产业投资基金是我国投融资市场转型中的新事物，与国外的私募股权基金以及风险投资基金均有不同的含义和范围。近年来我国经济发展迅速但能源消耗及环境代价过大，而节能环保行业顺应时代和民意需求已逐步发展为重要新兴产业。在一波未平一波又起的全球金融危机巨浪中，中国这艘方舟在经济转型、国企改制、调结构促民生的航路下努力前行。而将环保和金融两种事物有机紧密结合起来的节能环保产业投资基金的出现，恰似绿色的风帆，在“政产融学研结合”五位一体的机制下为中国经济与产业健康有序的发展提供了新助力与借鉴思路。本论文以专题研究的形式，通过类比方法，案例分析，企业访谈等形式，说明产业投资基金与证券投资基金、私募股权基金、风险投资基金等传统基金的异同；论证产业金融下节能环保行业投融资方向的不同方式及其现实效果；重点分析了Z产业基金的成立，发展，治理结构及退出经验，以案例穿插说明当下节能环保行业的各个产业基金破茧而出的积极意义与困境；借鉴国内外同类基金的发展历程，提出了具有一定可操作性的利用产业基金助推节能环保产业的建议与构想，呈现出了产业报国的环保金融愿景。本文的创新之处在于：汇总学者及投资研究机构关于产业投资基金的论述，顺应国家“十二五”政策要求及产业发展需要，以节能环保基金管理公司的经营视角，集中论述节能环保产业基金及其中龙头基金的发展及经营，并借鉴多位专家的思路，从“政产融学研”五位一体的节能环保产业链角度出发，倡导理性价值投资理念经营提升企业自身价值。本论文共分五章：第一章是导论，论述选题的背景、文献评述与研究的意义；第二章是我国节能环保产业基金的概况，从产业基金的由来、节能环保产业基金的定位，分类对比了节能环保产业基金与直接融资模式下各类投资基金的异同，产业基金作为投融资集合制度与其他投融资模式的竞争合作关系等几个方面集中论述了产业投资基金的优势；第三章Z产业基金的案例分析，转向以具体产业基金的分析，以节能环保行业某龙头产业基金为案例样本，纵向阐明了该基金的前世今生，横向比较说明内部管理的差异，现状、愿景；第四章是我国节能环保产业基金的作用与问题，剖析了该基金的积极作用与遗留/现实瓶颈问题，采用由个别到一般的方法，指出了基金存在的普遍潜在风险与基金无法良性循环的主要原因；第五章产业投资基金推动节能环保产业发展，给出了节能环保产业基金发展的启示，产业基金如何更好与实业互促，并针对风险与困境提出改进建议。

Industry Investment Fund is the new thing in the market of Chinese investment and financing’ system transformation, it has the different meaning and scope with the foreign private equity funds and venture capital funds. In recent years, China’s economic developing rapidly, but energy consumption and environmental costs too much, energy savings and environmental protection industry has gradually developed turn to an important emerging industry adapted to the times and the public opinion. Surfing one after another global financial crisis waves aboard the Ark of China’s Economic efforts in economic restructuring, state-owned enterprise restructuring, adjust the structure to promote the livelihood of the people. The birth of Energy-saving & Environmental protection Industry Investment Fund combines the two kinds of new things organic industry closely, the emergence of investment funds like the green sails combined political, industry, finance, academic and research together with " the five one mechanisms for the healthy and orderly development of China's economy and industry, provides a new help and learn from ideas.The papers in the form of a special study, by analogy method, case studies, corporate form of interviews. Illustrate the similarities and differences among the traditional industrial investment funds and securities investment funds, private equity funds, venture capital funds and other funds demonstrate the combination under the energy conservation and environmental protection industry different ways of investment and financing its reality effect. Focusing on the establishment of China's energy-saving & environmental protection industry fund development, governance structure and exit experiences interspersed the predicament with positive immediate energy-saving and environmental protection industry breakthrough with industry fund case significance; learn from the course from the development of similar funds domestic and abroad. Proposed green industry has certain operability, financial advice and ideas. Describe the map of environmental and financial industry serving the mother land.The innovation of the paper is a summary academics and investment research institutions expositions on industrial investment funds, comply with the National Twelfth Five policy requirements and industry development needs, environmental protection enterprises operating perspective, focuses on key industries and energy-saving & environmental protection industry, a special fund in leading the development and operation of the Fund, and from the political, industry, finance, research study in the five one energy-saving and environmental protection industry chain perspective, to advocate rational value investment philosophy operators to enhance their own value.This paper conclude five chapters in total: Chapter 1 is about of introduction, which introduces the background of the thesis selection, literature review, research significance, etc. Chapter 2 introduce the rise of environmental protection industry fund, from the origin of the fund industry, energy-saving environmental protection industry fund, fund classification compared the energy saving and environmental protection industry and direct financing mode of various types of investment funds, as well as the similarities and differences of industrial funds collection as an investment and financing system of cooperation-competition relationships with other modes of investment and financing focuses on several aspects, such as the advantage of the industrial investment fund. Chapter 3 is for China's energy saving and environmental protection industry to particular companies, a leading industry in energy conservation and environmental protection industry fund as a case, longitudinal illustrates the incarnations of the fund, the crosswise comparison shows that differences in the internal management, present situation and prospect planning; Energy-saving environmental protection industry. Chapter 4 answers the question of fund, analyses the fund bottleneck problem, legacy and reality have individual to general, points out the common potential risks existing in the fund management companies and fund cannot be virtuous cycle of the main reasons. Chapter 5 explain the melting of the virtuous development, gives the fund development, energy conservation and environmental protection industry fund how to better and industry promote each other, and put forward improvement Suggestions aiming at the difficulties and risks.