Study On Withdrawal Mechanism Of Equity Investment Of Government Financial Funds

In the process of equity investment of government financial funds,the importance of withdrawal mechanism is self-evident.Smooth exit channel,perfect exit mechanism can not only reduce the financial risk capital withdrawal,get considerable return on investment,realize the success of the exit and also can improve the circulation efficiency of funds,to pay for its continuing with the economic development of important areas and weak links,and support the development of related industries,enterprises,in order to promote industrial structure optimization,We will play a leading role in guiding national industries,promoting scientific and technological innovation,implementing industrial policies,and promoting economic development.However,at present,the withdrawal mechanism of financial capital equity investment in China is not perfect,the theoretical research and practical experience summary related to this mechanism has not been comprehensive and in-depth,and there are still some obstacles to the withdrawal of financial capital.In order to solve this problem,the paper focuses on the central point of "equity investment withdrawal",fully considers the particularity of the government as the investment subject,takes into account the systematization and complexity of project operation,On the whole,the main way out from relevant legal regulations,funds,exit in the process of balancing of interests,exit evaluation mechanism as well as investment,investment institutions in the exit process five aspects to analysis,this paper,with a comprehensive understanding of fiscal funds an important part of the equity investment withdrawal mechanism,and constantly improved,open capital exit channel.Among them,the legal system norms mainly include the system system should be systematic,complete and the provisions should be detailed and appropriate two aspects,in the legal level to regulate the withdrawal of financial funds;Capital withdrawal methods mainly include equity transfer,including initial public offering,merger and acquisition,share repurchase and other exit methods.It is suggested to try equity auction,sale-leaseback and equity replacement.The balance of interests in the withdrawal process emphasizes the balance of public and private interests and the government’s macro-control role in the investment process.Exit evaluation mechanism mainly involves relevant legal evaluation norms,corporate assets evaluation and the identification and disposal of non-performing assets in the evaluation process,which directly affects the successful exit of financial capital equity investment and the risk of financial capital loss.The investment personnel and investment institutions’ guidance and suggestions on fund operation and withdrawal,as well as the prevention of legal risks,are also important contents of the withdrawal mechanism of financial capital equity investment.The framework of the paper is mainly divided into four parts.The first part is to accurately locate the special nature,practical value and social significance of the withdrawal of government financial capital equity investment by comparing it with the purpose of social capital equity investment and the different withdrawal standards.This part focuses on the core content that the government,as a special investment subject,always adheres to the maximization of public interests and the optimization of social benefits,and gives full play to its industrial guidance,providing a preliminary demonstration for the emergence of legal problems and reasons analysis in the withdrawal process of financial capital equity investment.The second,third and fourth parts respectively discuss the main problems,reasons and corresponding improvement suggestions in the process of investment withdrawal.The main problems include:the legal system supporting the withdrawal of equity investment by government financial funds is not perfect,the withdrawal methods are few and lack of innovation,the imbalance of interests is prominent in the withdrawal process,the withdrawal evaluation mechanism is not perfect,and the lack of professional and high-quality investment talents and investment intermediaries.After clear problem,the third part is from financial capital equity legislation and practice of development out of step,the government,public and self-interest is blurred,financial capital equity investment project company internal operation mechanism is not perfect,and legal,financial and other professional Settings failed to cause enough attention,etc.,an analysis of the causes of the above problems.The fourth part,which is also the most critical part of the article,puts forward targeted suggestions for the improvement of the main legal issues existing in the above-mentioned equity investment withdrawal mechanism,mainly including:Perfect the legal system for the withdrawal of government financial funds from equity investment,enrich the ways for the withdrawal of financial funds from equity investment,balance the interests of all parties according to the optimization of public interests,perfect the evaluation mechanism for the withdrawal of government financial funds from equity investment and build a high-level investment talent team.