Abstract:     Under the background of "mass entrepreneurship and innovation", China′s central and local governments have formulated a variety of entrepreneurship policies. But policy making is usually a top-down process, and "supply-demand" mismatches often occur. On the one hand, governments at all levels have invested a lot of money and energy in the formulation and implementation of entrepreneurship policies. On the other hand, due to the lack of assessment measures and institutions, little is known about whether these policies really work. What′s more, some entrepreneurs report that entrepreneurship policies are "inaudible, invisible and invisible". Others even know policy, but higher threshold prevents them enjoy it. There is a huge gap between awareness rate and utilization rate. This shows that supply and actual demand of China′s entrepreneurial policy have not been well matched.
   The vitality of entrepreneurship policy depends on whether it can be understood, accepted and applied by its target group, rather than the number of items. The policy that is not known or used by entrepreneurs is just a piece of paper. Unfortunately, most of existing literatures focus on rationality evaluation of entrepreneurial policy or its impact on entrepreneurial behavior. Few researchers have paid attention to the mismatch between policy supply and demand. This is obviously not conducive to monitor implementation of entrepreneurship policy, and it is difficult to diagnose and guide formulation of entrepreneurship policy.
   Based on the above reality, this paper constructs evaluation model of entrepreneurial policy and puts forward research hypotheses. Then, 236 new enterprises in Hangzhou, Ningbo and Taizhou of Zhejiang Province are selected for verification in this paper. The results showed that: (1) "supply-demand" matching and perceived value are both the direct cause of "cognitive-utilization" gap. More importantly, they are also important factors influencing implementation effect of China′s entrepreneurship policy at the present stage. (2) Besides directly adjusting the relationship between entrepreneurial policy and entrepreneurial performance, matching degree of supply and demand also indirectly regulates entrepreneurial policy through perceived value. In general, the higher matching degree, the better entrepreneurial performance; the higher perceived value, the better performance. (3) For many new enterprises, promoting effect of entrepreneurship policy is more reflected in their growth performance, not survival performance.
   These findings point out the way to improve the effectiveness of China′s entrepreneurship policies. First, we should pay attention to the situational factors that affect implementation effect of entrepreneurship policies, and formulate supportive policies that meet the needs of new enterprises based on their own characteristics. The second is to improve matching degree of entrepreneurship policy. Any supply deviating from demand will lead to failure of matching. Therefore, it is necessary to consider matching problem at the beginning of formulating entrepreneurial policies. The third is to strengthen entrepreneurs′ perceived value. Entrepreneurs are neither "bystanders" nor "outsiders" in the formulation of entrepreneurship policies. They are stakeholders and executive subject of entrepreneurship policy. Thus, they should fully participate in the formulation of entrepreneurship policy. The government needs to build a benign interactive feedback mechanism to increase perceived value of entrepreneurs.
    Compared with similar researches at home and abroad, innovations of this paper are reflected in three aspects. Firstly, aiming at the phenomenon that entrepreneurs know specific entrepreneurial policies, but seldom or never make use of them, this paper introduces matching theory and perceived value theory to explore internal mechanism of this phenomenon and discuss its influence on entrepreneurial performance. Second, when evaluating effect of entrepreneurship policies, we combine "policy demand with policy supply" to make up for shortcomings of unilateral evaluation of entrepreneurship policies. Thirdly, this paper constructs evaluation model of entrepreneurial policy of new enterprises in theory, which makes up research gap of existing literature. At the same time, by putting forward corresponding policy suggestions, this paper also provides specific foothold for government to improve implementation effect of entrepreneurship policy in practice.

Key words: entrepreneurship policy, new venture, entrepreneurial performance, supply and demand matching, perceived value