制度创新试验场：一则关于“区域一体化母基金”的构想

Core Insights - The roundtable discussion at the equity investment forum in Suzhou focused on how mother funds in the Yangtze River Delta can promote high-quality regional integration and development [1][2] - The role of local mother funds is evolving from merely being financial amplifiers to becoming institutional coordinators and organizers of innovative elements [1][3] - The construction of regional innovation systems is entering a new phase, with local technological investments and the layout of major innovation platforms becoming key drivers of national innovation [1][2] Group 1: Regional Innovation Collaboration - The Yangtze River Delta is emerging as both a source of technology and a testing ground for institutional innovation [2] - Participants discussed the challenges faced by the equity investment industry, including fundraising difficulties and limited exit channels, highlighting the need for improved institutional coordination [3][4] - The concept of "reassuring capital" was introduced, emphasizing the importance of long-term investment and innovative exit mechanisms to address current challenges [3][4] Group 2: Mechanisms and Strategies - The discussion highlighted the need for a unified approach to align industrial chains, value chains, and capital chains across administrative boundaries [4][5] - The evolution of return investment requirements reflects the maturation of local state-owned capital, transitioning from a constraint to a driver of industrial attraction and innovation ecosystem development [5][6] - Strategies for optimizing cross-regional fund layouts and return investment mechanisms were discussed, focusing on establishing reusable interests and governance structures [3][4][5] Group 3: Integrated Mother Fund Concept - The idea of a Yangtze River Delta integrated mother fund was proposed, aiming to create a shared institutional framework through unified standards and shared regulations [7][8] - The integrated fund would focus on leveraging regional comparative advantages and optimizing resource allocation across the industrial chain [7][8] - Initial focus areas for this integrated approach could include sectors like semiconductors, robotics, and new energy, utilizing regional strengths for collaborative mechanisms [7][8] Group 4: Future Directions - The natural advantages of the Yangtze River Delta, such as mature industrial chains and open policies, position it well for advancing integrated mother fund initiatives [8][9] - The operational logic of local capital is shifting from project investment to mechanism building and ecosystem promotion, enhancing internal innovation collaboration [8][9] - The success of these initiatives will depend on finding a balance between homogenization and differentiation, as well as establishing clear roles within the collaborative framework [9]