken policy based financial means to solve the financing difficulties of small and medium-sized enterprises. Ji Qiongxiao (2003) pointed out that the essence of SMEs' financing difficulties is a kind of market failure, and this problem can only be fundamentally solved through the establishment of policy based financial institutions dedicated to supporting the development of SMEs. Policy financing refers to the financing behavior that enterprises make full use of the policy support provided by governments at all levels to optimize the industrial structure and promote the transformation of high-tech achievements, or the government provides policy funding support to support the rapid development of emerging technology enterprises. For technology-based SMEs, policy based financing has great advantages over other financing methods in terms of financing costs, financing risks, etc. Arrow (1962) pointed out that financing enterprise R&D activities through policy finance can effectively alleviate the inefficiency of the commodity market. In the early stage of the development of technology-based SMEs, the government plays a key role. Without financial support, many core technologies are difficult to achieve breakthroughs, let alone industrialization. Financial subsidies are a common means for financial funds to support industrial development. However, a large number of studies show that the policy means of direct government funding for enterprise innovation is often not efficient due to asymmetric information and enterprises' adverse selection behavior (e.g. An Tongliang et al., 2009). Lu Guoqing et al. (2014) pointed out that although government subsidies for strategic emerging industries are very important, subsidy methods and efficiency need to be improved. If the government excessively intervenes in the investment direction of enterprise subsidy funds, it will distort the efficiency of fund use, causing most of the government subsidy funds to flow to the field of capacity investment. The overcapacity of China's solar cell industry is the best example 1. In contrast, policy based financing is an effective way for financial support to financialization and marketization. Some domestic scholars have analyzed the financial support of strategic emerging industries from the perspective of policy financing. Gu Haifeng (2011) proposed the "two systems and one system" policy based financial support system for the evolution of strategic emerging industries, that is, through the policy based financial support mechanism, to guide the financial resources of commercial banks and financial markets to flow to strategic emerging industries. Wang Wei and Wei Han (2012) proposed that the policy based financing system for technology-based SMEs should be based on a market-oriented operation system with policy banks as the center, credit guarantee institutions as the basic means, and enterprise development funds as the supplement. In a word, in the initial stage of development, the financing source of strategic emerging industries with emerging technology-based SMEs as the core mainly depends on the policy guidance of the government. Although the domestic academic circles have accumulated a lot of achievements in the theoretical research on policy financing promoting industrial growth, especially the research on policy financing solving the financing difficulties of SMEs is not rare, but the subject of policy financing for strategic emerging industries is still in the theoretical discussion stage, lacking empirical tests, and the research on some issues is not in-depth enough, For example, the efficiency of policy based fund allocation and the optimal mode of policy based financing are still problems worthy of in-depth consideration.
2、 Analysis on the Policy Financing Mode of China's Strategic Emerging Industries
From the perspective of China, the main ways for policy financing to foster the development and upgrading of strategic emerging industries include policy loans issued by national policy banks, the government guiding commercial financial institutions' credit to strategic emerging industries through policy guarantees, financial discount and other methods, as well as special support funds established by the state and the government.
（1） In China, policy banks are the main undertakers of policy loans, and China Development Bank is the main bank supporting strategic emerging industries. Projects in strategic emerging industries need medium - and long-term financial support, and China Development Bank, which is oriented at development finance, plays an important role in strategic emerging industries. From 2010 to 2015, the National Development Bank has successively provided financial support for key projects in China's civil aerospace field, such as remote sensing satellites, AVIC aero-engine aviation industry chain, and China Thailand chemical circular economy, and piloted the exploration of new flat panel displays, genetic engineering, digital medical equipment, biomedicine New materials, smart grid and other strategic emerging industry financing models. According to the annual report released by the National Development Bank, the Bank has granted strategic emerging industry loans totaling 1258.2 billion yuan from 2010 to 2015, which not only provides development funds for new generation information technology, marine biological engineering and other fields, but also helps promote the integration and development of advanced manufacturing industry and build a bank enterprise cooperation mechanism.
