Research On The Model Of Government Guidance Funds In The Cultural And Creative Industry

Government Venture Capital Funds(GVCF),or Public Venture Capital Programs,is funded by the government as well as social capital.It is a non-profit and policies-supported fund.It is typically used to endorse the emerging or government supported industry.Through being associated with industry innovation,financial service and policy guidance,the fund is used to realize the high speed development of industry innovation and structure upgrading.Based on the experience and data from the developed countries,the fund can help improve industrial structure upgrading,stimulate consumption and promote employment,so it is critical to push the progress of economy and society.From these points,the discussion and research of the GVCF's effects on interactions among various industries and a variety of practical operation modes are unfolded.Generally speaking,government founded policy funds are mainly government industry guiding funds,venture capital guiding funds and middle and small scale science and technology company innovation funds.They are funded by financial resources,including but not limited to budget expenditure,general public budget and operating budget from public capital.They all belong to GVCF.Specifically speaking,guiding funds are government invested venture capital guiding funds.GVCF are usually operated in a format of FOFs,the characters of which are that the investment corporates can improve their evaluation through professional management and child fund's decisions.With the escalating effect of the FOFs in guiding social capital,the industrial investment leverage ratio can be increased and the service effect of the supply of the financial service can be released to take more functions of guiding venture investment and industrial economic strategies through the leverage effect from GVCF.The cultural and creative industry is a new industry with both public welfare and economy.It has strong leading effect to traditional industries and is critical in national economic life and consumption of cultural commodities.However,initial investment in the cultural and creative industry can have issues like long investment period and high market risk,which require government interference through GVCF.The topic of this paper is about the operation mode of GVCF in the cultural and creative industry.I'm trying to make a detailed research of issues including funding resources,inexistence of operating efficiency evaluation and conflict between social industry capital and policy supported capital through internal theoretical literatures and domestic practical cases.I'm trying to give solutions to some typical questions about GVCF through a combining study of the international practical experience and the domestic FOFs of the S cultural industry cases.Based on the practical operation mode of the FOFs of the S cultural industry,by comparing different operation modes of GVCF in subsidies and rewards,financing loans,investment withdrawals,credit guarantees,I'm trying to optimize the input prediction and operating efficiency of government capitals in the cultural and creative industry.Then I will give an abstract of capital composition,organizational form,investment model,exiting method of GVCF,which can provide detailed suggestions to the initiation and operation of GVCFs in ChinaI study the case of S cultural and creative industry fund thoroughly from establishment,management and operation,and conclude with practical significance of this kind of funds,which includes the escalating and policy-matching effects of FOFs,the design of multi-level capital composition and trading structure,the balance mechanism to prevent government over-interference,management of a national capital and unity of contradictions of marketed operation.I then state how these cases can help to raise a fund,improve the efficiency of marketability and effectively marketize the achievement of the cultural and creative industry,and provide with an idea and a practical way of the operation.Through analyzing the effect of GVCFs in the cultural and creative industry,the demand of finance in the early period of the cultural and creative industry,I conclude that GVCFs have normalization effect in avoiding political interference with the cultural and creative industry,and it can increase the operating efficiency of GVCFs through improvement of proficient operations like fund positioning,governance structure,power and responsibility differentiation,performance evaluation.Finally,I offer reasonable suggestions about the social environment,the demand of professionals and improvement of multi-level capital markets of GVCFs to support the policy of keeping marketization and expect the development of the cultural and creative industry with GVCF.