山东：严禁地方政府通过违规举债融资进行出资，不得强制要求国有企业、金融机构出资或垫资，不得以基金股权投资名义开展债权融资活动

Core Viewpoint - The Shandong Provincial Government has issued an action plan aimed at promoting high-quality development of venture capital, targeting an annual growth of over 10% in venture capital investment by the end of 2027, with a management scale exceeding 400 billion yuan and a focus on early-stage investments in hard technology [1][5][6]. Overall Requirements - The plan emphasizes the cultivation of long-term capital to support economic and social development, aiming for a venture capital investment growth rate of over 10% annually, a management scale exceeding 400 billion yuan, and a fund count of around 3,800 by the end of 2027 [5][6]. Long-term Capital Cultivation Actions - Efforts will be made to attract renowned venture capital institutions to establish regional headquarters in Shandong, enhance the management capabilities of local venture capital firms, and support the establishment of funds by universities and research institutions [6][7]. - Encouragement for various long-term capital sources, including insurance funds and government investment funds, to invest in venture capital funds in Shandong [6][7]. Venture Capital Promotion Actions - The plan aims to guide venture capital institutions to invest early and in small amounts in hard technology sectors, establishing risk compensation mechanisms for seed and early-stage enterprises [7][8]. - A multi-level service mechanism for venture capital projects will be established to enhance project roadshow activities and resource matching [8]. Government Investment Fund Management Enhancement Actions - The plan includes optimizing the layout of government funds and enhancing the management of government investment funds to improve investment efficiency [9][10]. - A differentiated assessment system for state-owned venture capital will be constructed to increase risk tolerance for early-stage investments [9]. Exit Channel Expansion Actions - The plan encourages mergers and acquisitions among listed companies and major enterprises, establishing a platform for merger and acquisition matching [10]. - It aims to promote the secondary market for private equity fund transfers to broaden exit channels for private equity funds [10]. Venture Capital Environment Optimization Actions - The plan focuses on optimizing market access for private equity and venture capital, enhancing the efficiency of registration and approval processes [11]. - It emphasizes the establishment of a professional talent team in venture capital, supporting high-end talent recruitment and collaboration with educational institutions [11].