（原标题：中国投资协会股权和创业投资委员会会长沈志群： 创投行业呈现三大积极趋势 加速优化重 组迫在眉睫） 二是从培育壮大耐心资本入手，大幅扩大"投早投小投创新"的创业投资长期资金规模。国家设立万亿级 的创投引导基金，发挥政府投资基金导向功能，扩大金融资产投资公司试点范围，推动保险资金进入股 权创投，支持股权创投机构发行科创债，鼓励央企和地方国资开展创投等，多年来的募资难题逐步得到 破解。 三是多样化的创投股权退出渠道正在畅通，优质企业上市不断提速，并购投资市场持续升温、模式创 新，特别是股权创投机构反向并购案例不断增加，S基金规模不断扩大等，在提高创投增量资产规模的 同时，加快对创投存量资产的优化整合，促进了创投资本从进入到退出的良性循环。 沈志群强调，我国创投行业逐步缓解了募资和退出两头难后，长期来被募资难和退出难掩盖的行业自身 项目投资能力不强、投后管理水平不高的问题凸显，创投行业也面临"大而不强，多而不优"的现状，管 理人才专业水平、产业知识，特别是投后管理、增值服务、赋能能力与日新月异的科技创新、产业创新 需求不相适应。他建议在继续推动国家支持创投发展各项政策真正落到实处、取得实效，让创投行业切 身 ...

投资界7月23日消息，近日，《天津市支持创业投资高质量发展若干措施》发布，旨在为天津创投发展提供政策指引和原则规范。其中提到，对创业投资类 政府投资基金，市或者区单独一级财政出资比例上限可提高至70％，市、区两级财政合计出资比例上限可提高至80％；对创业投资类政府投资基金，允许财 政出资部分在退出时以投资超额收益为限给予让利，并根据出资比例、绩效目标实现情况等因素合理确定让利比例；鼓励创业投资类政府投资基金以退出本 金及投资收益开展滚动投资。适当延长创业投资类政府投资基金存续期，合理设置投资期和退出期，健全基金退出管理制度，简化项目退出流程，构建更加 畅通的退出机制。 | 名 | 称 ： 天津市人民政府办公厅关于印发天津市支持创业投资高质量发展若干措施的通知 | | --- | --- | | 索 引 号： 111200000001250229/2025-00024 | 发 布 机 构 : 天津市人民政府办公厅 | | 发 文 字 号： 津政办发〔2025〕18号 | H 题： 国民经济和社会发展\经济运行 | | 成 文 日 期： 2025年06月28日 | 发 文 日 期： 2025年07月07日 | 附 ...

Core Viewpoint - The Guangdong Provincial Government has issued an "Action Plan" to promote high-quality development in venture capital, emphasizing government guidance and policy support to strengthen the venture capital ecosystem [2][3]. Group 1: Government Support and Policy Framework - The "Action Plan" consists of five chapters and 19 articles, with a focus on enhancing government guidance and policy support for venture capital development [2]. - It specifies the regulatory departments for venture capital enterprise registration in Guangdong Province, Guangzhou, and Shenzhen [2][7]. - The plan aims to cultivate high-quality venture capital institutions and encourages participation from various entities, including state-owned enterprises and research institutions [3]. Group 2: Funding Sources and Investment Mechanisms - The plan emphasizes broadening the sources of venture capital funding, particularly by encouraging insurance institutions to invest in venture capital funds [5]. - It introduces a "mother fund + sub-fund + direct investment" model for government-led venture capital funds to support strategic emerging industries [3]. - The plan also encourages the issuance of corporate bonds and debt financing tools by qualified venture capital institutions [5]. Group 3: Project Matching and Ecosystem Development - A mechanism will be established to connect venture capital with innovative projects, facilitating interactions between venture capital firms and startups [6]. - The plan highlights the importance of various platforms, such as the Guangdong-Hong Kong-Macao Greater Bay Area National Technology Innovation Center, to enhance project financing connections [6]. - It aims to implement a patent commercialization plan to support the growth of small and medium-sized enterprises [6].

