Research On The Operation Mechanism Of Venture Capital Guiding Fund Based On The Financing Of Small And Medium-SizedEnterprises

Venture capital guiding fund is a financial innovation. It effectively broaden and extends the financing channels for the small and medium-sized enterprises (especially small and medium-sized enterprises of science and Technology) by the funds leverage amplification, which guides the innovation of science and technology, fills in the scope of the venture capital market failure, and plays the service and support functions of the finance in the economic transformation and upgrading. In January 2002, we established the first truly venture investment guide fund in China which was called Zhongguancun venture investment guidance fund. Combining academic and industry with the situation of our country, it puts forward China’s venture investment guide fund policy recommendations and model selection based on the experience and successful practices of foreign venture investment enterprise development. In comparison, venture investment guide fund operation mechanism research relative lag behind, especially in connection with the financing of small and medium sized enterprises. It not only inhibited the guiding function of China’s venture capital guiding fund, but also weakened the ability of sustainable development. Therefore, it has a strong theoretical and practical significance to study small and medium-sized enterprises financing perspective venture capital fund from the operating mechanism.The participation of financial capital is one of the main characteristics of venture capital guiding fund, which is different from venture capital. Firstly, based on Mean-Variance Utility Model Portfolio Perspective to analyze the efficiency comparison of government participation in guiding or not. The results show that government involvement in the venture capital market can increase the overall effectiveness of the social venture capital fund and fill the venture capital market failure in the field. Secondly, study on the mechanism of venture capital guiding funds from the corporate life cycle based on the financing operating characteristics of small and medium-sized enterprises in the perspective of science and finance. The results show that the financing needs and financing capability are quite different at different stages in the growth of Science and technology enterprises. It must according to different stages of enterprise financing problems to provide the corresponding financial services of science and technology. In seed stage, technology and financial products mainly include Angel funds, private financing, mortgage financing and government funds, venture capital guiding fund Technology innovation fund and government subsidies, which are available for the selection of policy tools. In business start-up period, it can get financial support through innovative science and technology loans or science and technology guarantees. In bud growth, it can obtain science and technology loans by way of equity investment enterprises, by means of science and technology secured, and by science and technology insurance from other third party. In accelerate the growth of enterprises, enterprise financing is the main method of indirect financing, including through various financial institutions to apply for mortgage loans secured loans and technology. In stable growing of enterprise, the capital market is an important financing channel. It can be financed through regional or nationwide third market, OTC market, and IPO equity financing. In Enterprises maturity, GEM financing is its preferred, which may also be mortgaged assets and a wealth of liquidity of commercial bank loans. In enterprise recession, its liquidity requirements mainly through the bank credit channel, enterprise profit accumulation, folk financing and angel fund is the main source of R&D costs. At last, summarize and put forward the deficiencies and prospects.In the article, we only do the research on operation mechanism of venture capital guiding funds only from the perspective of science-technology and finance based on the SME financing. In fact, the participation, operations and withdraw of guiding fund are important issues in the design process of the operation mechanism, which will inspire us to further study.