（2） In recent years, in response to the strategic deployment of building an innovative country, major ministries and commissions have established funds or special programs to support industrial development, such as the special program for high-tech industrialization of the Development and Reform Commission, the national key new product plan of the Ministry of Science and Technology, and the electronic information industry development fund of the Ministry of Industry and Information Technology, These support funds support the development of strategic emerging industries through free subsidies or loan interest discounts. In addition to various ministries and commissions, the scale of financial investment of local governments in strategic emerging industries has also continued to expand. For example, from 2012 to 2014, Zhejiang Provincial Finance allocated 740 million yuan from special funds for strategic emerging industries to support the construction of 107 key enterprise research institutes; Guangdong Provincial Finance has set up a special fund for bank enterprise cooperation in strategic emerging industries, which will be 5 billion yuan from 2011 to 2015 to support the development of strategic emerging industries through the way of discount loans. For a long time, China's financial support for scientific research projects has mostly followed the "point-to-point" and "project to project" approaches, and the promotion effect of this approach on research and achievement transformation of science and technology enterprises needs scientific evaluation. On the basis of foreign experience, in October 2009, the National Development and Reform Commission and the Ministry of Finance jointly launched and implemented the "Venture Capital Plan for Emerging Industries", in which the central financial funds, local government funds and social capital jointly launched the establishment of a venture capital fund for emerging industries, through the establishment of venture capital enterprises, or direct investment in venture capital enterprises in the form of equity investment, Guide social funds to support the development of emerging enterprises in the early and middle stages. The biggest advantage of this approach is that it can effectively combine the government's monetary capital with social human capital and private capital, and organically combine the effect of public policy with the market-oriented mechanism. This fund has not only realized the diversification of capital sources, but also will carry out a complete market-oriented operation. In 2011, SMEs in strategic emerging industries were included in the support scope of the "emerging industry venture capital plan". By the end of 2015, China's "Venture Capital Plan for Emerging Industries" had supported the establishment of 206 venture capital enterprises with a total capital of 55.7 billion yuan. The investment fund played an important role in broadening the financing channels of strategic emerging industry enterprises.
（3） Policy financing guarantee Policy financing guarantee is to solve the financing problem of enterprises through policy guarantee institutions invested or controlled by governments at all levels. Most developed countries and regions regard the establishment of a policy based credit guarantee system for SMEs as an important starting point for the government to support the development of SMEs. For example, the Small Business Administration of the United States has played a very good role in guaranteeing the policy financing of SMEs. From the perspective of the existing guarantee institutions in China, despite the large number, the average registered capital is small, the balance under guarantee is small, and most of them are commercial guarantee institutions. Although some of them are in the name of policy guarantee companies, they are actually not policy oriented enough to assume the responsibility of policy financing guarantee companies. According to the data of China Financing Guarantee Industry Association, as of the end of 2015, there were 8402 legal persons in the financing guarantee industry nationwide. The total registered capital is 931.1 billion yuan, the balance under guarantee is 1.91 trillion yuan, and the average capital is only 111 million yuan. The average balance under guarantee of each guarantee institution is 227 million yuan, and the magnification is only twice. The multiplier effect is difficult to play, and there is no nationwide guarantee institution. This decentralization has reduced the credibility of guarantee companies and bank recognition. Among the 8402 guarantee institutions, 18.7% are state-owned and 81.3% are private and foreign-funded. In other words, most domestic guarantee companies are commercial. Even the guarantee company in the name of policy, due to the need to accept the assessment of the goal of maintaining and increasing the value of state-owned assets, company performance and other aspects, is unable to carry out policy based guarantee and re guarantee business due to the lack of policy support. In recent years, governments at all levels have actively promoted the construction of a policy based financing guarantee system and supported the development of technology-based SMEs. For example, Zhejiang Province has set up a professional scientific and technological guarantee company to broaden financing channels for provincial medical technology-based and innovative enterprises; Opinions of Zhejiang Provincial People's Government on Promoting the Construction of Policy based Financing Guarantee System issued by Zhejiang Provincial Government; In 2015, Yunnan took the lead in building a policy financing guarantee system, raising 2 billion yuan from provincial finance to establish Yunnan Credit Re guarantee Co., Ltd; Gansu Province proposed to give priority to supporting strategic new industries in the Measures for the Management of Risk Compensation Guarantee Fund for Mutual Loan of Small and Micro Enterprises. However, in general, although policy financing guarantee is a market-oriented operation mode supported by the government, it is difficult to play a role in the development of strategic emerging industries in the short term because China's policy financing guarantee system is not yet sound.
