“缺钱，但真的不想搬总部了”！地方投资基金“返投”考核亟待优化调整

Core Viewpoint - Government investment funds are a primary source of capital in the primary market, but they often impose "return investment" conditions that require companies to relocate their core operations or headquarters to receive funding, creating a dilemma for many businesses [1][3]. Group 1: Government Investment and Return Investment - Local governments are increasingly aggressive in attracting companies, often sending high-ranking officials to solicit businesses to relocate, with the aim of fostering local economic development [3]. - The return investment requirement binds venture capital and private equity firms to local government mandates, compelling them to invest a certain percentage of government funds back into local enterprises [3][4]. - There are three main types of return investment: establishing local branches with minimal operations, setting up factories or sales centers, and relocating headquarters with substantial operational commitments [4]. Group 2: Challenges Faced by Companies - Many companies face a tough choice between accepting funding with relocation conditions or missing out on critical financial support, especially those under cash flow pressure [1][5]. - Frequent relocations can disrupt long-term business strategies and increase operational costs, making the funding both a necessity and a burden for companies [5][6]. - Concerns about managing operations across different locations are significant, particularly for technology firms that rely on close coordination between R&D and production [7][8]. Group 3: Effectiveness of Return Investment - The effectiveness of return investment is questioned, as many companies that receive funding do not contribute significantly to local economies, with some being mere shell companies [11][12]. - Despite policies aimed at improving local investment practices, many regions still prioritize short-term metrics like the number of companies attracted over long-term economic contributions [11][12]. - Experts suggest that local governments should shift their focus from quantity to quality in attracting businesses, emphasizing sustainable economic development rather than merely fulfilling return investment quotas [13].