Research On The Guiding Effect Of Venture Capital Guidance Fund On Venture Capital Market

In the process of China's economic transformation and upgrading,small and medium-sized enterprises play a vital role.Higher risk SME is difficult to get financial support from the Bank,the development of venture capital markets can provide a more stable source of capital for SMEs.However,relying solely on the spontaneous allocation of social resources under the conditions of market economy,it is difficult to meet the start-up period and medium enterprises in the capital needs of the seed market,venture capital market allocation of capital “market failure”.To this end,the establishment of venture capital in China to guide the fund to support the development of venture capital,in order to guide social capital into venture capital field,and then solve the venture capital “market failure”.Firstly,this paper analyzes the basic theory of venture capital and venture capital fund,and puts forward two levels of guiding mechanism: the first level is to guide the fund's direct guidance to the social capital into the field of venture capital;the second layer is to guide the fund through venture cap ital enterprises to guide social capital to enter the venture's indirect guide.The main content of this study is to determine the implementation of the first layer of the guiding mechanism,that is,to guide the direct guidance of social capital into the venture capital field.Secondly,analysis the current situation of the development of venture capital market and guide the fund.This part is mainly the use of venture capital market and guide the fund related data as a whole,from the analysis of development status and development of venture capital guiding fund and the trend of the development of the figure of the two.It is found that there is a certain correlation between the two trend.Next,is the empirical analysis of fund guide effect,including research hypothesis,variable selection,model establishment,data sources,empirical analysis process and results.The empirical analysis in this paper is divided into two levels,the first layer is at the national level,the use of panel data of whole range nationwide,analysis on the venture capital fund to guide the overall the guidance of the market effect;the second layer is the regional level,in order to study the results more scientific and reasonable,before studying the regional level,this paper first use the method of cluster analysis of 31 provinces,city,autonomous region can be divided into three venture capital development maturity of different regions,respectively,study guide fund In the venture capital development maturity of different regions of the venture capital market guidance effect.This study concluded that:(1)at the national level,to guide the fund has a positive guiding positive effect on the venture capital market,the whole guide fund to guide social capital to enter the field of venture capital to promote the development of the venture capital market.(2)at the regional level,the development of mature areas have significant effect on guiding fund guide in the venture capital market,venture capital into the venture capital market has a positive role in guiding the development of the middle region;in the venture capital market,guide the fund slightly "crowding out effect",which will guide the fund into the extrusion of a part of social capital,has a negative effect on the development of venture capital;backward in a bull market The guiding effect of the fund is not obvious,and according to the results of the research,the paper puts forward some policy suggestions.