3、 An Empirical Analysis of Policy based Financing Effect of Strategic Emerging Industries
（1） The construction of the model and the selection of samples In the empirical analysis of this paper, we mainly investigate the policy financing effect of strategic emerging industries from the two perspectives of policy loans and venture capital guidance funds. Among them, due to the availability of data, the policy loan data studied in this paper only includes the relevant data published by China Development Bank. In addition, the empirical analysis of this paper is based on the macro perspective, so it measures the output scale of strategic emerging industries from two aspects: industrial added value and the number of invention patents authorized. The data for empirical analysis in this paper are respectively from the National Annual Statistical Bulletin of the National Bureau of Statistics of the corresponding year, the National Statistical Bulletin of Science and Technology Investment, the annual report of the National Development Bank, and the General Statistical Analysis Report of Invention Patents in Strategic Emerging Industries of the State Intellectual Property Office. Since the development strategy of strategic emerging industries in China has been put forward for a short period of time and the information disclosed to the public is limited, the data of some indicators in 2015 has not been officially released. Considering the availability of data, the sample range investigated in this paper is five years from 2010 to 2014. See Table 1 for the index variables and their meanings used in the quantitative analysis. Because the sample period in this paper is short and there are many variables, in order to reduce the fitting error of the model, the model in this paper adopts the method of variable by variable regression and longitudinal comparison. Among them, the comparative model of policy financing effect of industrial added value is Formula (1), (2), (3), and the comparative model of policy financing effect of invention patent authorization is Formula (4), (5), (6):
（2） Empirical results analysis 1. the financing support of policy loans to strategic emerging industries. In terms of policy loans, China Development Bank issued 218.2 billion yuan of strategic emerging industry loans in 2014, the highest in 2011 (282.5 billion yuan), with an average growth rate of 29.78% from 2010 to 2014 (see Figure 1). However, by comparison, from 2012 to 2014, the growth rate of loans granted by China Development Bank to strategic emerging industries was significantly lower than the overall growth rate of policy loans over the same period, and the difference was most obvious in 2012. The ratio of policy loans to GDP can reflect the ability of policy banks to serve the development of the national economy. The results of Figure 2 show that the total balance of policy loans accounts for about 12% of GDP, while the proportion of loans granted by policy banks in strategic emerging industries accounted for 4.49% of the added value of strategic emerging industries in 2014, the highest of which was 11.67% in 2011, with a decreasing trend in recent years, This shows that the growth rate of policy loans to strategic emerging industries is lower than the growth rate of added value of strategic industries. By comparing the two sets of data, the contribution of policy loans to GDP is significantly higher than its contribution to strategic emerging industries. 2. Government venture capital guidance fund. From the perspective of the government's venture capital guidance fund for emerging industries, as of the end of 2014, the capital scale of the national venture capital plan for emerging industries was 57.4 billion yuan, with an average growth rate of 52.25% from 2010 to 2014, up to 93.58% in 2011. In contrast, it can be seen (see Figure 3) that the overall growth rate of national financial expenditure on science and technology is significantly higher than that of the same period. 3. Regression analysis of policy financing effect of strategic emerging industries. The sample data and models (1) to (6) were used for regression analysis, and the regression results were obtained from Eviews6.0, as shown in Table 2. Three conclusions can be drawn from the regression analysis results in Table 2. First, the financing effect of policy loans on strategic emerging industries is not obvious. Table 2 shows that in the regression model of strategic emerging industries' policy loans (sEil) and strategic emerging industries' added value (sEiAV), the proportion of strategic emerging industries' added value in GDP (sEiAVP), and strategic emerging industries' invention patent authorization (sEiiPA) and its proportion (sEiiPAP), the regression coefficients fail to pass the significance test at the 10% confidence level, The regression coefficients of policy loans (nDRl), GDP and domestic and overseas invention patent authorization (iPA) passed the test of 1% confidence level. This shows that policy loans have a significant role in promoting China's national economy and scientific and technological development, while their financing effect in the field of strategic emerging industries is not obvious. Second, the government venture capital guidance fund has obvious financing effect on strategic emerging industries. Table 2 shows that in the regression model of national emerging industry venture capital plan fund (sEiVC) and strategic emerging industry added value (sEiAV), the proportion of strategic emerging industry added value in GDP (sEiAVP), strategic emerging industry invention patent authorization (sEiiPA) and its proportion (sEiPPAP), the regression coefficients have passed the significance test under the corresponding confidence level, For every 1% increase in sEiVC, sEiAV and sEiiPA will increase by 0.54% and 0.27% respectively, which indicates that the National Industrial Venture Capital Fund has an obvious driving effect on strategic emerging industries; In the regression model of financial science and technology expenditure (EST) and GDP, domestic and overseas invention patent authorization (iPA), the regression coefficient also passed the significance test under the confidence level of 1% and 5% respectively. For every 1% increase of EST, sEiAV and sEiiPA will increase by 0.95% and 1.17% respectively, that is, the scientific and economic effects of national science and technology support are also significant; Comparing the above two groups of results, the second group of data is higher than the first group, which indicates that the financing effect of national financial investment in science and technology is higher than that in strategic emerging industries. Third, improving the policy financing effect of strategic emerging industries does not equal to the expansion of financing scale. It can also be seen from Table 2 that if the proportion of industrial venture capital funds in the financial expenditure on science and technology (sEiVCP) increases, the value added of strategic emerging industries (sEiAV), the proportion of added value of strategic emerging industries in GDP (sEiAVP), the invention patent authorization of strategic emerging industries (sEiiPA) and the proportion of invention patent authorization of strategic emerging industries (sEiiPAP) will significantly increase, 15.82%, 0.55%, 7.51% and 0.63% respectively. However, the regression coefficient of the proportion of policy loans in strategic emerging industries (sEilP) to the above variables did not pass the significance test at the 10% confidence level. This shows that if we only increase the number of policy loans, it will not play a role in leveraging the development of strategic emerging industries. From the above analysis, it can be seen that the investment scale of China's policy funds is limited, and the growth rate of investment in strategic emerging industries is lower than that of the entire industry. At the same time, to improve the policy financing effect of strategic emerging industries, we should not only rely on the increase of the investment scale of policy funds in strategic emerging industries, but also consider how to improve the financing efficiency, innovate the financing mode, and improve the policy financing system.
