The Research On Operation Of Venture Capital Guidance Fund In China

With the constant improvement of innovative mechanisms, the innovationenvironment of high-tech enterprises are constantly optimized. The government hasstepped up efforts to support the venture capital industry in order to promote thedevelopment and expansion of high-tech enterprises. More and more provincial andmunicipal governments have started to set up venture capital guidance fund in order tomake use of abundant private capital and to meet the real capital needs of venturecapital companies, it played a great extent leverage amplification effect of governmentfunds to solve the market failures of venture capital. With the publish of <The Guideabout Establish and Operate the Venture Capital Criterion>, China’s venture capitalguidance fund began to establish normally and develop rapidly. The enthusiasm in ourcountry to set up the guidance fund is very high. The support force of governmentguiding fund strengthens continuously speeds up the pace of the of flow socialcapital.However, the practice of government guiding fund is still very short, there arestill many problems in the operational level on the specific operation of venture capitalfunds, they have adverse impact on the actual results of guidance fund. Therefore, it isvery necessary to research and analyze the operation management of venture capitalfund and learn from the successful experience of foreign countries in the developmentof venture capital funds for the problems of the venture capital fund of the problems,so that our guidance fund can better play a role of leverage funds.