According to the requirements of the Guiding Opinions jointly issued by the three ministries and commissions, the main sources of funds for guiding funds are: special financial funds to support the development of venture capital enterprises, investment income and guarantee income of guiding funds, interest income from idle funds deposited by banks or interest income from purchasing government bonds, and funds donated by individuals, enterprises and society without compensation.
There are two main sources of funds for government guidance funds in China: one is that local governments independently contribute through finance, and the other is that the government and policy banks jointly contribute. The vast majority of established guiding funds are funded by the government, and only a few early government guiding funds are funded by policy banks. For example, Suzhou Industrial Park Venture Capital Guidance Fund, Tianjin Binhai New Area Venture Capital Guidance Fund, Jilin Venture Capital Guidance Fund, Shanxi Venture Capital Guidance Fund are funded by local governments and The Export-Import Bank of China, and Chongqing Science and Technology Venture Capital Guidance Fund.
2. Guide the legal structure of the fund.
On the legal framework of the establishment of the guiding fund, the Guiding Opinions pointed out that the guiding fund should be established in the form of an independent legal person, and the board of directors composed of personnel appointed or dispatched by relevant departments should exercise decision-making management responsibilities, exercise the rights and interests of the guiding fund externally and assume corresponding obligations and responsibilities.
In addition to independent legal institutions, some local guidance funds are established according to the legal person system. Under different legal structures, the operation mode, supervision mode and assessment and incentive system of guiding funds are different.
Because of its institutional nature, the guiding fund of independent enterprise legal person system emphasizes the characteristics of "social service" and "benefiting the people". Most of its fund management is entrusted to third-party management institutions, and a few set up fund management teams. The assessment of the management team is similar to that of state-owned enterprises at the same level, and it lacks effective interest drive.
The company guidance fund mostly adopts the company system. Due to the obligation of maintaining and increasing the value of state-owned assets, the fund income will generally be obtained according to the principle of the same share and the same right. The incentive mechanism of management team is relatively market-oriented. In some places, equity incentives have been implemented and transformed into professional market-oriented fof.