合肥大学学报

为研究政府引导基金如何通过设定契约来撬动社会资金投资，达到支持中小型科创企业发展的目标，构建了政府、风险投资机构与科创企业三方演化博弈模型，运用Matlab软件进行数值仿真模拟。分析发现，在政府创业引导基金契约中使用多任务激励模式以及增加监督惩罚机制，能够影响风险投资机构与科创企业的策略选择，使政府创业引导基金发挥引导社会投资，促进企业创新的作用，同时也能有效解决政府引导基金中多重委托代理问题，增加风险投资机构对中小型科创企业的资金支持力度，使引导基金真正流向科创企业、促进创新。

In this paper, by constructing a tripartite evolutionary game model of government, venture capital institutions and science and technology enterprises, and using Matlab software for numerical simulation, we study how the government guidance fund can incite social capital investment by setting contracts to achieve the goal of supporting the development of science and technology enterprises. It is found that the government guidance fund can influence the strategic choice of risk institutions and innovation strategies of science and technology enterprises by implementing multi-task incentives and regulatory penalties, so that the government entrepreneurship guidance fund can play a role in promoting innovation and entrepreneurship. Risk discovery shows that the use of multi-task incentive mode and the addition of regulatory penalty clauses in the government venture guidance fund contract can effectively solve the dual principal-agent problem in the government venture guidance fund, increase the financial support of venture capital institutions for science and technology enterprises, and make the guidance fund really flow to science and technology enterprises and promote innovation.