Study On The Influences Of Government Guide Fund To Venture Capital Market

China's economy has been transferring from high-speed growth stage to high quality growth stage,which need to put the focus on real economy supported by technology innovation.However,technology innovation have positive externalities and high risks that will limit the efficiency of capital.Under this background,the venture capital market as the incubator of technology innovation become the basis of science enterprises to grow.The intrinsic information asymmetry and high risk of venture capital will lead to market failures(such as supply shortages and adverse selection)and need outside intervention.Government guiding fund can promote the venture capital market by increasing supply,siphoning social capital,distributing profit,guiding investment and building a good external environment.But in practice,China's government guiding fund still faces many problems,such as serious balance problem,professional institution shortage and strictly limited conditions et al,all these problems can limit the efficiency of government guide fund.To analysis the present situation of venture capital based on RSCP framework,we found that during 2006-2015,China's venture capital market has made great progress and the effect of government guide fund have been proved accordingly.Using Tobit model to analysis the leverage effect of government guide fund and found that when the government guide fund involved in the financing process of venture enterprises,it will attract more venture capital support for startups in the subsequent financing;With the help of double difference model to analysis the guiding effect,and the results show that under the condition of the external environment is relatively stable,the participation of government guiding funds is helpful to guide venture capital institutions to choose the high-tech start-ups,but is not very helpful to guide investment institutions to choose the early-stage company and has yet to be further strengthened.According to the mechanism and effect of government guiding funds,combined with the foreign experience and empirical results,put forward the following advice for government guiding funds:one is to improve the system of fund management,expand the capital source;The second is to strengthen the fund leverage,innovate the operation mode and promote the circulation;Third,strengthen the investment guidance effect,reduce the geographical limit,pay attention to the market ecology construction;Fourth,optimize the external financial environment and actively promote the construction of multi-level capital markets.Fifth,improve the performance appraisal system and improve the efficiency of the government's guiding fund so as to truly promote the steady development of the venture capital market.