Research On The Investment Mode Of Shaanxi Aviation Venture Guide Fund

The capital supply provided by venture capital funds is not able to meet the needs of the market or it may cause market failure like adverse selection, which is due to the presence of asymmetric information in the market and the inherent attribute like positive externalities and high risk in most high-tech enterprises, for which the government leading venture capital fund makes up by macro guidance on public capital.The provincial and municipal governments in Shaanxi Province have set up venture guide fund in Shaanxi aviation industry, in the hope of attracting more social capital to participate in the aviation industry investment and thus expanding the scale of more aviation enterprises. In the process of actual operation, the follow-up investment mode can quickly solve the financing problem instantly in some specific enterprises, but it cannot serve the purpose in the previous mode, which make the investment difficult to cycle because of limitation in the capital as well as the policy, while the participation mode can reduce the intervention of the project selection and play a major role in financial leverage at the maximum limit, but it can not solve the financing problem instantly in some specific enterprises.It is believed that the venture capital fund in Shaanxi aviation industry is supposed to select a flexible investment mode based on the purpose of the final investment by comparing and analyzing the two modes mentioned above in Shaanxi aviation industry as well as combining with the analysis of the development of venture guide fund in other provinces and regions in recent years. By the experts’ questionnaires and AHP analysis to different types of enterprise investment modes, it is shown that when it comes to state-owned large and medium-sized aviation enterprises or private top 500 enterprises, it is appropriate to use participation mode; follow-up-mode and participation mode for small and medium enterprises.