The Research On The Performance Evaluation Of Government Venture Capital Guiding Fund

The government venture capital guiding fund originated in the United States.Since the establishment of the first government guiding fund in 2002,The scale of the government venture capital fund has already overtaken the United States,Britain,Israel and other countries and becomes an important force in the national economy.However,in the actual operation of government venture capital guiding fund,there are prominent problems such as the bundling of investment conditions,the inefficient management decision-making,the low proportion of social capital,the weak marketability and the terrible performance appraisal.What's more,nearly half of the funds are actually not used.At the same time,the government venture capital guiding funds lack a unified and perfect performance evaluation standard in the regulatory perspective.Therefore,it is still very necessary to research on the performance evaluation of the government venture capital guiding funds.The main research ideas and achievements are as follows:First of all,this paper summarizes the domestic and foreign research on the connotation,orientation,mode,organizational structure,risk prevention and control,incentive mechanism and performance evaluation of the government venture capital guiding funds,defines the theoretical basis of the research and puts forward the framework and method through the current research on the background and significance of the government venture capital guiding funds;Secondly,at the macroscopic level,we study the development course of the government venture capital guiding funds from the perspective of enterprise life cycle in the domestic and observe that these funds are in the transitional phase from adolescence to the pre-peak stage and will face the "entrepreneur trap"which means the problems focus on the decentralization of power and the recovery of power.At the micro level,the author studies the overall quantity,current scale,geographical distribution,investment industries,major modes and stages of investment of the government venture capital guiding funds and analyzes their behavioral mechanisms and existing problems;In addition,this paper builds a performance evaluation system through its practice of the performance evaluation experience both at home and abroad,the performance evaluation principle in China's financial expenditure and the current performance evaluation policy and draws the weight of the system by the survey to 10 experts using the improved Intuitionistic Fuzzy Analytic Hierarchy Process.The evaluation shows that policy indicators account for 33%,the indexes of fund's growth potential and target completion are also very important.In order to improve the accuracy of the performance evaluation system research,this paper adds detailed operational indicators to the third level of indicators;Then,this paper,using Fuzzy Comprehensive Evaluation method,analyzes the government venture capital guiding funds in Hangzhou and Ningbo and gives feedback.The results show that the venture capital fund in Hangzhou operated extremely well and the venture capital fund in Ningbo operated well,which also verifies the effectiveness of the performance evaluation system;Finally,based on the indexes of the performance evaluation system constructed,this paper proposes the suggestions of improving the performance evaluation results in different levels.In the future,the performance evaluation of the government venture capital guiding funds will focus on increasing the sample of the research and rationally designing the proportion between the quantitative indicators and the qualitative indicators according to the different maturity of the fund.