政府创业投资引导基金是由政府发起的，以非营利为目的，市场化运作的政 策性基金。其旨在通过政府的引导作用吸引社会各界资本，与创投机构合作共同 投资创新创业领域，通过政策的有效指引，加快发展当地经济，推动高新技术等 产业的发展。如今我国已经步入了政府创投引导基金的快速发展当中，创投引导 基金的规模和数量迅速增长。为了充分发挥政府的引导作用，紧跟国家政策指引， 不得不要求对政府创投引导基金进行规范化并建立起科学合理的监督、管理、评 价方案。本文以创投引导基金绩效指标构建方法和构建原则为基础，参照一些国 内外学者的研究成果，结合我国政府创投引导基金的实际情况，旨在设计一套科 学合理的政府创投引导基金绩效评价方案，并以贵州省政府创投引导基金为案例 加以实证，提出对政府创投引导基金发展的有利建议。 主要内容如下：本文首先立足于创投背景以及国内外文献，对政府创投引导 基金的发展作简要的评论并概括本文的中心内容。第二，本文对引导基金相关概 念进行了简要阐述，包括定义、发展现状、其社会效用，具体投资模式以及存在 的风险。第三，分别对国内外成功的引导基金绩效评价进行总结，得出核心启示， 为绩效评价体系构建铺垫。第四，在绩效评价启示下以一定的体系构建思路，三 种构建方法：绩效分析法、宏观研究法、被投资企业分析法，以及五种指标选取 原则进行进一步研究。构建一级指标，并将指标扩展到二级及三级，再通过比较 分析筛选较优的指标留下作为指标体系中的成员。根据政府创投引导基金的政策 导向效果进一步优化指标的构建，从以下四个方面进行优化：产业导向效果指标、 效益指标、价值指标、风险控制效果指标。第五，基于模糊评价法的政府创投引 导基金绩效评价方案设计；本部分是实证分析部分，对政府创投引导基金绩效评 价的相关指标进行权重确定和赋值。第六、根据设计的绩效评价方案，在贵州省 发改委下属创投引导基金中心网站获取相关数据，对贵州省创投引导基金进行绩 效评价，将绩效评价结果与其他省进行比较。第七、方案成果与政策建议：本部 分主要总结了本次研究的方案成果的有效性，根据绩效评价指标，提出了相对应 的增强绩效评价水平的政策建议，并对本次研究的不足做出了总结，对未来在该 领域的研究提出了展望。 本文的研究成果：通过引导基金绩效评价构建方法和构建原则以及层次分析 法设计了一套较为完整的创投引导基金绩效评价体系，包括了四个一级指标，十 个二级指标，二十二个三级指标，并结合模糊综合评价法对我国引导基金绩效进 行评价。设计出一整套较为科学合理的创投引导基金绩效评价方案。将贵州省创 投引导基金作为案例进行分析，得到绩效评价得分，整体反映得出贵州省创投引II 导基金在产业导向效果指标以及价值指标上绩效较好，效益指标和风险控制效果 指标绩效有待进一步提高。 关键字：创投引导基金；绩效评价；指标体系；模糊评价法；案例分析III Abstract The government venture capital guiding fund is a policy fund initiated by the government with the purpose of non-profit and marketable operation. It aims to attract capital from all walks of life through the government's guiding role, cooperate with venture capital institutions to jointly invest in innovation and entrepreneurship fields, accelerate the development of local economy through effective policy guidance, and promote the development of high-tech and other industries. At present, China has stepped into the rapid development of government venture capital fund, and the size and number of venture capital fund have increased rapidly. In order to give full play to the government's guiding role and follow the national policy guidance, it is necessary to standardize the government's venture capital fund and establish a scientific and reasonable supervision, management and evaluation program. Based on the method of establishing venture capital fund performance indicators and building principle as the foundation, with reference to the research achievements of some scholars at home and abroad, combined with the actual situation of our government venture capital fund, aimed to design a set of scientific and reasonable government performance evaluation of venture capital fund, use the Guizhou guiding fund of venture capital for the empirical case, and put forward beneficial suggestions on the development of venture capital fund to the government. The main content is as follows: firstly, based on the background of venture capital and domestic and foreign literature, this paper makes a brief comment on the development of government venture capital guiding fund and summarizes the central content of this paper. Secondly, this paper briefly expounds the relevant concepts of guiding fund, including its definition, development status, social utility, specific investment mode and existing risks. Thirdly, the paper respectively summarizes the successful performance evaluation of domestic and foreign guiding funds, and draws the core inspiration to lay a foundation for the construction of the performance evaluation system. Fourthly, under the enlightenment of performance evaluation, this paper further studies the three methods of performance analysis, macroscopic research method, invested enterprise analysis method and five index selection principles in a certain way. The first-level indicators were constructed, and the indicators were extended to the second and third levels, and then the better indicators were selected through comparative analysis and left as members of the indicator system. According to the construction of further optimization index of the policy guidance effect of theIV government venture capital guiding fund, the optimization is carried out from the following four aspects: industrial guidance effect index, benefit index, value index and risk control effect index. Fifth, the performance evaluation scheme design of government venture capital guiding fund based on fuzzy evaluation method; This part is the empirical analysis part, the government venture capital guidance fund performance evaluation related indicators to determine the weight and valuation. Sixth, according to the designed performance evaluation program, obtain relevant data from the website of the venture capital guiding fund center affiliated to the development and reform commission of Guizhou province, conduct performance evaluation on the Guizhou guiding fund of venture capital, and compare the evaluation score with other provinces. Seventh, program results and policy recommendations: this part mainly summarizes the effectiveness of the program results of this study, according to the performance evaluation indicators, put forward corresponding policy recommendations to enhance the level of performance evaluation, and