An Empirical Study On The Performance Evaluation Of Government Venture Capital Guiding Funds

At present,China has entered the ranks of middle-income countries and became a veritable economic power.However,with the continuous change of the demographic dividend gradually disappear and the international economic situation,China is facing a "middle-income trap" dilemma,economic development is entering a "new normal" in the mixed effect of internal and external factors,urgent need to change the mode of development.The eighteen party clearly proposed to promote the development of innovation driven economic growth further,general secretary Xi Jinping pointed out in January 2016 that the structural reform of the supply side to stimulate the improvement of social productivity.In this context,the government guiding fund of venture investment in China has entered a rapid development stage,in 2015,the number and the size of new government venture capital fund reached reached 2.83 and 5.24 times in 2014.The government guide fund also called venture capital fund,through the guidance of venture enterprise capital investment to boost economic reform smoothly,regulating the emerging market while encouraging new industries.It is an important driving force of China’s current stage of innovation driven development strategy and the structural reform of supply-side.However,due to the late development and institutional constraints,there are still some problems in the operation of venture capital fund in China,and the imperfect performance evaluation system is one of the main problems.Evaluate the performance of guiding fund is to achieve its healthy and effective way to regulate the growth.On the one hand,this paper complements the lack of fund performance evaluation of government venture capital in the academic field,on the other hand,in order to optimization guide fund efficiency,propose the theory reference according to the empirical results,so as to give advice and suggestions of government investment guidance fund.This paper mainly launches the research from the following aspects: firstly,analyzes the necessity and the function of of the venture capital investment fund by using the theory of quasi public goods,and then analyzes the risks;secondly,select the performance evaluation index of the guide fund and use Factor Analysis to construct the index system by combining relevant theory and existing research results;thirdly,combined with DEA Model and Multiple Linear Regression to empirical evaluation of 41 government venture capital;finally,puts forward the problems and suggestions of the current venture capital investment fund.According to the research,this paper found that the main problems existing in the sample of guide the fund is that the management ability of venture capital institutions is deficiency and the capital utilization ratio is low,the reason may be that too many policy restrictions and lack of the marketization,innovative enterprise’s scale is small.Therefore,this paper suggests following proposal: 1.appropriate to relax the restrictions on selection of venture capital institutions and investment targets;2.strengthen the government’s venture capital fund marketization;3.strengthen supervision and standardize the operation of the fund;4.strengthen the investment management.