The New Exploration of the Withdrawal Mechanism of Governmen-led Fund——A Basis of the Secondary Fund
As a policy-based fund to guide and gather social capital to support innovative enterprises,the government-guided fund has become an important force in the equity investment market.However,more than a decade of incremental cultivation,it is faced with a withdrawal crisis.So Secondary fund has rapid development under the background of surging withdrawal demand and polocy stimu-lus.A series of issues arise;a small number of markets,few professional investment institutions,imperfect trading system.In respond to the above problems,combined with the existing situation,the article proposes countermeasures and suggestions for improving the new channel of the government-guided withdrawal fund from three aspects:secondary fund trading subject construction,fault tolerance mechanism construction,perfecting ecological system.