The Research On The Problem And Countermeasure Of The Guiding Fund For The Venture Capital Development

In recent years,with China's economic growth gradually stabilized,industrial upgrading and economic restructuring has become the focus of government economic work.It can be seen in the industrial upgrading and economic restructuring process from the development experience of developed countries,the emerging industries,especially the high-tech industries will play a vital role,and early start-up enterprises are significant for the development of new industries.However,because of the early start-up enterprises usually with high risk and high uncertainty characteristics,making it difficult for them to access financial support from the credit market access.In recent years,with the prosperity of China's venture capital field,alleviate the difficulties of early start-up financing difficulties,to a certain extent,but the ultimate goal of marketoriented venture capital institutions invest in the early start-up business is for the investment income,The pursuit of profits and the avoidance of the risk make invest more in the fast-growing period,with relatively mature business model and wellmanaged start-up enterprises.For those company who are early,with a high degree of uncertainty characteristics,and long-term investment recovery cycle,they are less concerned about them.Therefore,in solving the problem of early start-up venture financing,even if there is market-oriented innovation mechanism of entrepreneurial investment,it can not solve the problems of early start-up enterprises financing completely,it still have the problem of "market failure" in the field of venture capital.In this case,the government needs to make a difference in solving the problem of the early start-ups financing,but it should also be based on the government's "no failure",the government should participate,but need to avoid "government failure".Thus,the establishment of government guiding fund of venture capital has become a new way to solve the problem of start-up enterprises financing.The core of the operation of the guiding Fund is "government guidance,marketoriented operation",the government is guiding social capital to participate in venture capital in the form of fiscal finance instead of directly involved in venture capital,so how to guide social capital on the basis of ensuring market operation has become the key to determine the effect of government guiding fund of venture capitalIn this thesis.Firstly,it introduces the definition and characteristics of venture capital and its positive effect on the development of new industries,but venture capital is a kind of marketed investment behavior,which is the pursuit of interest and try to avoid the "market failure" in the field of venture capital,so it is necessary to intervene from the government point of view.In the traditional way,the government supports the development of entrepreneurial enterprises through subsidies or tax relief which is not high efficiency and lead to the waste of the use of financial funds which led to the formation of "government failure" in supporting the development of early start-ups.Therefore,the government guiding fund of venture capital,which combines the market and government forces,has become the main way for the government to participate in venture capital.And then from the perspective of the definition,characteristics and role of the government guiding fund of venture capital to analyze the existence of the rationality and necessity.Secondly,it introduces the development course,current situation and investment pattern of the government guiding fund of venture capital in China,analyzes the problems existing in the development process of government guiding fund of venture capital from the perspective of policy and management,and introduces the foreign government intervention in the field of venture capital.The paper puts forward some suggestions on how to promote the development of government guiding fund of venture capital from two aspects: policy improvement and management strengthening,based on the successful experience of developed countries and the specific conditions of our country.From the theoretical point of view,hoping for the next step in the development of government venture capital to guide the management of the policy to provide theoretical support;in the application of value,hoping to invest in government to guide the healthy and rapid development of the Fund and better guide social capital,For Promoting “Public entrepreneurship,innovation" to provide valuable suggestions.