With China’s strong support for innovation and development, the policies of government guidance funds are an importantdriving force for leading innovation and economic transformation, and the effect of its related policies is of great signif-icance. This paper selects 518 policies related to government guidance funds in the Beijing–Tianjin–Hebei region from2005 to 2018 as the research object and constructs a policy efficiency evaluation indicator system from three dimensionsof policy intensity, policy objectives and measures. The analytic hierarchy process (AHP) and entropy method are used toweight the output level of policy innovation performance and economic performance of government guidance funds, andgrey relational analysis (GRA) is used to measure the relationship between policies of government guidance funds andinnovation performance and economic performance, and corresponding policy recommendations based on the researchresults. The results of the research show that the policy efficiency of the government guidance funds in Tianjin and Hebeiis relatively high, and the policy efficiency of the Beijing government guidance funds needs to be improved. In general,the policy efficiency of the government guidance funds needs to be further improved.
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