政府投资基金：理论、中国特色事实与研究展望

Government Investment Funds: Theory, Stylized Facts with Chinese Characteristics and Research Prospects

摘要:

政府投资基金通过财政出资引导、撬动社会资本投向关键领域,成为科技金融体系的核心载体,也是地方政府培育新兴产业及招商引资的重要工具。本文在介绍中国政府投资基金发展史及“募投管退”运作模式基础上,构建涵盖1900余支政府投资基金设立、逾2万笔股权投资事件和6千余条退出事件的微观数据库,刻画其典型事实：(1)始于2014年中央对地方政府不规范的税收、财政补贴、土地等优惠政策的约束,政府投资基金作为促进区域产业发展的替代工具快速扩张；(2)地方政府基金投资呈强烈的本地偏好；(3)基金投资的行业整体布局分散,但在战略性新兴产业的趋同有低水平重复建设风险；(4)基金退出渠道单一且受证监会IPO政策的影响较大；(5)区域分化加剧,中西部省份呈“设立多、退出难、回报低”的特征。本文进而从样本选择、研究视角、风险评估、绩效评价等方面探讨了若干研究方向,以期为规范地方政府经济促进行为、推动政府投资基金高质量发展、在有效市场与有为政府相结合模式下培育耐心资本提供事实基础与方向启示。

Abstract:

Government investment funds, by leveraging fiscal capital to guide and mobilize private capital towards key sectors, have become a core component of the science and technology finance system, as well as an important tool for local governments to foster emerging industries and attract investment. This paper first introduces the development history of Chinese government investment funds and their operation model of “fundraising, investing, managing, and exiting.” It then constructs a micro?level database covering the establishment of over 1,900 government investment funds, more than 20,000 equity investment events, and over 6,000 exit events, to characterize their typical features: (1) Since 2014, when the central government began to restrict substandard preferential practices such as tax incentives, fiscal subsidies, and land benefits offered by local governments, government investment funds have rapidly expanded as an alternative tool; (2) Local government funds exhibit a strong preference for investing within their own regions; (3) The industry distribution of fund investments is generally dispersed, but convergence in strategic emerging industries may excerbate the risk of low?level redundant construction; (4) Exit channels for funds are relatively narrow and significantly influenced by the IPO policies of the China Securities Regulatory Commission; (5) Regional disparities are widening, with central and western provinces showing characteristics of “many establishments, difficult exits, and low returns.” Based on these findings, the paper further discusses several future research directions regarding sample selection, research perspectives, risk assessment, and performance evaluation. This paper aims to provide a factual basis and directional insights for future research on regulating local governments’ economic promotion behaviors, promoting the high?quality development of government investment funds, and cultivating patient capital under a model that combines an effective market with a proactive government.