Research On The Efficiency Of Government Guidance Fund Management

With the development of government-guided funds,the management efficiency of government-guided funds has gradually become a focus of attention,and the increasingly large amount of funds has increasingly tested the investment management ability of guided funds.In the operation of government guiding fund is subject to make many restrictions for the realization of policy goal,in the face of these challenges and limitations,and how to through effective management and realize the goal of policy and economy target,so as to attract more social capital to enter,guide the funds virtuous cycle,has become the government to guide the emphasis and difficulty in fund management.Most of the existing researches on the management efficiency of government-guided funds focus on the comprehensive performance evaluation of government-guided funds with the government and enterprises as the research entry point.In this background,this article to fund managers as the breakthrough point of the evaluation of government guiding fund management efficiency,the government guiding fund in specific goals to complete the introduction of social capital and investment companies under the policy goal of the realization of the return on investment,find out the factors that influence efficiency of government guiding fund management,explore the government guidance problems existing in the fund investment in capital operation,so as to promote efficiency of management of government guiding fund of correlative Suggestions,further promote the development of effective of government funds.This paper is divided into six parts.First,on the basis of the public finance theory and principal-agent theory,it defines the connotation of government-guided fund management efficiency,the responsibilities of fund managers and other basic concepts,and then introduces the current situation of government-guided fund management from the perspective of the realization of policy objectives and economic objectives.Then,the data envelopment analysis method was used to study the whole and classification of 24 sample government-guided funds,and it was found that most of the funds were inefficient in management,and there were problems such as limited investment scope,insufficient management talents,slow project exit,late investment stage and low efficiency in capital utilization.Finally,on the basis of drawing lessons from excellent experience,this paper puts forward Suggestions on weakening regional investment restrictions,cultivating compound management talents to improve the exit mechanism,advancing the investment stage and accelerating the fund integration.