A "dry wood" once again into the "fire is flourishing" military and civilian integration industry investment fund.

Recently, the general office of the communist party of China central committee and the general office of the state council issued the guidance on promoting the healthy development of small and medium-sized enterprises, which made it clear again that it will vigorously promote the implementation and operation of the national emerging industry development fund and the military-civilian integration industry investment fund. We will support the financing of high-quality enterprises in strategic emerging industries and military-civilian integrated industries.

How hot is the civil-military integration industrial investment fund? It is no exaggeration to say "running into the market" : up to now, sichuan, Shanghai, hebei, henan, guangdong, zhejiang and other provinces and cities have set up the military-civilian integration industry development fund or investment fund, with a total scale of more than 10 billion yuan. In march this year alone, the 3 billion yuan military-civilian integration industry fund of yingke Qingdao west coast new area and the 500 million yuan military-civilian integration industry fund of avic junchuang were planned and established.

Behind such a scale and situation, industrial fund's "capital leverage" can play what "leveraging" role? Can its "menacing momentum" break the ice for all kinds of capital to deeply participate in civil-military integration? Science and technology daily recently interviewed a number of experts in the field of civil-military integration.

Capital of civil-military integration "firm ice"

The importance of capital to the development of any industry is self-evident.

"Breaking down the 'barriers' of deep integration between the military and the civilian is not only about the tangible technical and institutional' barriers', but also about the capital sector, which was often neglected in the past." Dr. Yang wei, a distinguished researcher at the regional economic research center of wuhan university and a member of the national development and reform commission of hubei province, said that the investment and financing system is an important bottleneck restricting the development of the civil-military integration industry.

"The entry of private capital and other non-public sectors into the military sector requires multiple approvals from the office of science, technology and industry for national defense and relevant departments of the armed forces. Zhou jian, a founding partner of guoding capital, a domestic capital management firm specializing in civil-military integration equity investments, said, 'on the one hand, there are concerns about policy strength, long investment cycle and high uncertainty. On the other hand, there is no batch investment case in the field of military industry that achieves substantial appreciation through listing or acquisition, which "lacks obvious wealth effect for investors".

According to one data, as of April this year, there were 260 listed companies of civil-military integration in the a-share market, but only 7.2% compared with 3,608 a-share companies. "This is not consistent with the position of the defense industry in the national economy. Although the financing channels of China's military enterprises are more diversified than in the past, bank loans are still the most important financing methods. For example, Yang wei said, about 90% of the financing of China's listed shipping companies comes from Banks, while non-listed shipping companies have more narrow financing channels and rely more on bank deposits.

In terms of debt financing, Yang wei said that despite the rapid growth of bond financing at present, there are many problems, such as more short-term bonds and fewer medium - and long-term bonds, more issuance by large military industrial groups, and less issuance by small and medium-sized military and civilian integrated enterprises, etc., which also require various types of military and civilian integrated industrial investment funds to provide medium - and long-term financing schemes.

Resource sharing behind capital injection

In the face of capital "barriers" from different fields such as equity and creditor's rights, can the "increasingly fierce" industrial investment fund become a "good recipe" for the capital market to enter the civil-military integration?

The reporter has noticed that the initiators of the civil-military integration industrial investment fund in various parts of China involve local governments, military enterprise groups and social capital, and their positions are also different.

Local governments and military enterprise groups jointly initiated by social capital pay attention to the guidance and leverage of government funds, gather social capital and other superior resources, and invest in the fields of military and civilian integration of superior industries. There are also military industrial units leading the investment directly serving the securitization of assets of military industrial enterprises and institutions, the mixed ownership reform of subordinate enterprises and institutions, and the scientific and technological industrialization projects of military high-tech in the field of strategic emerging industries.

"As a product of the development of the civil-military integration market, its emergence helps improve the efficiency of civil-military integration." Associate professor of law school of southwest university of science and technology, military and civilian integration work, deputy director of the research center under the rule of law from the legal and economic level interpret the superiority of military and civilian integration industry investment fund system: from the legal level, the organization form of industrial investment fund is a limited partnership, this determines the investors "QuanZeLi" clear, fund its flexible operation, operating efficiency. "Local governments, military enterprise groups, ordinary financial institutions and other investment entities can set up different forms of military-civilian integration industrial investment funds through agreement, so as to meet different development needs of military-civilian integration." He said.

And the resource sharing behind the capital injection is the "Easter egg" which cannot be ignored.

In terms of economy, wang zuofa believes: "each fund participant participates in the civil-military integration as a strategic investor. By virtue of the diversified background of investors and the familiarity with the operation of the capital market, the 'asymmetry' between the two markets can be resolved." The "platitude" of "civilian army", such as complicated military industrial system and rules, "civilian army transfer", market accumulation and lack of experience, is expected to be further solved through "capital integration".

Managing and using it well is still a challenge

To be sure, as industrial investment funds gradually climb on the "hot word" of civil-military integration, how to manage and make good use of funds under the "wind gap" in the next step determines whether they can truly become the "capital booster" to promote civil-military integration.

Former naval armaments department completely, tongfang industrial co., LTD., vice general manager li fang believes that the first to understand the government established the civil-military integration of fund guidance function, the nature of this kind of important organization form and civil-military integration is the development strategy of the combination of industry transformation of the key route, is the key to China as a world power. The civil-military integration fund should be distinguished from and co-exist with commercial institutions. At the same time, attention should be paid to the formation of the "micro power" mechanism of investment decision-making and investment operation.

"The military-civilian integration fund initiated by the government belongs to the 'second finance', which is different from the traditional means used by public finance to support industrial development." For example, among the investment decision makers, they should be familiar with the system, procedures and industrial culture as well as the enterprise management and technical background, and have the ability to identify technical barriers and development trends and help solve key problems such as market, technology and information. In the post-investment management, we should implement the "post-investment enabling management", promote the military-civilian integration of enterprise technology and production capacity, management system and market channels, and truly realize the military-civilian integrated development of enterprises. In the withdrawal of interest distribution, the "overall rational distribution of interests" should be formed, and the interests should be distributed according to the "contribution of value creation in operational activities". The income generated from transactions cannot be simply applied to the distribution rules of mature western capital markets.

"For private capital, the particularity of civil-military integration in the past makes it difficult for investors to accurately and timely understand the use of funds, and investors' rights are not fully reflected, leading to high investment risks and affecting investors' enthusiasm. In the future, through industrial investment funds, it is worth looking forward to how the private capital can 'smoothly' participate in the daily operation and management of civil-military integration enterprises in the form of modern fund management, so as to reduce investment risks and thresholds. Yang wei said.

Source: guangming net