The Research On Present Situation And Development Strategy Of Venture Capital Guiding Fund

Venture capital is a very effective way to promote the development of high-tech industry, and play an extremely important role in the promotion of science and technology, technological progress, industrial structure optimization, and economic development promotion. In order to support the development of venture capital, guide more social capital to participate in the venture capital and flow to the start-up enterprises, so as to promote the development of innovative economy, many countries in the world have set up venture capital guiding fund (hereinafter referred to guiding fund). The theory and practice have proved that the guiding fund is an effective way to promote the development of venture capital, and can give play to the leverage role of the government funds. Guiding fund is an important means to solving the venture capital market failure and improving the efficiency of government funds. The development of China’s venture capital is not yet mature, while the capital market failure is also prominent. A serious shortage of investment exists in early start-ups, it is necessary for government to set up the guiding fund to support the venture capital industry.In recent years, through setting up the government guiding funds and then attract private capital to participate in venture capital, has become an important way for China’s local governments to improve efficiency of the use of government funds and promote the development of the venture capital industry, so as to the support of local economy. Government guiding fund is of advantage for improving the supply of venture capital, and diversifying the sources of venture capital., and it is of great strategic significance to help the development of the small and middle start-ups and the innovative economy。 Driven by relevant policies, china’s government guiding funds develop step by step, have now entered a rapid-developing and standard operation track。 The force of government guiding fund strengthens continuously, speeds up the pace of the of flow social capital。The practice of government guiding fund is still very short, and the contradiction still existed between government funding and social capital, while the rapid growth of guiding fund, there are still many problems need to be solved in practice. This article describes the foreign guiding fund, including the U.S. SBIC program, Israel YOZMA Fund, the British government venture capital fund, Finland FⅡ.On the basis of summing up the operation of our government venture capital practice, the article analysis the problems existed in the guiding fund development in depth and explore the optimization of countermeasures to guide the development of the guiding fund from the perspective of the positioning、operations management、 investment strategy, supervision of the guiding fund, so as to promote the healthy and standardized development of the government guiding fund.