Research On The Policy Effect Of The Government Venture Capital Guiding Fund

Under the country's strong support and promote,the Chinese government venture capital guiding fund(Hereinafter referred to as government guiding fund)is developing rapidly.Statistics from the private placement database,by the end of June 2014,China has established 135 government guiding funds,and funds under management of more than 50 billion yuan.With the country set off a wave of government guiding fund,guiding fund can achieve design at the beginning of the desired to achieve the policy goal?Has aroused wide attention of scholars from different countries.At present domestic scholars only test one of the purposes of government guiding fund established,namely whether the government guiding fund can guide more social capital into the venture capital fields;and another important aim of government guiding fund--can guide the private capital into the government intends to support high-tech enterprises or start-up companies in the early stage of development?The existing domestic research has not been answered.Aiming at the shortage of the above research,this paper first from a theoretical point of view,discusses the government guiding fund set up to ease the venture capital market's positive externality,information asymmetry and market failures,can guide the direction of social capital investment,so as to promote the development of venture capital markets.Then draw lessons from foreign scholars Cumming,Cumming and Johan,Murray etc.,Munari and Toschi research ideas,from the venture capital fund level contrast to investment difference between government guiding fund funded the establishment of venture capital funds and private venture capital funds,in high-tech investment business,invest in early stage entrepreneurial enterprises,joint venture enterprises,joint venture partner cumulative number of differences to test government guide fund policy effect.Specifically,this paper from the private placement database collected by the end of June 30,2014,recently the government guiding fund funded the establishment of venture capital fund data,and then select the private venture capital fund much of a matching sample,preliminary use of T test method to verify,and then use the multiple element regression model and Poisson model for regression analysis.The test results show that:1)the proportion of the government guiding fund invested in high-tech start-ups is significantly higher than the private venture capital funds,show that the government guiding funds can guide more social capital to invest in high-tech start-ups;2)the proportion of the government guiding funds invest in early stage start-ups is significantly higher than the private venture capital funds,show that the government guiding funds can guide more social capital to invest in early stage start-ups;3)there was no significant difference between government guiding fund for joint investment proportion and private venture capital funds,but the government guiding fund joint venture partner of accumulative frequency was significantly more than private venture capital funds,show that the government guiding fund can attract more venture capital investment fund as a joint venture partner to jointly invest in businesses,which also further illustrates the government guiding funds can guide the investment direction of social capital.Therefore,based on this study,we can say the Chinese government guiding fund can play a role in policy oriented,to achieve the purposes established to guide more social capital to invest in high-tech enterprises and early stage start-ups,also can to attract more joint investment partners to invest in start-ups.