Research On The Government Guidance Fund

The development of High-tech SMEs plays an important role in China's economy and society at present.However,due to the small scale and high risk of such enterprises,the small and medium-sized enterprises of scientific innovation of traditional credit service have real difficulties,such as information asymmetry,risk and income mismatch,which make it difficult for them to get financial support from the financing market.However,traditional government subsidies,tax cuts and other supporting means have little effect in solving the financing problem of small and medium-sized enterprises in science and innovation.Relevant research shows that the government should intervene to solve the problem of"market failure" in the financing field of High-tech SMEs,but the problem of "government failure" cannot appear.The development of government guidance fund is a new approach to solve the problem of financing difficulty of High-tech SMEs.This kind of fund,as an incubator of intellectual capital returms,was initially led and guided by the government,attracting private capital that was several times more than government funds,managed by professional teams,and promoted the development of enterprises through capital supply,thus demonstrating the effect of government capital guidance.The government guidance fund needs to invest more in the early-stage projects in seed stage and initial stage to effectively solve their survival problems.This paper,starting from the goal of solving the financing difficulty of High-tech SMEs,is discussed in five parts.The first part is the introduction,which mainly introduces the topic selection background and research significance,the definition of keywords,and summarizes the research results at home and abroad.The second part,the theory analysis for the government guidance fund,chose has traditionally been less research on fact relationship is difficult to continue this perspective,analyzes the "market failure" is the inevitable result of market allocation choices,so need moderate government intervention,and inefficient governlent support traditional patterns,is likely to produce "government failure",which leads to the government guiding fund the advantage of combining government guidance and market operation policy measures,to solve financing difficulties of High-tech SMEs in our country;The third part is the reference of international experience.It summarizes the practice and successful cases of developed countries in the development of government-guidance funds,and summarizes the successful experience of other countries.The fourth part analyzes and interprets various problems existing in China's governnent-guided fund by combining policies and laws,development status and specific cases.The fifth part,based on the problems existing in the government guidance fund and combined with Chinafs national conditions,puts forward targeted policy Suggestions and mode explorations,hoping to provide application value for the existing govenrment guidance fund in leading the development of High-tech SMEs.