| The issue of the Interim Administration Measures for Venture Capital Enterprises and the Guidelines of the Standard Establishment and Operation of Venture Capital Fund provided a legal and policy basis for the establishment and operation of our country’s guiding fund for the venture capital, and promoted our district governments to set up this kind of funds.Based on this background, this paper combines with theoretical analysis and sets the present situation of our country’s guiding venture capital fund, then discusses the operation modes of it by taking examples of other countries. And take Wenzhou city as an example to analyse these funds’benefits.First, in Chapter One, this paper summarizes the current situation of theoretical research and practical research and establishes the theoretical foundation for further analysis. Second, in Chapter Two, the existing condition of our country’s guiding venture capital fund was discussed as a whole as well as the understanding and practice of the fund by our government. Then in Chapter Three, the fund’s operation patterns were detailed analysed. These patterns are sub-fund, follow-up investment and risk compensation. Bases on this, an achievements evaluating indicator system was built from both investment benefits and policy benefits, and takes advantages of analytic hierarchy process to calculate the weight of indicators. Then use the above system to analyse the benefits of Wenzhou City’s guiding venture capital fund so as to provide scientific references to the reform and development of our country’s guiding venture capital fund.Due to problems in access to data as well as limitation of personal skills, the study in this paper is still suffering some defects:not only some data is old and some are missed, along with absence of certain graphs and detailed interpretations; but also suggestions may be a bit vague because of over-emphasize on the width and ignorance of specification and depth. Those are to be improved in the future. |
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