4、 Policy based financing optimization strategy for strategic emerging industries
（1） Establish strategic emerging industry policy banks China's existing policy banks - China Development Bank, Export Import Bank of China and Agricultural Development Bank of China, although in recent years they have increased their support for strategic emerging industries to varying degrees, they have different tasks due to their different division of labor and responsibilities, None of them will take strategic emerging industries as their key support objects. Most of them support national key projects or large-scale enterprises that are beginning to take shape in this field, while a large number of small and medium-sized enterprises in strategic emerging industries are difficult to obtain financial support through policy banks. From the experience of foreign countries, there is a precedent for the establishment of a policy bank dedicated to industry. For example, the Korean Industrial Bank, established in 1954 in South Korea, is a national policy bank approved by the government. Since 1990, it has played the role of corporate finance to cultivate high-tech industries. Therefore, we can learn from foreign development experience to establish a strategic emerging industry policy bank based on the combination of industry and finance, so as to open up social capital circulation channels and expand the coverage and scale of policy funds to strategic emerging industries.
（2） It can be seen from the empirical analysis of this paper that although the scale of policy financing in China is expanding, the financing effect is not obvious. In fact, there are problems in China's technological innovation projects, fund allocation and achievement evaluation, which are related to the insufficient market role of policy financing in China. Therefore, we should guide the national and local governments to support strategic emerging industries from direct subsidies such as incentives, interest discounts and subsidies to market-oriented operation such as venture capital funds, and establish a mechanism where market technology determines innovation, allocation of funds, and evaluation of results. We will promote the construction of the government led fund system and give full play to the role of government resources in the development of strategic emerging industries. Reduce the direct intervention of the government, give full play to the role of the market, market-oriented operation of policy funds, have a strong guiding role in social funds, and provide a certain degree of protection for strategic emerging industries to widely absorb social funds.
Chapter 9: Model of Financial Investment Policies
[Key words] Finance; Investment and financing system; Marketization
[About the author] Pan Ren, Nanning Wuming County Finance Bureau, Guangxi Wuming 530100
[CLC No.] F812.7
[Document identification code] A
[Article No.] 1672 － 2728 (2006) 09 － 0048 － 05
1、 Introduction
Financial investment and financing refers to the activities of raising and using funds by financial means. Financial investment and financing management system refers to a series of systems, policies and measures formulated by the state (government) in order to strengthen the management of financial investment and financing operation process and improve the use efficiency of financial funds, mainly including standardizing the behavior of financial investment and financing subjects, the selection of investment fund raising ways and investment and financing methods, and the decision-making procedures of investment projects Construction and implementation of management and macro-control. As an important means of government resource allocation, financial investment and financing have played a huge role in promoting effective economic growth, adjusting and improving economic structure, and strengthening the government's macro-control ability. Especially at present, Guangxi's financial investment and financing plays an irreplaceable role in promoting investment in infrastructure construction. However, there are many outstanding problems in the operation of Guangxi's financial investment and financing system, such as: the financing channels are not wide, the investment decision-making mechanism is backward, the capital management is not standardized, which leads to serious waste, low investment returns, increased financial risks, etc. For Guangxi, which is still in a poor and backward situation and needs to vigorously improve the speed and quality of economic development, The negative impact is considerable. How to deepen the reform of Guangxi's financial investment and financing system, establish and improve Guangxi's financial investment and financing system, avoid financial risks, and give full play to the functions and roles of financial investment and financing in promoting the comprehensive development of Guangxi's economy and enhancing the comprehensive strength of Guangxi's economy, Especially after the active fiscal policy of the state faded out, how to play the important role of financial investment and financing in promoting the economic development of Guangxi has become a major issue that needs to be emphatically studied and solved in the current economic development of Guangxi. Based on the analysis of the current situation of Guangxi's financial investment and financing system reform and the successful experience of foreign financial investment and financing, this paper puts forward countermeasures to improve Guangxi's financial investment and financing system.
