唐劲草：新政之下，国资母基金正在走向“六宽一高”

Core Viewpoint - The implementation of three new policies related to government investment funds aims to alleviate fundraising anxiety in the equity investment industry by optimizing the operation of state-owned mother funds, focusing on the "Six Widens and One High" approach, which emphasizes flexibility and efficiency in fund management [1][2]. Group 1: Six Widens and One High - Wide Registration: The new policy breaks traditional geographic restrictions, allowing sub-fund managers to choose registration locations without being tied to local tax implications, fostering collaboration between cities [3]. - Wide Contribution: The policy allows for an increased government contribution ratio in venture capital funds, with some local governments raising their contribution to 70%-90%, facilitating faster fund establishment [4]. - Wide Funding: The adjustment allows government funds to invest without waiting for all other investors to contribute, thus resolving the "wait-and-see" issue in fundraising [5]. - Wide Return Investment: The return investment requirements have been relaxed, with some regions lowering the return ratio to as low as 0.6 times, enhancing the attractiveness for quality venture capital institutions [6]. - Wide Incentives: A flexible profit-sharing mechanism is established to motivate sub-fund managers, linking their performance to higher profit-sharing ratios [7]. - Wide Tolerance for Errors: The policy acknowledges the high-risk nature of tech investments, allowing for a tolerance mechanism for project failures, thus encouraging investment in innovative sectors [8]. Group 2: High Efficiency - High Efficiency: The new policies aim to streamline the approval process for fund recruitment, targeting a maximum approval time of three months, while providing comprehensive support to sub-fund managers [10]. Group 3: Overall Impact - The "Six Widens and One High" framework is a practical implementation of the new policies, aiming to balance policy guidance with market dynamics, ultimately serving as a stabilizing force in the equity investment sector and driving high-quality economic development [11].