困在返投KPI里的投资机构和创业企业

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 headquarters or core operations to receive funding, creating a dilemma for businesses that may face increased operational costs or miss out on crucial funding [3][4][5]. Group 1: Binding of "Relocation" and "Return Investment" - In recent years, local governments have intensified efforts to attract companies, often sending high-ranking officials to persuade businesses to relocate, with the goal of fostering local public companies [4][5]. - The "return investment" requirement has become a core task for VC/PE institutions, which must invest a certain percentage of government funds back into local enterprises to achieve local economic goals [5][6]. - The types of return investment can vary, including establishing local branches, setting up factories, or requiring full relocation of headquarters, with the latter being the most challenging for companies [6][7]. Group 2: Challenges Faced by Companies - Many companies express reluctance to relocate, as it can disrupt long-term development plans and increase operational costs, leading to a situation where investment funds become both a necessity and a burden [7][8]. - Companies with strong technical capabilities and revenue exceeding 100 million often have more negotiating power, allowing them to set conditions during discussions with local governments [8][9]. - Concerns about the complexities of managing operations in a new location are significant, especially for tech companies that rely on local talent and established supply chains [9][10]. Group 3: Limited Effectiveness of "Return Investment" - While government investment funds have facilitated the attraction of some companies, the actual effectiveness is often limited, with many businesses failing to deliver substantial benefits to local economies [11][12]. - There is a prevalent KPI-driven approach in local government recruitment efforts, focusing on short-term metrics like the number of companies attracted rather than long-term contributions to tax revenue and GDP [12][13]. - Recommendations include shifting the focus of local governments from short-term metrics to long-term development indicators, such as R&D investment and the quality of the business ecosystem, to enhance the effectiveness of investment attraction [13].