Research On The Evaluation System Of The Guiding Effect Of Government-guided Fund

China’s investment market is facing problems such as unbalanced resource allocation and market failure.As one of the important means of administrative intervention in the market,government guidance fund has played an important role in capital amplification and investment guidance.At the same time,a series of large-scale and high-quality local funds have emerged across the country,effectively gathered social idle funds,stimulated social investment enthusiasm,and took a solid step on the exploration path of "Chinese style" guiding funds.However,through the summary of the development status of China’s government guidance fund,this paper finds that the existing performance evaluation system can’t fully evaluate the guidance effect of the fund,and the evaluation criteria of relevant indicators are not clear,which makes the government guidance fund lack sufficient supervision,the utilization efficiency of government funds and social capital can’t be fully reflected,and ultimately affects the implementation of the policy.Therefore,according to the development stage of China’s guidance fund,it is very important to design a set of appropriate guidance effect evaluation scheme to accelerate the development of China’s guidance fund.By analyzing and summarizing the research of domestic and foreign scholars on the guidance effect and evaluation system,and based on the government intervention theory,resource allocation theory and externality theory,this paper establishes a set of evaluation system from three dimensions: capital guidance effect,industrial guidance effect and innovation and entrepreneurship guidance effect.With reference to the previous performance evaluation indicators and the fund management methods of governments at all levels,this paper selects 10 three-level indicators with both subjective and objective evaluation,The index weight is determined by analytic hierarchy process.Finally,this paper makes a case study of Qingdao old and new kinetic energy conversion fund,establishes targeted evaluation standards by referring to relevant policy documents,and uses the fuzzy comprehensive evaluation method with quantitative data processing steps to analyze the guidance effect.After analysis,this paper believes that the evaluation score of the guiding effect of the new and old kinetic energy conversion fund in Qingdao is "good",the guiding effect of capital and industry is significant,and the guiding effect of innovation and entrepreneurship is insufficient.This is because:(1)there is a lack of large-scale institutional investors,there is no strict control on the audit and post investment management of investment,and the proportion of fund return investment remains to be discussed;(2)The utilization rate of the project library is insufficient and the investment in key industries is biased;(3)Lack of support for key projects and insufficient encouragement for innovation activities.Based on this,the countermeasures are put forward:(1)Pay attention to institutional investors,improve the availability rate of government funds,and set a reasonable return investment proportion;(2)Promote and guide the differentiated development of fund industry,and carefully extract the opinions of experts in key industries;(3)Build a "science and Technology Innovation Park",increase innovation incentives,relax regional restrictions to increase the number of alternative projects,and strengthen government supervision to ensure fund utilization.The significance of this paper is to guide the research and evaluation system of "three-dimensional effect" of the government;By using the evaluation system,it fully reflects the supervision of the government on the guidance fund and strengthens the management function of the government.At the same time,it makes a case study on the new and old kinetic energy conversion fund in Qingdao and puts forward targeted suggestions,which will help to promote the healthy development of the fund.