Research On The Mechanism Of Government Behavior In The Operation Of Venture Capital Guiding Fund

The venture capital guiding fund is a financial innovation,which is based on the development of venture capital and combined with the reality of China's economic transformation.It is an important measure to deepen the technological innovation and promote the industrial upgrading.It is also a major measure to implement the new development concept of "making the market play a decisive role in the allocation of resources and better play the role of the government".However,the special attributes of venture capital guiding fund make it show appear to have different degrees of fuzziness of government behavior boundary and market behavior boundary in the actual operation.It not only affects the actual operation effect of venture capital guiding fund,but also affects the integrated innovation and original innovation of the small and medium-sized enterprises of science and technology(ST SMEs).In the context of comprehensively deepening reform,especially promoting the reform of "putting,managing and serving",government behaviors have become the focus of attention in theoretical and practical circles.Therefore,the study of the government behavior in the operationof the venture capital guiding fund has a strong great theoretical and practical significance for promoting the healthy development of the venture capital guiding fund.The main purpose of the venture capital guiding fund is to give full play to the leverage of the financial capital,to guide the social capital and other social resources to into enter the ST SMEs,and to promote the development of the venture capital.This special attribute can easily lead to the dislocation or absence of government behavior in the operation of venture capital guiding fund.This thesis expounds the mechanism of government behavior in the operation of venture capital guiding fund from two aspects: the selection and development process of the ST SMEs.Firstly,this thesis combines the satisfaction of the government and venture capital to guide the guiding fund to establish the investment value evaluation system for ST SMEs of the investment value of the small and medium-sized technological enterprises from the aspects of technological innovation,organizational management innovation,market innovation,withdrawal and income.By using applying the TOPSIS-based intuitionistic fuzzy set multi-attribute group decision decision making method based on TOPSIS and the order relation analysis method to determine the weight of the investment value evaluation index.The relative proximity closeness between the participating evaluation scheme and the ideal scheme is calculated to rank the enterprise qualificationwhich provides empirical evidence for venture capital guide guiding fund to select investment target and verifies the effectiveness and maneuverability of investment value evaluation system with examples.Secondly,the positioning of government is the four major roles of investors,trustee,guarantor and supervisor.Based on the expansion model of the ACK jump matrix model,this thesis analyzes the government behavior of the venture investment guidance fund in the stage of "seed period,initial stage,development period,mature period and recession period".Finally,based on the research,the relevant policy recommendations are put forward.The study points out that the government must clarify its own behavior boundaries,reduce direct intervention in the market according to the principle of "government guidance and market operation",adhere to the working method of "moderate intervention,timely withdrawal" and attach importance to the arrangement of the intellectual property system in accordance with the principle of "government guidance and market operation".Attaches great importance to the intellectual property system arrangement,the personnel system arrangement,the political study in collaborative innovation system construction,as well as the construction of the public service platform of science and technology innovation,guide social resources to the innovative cluster,release the market dynamics and lead enterprise technological innovation.This study provides a scientific and effectivedecision method for the selection of ST SEMs by the venture capital guidance fund,and further clarifies the role and behavior boundary of the government during the operation of the venture capital guiding fund,and helps to promote the transformation of government functions from R&D to innovation service.The innovation of this thesis are as follows:1.This thesis combines the satisfaction of the government and venture capital to guide the guiding fund to establish the investment value evaluation system for ST SMEs of the investment value of the small and medium-sized technological enterprises from the aspects of technological innovation,organizational management innovation,market innovation,withdrawal and income.2.By using applying the TOPSIS-based intuitionistic fuzzy set multi-attribute group decision decision making method based on TOPSIS and the order relation analysis method to determine the weight of the investment value evaluation index.The relative proximity closeness between the participating evaluation scheme and the ideal scheme is calculated to rank the enterprise qualification.It which provides empirical evidence for venture capital guide guiding fund to select investment target and verifies the effectiveness and maneuverability of investment value evaluation system with examples.3.From three aspects of time dimension,innovation factor andgovernment factor,and constructs the expansion model of ACK jump matrix model embedded in government elements.Combined with the role of the government to analyze the role of venture capital guide fund in the seed of science and technology small and medium-sized enterprises in the seed period,the initial stage,the development period and the mature stage of the government behavior.