The main fund for social infrastructure construction comes from ppp, which is an important investment target for investors and can obtain considerable expected annualized expected income. Then what do you mean by ppp industrial fund? What's the role?
What does ppp industry fund mean?
Industrial investment fund refers to an investment system that shares the benefits and risks of unlisted enterprises and provides management services, that is, a fund company is established by issuing fund shares to most investors, and the fund company manages the fund assets by itself or entrusts a fund manager separately, and entrusts a fund custodian to manage the fund assets and engage in industrial investments such as venture capital, enterprise restructuring investment and infrastructure investment.
According to different investment fields, industrial investment funds can be divided into venture capital funds, enterprise restructuring investment funds, infrastructure investment funds and other categories.
The role of PPP industrial fund:
Industrial investment fund is essentially a financing medium. By setting up funds to attract social capital to participate in the construction and operation of infrastructure projects in the form of equity, the government can solve three problems for local governments:
(1) Solve the financing problem of new projects.
For new projects, the government can introduce parent funds to attract financial institutions such as banks and insurance and industrial capital to provide the funds needed for project construction, so as to solve the problem of insufficient construction funds at present.
(2) Solve the debt problem of stock projects.
For existing projects, project companies established by industrial investment funds can take over specific project operations through TOT and ROT. Especially for BT projects in the repurchase period, the original payment period of the government is three to five years. After the industrial fund is involved in the project, the government subsidy or payment period can be extended to ten years or even longer by granting franchise, which greatly reduces the short-term debt repayment pressure of local governments.
(3) Solve the asset-liability constraint problem of the company.
In the past, most infrastructure projects were financed, built and operated by local city companies. The direct financing of city companies will lead to the expansion of balance sheets and increase the asset-liability ratio of city companies, thus affecting the bank loans and bond issuance of enterprises. By initiating the establishment of industrial investment funds and raising funds in the form of funds, urban companies can achieve off-balance sheet financing and reduce the asset-liability ratio of urban companies.
Under the traditional platform investment and financing mode, local governments take their own credit as the implicit guarantee of platform companies' investment and financing projects. Under the mode of industrial investment fund, local finance participates in investment and financing projects and franchise projects with a small proportion of equity, and collects carried interest, which is helpful to solve the financing problem of local infrastructure and improve the efficiency of financial funds.
What is the principle of social financing scale, and what is the practical significance of social financing scale?
First, the principle of social financing scale
There are four main principles in social financing scale statistics: resident principle, financial principle, merger principle and incremental statistics and valuation principle.
The first is the resident principle. The holding department and issuing department of social financing scale are both residential departments. According to the resident principle, foreign direct investment, foreign debt and foreign exchange are not included in the scale of social financing.
The second is the financial principle. According to the principle of public finance, the issuance of national debt is not included in the scale of social financing. Because the main body of national debt issuance is the government, the issuance and payment of national debt belongs to the category of fiscal policy.
The third is the principle of merger. The scale of social financing includes the direct or indirect financial support provided by various financial institutions and financial markets to the real economy. Therefore, when counting the scale of social financing, it is necessary to combine the creditor's rights and debts between financial institutions. In terms of data summary, the relationship between creditor's rights and ownership of financial institutions cancels out each other, and there is no double counting. For example, mutual equity and bonds held by financial institutions are not included in the scale of social financing.
The fourth is the principle of incremental statistics and valuation. The scale of social financing is an incremental concept, which is the difference between the ending balance and the beginning balance, or the difference between the amount paid or incurred in the current period and the amount paid or repaid in the current period.
Second, the practical significance of the scale of social financing
1. Fully reflect the total scale of social financing.
With the rapid development of China's financial market, the relationship between finance and economy has changed greatly. Both theoretical research and policy operation need full-caliber statistical indicators that can comprehensively and accurately reflect the relationship between finance and economy. The traditional relationship between finance and economy generally means that the banking system promotes economic development through its assets and liabilities activities and keeps the price level basically stable. On the asset side of financial institutions, it is mainly reflected in the financial support of new loans to the real economy, while on the debt side, it is mainly reflected in the creation of money and the increase of liquidity. At present, RMB loans refer to general loans and discounted bills issued by banking financial institutions to the real economy, which reflects the financial support of the banking industry to the real economy. In recent years, China's financial aggregate has expanded rapidly, the financial structure has been diversified, financial products and financing tools have been continuously innovated, securities and insurance institutions have increased financial support for the real economy, and the off-balance sheet business of commercial banks has obvious substitution effect on loans. New RMB loans can no longer fully reflect the relationship between finance and economy, nor can they fully reflect the total amount of financing in the real economy.
