Research On The Guiding Role Of Government Venture Capital Guiding Funds From The Perspective Of Regional

China’s Government Venture Capital Guiding Funds(GVCGFs)has been operating regularly for 11 years,and venture capital(VC)has also developed rapidly during this period.At the same time,there are serious regional differences in the establishment of GVCGFs and the development of VC.GVCGFs and VC are mainly concentrated in several provinces and cities.In order to reduce the imbalance of regional development,this paper studies the guiding role of GVCGFs on the development of VC from the perspective of regional differences.Firstly,starting from the connotation of GVCGFs and combining with relevant theories,this paper analyses the guiding mechanism of GVCGFs.Through various operational modes,GVCGFs form constraints and incentives for the investment and financing behaviors of the main participants of VC,and realize the dual guiding role of VC supply and VC direction.According to the development of GVCGFs and VC,this paper uses cluster analysis to divide domestic provinces and cities into mature regions and relatively backward regions.Based on the relevant data of the two types of regions from 2006 to 2017,a panel data model is established to verify the capital supply guidance and investment guidance of GVCGFs.The empirical results show that the capital supply guidance of GVCGFs in mature regions is significant.In relatively backward areas,GVCGFs have no significant effect on the capital supply.At the same time,technological innovation and credit markets are also important factors in promoting regional capital supply.Investment guidance of GVCGFs in mature regions is significant.In relatively backward areas,GVCGFs have no significant effect on the investment guidance.At the same time,it is verified that technological innovation and human resource level are important factors in promoting the early-stage VC.From the empirical conclusions,the slow development of VC in relatively backward regions is mainly due to two reasons.On the one hand,the number and scale of GVCGFs are small,and the guiding role is limited.On the other hand,regional innovation is insufficient and there is a lack of valuable VC projects.It is difficult to attract more social investment.Therefore,at the end of this paper,from the perspective of expanding the scale of GVCGFs and stimulating innovation and entrepreneurship,we provide specific suggestions for VC investment in relatively backward regions.