如何引导国资“投早、投小、投硬科技”？田轩：优化考核机制【问诊2026中国经济】

Core Viewpoint - The article emphasizes the need to enhance the level of technological self-reliance and independence in China, particularly through improved support from the investment and financing system for early-stage and small-scale hard technology investments [1]. Group 1: Investment Landscape - The dominance of government-backed venture capital funds has increased due to the exit of foreign dollar funds, which previously held a significant share of the market [1]. - Since the COVID-19 pandemic, dollar funds have largely withdrawn from China's venture capital market, leading to a rise in RMB funds [1]. - Currently, over 80% of venture capital resources are provided by state-owned or government-backed funds, which are considered "patient capital" [1]. Group 2: Challenges in Investment Strategy - Government funds face challenges in adopting a "early, small, long, and hard" investment strategy due to a low tolerance for failure and a focus on preserving state assets [2]. - Unlike market-oriented venture capital funds, which accept high failure rates as part of their business model, government-backed funds are risk-averse and prefer to invest in later-stage projects with clearer cash flows [2]. Group 3: Recommendations for Reform - There is a need to optimize the evaluation and assessment mechanisms for state-owned funds, including extending the assessment period beyond annual reviews to align with the longer investment horizons typical in venture capital [3]. - Implementing a "portfolio assessment" approach, where the overall performance of a group of investments is evaluated rather than focusing on individual project outcomes, could encourage more risk-taking [3]. - The government has recognized these issues and is working on reforms to improve the assessment system for state-backed venture capital funds, including initiatives that allow for full error tolerance in investments [3].