Research On The Guiding Effect Of China’s Government Guiding Fund

Since the State Council put forward the strategy of “mass entrepreneurship and innovation”,in order to promote the work,governments at all levels have come up with policies to support the establishment of government guiding funds,and the scale of the guiding fund has ushered in a spurt of growth.However,in such a rapid development process,the government guiding fund has gradually revealed the problem of serious financial capital balance and the problem that its investment preference is the same as that of market-oriented funds.In such a case,can the government guiding fund effectively play its role in guiding social capital and promoting technological innovation? The research on this issue will directly affect the policy design and implementation path of China’s government guiding fund,which is of great significance to promote the healthy development of China’s venture capital market and regional innovation and change.This paper follows the logic of asking questions,analyzing problems and solving problems.Firstly,based on the theory of economic externality,information asymmetry,signal hypothesis,resource-based theory and financial symbiosis,combined with the current development of China’s government guiding funds,the fund guiding mechanism and technical innovation guiding mechanism of the government guiding fund are derived.Secondly,the empirical analysis of the fund guiding effect and technological innovation guiding effect are carried out.Based on the data of the government guiding fund from 2000 to 2018,regression analysis is carried out at the national level and sub-regional level.The regression results show: 1)In terms of fund guiding effect,from the national level,government guidance funds can guide private capital into the venture capital market,and can guide venture capital to early and high-tech enterprises;from the regional level,the government guiding funds in the eastern region can play a guiding role in private venture capital,but it cannot guide the venture capital to earlystage enterprises and high-tech enterprises;in the central and western regions,government guiding funds cannot play a guiding role in private venture capital,nor can they guide venture capital to high-tech enterprises,but they can lead the venture capital to early-stage companies.2)In terms of technological innovation guiding effect,for the level of enterprises innovation,the government guiding funds have not had a significant impact on the level of innovation of enterprises in the current period,but can promote the level of innovation of enterprises in the lag period;for the level of regional innovation,from the national level It can be seen that the government guidance fund can promote regional innovation level both in the current period and in the lag period.At the regional level,the eastern government guidance funds can promote regional innovation level in the current and lag periods.The central government guide funds in the current period and the lag period failed to promote the level of regional innovation.The government guidance funds in the western region can only promote the regional innovation level only after two periods of lag.Based on the above analysis results,this paper proposes the following policy recommendations: the development of government guiding funds should be “adapted to local conditions”;multi-path incentives should be used to invest in early-stage and high-tech enterprises;the operational capacity of the guiding fund should be enhanced to reduce the lag of its guiding effect;the allocation of funds of the guiding funds should be optimized and the quality of fund supply should be improved;and a comprehensive and scientific fund performance management system should be established.