2、 Change ideas, innovate mechanisms, and curb financial investment hunger
In view of the drawbacks of the current financial investment and financing system and the problems in its operation, the primary task of the reform is to change the government's investment ideas and concepts as soon as possible, strengthen and innovate the responsibility restraint mechanism of investment to curb the phenomenon of investment hunger. Specifically, the following aspects should be achieved:
1. Discard the traditional concept of planned economy and establish the concept of modern market economy
For a long time, under the influence of the planned economy system, local governments have been accustomed to relying on national plans and setting projects for indicators, and at the same time like to direct and intervene in the investment activities of enterprises and society. This has caused that on the one hand, they cannot make correct investment decisions based on the objective needs of the market, on the other hand, they are driven by political achievements and local interests to compete with each other for projects, The "achievements project", "brain project" and blind investment have led to the similarity of industries across the country, low efficiency and serious waste. So far, there are still some "half projects" caused by the influence of the planned economy on the government's investment concept. Therefore, local government leaders should strengthen the study of financial investment and financing knowledge of market economy, investment risks and relevant laws and regulations, improve the ideological understanding, change the outdated investment concept as soon as possible, establish the concept of market economy, and select and determine financial investment and financing projects with efficiency and efficiency as the evaluation criteria, In order to promote the rapid and healthy development of social economy through financial investment and financing.
2. Abandon the idea of over reliance on financial investment and establish the awareness of pioneering and innovation
In the current situation where local finance is quite difficult, most places still rely on national financial investment for development and construction. Many places believe that "financial money is public money, not for nothing" and "why can't I have it if others can". The existence of the idea of "waiting, relying and demanding" is the root cause of the decentralized investment of financial funds, competition for investment projects, mistakes in financial investment and financing decisions, low investment efficiency and financial risks. Therefore, in the process of improving Guangxi's financial investment and financing system, we must abandon the idea of relying too much on financial investment and establish a sense of innovation.
3. Strictly define the field of financial investment and give full play to the benefits of financial investment
Under the condition of market economy, things that can be operated by the market mechanism should be completed by the market. If the market mechanism alone cannot operate or "market failure", the government will intervene in the operation. At present, the scope of financial investment in China can be said to cover all sectors of the national economy and society, including social public utilities investment and infrastructure investment that cannot operate according to the market mechanism, as well as a large number of competitive industrial investment projects that can operate completely according to the market, resulting in too wide and too wide investment scope and fields. Therefore, it is necessary to strictly define and adjust the scope of financial investment and financing. Such as public goods, basic industries and major infrastructure with long construction cycle and large investment, as well as industrial development and investment fields of high-tech, emerging industries and pillar industries, should be shouldered by the government; For the industry development and investment fields that can achieve self-development and complete competitiveness through market regulation, financial investment and financing activities should be resolutely withdrawn.
3、 Innovate financing methods and expand capital financing
In order to raise more development and construction funds, financial departments at all levels in Guangxi have adopted various forms of financing, such as financial budget arrangements, social security funds, government loans, postal savings deposits, etc. However, due to the low level of economic development and other reasons, the lack of financial funds is still the main obstacle that restricts the smooth development of financial investment and financing activities in Guangxi, especially in poor and backward areas such as the old, young, border and mountain areas. Therefore, it is necessary to innovate financing methods and broaden financing channels on the basis of the original financing methods, especially to explore the countermeasures of Guangxi's financial financing after the gradual fading out of the active national financial policies. We believe that the following funds and channels should continue to be sought and developed.
1. Under the condition that the country continues to implement a proactive fiscal policy. Actively strive for a certain scale of long-term construction national debt investment
China's proactive fiscal policy, implemented since 1998, has played an important role in maintaining rapid economic growth, and is still a strong driving force for economic growth; At the same time, it has played a positive supporting role in solving the employment and unemployment problems and stabilizing the society. Therefore, as long as China continues to implement positive fiscal policies, Guangxi will strive for long-term construction bonds of a certain scale, continue to strengthen infrastructure construction, speed up the pace of western development, meet the opportunities brought by the China ASEAN Free Trade Area, and promote the sustainable, rapid and healthy development of the national economy.
2. Further promote and implement the city management strategy. Increase the sources of local financial investment and financing funds
A city is a huge asset and an intangible capital. Proper management can increase the value of urban assets and expand the government's financial resources. The implementation of urban management strategy is to require local governments at all levels to adopt a variety of management methods, transform various public resources of the city into a "cash cow" for local governments, and increase the sources of local financial investment and financing funds. At present, the main ways of managing cities are: auctioning the right to run street advertisements; Auction of idle land, invigorate land resources, and realize the economic value of land; Auction the management right of newsstands; Auction of bus operation routes, etc. In addition to these ways, we should also explore new business methods, such as the transfer of urban road management rights, auction of naming rights of public goods, etc.
3. Further improve BOT, TOT and other financing methods, and actively attract foreign capital and private capital investment
Infrastructure projects and state-owned enterprises can adopt the current international franchise transfer methods, such as BOT (construction operation transfer), TOT (transfer operation transfer) and other financing methods that have been piloted and successfully implemented in Guangxi to attract foreign investment and private capital and increase public investment
Investment in infrastructure and basic industries. Of course, to attract a large number of foreign investment, we need to further improve the soft environment for investment, expand market access, and strive to do a good job in supporting services in all aspects.
