唐劲草：新政之下，国资母基金正在走向“六宽一高”

Core Viewpoint - The implementation of three new policies by the State Council aims to alleviate fundraising anxiety in the equity investment industry by optimizing the operation of state-owned mother funds, focusing on the "Six Widens and One High" approach to enhance quality and efficiency in government investment funds [1][2]. Group 1: Six Widens - Wide Registration: The new policy eliminates traditional geographic restrictions on fund registration, allowing for collaborative ecosystems across cities, thus maximizing resource integration and achieving project and capital growth [3]. - Wide Contribution: The policy breaks the fixed constraints on government contribution ratios, allowing for increased government investment in venture capital funds, with some regions raising contributions to 70%-90% to expedite fund establishment [4]. - Wide Funding: This approach addresses the "wait-and-see" issue in funding sequences, allowing state-owned funds to invest without waiting for all other investors to contribute, thus facilitating quicker project investments [5]. - Wide Return Investment: The policy lowers the return investment ratio requirements, enhancing the attractiveness of funds to high-quality venture capital institutions, with some regions reducing the ratio to as low as 0.6 times [7]. - Wide Incentives: A flexible profit-sharing mechanism is introduced to motivate fund managers, linking their rewards to performance and encouraging them to focus on quality project identification and post-investment support [8]. - Wide Tolerance for Errors: The policy acknowledges the high-risk nature of technology investments, allowing for a tolerance mechanism for failed projects, thus encouraging investment in innovative sectors without the fear of immediate penalties [9]. Group 2: High Efficiency - High Efficiency: The new policies aim to streamline the approval process for fund recruitment, targeting a maximum approval time of three months, while providing comprehensive support to fund managers to ensure timely fundraising and project execution [10]. Group 3: Overall Impact - The "Six Widens and One High" framework is a strategic response to the new policies, emphasizing market-oriented and flexible operations to break development constraints and unleash policy benefits, ultimately positioning state-owned mother funds as stabilizers and catalysts for high-quality economic growth [11].