Research On Management Mechanism Of Ventrue Capital Guidance Fund In China

The first practice of venture capital in China started from that the new technology venture capital Company was established in1985, whose history is 26 years, and moving towards prosperity gradually. Especially in recent years, with the establishment of Venture Capital Guide Fund, the market of Venture Capital becoming more prosperous. For that the operation of Venture Capital Guide Fun is short of systematic guide, there are many barriers on the development road. As for that, the guided established sub-funds are irregularity.By the systematic study of Venture Capital Guide Fund Management Mechanism, the thesis focus on the empirical study of guide fund's management mechanism from three aspects of guide fund, which are financing and establishment mechanism, decision-making information mechanism and incentive and supervision mechanism. The thesis applied related theory and normative analysis method to generalize the concept of venture capital, the related development history and the status of study and development about guide fund at home and abroad, which provide the theoretical basis for the study of guide fund management mechanism. Above the three mechanisms were studied by empirical research.By these work, the conclusions were got, which are as follow:First, in the aspect of financing established mechanism, financial capital and banking capital should be the main resource of the capital of guide fund; When guide fund was established the form of independent cause of corporate should be applied. Second, in the aspect of decision-making information mechanism, the experience management team was the key factor for the success of fund's operation; and the selection criteria and rules of how to select the sub-fund were proposed, which provided the operating basis for the venture capital enterprises established by guide fund. Third, in the aspect of incentive and supervision mechanism, the thesis got the conclusion that the profit sharing ratio of guide fund should higher than 70%; when the investment rate of return below 30%, to increase the sharing ratio of guide fund can increase the investment returns. The supervision model of guide fund was built and formed the supervision system, which provide the practical basis for the investment supervision of guide fund.