In addition to BOT, TOT and other financing methods, asset management right transfer, reduction of state-owned shares, equity transfer and sale, lease and other ways can also be adopted to revitalize existing assets and raise more construction funds.
4、 Accelerate the construction process of democracy and open decision-making in financial investment and financing
The key to the success of a work lies in the correctness of its decision-making. Democracy and openness are important guarantees for scientific and correct decision-making of financial investment and financing. Therefore, in the process of reforming and improving the financial investment and financing system, Guangxi must speed up the process of promoting the construction of democratic and open decision-making in financial investment and financing, establish a democratic and open decision-making mechanism, so as to ensure the correctness of financial investment and financing decisions, reduce mistakes, and curb corruption in the financial investment and financing decision-making process.
1. Establish and improve financial investment and financing management institutions
By establishing and improving the financial investment and financing management organization, strengthen the management of financial investment and financing project decision-making, operation and capital use, so as to promote the healthy and orderly development of financial investment and financing activities. Its responsibilities mainly include: (1) drafting financial investment and financing regulations, formulating financial investment and financing policies, and supervising the implementation of government financial investment and financing regulations and policies; (2) Review and approval of decisions on financial investment and financing projects; (3) Market access of project owners and intermediary organizations; (4) Assist the National People's Congress and participate in the approval of the budget of financial investment and financing projects; (5) Approval of the use of project funds; (6) Project completion acceptance and final account approval.
2. Establish and improve the democratic and open decision-making system for financial investment and financing
To establish and improve the democratic and open decision-making system for financial investment and financing, first of all, we need to implement a public announcement system for large-scale investment projects that affect the national economy and the people's livelihood, such as major infrastructure projects, urban development, etc., that is, through newspapers, television and other media or bulletin boards, we should publish the status of investment projects to the public, set up opinion boxes, invite the masses to submit their opinions, and report to the National People's Congress and its Standing Committee at the same time, Accepting the public, in particular, shall accept the examination and supervision of the people's congress and its standing members at the corresponding level. In the decision-making process of general projects, we should adopt a democratic appraisal system, widely accept and absorb various opinions and suggestions from all walks of life as far as possible, comprehensively consider various factors, make prudent decisions, try to minimize the rate of project decision-making errors, and give full play to the economic and social benefits of financial investment and financing.
3. Further improve the project approval system
To improve the project approval system, it is necessary to abandon the approval mode under the planned economy system and put an end to blind projects, "trilateral projects" or "brain beating projects". In the process of project approval, we should: first, we should adhere to the relatively centralized approval power of major projects and not delegate it; Second, the authority of general project approval should be appropriately delegated, and the approval procedures and procedures should be simplified; Third, we should gradually establish and improve the evaluation system of financial investment and financing benefits, introduce quantitative analysis and qualitative analysis methods, and use modern mathematical methods such as "cost-benefit analysis", "input-output analysis", "regression analysis" and operational research to analyze the costs and benefits of financial investment and financing projects, For investment projects with economic benefits, the concept of time value of monetary funds should also be introduced, and the use and occupation of funds should be viewed from the "dynamic" perspective, that is, the time value of funds occupied should be included, the economic effect of the investment plan should be evaluated, the correct investment decisions should be made, and the waste of funds should be reduced, so as to improve the efficiency of the use of funds, Promote the economic development of Guangxi.
5、 Continue to promote market-oriented management of financial investment and financing projects
Strengthening the management of project operation and promoting the realization of the overall goal of financial investment and financing is one of the important contents of financial investment and financing system reform. Therefore, it is necessary to earnestly summarize experience, continue to promote the market-oriented management of financial investment and financing projects, and further improve and comprehensively promote them.
1. Vigorously improve the project owner responsibility system
The overall implementation of the project owner responsibility system is related to the success or failure of the project investment and the reduction of financial risks. We must carefully summarize experience and gradually improve it: (1) It is clear that the owner responsibility system is a prerequisite for financial investment and financing, and projects with unclear owners cannot be launched; (2) Select the owner reasonably through bidding. When determining the project owner, the qualification of the project owner must be carefully reviewed. Owners with low qualification are not allowed to participate in bidding activities; (3) Specify the responsibilities of the owner. For the selected project owners, the corresponding responsibilities and authorities should be specified when signing the relevant contracts, especially the responsibilities or penalties for breach of contract, so as to enhance the sense of responsibility and pressure of the project owners, ensure the smooth implementation of the project and ensure the expected benefits of the project.
2. Establish and improve the financial investment and financing information management system
In order to strengthen the comprehensive management of the project, we should further improve the project filing system by establishing and improving the financial investment and financing project information management system, so as to facilitate the classification and file management of the project, timely grasp the relevant information of the project, supervise and ensure that all investment projects can be completed on time, quality and quantity.
