Research On Performance Evaluation Of Government Venture Capital Fund

In recent years,the government investment guidance fund has developed rapidly and played an important role in the stage of China’s economic structure adjustment and traditional industrial upgrading.The main goal of the government investment guidance fund is to leverage social capital through the guidance of financial funds,so as to support local industries and promote the development of local high-tech start-ups,without taking profits as the core purpose.Government investment guidance investment fund can effectively improve the current situation of low support for science and innovation enterprises due to market failure,but how to evaluate its performance has become an urgent problem to be solved.According to the characteristics of China’s guidance fund,based on the principle of Balanced Scorecard and from the perspective of government financial contribution,this paper constructs a four-dimensional guidance fund performance evaluation index system integrating establishment and supervision,investment and operation,output and benefit and satisfaction.The analytic hierarchy process can be used to show the relationship between the weights and the practical indicators,and can be used to solve the complex relationship between the indicators from the perspective of the hierarchy process.The results show that output and benefit indicators are the most important,followed by fund establishment and supervision.In order to better verify the results,this paper takes the new economic angel investment fund of C City as an example,analyzes the fund in the way of fuzzy comprehensive evaluation method,verifies the effectiveness of the performance evaluation system,and puts forward relevant suggestions according to the case results.At the same time,according to the actual situation of the case,this paper also uses the fuzzy comprehensive evaluation method to score the case,which proves that the network analytic hierarchy process is a multi decision evaluation method improved based on the analytic hierarchy process and more suitable for the reality.The use of the network analytic hierarchy process can more accurately determine the weight of each index,so as to make appropriate decisions.The study found that the government investment guidance fund funded by the government is different from the socialized private equity fund.It should comprehensively consider the safety of financial funds and the efficiency of financial contribution.Therefore,the top-level design of the system,the monitoring of investment progress and risk control should be considered in the fund evaluation.At the same time,in terms of investment benefits,we should highlight the effect of "guidance",such as the investigation degree of employment growth,enterprise innovation ability growth(R & D investment,achievement transformation),etc.Finally,starting from the index system and evaluation results,this paper puts forward some conclusions,such as optimizing the top-level design of the fund,strengthening the operation and management of the fund,and improving the effect of the fund policy.