| The government investment guiding fund is a policy fund set up by the government and operated in a market-oriented manner.The main purpose is to support the development of venture capital enterprises,guide social funds to enter the field of venture capital,and leverage the leverage effect of fiscal funds to increase the supply of venture capital..By the end of December 2018,a total of 2065 government-directed funds were established in China,raising funds of 12.27 trillion yuan,of which government venture capital accounted for 25% of all government-guided fund types.The guiding fund includes project research,evaluation and decision making,investment management and investment exit in the investment process.Generally speaking,the government venture guidance fund does not directly participate in the investment of enterprises and projects,but through the participation of the sub-fund.The shareholding model needs to guide the fund to choose a cooperative fund institution or company.Therefore,the guiding fund needs to establish a system of systems and sub-fund selection procedures to select cooperative fund teams and institutions.This article will study how the guiding fund chooses to select sub-funds.The investment process of the guiding fund includes investment,supervision and exit.In view of the fact that the guiding funds generally do not directly invest in start-ups,and currently the mainstream model of the government entrepreneurship guidance fund,it is very important for the guiding fund to choose a cooperative management fund team and organization.The more mature sub-fund selection process will help the guiding fund to find excellent cooperation funds,play the guiding role of the government guidance fund,and also facilitate the transformation and upgrading of the local economy.Therefore,the government entrepreneurship guidance fund needs to establish a set of indicator system and sub-fund selection process to select the partner fund company as a sub-fund.The research on guiding funds mainly focuses on the performance evaluation of performance appraisal and guiding funds,but the research results of the selection of government-guided fund-shared subfunds are rare.This paper will conduct a tentative study on this issue.The selection of the participating fund by the guiding fund is a typical multiattribute group decision problem.The Guiding Fund will set up an evaluation committee to be responsible for the selection of the proposed cooperative management fund.The target of the review is the proposed cooperative venture capital institution.At present,local governments generally openly collect enterprises and projects that are planned to cooperate with the guiding fund.The participating sub-funds participating in the review can be regarded as alternatives,and the members responsible for review can be regarded as decision-making groups.Therefore,the guiding fund selection trustee management fund institution can be understood as a multi-attribute group decision problem.This paper designs a set of index system for selecting sub-funds and establishes a multi-attribute group decision model for selecting sub-funds.From the perspective of government guidance funds,this paper divides the evaluation objectives of the indicator system into policy effects,fund management institutions and teams,fund management and operations,and costs and benefits.Further subdividing the basis of the first-level indicators and constructing 13 secondary indicators.In the process of establishing the indicators,this paper fully refers to the existing performance indicators for guiding funds,indicators for commercial selection funds,and relevant government guidance funds related documents issued by the state and local governments.Therefore,these indicators are more comprehensive,considering the factors that guide the fund selection cooperative fund institutions from different perspectives.At the same time,there are some important indicators,but indicators that do not affect the group decision-making process,such as indicators that are mandatory for guiding funds,are not included in the indicator system.The first round of review of the Alternative Cooperation Fund will be conducted for reasons such as eligibility review.If the non-compliance with the hard indicators,the cooperative fund management institution will not be able to enter the group decision-making process.These indicators will not be covered by the survey.This paper proposes a multi-attribute group decision-making model for the selection of the participating sub-funds,fully considering the characteristics of the guiding fund to choose the participating sub-funds.The model mainly includes three aspects: decision maker weight,attribute weight and multi-attribute group decision ordering.Combined with the characteristics of the decision-making problem of the participating sub-funds,and based on this,a weighting method based on social network is established.Generally speaking,the weights of decision makers are not equal,and the weight of decision makers is affected by many aspects: including professional knowledge,industry prestige and status.The decision-making groups involved in the review are composed of government agencies,experts and scholars,and members of the industry.In general,there is a social network relationship between the decision-making groups involved in the review.By constructing a relational network,a trust function is established to obtain a trust score,and a trust score is used to obtain a decision maker weight.In general,the higher the score of the decision maker’s trust,the greater the weight.The calculation of index weights is an important part of the group decisionmaking model and is of great significance for the evaluation and selection of cooperation funds.The goals of local governments to set up guiding funds are not consistent.For example,some local governments may focus on supporting hightech enterprises and enterprises that are in line with key local development areas.Therefore,it is difficult for us to establish attribute weights for uniform standards.In this paper,the weight of attribute index is established by fuzzy intuitionistic analytic hierarchy process,and the weight of the local government is adjusted according to the needs of the local government.Intuitionistic fuzzy analytic hierarchy process is better in describing the accuracy of information.In some realities,decision makers are unwilling because of the limited knowledge of decision makers,the subjectivity of qualitative evaluation criteria,or the differences in individual judgments in group decision making.Or it is impossible to give a clear evaluation value to the comparison judgment.Intuitionistic fuzzy analytic hierarchy analysis can enable decision makers to express information more accurately.This paper considers the complexity of decision information.The decision makers may use different evaluation indicators on different evaluation indicators.The evaluation information may be exact numbers,interval values and language values.Therefore,this paper proposes an alternative method for linguistic value is mixed information.This method finally completes the ordering of alternatives by calculating the dominance.The method first calculates the dominance of the alternative scheme X_i relative to the scheme X_j on all attributes,then aggregates the dominance of the expert group,and finally calculates the total dominance,and sorts according to the dominance.In order to verify the feasibility of the model.This paper takes the three cooperative funds selected by Shenzhen Venture Capital as an example,and analyzes the case,and concludes that fund A is better than fund C,and fund C is better than fund B,which proves the feasibility of the model. |
