最近，越来越多地区忙着“先投后股”

Core Viewpoint - The "first investment, then equity" model is emerging as a new tool for attracting investment and promoting the transformation of scientific and technological achievements across various regions [2][3]. Group 1: Model Overview - "First investment, then equity" is an innovative mechanism that adjusts the way fiscal funds support the transformation of scientific achievements and the growth of startup tech companies, focusing on those with technology but lacking funds [2]. - The model consists of two phases: "first investment," where fiscal funds support R&D and transformation through project grants, and "then equity," where funds convert to equity upon successful market financing or stable development [2][3]. Group 2: Efficiency and Management - This model enhances the efficiency of fiscal fund usage compared to traditional subsidies and strengthens the management of enterprises throughout their lifecycle, creating a sustainable mechanism for the circular use of fiscal funds [3]. - Unlike early-stage equity investment tools, "first investment, then equity" does not rigidly assess annual performance but instead tailors monitoring standards to the R&D pace of startups, embodying the concept of "patient capital" [3]. Group 3: Implementation and Impact - As of March 2025, 18 provinces (municipalities) in China are exploring the "first investment, then equity" model to support the transformation of scientific achievements, with a closed-loop management system covering project selection, fund allocation, performance evaluation, equity conversion, and exit [4]. - The model has been recognized as a crucial exploration to address funding shortages at key stages for hard-tech companies transitioning from laboratory to production [4]. Group 4: Project Examples - The first batch of projects supported by this model in Xi'an includes 17 projects with strong hard-tech attributes, covering fields such as artificial intelligence, new energy, and biomedicine [5]. - For instance, Shaanxi Longlin Nanofiber Material Technology Co., Ltd. received 1.4 million yuan in initial funding to expand application scenarios and enhance market recognition [6]. Group 5: Policy Context - Recent high-level meetings and policy documents emphasize the need for a unified approach to investment and the rectification of local investment irregularities, promoting high-quality investment models [7][8]. - The National Development and Reform Commission has called for a standardized list of local investment behaviors to guide and regulate investment practices [8].