According to preliminary statistics, the financing other than RMB loans in 2002 was161400 million yuan, accounting for 8.7% of the new RMB loans in the same period. 20 10 raised 6.33 trillion yuan in addition to RMB loans, accounting for 79.7% of the new RMB loans in the same period. There are three main reasons for the rapid growth of financing other than RMB loans: First, the rapid development of direct financing. In 20 10, corporate bonds and non-financial enterprises raised/kloc-0.2 trillion yuan and 578.7 billion yuan, respectively, 36.8 times and 9.5 times that of 2002. Second, the role of non-bank financial institutions has been significantly enhanced. In 20 10, the total amount of funds used by securities and insurance financial institutions for the real economy was about 1.68 trillion yuan, eight times that of 2002. In 20 10, the company's new loans were102.2 billion yuan, an increase of 33.4% over the previous year, which was equivalent to the new loan scale of a small and medium-sized joint-stock commercial bank in one year. Third, the off-balance-sheet business of financial institutions has increased substantially. In 20 10, the real economy raised 2.33 trillion yuan, 1. 1.03 trillion yuan and 386.5 billion yuan from the financial system through bank acceptance bills, entrusted loans and trust loans respectively, but in 2002, the financing amount of these financial instruments was still very small.
The total amount of social financing is a total index that comprehensively reflects the relationship between finance and economy and the degree of financial support to the real economy. The total amount of social financing refers to the total amount of funds obtained by the real economy from the financial system in a certain period (monthly, quarterly or annual). The financial system here is the concept of overall finance, including banks, securities, insurance and other financial institutions from the institutional point of view; From the market point of view, it includes credit market, bond market, stock market, insurance market and intermediary business market. The connotation of total social financing is mainly reflected in three aspects. First, financial institutions provide all financial support to the real economy through the use of funds, that is, the comprehensive use of financial institutions' assets, mainly including RMB loans, loans, trust loans, entrusted loans, corporate bonds held by financial institutions, non-financial corporate stocks, insurance company compensation, investment real estate, etc. Second, the real economy uses standardized financial instruments to obtain direct financing through the services of financial institutions in the formal financial market, mainly including bank acceptance bills, non-financial enterprise stock financing and net issuance of corporate bonds. Third, other financing, mainly including corporate loans, loan company loans, industrial fund investment and so on.
With the development of China's financial market and the deepening of financial innovation, the real economy will also increase new financing channels, such as private equity funds and hedge funds. When the future conditions are ripe, it can be included in the total social financing. To sum up, the total amount of social financing = RMB loans, loans, entrusted loans, trust loans, bank acceptance bills, corporate bonds, non-financial enterprises, joint-stock insurance companies, insurance company compensation, investment real estate and others. [The total amount of social financing is the new amount in a certain period (monthly, quarterly or annual). See the third part of this paper for specific statistical methods. ]
Statistics show that the total amount of social financing in China has expanded rapidly, and the financial support for the economy has increased significantly. From 2002 to 20 10, the total amount of social financing in China increased from 2 trillion yuan to 14.27 trillion yuan, with an average annual growth rate of 27.8%, which was 9.4 percentage points higher than the average annual growth rate of RMB loans in the same period. In 20 10, the total social financing accounted for 35.9% of GDP, which was 19.2 percentage points higher than that in 2002. The financial system has significantly increased its support for the real economy (see chart). While the total amount of social financing is growing rapidly, the financial structure is also diversified, and the positive role of finance in resource allocation is constantly improving. First, in 20 10, corporate bond financing, non-financial enterprise stock financing and insurance company compensation accounted for 8.4%, 4. 1% and 1.3% of the total social financing in the same period respectively, among which corporate bond financing increased by 6.8 percentage points compared with 2002. Second, the financing function of off-balance-sheet business of commercial banks has been significantly enhanced. In 20 10, the proportion of bank acceptance bills, entrusted loans and trust loans in the total social financing in the same period was 16.3%, 7.9% and 2.7%, respectively, which was higher than that in 2002 by 19.8, 7 and 2.7 percentage points.
2. Statistical monitoring and macro-control
With the sustained and rapid development of China's economy, the financial industry has undergone tremendous changes, financial markets and products have been constantly innovated, the proportion of direct financing has gradually increased, the role of non-bank financial institutions has been significantly enhanced, and financial supervision is facing new environment and requirements. It is urgent to determine more appropriate statistical monitoring indicators and intermediate targets of macro-control.
The ultimate goal of monetary policy is to promote economic growth, achieve full employment, maintain price stability and maintain the balance of payments. In order to achieve this ultimate goal, it is generally necessary to determine the appropriate intermediate goal according to the actual situation of a country. For a long time, the key indicators for monitoring and analyzing China's monetary policy and the intermediary targets for regulation are M2 and new RMB loans. In some years, new RMB loans received more attention than M2. However, since the newly-increased RMB loans can no longer accurately reflect the total amount of financing in the real economy, only when the off-balance-sheet business of commercial banks, funds provided by non-bank financial institutions and direct financing are included in the statistical category can the whole social financing situation be completely and comprehensively monitored and analyzed, and the phenomenon of "pressing the gourd to float the gourd" caused by excessive attention to the loan scale can be fundamentally avoided, that is, commercial banks bypass the loan scale through off-balance-sheet business. These off-balance-sheet businesses mainly include bank acceptance bills, entrusted loans and trust loans. Taking 20 10 as an example, RMB loans increased by 7.95 trillion yuan in the whole year, with a year-on-year decrease of 1.65 trillion yuan. However, the real economy raised 3.47 trillion yuan from the financial system through bank acceptance bills and entrusted loans, accounting for 24.2% of the total social financing, an increase of 2.33 trillion yuan (see table 1).
