“蜜糖”成枷锁 企业不愿搬地方投资基金“返投”考核亟待优化调整

Core Viewpoint - Government investment funds are a primary source of capital in the primary market, but they often impose "return investment" conditions that require companies to relocate their core operations or headquarters to receive funding, creating a dilemma for many businesses [1][2]. Group 1: Government Investment and "Return Investment" Conditions - Local governments are actively seeking to attract companies to relocate, often led by high-ranking officials, with the goal of fostering local economic development and creating publicly listed companies [2][4]. - The "return investment" requirement binds venture capital and private equity firms to invest a certain percentage of government funds back into local enterprises, complicating the investment landscape [2][3]. Group 2: Challenges Faced by Companies - Companies face increased operational costs and strategic disruptions when required to relocate, leading to a difficult choice between securing necessary funding and maintaining stability [1][3]. - Frequent relocations can disrupt long-term business plans and increase operational burdens, making the investment funds both a necessity and a constraint for many firms [3][4]. Group 3: Divergent Interests of Funds and Companies - Investment funds are caught in a bind as companies resist relocation, making it challenging to fulfill "return investment" obligations while also meeting local government funding requirements [4][8]. - The reluctance of companies to relocate headquarters complicates the ability of funds to meet their investment goals, particularly in developed regions where securing funds is more difficult [4][6]. Group 4: Recommendations for Improvement - Industry experts suggest that local governments should adjust their evaluation criteria for attracting businesses, focusing on long-term contributions such as tax revenue and employment rather than short-term metrics like the number of companies relocated [8][10]. - There is a call for a shift from a focus on "return investment" to a more sustainable approach that emphasizes the overall value and impact of businesses on local economies [9][10].