Research On Performance Evaluation Of Government-guided Fund

After entering the 21 st century,our country began to gradually and orderly develop government guidance funds,tried to through the financial capital,leverage social capital to push "public entrepreneurship,peoples innovation" and the development of some high growth strategic emerging industry.With the establishment and improvement of Chinese multi-level capital market and the continuous increase in the demand of equity investment allocation,government guidance funds have ushered in better development opportunities,and the scale continues to expand,effectively guiding and supporting the rapid development of strategic emerging industries and their related entrepreneurial enterprises.However,after the rapid growth in the past few years,the scale and quantity of the establishment of government guidance funds began to slow down,and the industry entered the stock optimization,the construction of the performance appraisal system of guidance funds has become increasingly prominent.At present,our country government guidance funds performance evaluation is still in the exploratory stage,has yet to establish an unified performance evaluation index system,some provinces and some cities based on the policy of each government guidance funds had some try,but variety reasons,such as,incomprehensive index system,difficulty of data collection,lack of high-quality third-party evaluation institutions,make the results of performance evaluation of government guidance funds lacking rationality,objectivity and comparability,which is not conducive to measure the benefit of financial funds through performance evaluation and play the leverage amplification role of financial funds.Therefore,it is of great significance to construct a comprehensive index system with prominent emphasis and set up a scientific index system,and to use scientific methods to evaluate the government guidance funds,so as to fully reflect and give full play to the effectiveness of the government guidance funds.This paper mainly uses analytic hierarchy process,comprehensive fuzzy evaluation method,questionnaire survey method,case analysis method,etc.,to construct the performance evaluation index system of government guidance funds,and takes Qingdao government guidance funds as an example to apply the index system.The results show that the policy objectives of Qingdao government guidance funds are fully in line with the relevant regulations of Qingdao,with good management efficiency and lower economic benefits than expected.The research conclusion and the innovation of this paper are as follows: one is the use of analytic hierarchy process(AHP)to construct the venture capital fund,industrial investment fund two sets of index system,classifying the different types of funds to evaluate,compared with the single index system,conform to the fund market operation rule,reflect the government leading fund operation real,guiding funds theory research explored a new direction for the government;Second,the two index systems contain three types of firstlevel indicators,extending down to nine second-level indicators.According to the characteristics of the fund investment direction and investment stage,the difference is converted into index weight assignment,which not only contains the market-oriented evaluation index of the fund,but also includes the government-guided fund policy objectives,and the evaluation scope is more comprehensive.Third,integrating theory with practice,this paper takes Qingdao government guidance funds as an example for case study,the evaluation system of verification,it is concluded that Qingdao government guidance funds overall performance is good,achieves the anticipated goal,and work to find questions,power of Qingdao government guidance funds sustainable healthy development.