An Empirical Study On The Impacts Of Venture Capital Guidance Fund On High-quality Economic Development

Venture capital guidance fund is a new type of financing mechanism designed by the government to attract more social funds to support innovation and entrepreneurship.It is not only an important institutional arrangement for the government to promote the development of the venture capital industry,but also one of the policy tools to promote high-quality economic development.The paper comprehensively uses the relevant theories of development economics,innovation economics,regional economics,etc,and uses various methods such as literature research,mathematical analysis,and empirical analysis to study the impact of venture capital guidance funds on high-quality economic development.Paper has theoretical and practical significance for understanding the important functions of venture capital guiding funds in the new development stage,as well as the inherent relationship between innovation investment guiding funds and high-quality economic development,and optimizing the positioning,goals,layout and related institutional arrangements of venture capital guiding funds.Existing research starts from the purpose of the establishment of the venture capital guiding fund,and study the policy effect of the guiding fund,such as guiding effect,management mode,innovation and entrepreneurship,and its performance evaluation.These studies provide a rich theoretical and practical basis for this paper.However,for the current Chinese economy,great changes have taken place.An important realistic background is that my country’s economy is shifting from a high-speed growth stage to a high-quality development stage.This realistic background is very different from the previous economic background,which also provides a new perspective or field for the research of venture capital guiding funds.This paper has carried out in-depth research on this issue.On the basis of referring to relevant researches,combined with the development characteristics of my country’s venture capital guidance funds and the law of economic development,the paper constructs a relationship between venture capital guidance funds and high-quality economic development,including four gradations of "innovation,entrepreneurship,industrial structure,regional economy".The theoretical model of the mechanism is used to explore the impact of venture capital guidance funds on high-quality economic development,and to provide theoretical and policy references for the construction of an innovative economy.Using the data on the number and target scale of venture capital guidance funds established in 29 provinces from 2001 to 2019 on the Zero2 IPO Private Equity Platform,as well as the relevant data such as the "China High-tech Industry Statistical Yearbook" and "China Statistical Yearbook",respectively,from innovation,entrepreneurship,industry structure and regional economy,construct an econometric model of venture capital guiding funds for high-quality economic development.The study finds that venture capital guidance funds can affect high-quality economic development by acting on innovation,entrepreneurship,and industrial structure.The venture capital guidance fund has a significant positive impact on innovation,entrepreneurship and industrial structure upgrading,and the venture capital guidance fund has a progressive influence on innovation,entrepreneurship,and industrial structure upgrading.The influence of venture capital guiding funds on regional economic development is not obvious.Through the analysis of the intermediary mechanism and the adjustment mechanism,it is found that innovation and entrepreneurship have an intermediary role,while the industrial structure has played a regulating role.