There are two important criteria to measure whether an index can be used as an intermediate goal of regulation, one is the correlation with the ultimate goal, and the other is the controllability. Empirical analysis shows that, compared with new RMB loans, the total amount of social financing has a stronger correlation with the main economic indicators. To measure the relationship between two variables, correlation analysis is generally used statistically, and the absolute value of correlation coefficient is generally between 0 and 1. The higher the correlation coefficient, the closer the relationship between the two variables. Based on the monthly and quarterly data of 2002-20 10, we made a statistical analysis of the total social financing, new RMB loans and major economic indicators (see Table 2). The results show that compared with new RMB loans, the total social financing in China is more closely related to GDP, total retail sales of social consumer goods, urban fixed assets investment, industrial added value and CPI, and the correlation is obviously better than that of new RMB loans.
At the same time, we use statistical test to analyze the interactive relationship between them, and the results show that there is obvious interaction and mutual influence between the total social financing and economic growth. Therefore, we can establish a long-term equilibrium model of these two variables to analyze the long-term equilibrium relationship between variables and make predictions according to the equilibrium relationship. Based on the annual data from 2002 to 20 10, we established a long-term equilibrium relationship model between the total social financing and GDP. The calculation results show that there is a stable long-term equilibrium relationship between the total social financing and GDP. This shows that the relationship between total social financing and economic growth is regular, and the corresponding total social financing needed to support the development of the real economy can be calculated according to GDP and CPI. By improving the financial statistics system and strengthening the coordination between the central bank and various financial supervision departments and relevant parties, an effective social financing total regulation system can be formed.
3. Statistics should be scientific, accurate and timely.
The International Monetary Fund's monetary and financial statistical framework suggests that member countries compile total credit and debt indicators, mainly including loans, bank acceptance bills, bonds, stocks and other financial assets, which can be compiled according to their own actual conditions. Due to different national conditions, the name and caliber of China's total social financing index are different from other countries. On the basis of fully considering the availability, measurability and availability of the total social financing index and its correlation with the ultimate goal of macro-control, China began to compile the total social financing index according to the monetary and financial statistical framework of the International Monetary Fund and the principle of capital flow accounting.
The statistical data of the total amount of social financing is complete and available, and the collection is timely and accurate. The total amount of social financing is an incremental concept, which is the difference between the ending balance and the beginning balance, or the difference between the amount paid or incurred in the current period and the amount paid or repaid in the current period. Statistically speaking, it is the monthly, quarterly or annual increase. All indicators of social financing are calculated at the issue price or book value, so as to avoid the market price fluctuation of financial assets such as stocks, bonds and investment real estate of insurance companies from distorting the real financing of the real economy. In the total amount of social financing, the assets with par value are converted into RMB units, and the converted exchange rate is the middle price of exchange rate transactions on the date of ownership transfer. In terms of data summary, the relationship between creditor's rights and ownership of financial institutions offsets each other, and there is no double counting problem. For example, the shares held by financial institutions and bonds held by financial institutions are not included in the total social financing, so as to truly reflect the financial support of the financial system to the real economy. The bank acceptance bill in the total amount of social financing refers to the bank acceptance bill consolidated inside and outside the balance sheet of financial institutions, that is, all acceptance bills issued by banks for enterprises are deducted from the bank statement. The purpose of merging tables is to ensure that statistics are not duplicated.
What is an industrial fund?
Industrial fund, that is, industrial investment fund, is a broad concept. In foreign countries, they are usually called venture capital funds and private equity investment funds. They generally point to unlisted enterprises with high growth potential to invest in equity or quasi-equity, and participate in the operation and management of the invested enterprises in order to realize capital appreciation through equity transfer after the invested enterprises mature.
According to the different stages of the target enterprise, industrial funds can be divided into seed stage or early stage funds, growth stage funds, restructuring funds and so on. Industrial funds involve many parties, including fund shareholders, fund managers, fund custodians, accountants, lawyers and other intermediary service institutions, among which the fund manager is the institution responsible for the specific investment operation and daily management of the fund.
Extended data:
Industrial investment funds have the following main features:
First, the investment targets are mainly non-listed enterprises.
Second, the investment period is usually 3-7 years.
Third, actively participate in the operation and management of the invested enterprises.
Fourth, the purpose of investment is to promote the development of enterprises through investment based on the potential value of enterprises, and realize capital appreciation benefits through various exit methods at the right time.
Industrial funds involve many parties, including fund shareholders, fund managers, fund custodians, accountants, lawyers and other intermediary service institutions, among which the fund manager is the institution responsible for the specific investment operation and daily management of the fund.