调研报告揭示国有投资机构激励与容错痛点：考核周期的错配问题依然严峻

Core Insights - The report highlights the internal conflict faced by state-owned investment institutions between the rigid requirement of "preserving and increasing value" and the encouragement of innovation through a fault-tolerant mechanism [2][3] Group 1: Performance Assessment Changes - The performance assessment system for state-owned investment institutions is undergoing significant structural adjustments, with policy functions now surpassing financial returns for the first time [3] - In 2025, the weight of financial return indicators in performance assessments is expected to drop to 48.57%, falling below policy-related indicators such as investment progress and fundraising tasks [3] - This shift indicates a transition in the role of state-owned investment institutions from balancing policy effects and economic benefits to serving national strategies and local industrial development [3] Group 2: Fault-Tolerant Mechanism Development - The establishment of fault-tolerant mechanisms has evolved from mere coverage to a focus on effectiveness and operability, with institutions recognizing the need for detailed institutional designs [4] - A significant 67.62% of surveyed institutions believe that the uncertainty in the definition and scope of fault-tolerant mechanisms by disciplinary inspection departments is the biggest barrier to implementation [4] - The lack of clear, unified, and operable execution guidelines is also a major concern, with 65.71% of institutions highlighting this issue [4] Group 3: Risk Tolerance and Quantification - There has been a notable shift in the industry's attitude towards setting risk thresholds, with a majority now seeking clear, quantifiable loss tolerance ratios as a basis for compliance exemptions [5][6] - For early-stage investments, 28.57% of institutions are willing to accept loss ratios between 50% and 70%, while for later-stage investments, 46.67% believe loss ratios should be limited to between 20% and 50% [5] Group 4: Incentive Mechanism Challenges - Although 86.66% of institutions have established performance assessment systems, only 42.86% have corresponding incentive mechanisms, with financial incentives being limited [7] - The core issues identified in the incentive mechanisms include insufficient motivation and a lack of flexibility, making it difficult to attract and retain key talent [7] Group 5: Investment Environment Outlook - The investment environment for 2025 appears cautious, with only 45.71% of institutions planning to initiate or participate in new fund establishments [8] - A significant 91.43% of institutions identify "difficult exit channels" as the primary challenge, which severely impacts key performance indicators and the ability to raise new funds [8] Group 6: Recommendations for Improvement - The report suggests establishing a coordinating role for state asset regulatory departments to promote a unified review mechanism and reduce uncertainties from multiple regulations [9] - It also calls for the creation of a clear "positive list" for due diligence actions and the establishment of a long-term assessment system based on the entire lifecycle of funds [9]