3. Continue to promote and improve the project construction supervision system
In order to ensure the project quality of financial investment and financing construction projects, we should continue to promote and improve the project construction supervision system. Select the project supervision company through public bidding. In the process of selecting and determining the supervision company, it shall operate in strict accordance with the market-oriented operation mode, avoid administrative intervention, ensure that the supervision company can perform its supervision duties normally, and ensure effective review and supervision of the project construction process.
4. Establish and improve the project inspection system
To establish and improve the project inspection system, the first thing is to establish and improve the inspection organization. Relevant departments should strive to implement the organization staffing, allocate personnel, and give corresponding inspection conditions as soon as possible. At the same time, it is necessary to further clarify the responsibilities of the inspection organization, strengthen the inspection before, during and after the project, and ensure the smooth operation of the project. Pre audit refers to the analysis and inspection of the project feasibility report and other relevant data to ensure the scientific and economic efficiency of project selection; The in-process inspection means that while implementing project supervision, the inspection department should also strengthen the management of the project implementation process, strengthen financial control, find problems and solve them in a timely manner, eliminate hidden dangers, and ensure that the project operates according to normal procedures and progress; Post inspection is mainly a comprehensive inspection of the quality and fund use after the completion acceptance of the project to provide a supervision system guarantee for the project to ensure the quality and correct use of funds according to the provisions.
5. Try to implement the lifelong responsibility system for construction projects
In order to ensure the engineering quality of the construction project, the "tofu dregs project" shall be eliminated. To enhance the sense of responsibility of project owners and improve financial investment efficiency, some large-scale construction projects (such as water conservancy, bridges, roads, urban public infrastructure, buildings, etc.) should be selected to try to implement the lifelong responsibility system for construction projects. That is to say, the project owner is required to sign a contract and make a commitment to ensure the quality of the project within the "validity period" after the project construction and completion. In case of any adverse consequences caused by quality problems, the project construction and construction units and their responsible persons shall bear corresponding responsibilities. Compensation shall be made for those that should be compensated, and a fine shall be imposed for those that should be fined, Those who should be investigated for criminal responsibility should be investigated for criminal responsibility.
6、 Strengthen the institutionalized and standardized management of the use of financial investment and financing funds
To improve the efficiency of financial investment and financing, in addition to strengthening the management of project decision-making and project construction or operation process, we should also strengthen the management of the use of funds, and bring it into the track of institutionalized and standardized management, prevent embezzlement and waste, and ensure the safety of financial investment and financing funds.
1. Strengthen the management of financial investment and financing plans
In accordance with the principles of performance budget, planning budget and zero base budget, the financial investment and financing budget shall be prepared and submitted to the NPC for review and approval. We should select some large-scale public works projects, energy construction projects and technological transformation projects, and try to implement these budget management. Under the management and supervision of the financial department and the Financial Investment and Financing Management Committee, the project industry mainly uses funds in strict accordance with the budget plan, and is subject to the supervision of the National People's Congress and its Standing Committee, so as to reasonably control expenditure, reduce project costs The purpose of improving the use efficiency of project funds.
2. Actively implement the "project bidding procurement system" and "financial reimbursement system"
"Project bidding procurement" refers to the public utilities of pure public welfare
As the project has no direct economic benefits, the investment cannot be recovered, and the construction can only be organized by relying on the government's financial investment. After the relevant government departments have approved the construction objectives, construction standards, government investment and subsidy standards, the government will invite public bidding, select contractors and operators, and the contractors and operators will be specifically responsible for project construction or post construction operation management.
The "financial reimbursement system" refers to the management method commonly used for World Bank loans. The practice is that after the contents, standards and general budget estimates of the construction project are determined, the public utilities management department of the government shall borrow part of the construction funds from the financial department, organize the construction first, and then report to the Ministry of Finance for verification and cancellation. Through special account management, "reimbursement system" management is implemented for each expenditure of project funds. The financial department has the right to refuse reimbursement and allocate funds for unreasonable expenditure.
3. Establish and improve the standardized audit system. Strengthen financial supervision of financial investment and financing projects
First, the construction project unit shall, in combination with its own actual situation, formulate internal supervision measures including supervision principles, contents, methods, responsibilities, rewards and punishments, so as to standardize and institutionalize the internal supervision of the unit; Second, we must strictly follow the rules, so that the internal supervision can achieve the goal of "everyone is responsible for everything, everything has rules to follow, everything is supervised", and give full play to the role of daily supervision and whole process control of internal audit; Third, we should broaden the scope of audit, try to cover all business areas, carry out regular audit on important businesses or positions, and carry out special inspection and audit on key and difficult issues, so as to realize the transformation from surprise oriented internal audit to conventional audit, supplemented by regular or irregular audit; Fourth, we should strengthen the financial supervision of investment projects through certain external audit and standardized audit, plug the loopholes in financial management, and prevent misappropriation, interception, waste and corruption of project funds.
