Study On Operation System Of China's Industrial Investment Fund

This paper put forwards that the problem of financing difficulty existing widespreadly in China's industrial investment funds is a serious obstacle to the current development of China's industrial investment funds. To study the issue and explore concrete solutions will be conducive to China's industrial investment funds to realize the ultimate breakthrough in fund-raising difficulties, and contribute to the development of China's industrial investment funds and China's industrial investment fund market's prosperity.This paper analysed the problem of financing difficulty existing widespreadly in the development of China's industrial investment funds with the principal-agent theory and the signal transmission theory of micro information economics, put forward the view that adverse selection problem in the principal-agent relationship is the basic reason to the problem of financing difficulty of China's industrial investment funds, only by addressing the problem of adverse selection problems can be resolved the problem of financing difficulty. Establishing China's industrial investment funds signal transmission model can solve the problem of adverse selection effectively.Through the construction of China's industrial investment fund signal transmission model and analysing the method of determining the optimal signal values, I have deduced and illustrated that through establishing the operation system of China's Industrial Investment Fund, the agent can provide comprehensive information to the principal for decision-making to ensure the validity of the signal transmission model. It provides a sufficient theoretical basis and specific methods support for us to solve the problem of adverse selection effectively, and promote the problem of financing difficulty to be effectively resolved, too.This article put forwards specific ideas and designed a detailed program on how to build the operation system of China's Industrial Investment Fund based on normative theoretical analysis and empirical research, discussed that the operation system of China's Industrial Investment Fund can be formed through building the four sub-systems including investment decision-making system, Industrial risk management system, industrial investment fund performance evaluation system, as well as industrial investment fund exiting system, the agent provides information to the principal actively can improve the effectiveness of signal transmission model and to circumvent the problem of adverse selection. On this basis, the article also advises that the agent of industrial investment fund should build the highly efficient platform for signal transmission with certain costs, in order to promote the principal make decisions in favor of the agent, minimize the information asymmetry and improve the effectiveness of signal transmission model, in order to eliminate the adverse selection problem existing in principal-agent relationship between the two sides, so as to promote the principal determines the agent as the best suited aim to invest ultimately so that the agent of industrial investment fund can achieve the purpose of financing.This article was divided into 8 parts, the main conclution is that the problem of financing difficulty existing in the development of China's industrial investment funds was caused by the adverse selection problems existing in the first-order principal-agent relationship of China's Industry Investment Fund, creating signal transmission model can effectively solve the problem of adverse selection, and a sound industrial investment fund operating system is an important means for industrial investment fund to form operation information and a prerequisite to ensure the effectiveness for signal transmission model, building a sound industrial investment fund operating system can pass comprehensive operating information of the Fund and can overcome the information asymmetry, so that we can ensure the effectiveness of signal transmission model and can circumvent the problems of adverse selection effectively, and result in solving the problem of financing difficulty.