Research On Investment Efficiency Of Government Venture Capital Guidance Funds

In recent years,China's economic development has entered a new normal.With the disappearance of China's population dividend,economic growth can not only rely on factor input and investment to pull,must be turned into innovation drive.Coupled with the adjustment of the world economic cycle and the upgrading of Sino-US trade friction,the reduction of external demand has a huge impact on our economy.At the same time,China is faced with the problems of industrial structure adjustment and traditional industry de-inventory.In the world trading system,China has been located in the middle and low end of the industrial chain.Manufacturing is large and not strong,many export products lack core technology,important high-tech products rely on imports.In order to improve the quality of economic development and scientific and technological level and build an innovative country.We need to encourage "mass entrepreneurship,public innovation" to encourage enterprises to increase R&D and scientific and technological innovation.At present,Major scientific and technological innovation is done by small and medium-sized enterprises,but SMEs are facing financial constraints in the process of development.Because market regulation will lead to failure,it is necessary to play the macro-control of the government.The government needs to guide venture capitals Enterprise to high-tech SMEs.Under the background of economic development and structural adjustment,the government venture capital guidance Funds has also gained rapid development.According to the CVSource database,the size of China's government venture capital guidance funds in 2017 is 5.3125 trillion yuan,the cumulative number of funds established is 1166,the size of a single fund is about 4.556 billion yuan.The Government venture capital Guidance Funds,established in 2017,is about 1.21 times the size of 2016?and the number of funds is about 1.1 times that of 2016 years.On the one hand,the government set up venture capital guidance funds to encourage scientific and technological invention and independent entrepreneurship through the support of innovative enterprises in the initial period,on the other hand,through the guidance of social capital,promote the development of pillar industry and strategic emerging industries,and realize the goal of adjustment and upgrading of industrial structure.Although the government venture capital guidance Funds are developing rapidly,what is the efficiency of the government venture capital guidance funds investment?This paper is divided into six chapters.The first chapter is the introduction,which mainly introduces the backgrounds and significance of the research,the related theories,as well as the research ideas,methods,innovations and shortcomings of the article.The second chapter is the theoretical basis of the article,mainly introduces the related portfolio theory,principal-agent theory,industrial policy theory and industrial life cycle theory.The third chapter analyzes the characteristics,operation modes and development status of the government venture capital guiding funds in our country.The fourth chapter studies the development of venture capital guiding funds in the United States,Europe and Israel,and the performance evaluation indicators of the funds in China.The government venture capital guidance funds investment efficiency analysis provides the reference.The fifth chapter is the analysis of investment efficiency,defines the concept of investment efficiency,and studies the investment efficiency from the multi-dimensional use of input and output analysis method.The sixth chapter is the suggestion part.