Research On The Impact Of Government Guided Funds On Enterprise Innovation Performance

Government guide fund,as an innovative mode of financial capital allocation,focuses on investment in the field of scientific and technological innovation in the situation of powerful countries in science and technology,and makes use of the unique leverage characteristics of government funds to provide financial support for scientific and innovative enterprises in the early stage of entrepreneurship,so as to solve the market failure caused by the allocation of venture capital only by the market.The uniqueness of the government industrial guidance fund lies in "industrial guidance" and "non-profit-oriented".However,due to the lack of objective and effective performance evaluation standards,the evaluation of the effectiveness of the government industrial guidance fund by relevant departments is not accepted by the fund management institutions,and the public cannot carry out reasonable and effective supervision on the government industrial guidance fund.At the same time,as a mixed capital of financial and social capital,the conflict in the nature of capital leads to a series of "principal-agent" problems,which makes it unclear whether the final investment behavior of most private funds can meet their policy objectives.Therefore,the primary task at present is to build a fair,reasonable and objective municipal government fund performance evaluation system,so as to promote the sustainable development of key industries and improve the allocation efficiency of various resources to social development.It can not only effectively use the state-owned capital financial funds,but also standardize the operation and management of the government industry guide fund.In this paper,BOE,the main enterprise of the global semiconductor display industry chain and the innovative enterprise of the Internet of things,is taken as an example.According to the characteristics of core technology innovation of domestic and foreign scholars,combined with the theory of externality,market failure,and crowding and crowding out effects,it is deduced that the development of core technology needs the government to guide the market mechanism.Then,it analyzes the influence path of government guidance fund on BOE’s innovation performance.From the perspectives of R&D input,talent quantity,innovation output and other aspects,the performance evaluation index system of government industry guidance fund on enterprise development effect is constructed,and finally the BOE flat panel display industry is taken as an example to verify.Conclusions are drawn as follows: 1.Government-guided funds have eased BOE’s financing constraint dilemma.With the injection of government funds,BOE has gradually increased its investment in research and development,and its investment intensity has been continuously improved.2.Boe flat panel display industry has successfully introduced talent,capital,information and other industrial elements through the use of government financial funds.3.The government guide fund used the image of the government to help BOE make credit endorsement,which sent a positive signal to the market.Compared with the existing researches,the research significance of this paper is as follows: 1.The mechanism of government guidance fund on BOE’s technological innovation is theoretically discussed.2.From a new perspective,this paper comprehensively analyzes the influence of government guidance fund on BOE’s innovation performance.