Research On Legal Issues Of Financial Funds Supervision In Government Industrial Investment Funds

The government industry investment fund is a policy fund that uses the leveraging effect of financial funds to attract social funds to participate,and uses equity investment as the main method to promote the implementation of industrial policies and achieve industrial upgrading within the country or region.Among them,the financial funds are an important anchor for the funds to drive social capital participation.However,problems such as fund precipitation,repeated establishment and "hidden debt" have gradually emerged in the operation of government industrial investment funds,resulting in inefficient and wasteful use of financial funds,and posed challenges and new requirements for the legal supervision of financial funds.It is urgent to pay attention to and respond to the legal issues of financial supervision in its operation at the theoretical and practical levels.At present,the operation of my country’s government industrial investment funds should be said to have established a relatively specific market supervision rule system at the legislative level.However,in the supervision of financial funds,the overall function of the supervision body is weak,the supervision measures are backward,the degree of information disclosure is low and Regulatory accountability is not smooth and other issues.The specific performance in each stage of financial capital flow is as follows: in the stage of financial capital expenditure,the main body of supervision of the National People’s Congress is empty,the supporting measures for approval and supervision are imperfect,the information disclosure and accountability capabilities of the National People’s Congress budget approval and supervision are insufficient,resulting in the weakness of the function of the National People’s Congress for approval and supervision.;In the use stage of financial funds,the internal supervision and management of financial funds are still in the pattern of using financial funds for free,the financial performance evaluation index system is unscientific,and the transparency of financial performance evaluation results is low,resulting in the application of financial performance results.The implementation process is slow;in the exit stage,there is an imbalance among the various regulatory bodies in the government industrial investment fund,and audit supervision has not achieved full coverage.The treatment method of withdrawing from the government industrial investment fund according to the agreement has the risk of breaking the comprehensive coverage requirements of audit supervision.As a result,the information communication and public supply are insufficient,which affects the participation of the main body of social supervision,and the accountability mechanism is not perfect,resulting in an uncoordinated connection with judicial supervision.From the perspective of public finance theory,the legal supervision of financial funds in government industrial investment funds is a democratic choice by the public to limit government power;from the perspective of public choice theory,the legal supervision of financial funds in government industrial investment funds is ""Rational Economic Man" is the best choice to improve the efficiency of supervision;from the perspective of principal-agent theory,the legal supervision of financial funds in government industrial investment funds is the self-selection of government departments to exercise the powers of investors.Different from the legal supervision of traditional financial funds,the paid use of financial funds in government industrial investment funds requires improving the use efficiency of financial funds to compensate for the opportunity cost of social funds participating in low-profit industries,and even to obtain benefits from the use of financial funds.Therefore,the supervision of fiscal funds in government industrial investment funds has the characteristics of balancing profitability and policy objectives,emphasizing fiscal performance management,and emphasizing the coordinated governance of multiple supervisory entities.Based on the above theories,to solve the problem of financial capital supervision in government industrial investment funds,it is necessary to improve the collaborative governance system of multiple supervisory bodies based on power organs,administrative departments and auditing institutions,and through information disclosure and accountability mechanisms.Regulatory and judicial oversight.The supervision of financial funds in government industrial investment funds needs to grasp the key points of supervision in different links,conduct whole-process supervision,and coordinate governance of multiple subjects.It is necessary to strengthen the internal and external construction of power organs,optimize the distribution of powers and powers of the people’s congresses and improve the quality of personnel,improve the supporting measures for the supervision of the people’s congress,improve the level of information disclosure,strengthen the participation of social supervision,improve the supervision and accountability procedures of the people’s congress,and increase the types of economic and legal responsibilities.Optimize the normative supervision of government industrial investment funds in the expenditure stage of fiscal funds.The financial department should establish the awareness of the main body of financial performance evaluation,improve the current unscientific financial performance evaluation index system,respond to the new requirements of policy objectives and profitability goals for the index system,improve the information disclosure mechanism of financial performance evaluation results,and promote financial performance evaluation.The implementation of the results application will improve the performance supervision level of the financial funds in the government industrial investment fund in the use stage.Audit institutions need to balance the relationship between their internal and various supervisory bodies,give full play to the instrumental value of audit supervision,and strengthen the participation of audit institutions as the main body of post-event supervision.Instrumental value,solve the risk of lack of supervision of financial funds in the exit stage,ensure the participation of the whole process of audit supervision,improve the audit report system and information disclosure system,ensure the smooth flow of supervision information between supervision subjects,and improve the current audit supervision accountability.The way to ensure the realization of the independent value of audit supervision and the transformation of the "investigation and punishment function",and to realize the coverage supervision of the financial funds of the government industrial investment fund in the exit stage.