Establishing Evaluation System Of Implementation Of Venture Capital Guiding Fund

Venture capital guiding fund is a policy fund set up by government, in order to guide more social capital to venture investment field and support the start-up high-tech enterprise. In<the provisional measures for the administration of venture investment company>,2005, firstly officially announced that government can set up venture capital guiding fund, and put forward that government can support venture investment company in the form of file. In the late research of venture capital guiding fund, the theoretical and practice circle have done a lot of effort, however, due to the late late start of venture capital guiding fund in China, there are many differences between China and foreign countries in actual operation, the evaluation system of venture capital guiding fund in foreign countries don’t match the situation of China. Then it is imperative to establish an evaluation system of venture capital guiding fund,which conforms to China’s conditions. In recent years, many domestic scholars try to put forward the indicators of evaluation system of venture capital guiding fund, but because of the lack of the rigorous logic relations in the process, and without the assignment of the weight of the indicators, it just have not set up a complete evaluation system. This paper aimed at establishing an evaluation system to reflect the dual goal of venture capital guiding fund.This paper argues that we should choose an evaluation standard before we evaluate the guiding fund. The research on performance evaluation has been done by some scholars, so in this paper, I choose the angle of purpose to be the evaluation standard in the evaluation of venture capital guiding fund according to the financial accounting conceptual framework analysis. From the standpoint of every main bodies associated with venture capital guiding fund, including government、society、venture investment companies and startups, After analysis, we conclude four target of venture capital guiding fund:policy goals, economic goals, social goals and management goals, then decompose every goal, and get the assessment indicators at last, we analyze the goals of venture capital guiding fund according to the financial accounting conceptual framework analysis. It’s a little difficult for me to collect data, we use Delphi method, send questionnaires to experts, get the scores from experts. In the questionnaire design process, after large quantities of literature reference and long time theoretical study, we arrive at a preliminary indicators, not simply a combination of results of previous studies, but through their own rigorous logical thinking, derived from the target layers of decomposition. In questionnaires process, if only mail questionnaires, data recovery will be very unsatisfactory situation, and the participation of experts and scholars is not high, so through the relationship mentor, contact the Chief Financial Officer of Venture Investment Service Center of Hangzhou, onward connection to Hangzhou Venture Capital Fund Management, by directing the funding management department, we send questionnaires to35experts, including the ministry of finance, the national development and reform commission, the technology bureau, the child fund of the guiding fund, and managers of venture investment company, in the questionnaires, we ask the participants to grade the indicators, which is concluded from the theoretical study of the domestic and foreign literature. Use SPSS covariance analysis to process the data, delete some indicators which has a large variance and a small mean, to determine the formal indicators. Set up an evaluation system through the implementation of purposes, analyze the data by the principal component analysis, with the thinking of dimension reduction, then assignment the indicators’weight to set up a complete evaluation system of the implementation of venture capital guiding fund preliminary. We should set up the purpose system of venture capital guiding fund according to the requirements of government、society、venture investment companies and startups, start from the angle of the purpose system, to assess the goals of venture capital guiding fund, and evaluate the implementation of venture capital guiding fund through the degree of implementation.This paper analyze the main purposes of establishing the venture capital guiding fund, and then decompose every purpose into several sub-goals, gradually decompose into the final inspection targets. After principal component analysis, we get the25indicators of evaluation system of the implementation of venture capital guiding fund. Using principal component analysis, we get the weight of every indicators, and we realize that we should pay more attention to the indicators which reflect the aim of venture capital guiding fund when we evaluating the implementation of venture capital guiding fund.In this paper, compared to previous studies, it has an obvious innovation. Previous studies have focused on more theoretical research to guiding fund, also focused on proposed evaluation system performance evaluation indicators. From the perspective of financial accounting conceptual framework, starting from the target, down to every target, examine the various elements to achieve the desired objective to analyze the degree of realization guiding fund, proposed indicators to achieve the objective evaluation and data analysis through various indicators derived weights based on target to achieve the establishment of a rating system.Through this paper, we can set up an evaluation system of the implementation of venture capital guiding fund, this is a relatively new research perspective, some defects need to be study more thorough in future.