The Research On The Affecting Factors In The Performance Of Government-led Type Venture Capital

Since venture capital was created in the middle of last century, it has been promoting enormously the High-Technology industry and even the global economy. Governments all over the world are practicing in developing the venture capital industry, for the sake of taking advantage of this productive financial instrument. Consider the abroad experience approved to be a success, venture capital supported by the government is much better than that hold all by government. Given the fact that domestic venture capital started recently and has been developing in the government-owned and government-managed model, although there are some improvements, the advantages and the pushing effect on economy of the venture capital are not yet fully developed. In the last few years, the government has changed the ways supporting venture capital. As in the past government-owned and controlled ways, now the introducing funds started by the government and then entrust the professional institution. The changes overcame the problem of lack of the government funds, and cause the surging amount of the financing capital and more professional and efficient ways to manage the capital. The domestic government-led venture capital is still breaking the ice. In the developing stage of the last 5 years, the amount of the financing capital is limited and most of the venture investment projects are still in the process and no gain so far.In the circumstance of incomplete capital market and government-serialized measures'delay, the analysis of the correlative factors which affect the introductive venture investment through the whole investment process is helping to manage the investment risk and to improve investing measures, and better making the financing policy as well. This paper includes overseas cases, results and the domestic developing situation. Also did deep research in affecting factors in the performance of introductive venture investment?The paper, besides the preface, includes the following parts:Firstly, the paper gave the concepts of the introductive venture investment and its performance, and then by the lead of investment period, the paper analyzed the affecting factors in the performance of the venture investment from 3 aspects: financing leading-management-quit.Financing leading factors includes: amount of the leading funds, financing channels, government behaviors; management can be classified into 3 aspects: government supervising, investment management, human resource; quitting factors: quitting patterns, quitting timing, quitting policy.Secondly, by the AHP method which quantized the profession scores and computed the weights, then did the consistency examination, the paper got the affecting weights of the factors in the performance of the venture investment. At last, this paper gave the conclusion and prospect of future research of the venture investment performance.This paper combines the formal methods of the paper research and empirical research. In the helping of the references include the knowledge of venture investment and commitment-agent, the paper did deep research in factors analysis. The creation of this paper is stating the performance of introductive venture investment and its affecting factors, the weights-analysis and is a reference of the development of the introductive venture investment in the future.