Research On The Effect Of Fund Management Organization Characteristics On The Economic Efficiency Of Government-Guided Fund Operations

As a policy fund based on market-oriented principles,the government-guided fund invests in the entrepreneurial and innovative development of enterprises in the form of equity and guides the investment direction of social capital,gradually becoming an important policy tool to smooth financing channels,increase the supply of market capital and guide the investment direction of social capital,which is of great significance in promoting the development of the real economy of the country and boosting the innovation drive.The performance of government-guided funds has become a hot topic of social concern.This paper takes the provincial government-guided funds and their management institutions,which have been exited from the project,as the research sample,and aims to explore the influence of the characteristics of fund management institutions on the economic efficiency of government-guided fund operations.Firstly,the LDA theme model was used to explore the characteristics of government-guided fund management institutions,and the two main characteristics were found to be the management institutions’ own governance mechanisms and the management institutions’ choice of fields in the investment process;Secondly,the SBM super efficiency model is used to measure the sample data and analyse and evaluate the differences in efficiency,concluding that the operation of provincial government-guided funds in China as a whole lacks efficiency and most government-guided funds have insufficient output;finally,the measured economic efficiency of government-guided fund operations was taken as the dependent variable,while the independent variables representing the fund management institutions were constructed according to the extracted characteristics of fund management institutions,and the two independent variables were established.Finally,the economic efficiency of government-led fund operation is taken as the dependent variable,while the independent variable representing the fund management institution is constructed according to the extracted characteristics of the fund management institution,and a binary logistic regression model is established to study the correlation between the two.Based on the above analysis,relevant policy suggestions are put forward: in order to further improve the economic efficiency of government-guided fund operation,firstly,the development mechanism of government-guided funds should be improved,and the whole process of fund raising,investment,management and withdrawal of government-guided funds should be standardized and managed;secondly,the central government should strengthen the integrated management of the whole region,pay attention to the coordinated development among different regions,and flexibly deploy economic resources in a targeted manner;then,fund management institutions should pay attention to the development of their own governance mechanism in the process of their own development.Then,fund management institutions should pay attention to the design of their own governance mechanisms and the selection of investment areas,improve their professionalism and management level,strengthen their own competitiveness and enhance investors’ confidence in their investment choices;finally,when selecting fund management institutions,the government should try to choose larger management institutions and collect as comprehensive as possible the management institutions’ historical investment experience and project profiles,so as to help the government judge the economic efficiency that fund management institutions may bring in their management.This will help the government to judge the possible economic efficiency of the fund management institution in its management.