Research On The Investment Benefit Of Innovation Fund For Technology Based Firms

For ten years, Innovation Fund for Technology Based Firms is exploring actively and optimizing continuously its aid system, improving financing environment of Technology Based Firms, and helping more Technology Based Firms in the seed and early stages could benefit from supportive policy of Innovation Fund. But many disadvantages still exist in the implementation and operation of Innovation Fund, which limit the long-term development of Innovation Fund. Therefore, how to give full play to the function of policy guidance of Innovation Fund and resolve the issues of capital strand breaks of Technology Based Firms have the important theoretical and practical meaning to impulse the rapid development of technological innovation of Technology Based Firms.The train thought is unfold as:put forward questions—analyze reasons—solve questions. And Finance, Management, Economics and other relevant theory were applied in a flexible way to study this problem. This paper adopted approaches of the comparative and inductive, theoretical analysis and demonstrational research, and summarized the operating status and practical results of Innovation Fund at the past decade from the point of quantity and quality. First and foremost, this article maked a brief analysis and review of related concepts, principal characters of Innovation Fund and correlation theories. Then the paper had a detailed analysis on many problems in carrying out a process actually. On these bases, the paper discussed the formative factors of investment benefit of Innovation Fund from the three views of macroscopic, the middle and microcosmic. And then it studied on comprehensive evaluation of investment benefit of Innovation Fund vertically and horizontally by Data Envelopment Analysis (DEA) and Analytic Hierarchy Process method (AHP) from the viewpoint of Innovation Fund and matching funds input and beneficial output of technology based firms. Empirical results show that the practice and implementation of Innovation Fund, to some extent, advance the financing environment of Technology Based Firms, and promote technology innovation of Technology Based Firms, but still exist many disadvantages in such aspects as policy system, support tendency and innovation environment.Finally, the countermeasures for improving investment benefit of Innovation Fund for Technology Based Firms were put forward from three aspects of firm lever, local level and national level. With a view efforts of the enterprises, local governments and national state to improve the economic and social benefits of Innovation Fund, and giving full play to the function of policy guidance of Innovation Fund, thus structuring a perfect financing platform of technological innovation and a good economy and policy environment for Technology Based Firms, and then push forward the sustainable health development of technological innovation activities of Technology Based Firms.