Research On The Path Selection And Evaluation Of Government Equity Investment

At present,China's economy is in the high speed growth stage to high quality development phase of the transformation stage,the third industrial revolution is the main developed countries are actively accelerate the development of strategic emerging industries,and tried to grab the future science and technology innovation and industrial development,the new challenge of reversed transmission in our country to innovation-driven economic development way to speed up the transformation and upgrading.In recent years,Chinese governments at all levels have actively promoted the reform of "streamlining administration,regulation and service",gradually transformed government functions and constantly optimized the business environment.The primary goal is to stimulate the vitality of market entities to a greater extent and straighten out the relationship between the government and the market.With the deepening of reform,the role of the government in supporting the development of enterprises and serving the real economy has been further highlighted.Governments at all levels have been exploring new ways to support the development of enterprises with government funds.Manufacturing industry is a pioneer in technological innovation in the new era and a key area for the government to promote supply-side structural reform.China's economic model is transforming from a stage of rapid growth to a stage of high-quality development.Science and technology innovation-oriented enterprises,however,in the early stage of development,profitability and earnings expectations usually is uncertain,and the market value of the high and new technology is difficult to get effective evaluation,market investors tend to be cautious,this kind of project is often difficult to obtain social capital investment,financing gap problem is serious,urgent need for effective government intervention and guidance.Government equity investment behavior,the first arose in the western developed countries,in recent years,governments at all levels in China has gradually try to government equity investment behavior of the exploration and practice,especially since 2014,our country government equity investments in high-speed development period,as of late 2018,the number of domestic government equity investment fund has reached 1636,funds total scale of 9.93 trillion yuan,has been in place funds is 4.05 trillion yuan.In terms of the total amount,the government equity investment fund has a large scale,but the supporting theoretical research is still in the initial stage,there is no top-level design at the central level,and no unified policy system to guide.Is the path choice of domestic government equity investment reasonable? Whether to give full play to the role of fiscal funds in leveraging private capital? Is the core of this paper.This paper adopts literature analysis method and case analysis method,and carries out research according to the logic of putting forward problems,analyzing problems,combining cases and putting forward Suggestions.The thesis consists of five chapters.The first chapter introduces the introduction,discusses the research background and significance of this paper,analyzes relevant literature at home and abroad,introduces the research ideas,research contents and research methods of this paper,and puts forward the innovation and deficiencies of the research.The second chapter is the background and current situation research of government equity investment behavior,introduces the theoretical basis of this paper,discusses the policy background of China's government equity investment,and analyzes the development status and main fact path of China's government equity investment.The third chapter is an analysis of the investment relationship between anqing government and HF electromechanical company.Based on the actual case of anqing government's investment in HF electromechanical company,this chapter analyzes the necessity and feasibility of the investment project.The fourth chapter mainly analyzes the implementation path and effect evaluation of HF electromechanical company invested by government equity,and discusses the implementation path selection,financing plan and profit forecast,and comprehensive investment evaluation of the equity investment project.The fifth chapter is the research conclusion and the countermeasure suggestion,proposed this article main research conclusion,and proposed the correlation countermeasure suggestion.The main conclusions of this paper are as follows.First,under different path choice,the effect evaluation of government equity investment is different.Second,under the current main path choice,the capital amplification effect of government equity investment behavior is relatively limited.Third,the government of the trusteeship fund assessment factors,restricting the project guidance role.Based on the analysis of actual cases,this paper puts forward the following countermeasures and Suggestions.First,select excellent fund management team to improve the professional level of fund operation.When establishing equity investment funds,governments at all levels should strive for cooperation with excellent GP,make full use of excellent GP's advantages in management,talents and resources,and provide guarantee for specialized and market-oriented operation of the fund.Second,we will improve the government assessment mechanism for trust funds and give full play to its guiding role.Governments at all levels should think deeply and comprehensively and optimize and perfect the current assessment indicators.It is not only necessary to assess the efficiency of fiscal fund use,expected return on investment and other hard indicators,but also to take a holistic approach,to include the comprehensive social benefits of capital investment into the assessment scope,to develop assessment indicators for different types of investment objects,so as to ensure scientific,orderly and standardized performance assessment of trusteeship institutions.Third,we should establish a mechanism of linkage and cooperation with social capital and give full play to the role of fiscal funds.Governments at all levels to carry out the government equity investment behavior,and social capital shall be established and perfected the mechanism of investment,according to proper proportion ratio of investment amount,at the same time,to make appropriate conducive to social capital,to provide policy guarantee for social capital profits,use of government credit endorsement attract many times more institutional investors capital,private capital and foreign capital more social capital involved in the venture investment.