make a summary of the shortcomings of this study, and put forward the prospect of future research in this field. This article research results: by guiding fund performance evaluation of construction methods and construction principles, and the analytic hierarchy process to design a set of relatively complete performance evaluation system of venture capital fund, including the four first-level indicators, ten secondary indexes, twenty-two three-level index, combined with the fuzzy comprehensive evaluation method to guide the fund performance evaluation in our country. Design a set of more scientific and reasonable venture capital guidance fund performance evaluation program. By analyzing the case of Guizhou guiding fund of venture capital , the performance evaluation score is obtained, and the overall reflection shows that Guizhou guiding fund of venture capital has good performance in industrial guidance effect index and value index, and the performance of benefit index and risk control effect index needs to be further improved. Keywords:Venture Capital Guiding Fund; Performance Evaluation; Index System; Fuzzy Evaluation; CaseAnalysisV 目录 摘要...............................................................................................................................I Abstract........................................................................................................................III 1 绪论..............................................................1 1.1 研究背景与研究意义 ..........................................1 1.1.1 研究背景 ...............................................1 1.1.2 研究意义 ...............................................2 1.2 文献综述.....................................................3 1.2.1 国外文献综述 ...........................................3 1.2.2 国内文献综述 ...........................................4 1.2.3 文献评论 ...............................................5 1.3 研究内容、方法及思路.........................................6 1.3.1 研究内容 ...............................................6 1.3.2 研究方法 ...............................................6 1.3.3 研究思路 ...............................................7 1.4 研究创新与不足...............................................8 1.4.1 研究创新 ...............................................8 1.4.2 研究不足 ...............................................8 2 政府创投引导基金概述..............................................9 2.1 政府创投引导基金定义.........................................9 2.2 政府创投引导基金发展现状.....................................9 2.3 政府创投引导基金作用........................................11 2.3.1 促进市场资源有效配置 ..................................11 2.3.2 促进高新技术等产业发展 ................................11 2.3.3 引导社会资金流入政策导向领域 ..........................12 2.4 政府创投引导基金投资模式....................................12 2.4.1 参股投资..............................................12 2.4.2 跟进投资..............................................13 2.4.3 其他模式..............................................14 2.5 政府创投引导基金风险........................................14 2.5.1 运作风险 ..............................................15 2.5.2 违规风险 ..............................................15 2.5.3 退出风险 ..............................................15 3 政府创投引导基金绩效评价现状及启示...............................17VI 3.1 引导基金绩效评价现状........................................17 3.1.1 国外绩效评价现状 ......................................17 3.1.2 国内绩效评价现状 ......................................18 3.2 引导基金绩效评价启示........................................18 4 政府创投引导基金绩效评价体系构建研究.............................20 4.1 引导基金绩效评价体系构建思路 ...............................20 4.2 引导基金绩效评价体系构建方法 ...............................20 4.2.1 绩效分析法 ............................................20 4.2.2 宏观研究法 ............................................21 4.2.3 被投资企业分析法 ......................................21 4.3 引导基金绩效评价指标选取原则 ...............................21 4.4 创投引导基金绩效评价指标构建 ...............................22 4.4.1 指标体系设计 ..........................................22 4.4.2 指标筛选 ..............................................26 5 基于模糊评价法的政府创投引导基金绩效评价方案的设计...............28 5.1 绩效评价方案设计思路........................................28 5.2 引导基金绩效评价方法构建....................................28 5.2.1 层次分析法计算权重步骤 ................................29 5.2.2 计算指标权重 ..........................................30 5.2.3 模糊综合评价法 ........................................35 6 设计方案的案例分析...............................................39 6.1 贵州省创投引导基金绩效评价..................................39 6.1.1 案例说明 ..............................................39 6.1.2 绩效评价数据获取与处理 ................................40 6.2 绩效评价设计方案的实践评价 .................................42 6.2.1 绩效评价结果分析......................................42 6.2.2 贵州省创投引导基金绩效评价得分及比较..................43 7 方案成果与政策建议...............................................44 7.1 方案成果....................................................44 7.2 相关政策建议................................................44 7.2.1 增强政策引导效果的政策建议 ...........................44 7.2.2 增强经济、价值效果的政策建议 .........................45 7.2.3 增强风险控制效果的政策建议 ...........................46