| Since the ’Eleventh Five-Year-Plan’, government guiding fund has grown rapidly as an important vehicle to boost the development of venture capital industry, and to accelerate the industrialization of the high-technology. A sery of supportive policies, national and local, have been annouced with the aim to explore the approach of setting the ’Mother Fund’ to attract international and domestic capital into venture capital sector, promote the development of high-tech industry, and therefore to realize the leverage effect of guiding fund. It is evident that national and provincial government-guiding-funds play a critial role in the the sustainable development of China’s economy, survival and development of China private enterprises, and the implementation of Strategy of Invigorating China Through Science and Education from both theoretical and empirical perspective. However, due to the information-asymmetry of the Commission-Agent relationship in the operation of the government guiding fund, high risk exposure is found in guiding fund practice.This paper aims to examine the major risks around the investment practice of China’s government guiding fund in a systemetic way by applying related theoris of Economics and Management, propose the risk management framwork of government guiding fund based on a comparison and summarization of operating model and experience of international and domestic government guiding fund, and to recommend on measures to improve risk management of government guiding funds.The value of such study lies in that through analysis and discussion on key issues problems in risk management of government guiding fund at initial stage, and construction of risk management system of government guiding fund, it is expected to contribute into strenghthening the regulation and supervision of government guiding fund, better utilizing the leverage of government guiding fund, and eventually the rapid development of China’s high-technology industry with endogenous innovation. |
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