The Construction of the Theoretical Model of the Synergistic Effect of Government Guidance Fund, Venture Capital and Start-ups
Government intervention and market operation are two means of market development. In order to effectively drive innovation, China has adopted the practice of setting up a government guidance fund to drive venture capital and encourage innovation of start-ups. Theoretically, can the government guidance fund actively play a guiding role in promoting synergy in the process of investment, venture capital investment, venture capital financing and innovation? With this problem, by constructing a tripartite game model, this paper demonstrates the process and conditions of the formation of synergy among government guidance fund, venture capital and venture enterprises. The results show that there is an investment and financing balance between government guidance fund, venture capital and venture enterprises. Finally, based on this, the paper puts forward some suggestions to solve the conflict of interest among them through incentive and constraints.