4. Establish a debt risk early warning mechanism. Strengthen the sense of responsibility for financial investment and restrain local governments from blindly investing in projects
At present, some local government leaders, in pursuit of the so-called "political achievements", are engaged in "image projects" to surpass the local economic capacity and misappropriate "food money" for construction, resulting in the phenomenon of "spending more money than needed" in local finance. In response to this phenomenon, we must establish a debt risk early warning mechanism to restrain the blindness of local governments' enthusiasm for expansion and the impulse of investment, and curb the hunger for financial investment. First of all, it is necessary to prepare the department budget according to the principle of "living within your income", determine the capital needs for the operation of government institutions and career development, reasonably determine the scale of financial investment, and try to balance the fiscal revenue and expenditure at the same level. Secondly, learn from the early warning experience at home and abroad, organize experts from all walks of life to determine the early warning line of local financial debt risk in Guangxi through reasonable calculation according to the current economic development situation and financial debt bearing capacity of Guangxi. Risk early warning is divided into three levels: acceptable debt risk, unacceptable debt risk and debt risk. The fiscal expenditure is within the tolerable debt risk line, and the local government can continue to invest; In the line of unbearable debt risk, the superior financial department will give a yellow card warning to control investment; Within the debt risk formation line, investment should be controlled by economic means.
7、 Strengthen the investigation of financial investment and financing responsibilities
At present, the investigation of Guangxi's financial investment and financing responsibility mainly focuses on corruption, misappropriation and bribery in the process of investment and financing. However, due to the imperfect supervision and audit system and insufficient supervision, some crimes of corruption, misappropriation and bribery were not found and were investigated. Some of the revealed misappropriation behaviors also turned into minor ones, and the investigation was not strong enough, while the mistakes in financial investment and financing decisions, malfeasance, and waste in financial investment and financing operations were basically not investigated. Therefore, the problems of financial investment and financing decision-making errors, serious waste and low efficiency have not been solved well, which is also one of the main reasons why financial investment hunger is hard to restrain. In this regard, first, we should strengthen the accountability of financial investment and financing to ensure that the funds for financial investment and financing projects are in place in time. Corruption, misappropriation, bribery and acceptance must be investigated strictly, supervision and inspection and law enforcement should be strengthened, problems found should be dealt with resolutely, and laws must be observed and strictly enforced. The second is to increase the punishment for financial investment and financing errors, dereliction of duty and waste. It is necessary to formulate rules and regulations on punishment for errors, malfeasance and waste, including the criteria for defining errors, malfeasance and waste, and the person responsible for errors, malfeasance and waste; Division of errors, dereliction of duty and waste; Provisions on punishment for mistakes, dereliction of duty and waste. On this basis, the role of inspection, audit and supervision departments should be brought into play. Strengthen inspection, strictly enforce the law, resolutely punish the units and responsible persons who cause mistakes, waste or dereliction of duty, and timely report the punishment results to the public through various media, so as to achieve the purpose of educating the responsible persons and "warning the future generations".
8、 Promote the market-oriented reform of financial investment and financing intermediary services
First, we should gradually relax the market access of investment and financing intermediary services, cultivate a number of intermediary service organizations with high qualifications and market competitiveness, and change the current situation of investment and financing intermediary services with high market threshold and few service organizations, which is not conducive to competition. Second, the administrative subordination between intermediary service agencies (such as consulting companies, asset appraisal offices, etc.) and the government should be gradually stripped away, so that they can achieve independent operation, independent accounting, self financing and self-development. Third, introduce market competition mechanism. Financial investment and financing projects should select some intermediary service companies with high qualifications and standardized management to give advice to the government through bidding. Completely change the existing subordination between the government and intermediary organizations, which leads to the phenomenon that government leaders decide projects and intermediary services find reasons to ensure the openness and fairness of market competition and the scientificity and correctness of financial investment and financing project evaluation. Fourth, establish the risk responsibility system of intermediary services. In order to strengthen the risk awareness of intermediary services, it is necessary to restrict intermediary service agencies from the system, so that they can be realistic when evaluating projects, and achieve scientific and fair consultation and evaluation. It is necessary to formulate regulations on punishment for errors in intermediary service consultation and evaluation, regulations on punishment for fraud in intermediary services, and management measures for professional ethics of intermediary services, and make it clear that liability risk contracts and integrity contracts should be signed when intermediary services are involved in the evaluation of financial investment and financing projects. According to relevant regulations and contracts, those who make mistakes and commit fraud or bribery in the consultation and evaluation of financial investment and financing projects shall be punished according to the adverse consequences, including economic punishment, punishment for reducing consulting qualification, punishment for revoking service license and criminal responsibility punishment, and promote intermediary service agencies to act realistically, Provide high-quality services for government decision-making.
