各地都在“容亏”，国资为何还是不敢投？丨投中嘉川

Core Viewpoint - The establishment of a due diligence exemption system for state-owned venture capital is accelerating, with significant policy support from the government, but challenges remain in execution and clarity of standards [6][9][34]. Group 1: Policy Development - The State Council's Document No. 31 emphasizes the reform and improvement of fund assessment and error exemption mechanisms, marking a shift in national policy focus [6]. - By January 2025, Document No. 1 further reinforces this topic, indicating its central importance in decision-making [6]. - A report from the Investment Research Institute shows that 85% of newly issued or revised guiding fund management measures in 2024 have established due diligence exemption systems, a significant increase from just 4% before 2020 [7]. Group 2: Execution Challenges - Despite the existence of rules, the real challenge lies in the execution phase, particularly in determining who makes the assessments and the criteria used [9][10]. - The auditing and inspection departments often hold the final interpretation power, yet they are rarely involved in policy formulation [10][14]. - There is a lack of participation from key departments like auditing and discipline inspection in the development of exemption policies, leading to concerns about retrospective investigations [34]. Group 3: Exemption Conditions - The due diligence exemption mechanism is fundamentally a risk waiver for compliant performers, with five core dimensions identified: compliance, directionality, procedural integrity, integrity, and accountability [25]. - Specific exemption scenarios include policy and strategic adjustments, risks from innovative explorations, market fluctuations, and characteristics of fund operations [29]. - Some regions have begun to specify loss tolerance rates, with single projects allowed to incur losses up to 100%, particularly for seed and angel investments [32]. Group 4: Future Directions - To address the "last mile" issue in policy execution, a multi-departmental coordination mechanism involving auditing and discipline inspection should be established to create authoritative consensus [34]. - There is a need for actionable and quantifiable implementation guidelines that embed error tolerance into processes, ensuring that exemption policies are effectively operationalized [35]. - With state-owned capital accounting for over 70% of the venture capital market, resolving these bottlenecks is crucial for maintaining its role as a driving force in the national innovation system [35].