The Research On The Government Subsidy Of Business Incubators And Venture Capital Companies Cooperation

To promote cooperative development of the technology business incubator andventure investment is significant to achieve regional economic growth and technologyinnovation. The government subsidy of business incubators and venture capitalcompanies’ cooperation has become the hot spot of academia right now. This doctoraldissertation analysis of partnership besides business incubator, venture capital andhi-tech enterprise, designing the government public policy and establishing somemodel to make in-depth research on the basis of its status quo. The main contributionsand innovations of this dissertation are as follows:（1）Business incubators and venture capital are important means of promoting thedevelopment of hi-tech enterprises. This chapter proposes the cooperative system ofbusiness incubator and venture capital based on the cooperative development betweenthe two sides. This chapter analyzes cooperative behavior by using evolutionary gametheory, investigating evolutionarily stable strategy of business incubators and venturecapital and finding macro parameter of system structure, which dominates thedevelopment of cooperative system.（2）The article generalizes the index system of synergistic effect achievementevaluation for the technology business incubator and venture investment and analysison influential factors of synergistic effect with questionnaires based on the synergicmanagement theory, trying to understand cooperative ties between two sides. Thechapter applies the theory of fuzzy evaluation, proposing index system of synergisticeffect. By using the method of principle component analysis and the regressionanalysis, this chapter put forward the quantitative method of significant influence oncooperative performance, which dominates the cooperative behavior between thetechnology business incubator and venture investment. The result proposes thecorresponding measures of improvement under importance of the statisticalsignificance. This study further shows the significance of cooperation between thetechnology business incubator and venture investment.（3）For the existence of such factors as asymmetric information, it results in doublemoral hazard. On the one hand, the enterprise has reason to provide false effort extentto the government with rent-seeking behaviors. On the other hand, the business incubator and enterprise may engage coalition to harm the government’s businessinterests. To solve these problems, the government has to design a reasonableencouragement policy to ensure the social welfare achieving largest utility. Thedoctoral dissertation mainly describes a study on incentive mechanism of businessincubators under the different information condition, analyzing and demonstratinggovernment subsidy from a quantitative point of view by using the knowledge ofasymmetric information and principal-agent theory.The government attempts to integrate subsidy policy into a synthetic framework,which must make subsidy policies in accordance with the measured by effort of theventure capital companies. It also can explain how to realize the effective supervisionof the venture capital behavior, reducing moral hazard and resolving adverse selectionproblems, increasing efficiency of the government subsidy. It analyses the dynamicprocesses of the two sides, pointing out the complexity of the cooperative behaviorbetween high-tech enterprise and venture investment. The results are valuable for thefurther analysis of the cooperative behavior between high-tech enterprise and ventureinvestment. These results are important for the cooperative subsidy of excitationmechanism design, concrete practice and innovation.（4）This chapter discusses the influence of taxation and finance subsidy oncooperative behavior between the enterprise, technology business incubator andventure capital through a game model. Furthermore it analyses the influence ofpolicies parameter on trilateral cooperation. Particularly speaking, the chapterestablishes three participators return model to measure the effect of taxation and fiscalsubsidies. The study further shows that the government adopts the logical police topromote cooperation with the tripartite, preventing ineffective with the cooperativeprocess, which also provide a reference for the way to make public policy rationally.The result is significant to further improvement of the public policies and cooperativemechanism in technology business incubator and venture capital.