对国资创投容错不是目的 | 经观社论

Group 1 - The establishment of the seed fund by the Hubei provincial government allows for a maximum 100% loss on individual investment projects, reflecting a trend of loosening restrictions on state-owned capital venture investments [2][3] - Other regions, such as Sichuan and Shenzhen, have also introduced similar policies, permitting high loss tolerances for government-guided funds, with some allowing up to 100% loss on individual projects [2][3] - The term "loss tolerance" has become a key concept in the state-owned capital venture investment sector since 2025, aimed at correcting previous demands for stable returns across all projects [3][4] Group 2 - The preference for risk aversion and stable returns among state-owned venture capital funds indicates a misunderstanding of the equity investment market, highlighting the need for respect for the basic principles of equity investment [3][4] - The relationship between Limited Partners (LPs) and General Partners (GPs) in venture capital should be one of delegation, where LPs respect the investment decision-making authority of GPs without imposing additional requirements [4][5] - Establishing a fault-tolerant mechanism for state-owned venture capital is a positive step, but the ultimate goal is to clarify the positioning of state-owned capital in the market [5]