Research On The Development Of Wuhan Government Guiding Fund

After 40 years of reform and development,China has become the world's second largest economy.However,in the past,the extensive development mode was unsustainable and the economy faced a major transformation and upgrading.Entrepreneurial talents are constantly emerging,and scientific and technological reserves are constantly increasing.How to grasp the advantages of the current demographic dividend and realize the grand goal of “mass entrepreneurship” and “mass innovation” cannot be separated from financial support.The government guiding fund,as an instrument of government contribution to promote economic restructuring and industrial upgrading,is gradually promoted and adopted by governments at all levels.Its amplification effect of attracting social capital and management mode of market operation are regarded by government departments as being able to play the role of " art is good for strength ".Due to the professionalism of its investment and the individualization of enterprise characteristics,the government department,as a non-market subject,has problems and obstacles in the operation supervision that are not known to the government.If these problems cannot be solved,it will bring inevitable systemic risks to the healthy development of national economy and society.This paper will focus on the research of Wuhan government guiding funds from five parts.The first part is the introduction,which introduces the research background and research methods.In the second part,the general situation and effect of Wuhan government guiding fund development were introduced,including the definition of government guiding fund,the "1+N" management mode and the separation strategy of investment and management,as well as the general situation and effect of each fund.The third part is the analysis of existing problems of Wuhan government guiding,taking municipal funds and district funds as examples.Comparison and analysis on a micro level in the actual operation,found personal problems such as the proportion of state-owned shareholders is high,the fund fund magnification was not significant,the fund management team and the marketability level are not high,Moral hazard,adverse selection risk and so on.Other common problems include multiple investment restrictions,difficult project selection,imperfect talent incentive system,imperfect performance evaluation system,unsound exit channels,and systemic risks.The fourth part is the case analysis,summarizes the Wuhan government guiding fund related experience and good practice.Summarizes the development trend of the government guiding fund,from the medium level in the mode of management.Such as the fund planning should combine industry layout,the post-investment management reflects the fund's core competitiveness,the project hierarchical management prevents investment risks,project exit efforts should further strengthen.In the fifth part,the countermeasures and Suggestions for the development of government guiding funds.From the aspects of theory and system construction at the macro level,put forward countermeasures and suggestions to clarify government functions,strengthen resource allocation,relax investment restrictions,and establish assessment and incentive mechanism and information sharing mechanism.