上海國際集團總裁傅帆:科創板倒逼創投改革 母基金將獲更優越跑道

2018-11-22 瀏覽次數: 字號:

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       11月20日,由上海證券報主辦的“2018上證股權投資論壇”在上海舉行。上海國際集團總裁傅帆在主旨演講中表示,股權投資是新經濟成長的天然伙伴,市場化母基金更契合新經濟發展的需要;在科創板即將推出的大背景下,創投市場將迎來“供給側改革”,市場化母基金將獲得更優越的“跑道”,從而助推中國新經濟發展。
  科創板“攪動”創投改革
  科創板出世攪動創投“一潭春水”,股權投資將何去何從?傅帆在演講中直截了當地表示,科創板將大力引導和推動新經濟發展,從資本供給角度看,創投市場將迎來“供給側改革”。
  中國已經躋身全球第二大股權投資市場。在傅帆看來,這是由新經濟和股權投資的特點決定的:由信息技術革命驅動、以高新科技產業為龍頭的“新經濟”蓬勃發展,但由于銀行等傳統金融機構存在杠桿經營、關聯利益高、風險承受能力弱等特征,難以扶持早期、成長期等階段企業的發展,股權投資行業恰好來“補位”。
  傅帆認為,當前創投市場的“供給側改革”主要體現在“兩個并重”:商業模式驅動與技術驅動并重、To C(消費級)與To B(企業級)并重。
  關于商業模式驅動與技術驅動并重,傅帆表示,過去十年,互聯網和移動互聯網商業模式創新風行,但隨著國內人口紅利衰減、外部關鍵核心技術受制于人問題日益凸顯,創投接下來必須更為關注技術驅動方面的創新,未來,深度技術創新將成為市場新的價值增長點。
  談到To C(消費級)與To B(企業級)并重,傅帆指出,由于中國互聯網經濟在全球獨領風騷,誕生了大量圍繞服務To C的企業,但隨著C端市場門檻持續提升、技術創新驅動等影響,To B市場開始迎來發展機遇,尤其是新經濟發展為To B打開了增長新空間,這將成為未來與To C并重的投資方向。
  母基金更契合新經濟發展
  在傅帆看來,科創板推出,將引導更多的資本助力科創企業發展,也給我國市場化母基金帶來重要的發展機遇。
  首先,“雙創”的蓬勃發展給市場化母基金資產配置提供了“跑道”。傅帆表示,我國正處于新一輪科技革命和產業變革期,大數據、云計算、人工智能等產業的發展,為市場化母基金發展提供了更契合的標的。
  其次,市場化母基金的四大行業特點和優勢決定了其更適合做新經濟領域的股權投資。傅帆介紹說,一是母基金投資期更長,一般8至10年的投資期限可幫助新經濟公司穿越經濟周期,更好成長;二是通過母、子基金雙層架構的杠桿作用,更充分撬動社會資本參與優質項目投資;三是子基金和直接投資的“點面結合”能更有力提升產融結合效果;四是母基金的分散投資可以緩沖和平滑底層資產風險收益波動,規避非系統性風險。
  傅帆指出,與政府引導基金相比,市場化母基金在管理人選擇、投資決策、投后管理、激勵約束、人才隊伍等方面采取市場化管理機制,更有利于提高資本鏈整體效率,提升服務“新經濟”發展的有效性。
  重點發揮“四大功能”
  那么,市場化母基金應該如何助力新經濟發展?在傅帆看來,市場化母基金應該重點發揮四大功能。
  首先是創新引領功能。傅帆認為,作為PE的長期投資者以及長期可投資資金的專業管理人,市場化母基金在產業鏈上具有更高的視角,通過發揮“造風”的作用,將資本和資源導入到科技含量高、經濟效益好、有關鍵技術的產業或企業,助力戰略性新興產業發展,從而服務國家創新發展戰略。
  其次是發揮價值發現功能。傅帆解釋說,母基金在多層次資本市場中扮演著重要參與者和資源配置者的角色,應該做好“伯樂的伯樂”,挑選出專業能力更強的管理人,讓頭部GP獲得更好的資金支持,從而在更多細分領域不斷發現、培育“千里馬”。
  第三是要發揮提質賦能的功能。傅帆稱,市場化母基金具有LP和GP的雙重身份,基于自身的優勢和完備的項目信息庫應做“戰略投資者”,為子基金提供相應的支持和增值服務,幫助子基金及創投項目提升競爭力。
  最后,市場化母基金應起到生態融合功能。傅帆表示,市場化母基金通過整合LP、產業資本、優秀GP和創新創業項目等各方,打造鏈接產業和資本的平臺,構建母基金產業生態圈,從而實現各方價值和利益最大化,最終形成一個良好的生態循環。
  傅帆強調,作為市場化母基金“航空母艦”,上海國際集團將著力打造基金“戰斗群”,引導更多社會資本流向科技創新企業,助力新經濟發展。
  資料顯示,上海國際集團是上海兩大國資運營平臺之一,旗下母基金有上海科創基金、國方母基金,并先后主導了金浦、國和、賽領等產業基金的發起和募集,目前管理規模近千億元。

 

 

 

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