“缺钱，但不想搬总部”——返投之困

Core Viewpoint - The article discusses the challenges faced by companies due to government investment funds that impose "return investment" conditions, which often require businesses to relocate their headquarters or core operations to receive funding, creating a dilemma for many firms [5][6]. Group 1: Government Investment Funds and Their Impact - Government investment funds have become a primary source of capital in the primary market, but they often come with conditions that require companies to relocate to receive investment [5][6]. - The trend of local governments actively seeking to attract companies has intensified, with some officials personally leading efforts to entice businesses to move [7]. - The "return investment" requirement binds venture capital and private equity firms to assist local governments in attracting businesses, which complicates the investment landscape for startups [7][8]. Group 2: Types of Return Investment Requirements - There are three main types of return investment requirements from local guiding funds: establishing branches with minimal operations, setting up factories or sales centers, and relocating headquarters with actual production and tax contributions [8][9]. - The requirement for companies to frequently relocate can disrupt long-term development plans and increase operational costs, making the investment both beneficial and burdensome [9][10]. Group 3: Concerns of Companies Regarding Relocation - Different types of companies have varying considerations regarding relocation, with those having core technological capabilities often possessing stronger bargaining power [11]. - The difficulty of managing operations across different locations is a significant concern for companies, particularly for those in high-tech sectors [10][11]. - Companies that have previously received government subsidies may face demands to return those funds if they relocate, adding another layer of complexity to the decision-making process [12]. Group 4: Effectiveness of Return Investment and Recommendations - The effectiveness of return investment initiatives has been questioned, as many companies that receive funding do not contribute significantly to local economies [14][15]. - There is a call for local governments to shift their focus from short-term metrics like the number of companies attracted to long-term indicators such as tax contributions and employment [16][17]. - Recommendations include adjusting evaluation criteria for local investments to prioritize sustainable economic contributions rather than merely the number of businesses relocated [17].