重磅！国资委明确对央企创业投资免责情形

Core Viewpoint - The article discusses the new regulations issued by the State-owned Assets Supervision and Administration Commission (SASAC) aimed at addressing the challenges faced by state-owned investment institutions, particularly the fear of investment due to a lack of clear liability exemption mechanisms [2][6]. Industry Background: The Mechanism Challenge of "Dare Not Invest" - A significant 81.9% of surveyed institutions reported a lack of liability exemption mechanisms, leading to reduced innovation and a conservative approach [6]. - 65.71% of institutions identified the absence of clear, actionable execution details and recognition standards as a core obstacle [6]. Key Breakthrough: From "One-Size-Fits-All" to Scenario-Based Exemption - The new regulation specifies scenarios for liability exemption, particularly in technology research and innovation, where failures due to exploratory nature can be exempted [7]. - It also allows for exemptions in venture capital investments and strategic emerging industries when failures arise from inexperience or trial-and-error approaches [8]. - Exemptions are granted for losses due to significant policy changes or external environmental shifts, acknowledging the boundary between commercial risks and violations [9]. Comparison with Previous Regulations - The new regulation (No. 46) has made significant adjustments in liability exemption clauses and accountability scope compared to the previous regulation (No. 37), removing the "trial" label and providing clearer guidelines [10]. - The number of accountability scenarios in equity investment has increased from 10 to 12, emphasizing compliance with main responsibilities and strategic planning [12]. Policy Highlights and Innovations - Scenario-Based Exemption: The new regulation details specific exemption scenarios for various business areas, addressing concerns about entering new fields [13]. - Gradual Handling Mechanism: It introduces a tiered approach to handling cases, allowing for lighter penalties in non-malicious situations, promoting a balance between punishment and education [14]. - Comprehensive Negative List: The regulation covers the entire investment lifecycle, including post-investment management, addressing previous gaps in management oversight [15]. Impact on Future Equity and Venture Investments by State-Owned Enterprises 1. Increased Focus on Procedures and Compliance: The new regulation emphasizes compliance in decision-making processes, encouraging state-owned enterprises to enhance their risk management systems [16]. 2. Strengthening the Position of "Patient Capital": The regulation supports long-term investments in strategic emerging industries, allowing state-owned enterprises to back projects with longer return cycles without excessive concern for short-term losses [17]. 3. Promoting Professionalization of State-Owned Enterprises: The regulation aims to improve the professional capabilities of state-owned enterprises, ensuring that investment decisions are based on thorough research and due diligence rather than administrative orders [18]. The new regulations are seen as a timely response to the need for a more robust investment framework, enabling state-owned enterprises to navigate industry cycles and focus on long-term value creation and technological breakthroughs [18].