| In order to solve the financing problem of strategic emerging industries and speed up the development of strategic emerging industries,venture capital guiding fund,a policy based fund,which can lever social capital and make up the failure of venture capital market has drawn the attention of the state and government.With the growing size of venture capital guiding fund supporting for strategic emerging industries the issues of risk management about venture capital guiding fund deserve attentions.In practice,the venture capital guiding fund is used as FOF and mainly in the way of investing venture capital fund to support for the development of strategic emerging industries.Such an indirect support way determines that the effect of supporting for strategic emerging industries is closely linked with the operation effect of venture capital fund invested by venture capital guiding fund.Because venture capital fund is profit-seeking which is inconsistent with the "policy" conferred by the venture capital guiding fund,venture capital Guiding fund has the risk that the investment decisions of venture capital fund are often depart from the direction of policy support.But the management for venture capital fund is relatively passive and venture capital guiding fund can not keep informed of the investment situation of participating sub-funds.It is difficult to control the risk of principal-agent of venture capital fund,this weakens the financing support effect on strategic emerging industries.Based on the above situation,this paper aims at establishing a performance evaluation system which can be used by venture capital guiding fund to regularly master the investment situation of venture capital fund and change the situation that management is passive about venture capital fund.The performance evaluation system about venture capital fund can make effects on controlling the risk of the principal-agent of venture capital fund and enhancing the financing support effect on strategic emerging industries.The paper firstly introduces the management mode of venture capital guiding fund for strategic emerging industries,and then analyzes the management status quo of venture capital guiding fund for strategic emerging industries mainly from two aspects:pre-screening and ex-post regulation and find out some problems.Secondly,based on the above theoretical analysis and realistic analysis,this paper summarizes the three key issues that must be solved in constructing the performance evaluation system of venture capital fund:1.How to balance the commercial and policy features?2.How to coordinate the features of commercial and policy?3.How to measure the profit performance?Based on above problems,this paper analyzes and summarizes the practical experience of relevant performance appraisal at home and abroad.Then we constructs the performance evaluation system of venture capital fund invested by venture capital guiding fund for strategic emerging industries from three aspects:the realization of policy objectives,profitability and business management by considering the interests of venture capital guiding fund and opinions of experts.We analyze the weight of performance evaluation system by intuition fuzzy analytic hierarchy process which can effectively weaken the subjectivity of experts.Then we use the performance evaluation system make a case study on HX venture capital fund invested by venture capital guiding funds for strategic emerging industries in B city.And the results show that the performance of HX is "normal" and the proportion of investing for strategic emerging industries does not reach the agreed,above results enlighten that venture capital guiding funds for strategic emerging industries should pay more attention to the investment area of HX in the next stage of supervision and management.Finally we make some suggestions about how to guarantee the support effect on strategic emerging industries. |
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