Analysis On The Operation Performance Of Chengdu Government Venture Capital Guidance Fund

Government-led fund is a kind of non-profit policy fund,which has become an important force for national economic development since it was first established in China in 2002.It plays an important role in bringing into play the guiding role and amplifying effect of government funds,attracting social funds to invest in key areas and industries supported by the state,improving the efficiency of the use of financial funds and regulating the problem of "market failure".At the present stage of the development of government-led funds,problems such as capital deposition and low investment efficiency have gradually emerged to be solved.We studied the theories and literature related to government-guided funds,collected data and information on Chengdu government venture capital-guided funds,and analyzed the operation status of the funds.Then,on the basis of the literature,we established a performance evaluation system and reviewed the performance of Chengdu government venture capital funds in terms of fund raising,investment management,exit and social benefits in the process of operation.The performance evaluation reveals that the government VC funds in Chengdu are slow to invest and have poor exit channels,which affects the efficiency of the funds,and that the marketability of the funds is insufficient due to the limited fundraising capacity of the management institutions and the large proportion of state-owned capital in the funds.At the same time,the study also found that the policy-oriented role of Chengdu government venture capital funds in venture capital investment is obvious,but due to the number of local high-quality investment projects,the fund investment in local projects is not effective in guiding.Finally,in view of the current situation of the development of Chengdu government venture capital funds,we propose countermeasures for the management of the funds,such as clarifying responsibility boundaries,effectively supervising and supervising management organizations through performance evaluation,and developing a fault-tolerant mechanism to give the funds room for development.In addition,we also propose to establish an information exchange platform and integrate government resources to strengthen the cooperation and exchange among all parties in order to expand the information channels of the fund,with a view to improving the operational performance of the Chengdu government VC fund.