The establishment and operation of M&A guiding fund follows the principles of guidance, indirectness and marketization. The use and management of M&A guiding funds must comply with the provisions of relevant laws and regulations and financial accounting system. Industrial guidance fund refers to a guiding investment fund funded by the government, attracting relevant financial, investment institutions and social capital to be jointly established and managed by professional investment management institutions to support specific stages, industries and regions; It was established by national and local governments to guide the development of emerging industries and innovative industries. Government guidance, market operation, risk prevention, rolling development? Operating principles of industrial financing platform.

The operation mode of government-guided fund;

According to the characteristics of small and medium-sized enterprises in China and the actual situation of venture capital development, the fund is guided to support venture capital in four different ways: the first way: staged equity participation, that is, the fund is guided to participate in venture capital institutions and withdraw within a certain period of time according to pre-agreed conditions. Mainly support the establishment of new venture capital institutions and expand the total investment in small and medium-sized science and technology enterprises. The second type: follow the trend of investment. That is, guide funds and venture capital institutions to jointly invest in small and medium-sized enterprises in the initial stage. This way is mainly to support the established venture capital institutions and reduce their investment risks. The third type: risk subsidy. That is to say, to give certain subsidies to venture capital companies that have invested in small and medium-sized enterprises in the initial stage, and to enhance the anti-risk ability of venture capital institutions. The fourth type: investment guarantee. That is, venture capital institutions choose small and medium-sized enterprises with potential investment value but certain risks. At this time, these enterprises will be funded by the guiding fund in advance, and venture capital institutions will provide free entrepreneurial counseling to these enterprises; After the counseling, venture capital institutions will make equity investment in these enterprises and guide the fund to give secondary subsidies. This method mainly solves the puzzle that venture capitalists are afraid to invest because of risks, and is suitable for technology business incubators.

Management mode of guiding fund The government guiding fund generally adopts entrusted management mode, and guides the fund to establish cooperative relations with the optimized venture capital fund and its management institutions in the following ways:

(1) Establish contractual cooperation with professional venture capital funds as the main way to guide fund operation.

(2) As an investor in a professional venture capital fund.

According to the application of domestic and foreign venture capital fund management institutions, guide the fund to invest with other domestic and foreign investors in a certain proportion, set up professional venture capital sub-funds with priority investment, and entrust professional management institutions with excellent performance to manage them.

Hierarchical orientation of guiding funds The government guiding funds are divided into four levels: central, provincial, municipal and county. Government guidance funds at the central level, such as the Information Industry Fund planned by the Ministry of Industry and Information Technology and the China Youth Venture Capital Fund planned by the Central Committee of the Communist Youth League, are all regional funds.

Guide the dividend mechanism of the fund. The legal basis for the emergence of government-guided funds The development of private equity funds in China is relatively short, so the development of FOF in China has just begun. At present, government guidance fund is the main form of FOF.

The main target of government-guided fund investment is local VC, which indirectly supports and incubates local high-tech enterprises by intervening in VC, similar to? Incubator? Its function is to promote the transformation of local economy and the development of venture capital enterprises by expanding investment and guiding cooperative funds, which is obviously political, regional and oriented.

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