Core Viewpoint - The Guangdong Provincial Government has officially issued the "Action Plan for Promoting High-Quality Development of Venture Capital" to strengthen government guidance and policy support for the growth of venture capital in the province [1] Group 1: Encouragement of Investment - The plan encourages diverse entities, including large state-owned enterprises and research institutions, to participate in venture capital, aiming to enhance the operational standards of venture capital institutions [2] - It emphasizes investment in new fields and high-tech sectors, advocating for early-stage, small-scale, and long-term investments in innovative technologies and specialized enterprises [2] Group 2: Government Fund Management - The plan outlines the optimization of government-funded venture capital fund operations, utilizing a "mother fund + sub-fund + direct investment" model to support strategic emerging industries [2] - It introduces a differentiated assessment mechanism for government-funded venture capital funds, focusing on the fund lifecycle and investment areas, while also proposing to extend the duration of these funds [2] Group 3: Support for State-Owned and Foreign Investment - The plan includes measures to improve the management system for state-owned venture capital, ensuring compliance with industry characteristics and establishing a responsibility exemption mechanism [3] - It aims to optimize the Qualified Foreign Limited Partner (QFLP) pilot system to facilitate cross-border investments by eligible foreign venture capital institutions [3] Group 4: Financial Support for Venture Capital - The plan seeks to broaden the sources of venture capital funding, encouraging insurance institutions to invest in venture capital funds and supporting the issuance of corporate bonds by qualified venture capital institutions [4] - It proposes mechanisms for the exit of venture capital investments, including facilitating listings and bond issuances for technology companies, and supporting the transfer of equity investment and venture capital fund shares [4] Group 5: Government Guidance and Policy Support - The plan emphasizes the establishment of mechanisms to connect venture capital with innovative projects, promoting patent commercialization and implementing tax policies to support venture capital [4]

广东省人民政府办公厅近日印发《广东省进一步促进创业投资高质量发展行动方案》（以下简称 《行动方案》），围绕创业投资"募投管退"全链条，从培育高质量创业投资机构、拓宽创业投资资 金来源、健全创业投资退出机制、加强政府引导和政策支持、优化市场环境五个方面，进一步加强 政府引导和政策支持，积极支持广东省创业投资做大做强，促进科技、产业、金融良性循环，推动 创业投资高质量发展。 《行动方案》指出，支持创业投资机构提升发展水平，重点培育一批优秀创业投资机构。 具体来看，鼓励大 型国有企业、行业骨干企业、科研机构、创新创业平台等多元主体参与创业投资，引导创业投资机构规范运 作，提升股权投资、产业引导、战略咨询综合服务能力。 针对国有创投机构，《行动方案》指出，落实和完善国资创业投资管理制度，完善国有资金出资、考核、容 错、退出相关政策措施。 落实新版《外商投资创业投资企业管理规定》，为外国投资者在广东省设立创业投 资机构提供服务保障。 在拓宽创业投资资金来源方面，《行动方案》强调，要加大"险资入粤"力度，支持保险机构按照市场化原则投 资广东省创业投资基金， 保险资金投资创业投资基金穿透后底层资产为战略性新兴产业未上市公司 ...

Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through various measures, focusing on the entire investment chain from fundraising to exit [1][5][7] Group 1: Support for Venture Capital Institutions - The Action Plan emphasizes the cultivation of high-quality venture capital institutions, encouraging participation from diverse entities such as state-owned enterprises and research institutions [1][4] - It highlights the importance of professional development for venture capital institutions, urging them to focus on new fields and high-tech sectors [4][6] Group 2: Funding Sources and Financial Support - The plan aims to optimize the operation of government-funded venture capital funds, seeking to attract national-level funds to invest in Guangdong [5][6] - It encourages insurance institutions to invest in venture capital funds, supporting investments in strategic emerging industries [5][6] Group 3: Exit Mechanisms and Market Environment - The Action Plan includes measures to facilitate the exit mechanisms for venture capital, such as promoting technology companies for public financing and mergers [6] - It calls for the establishment of a mechanism to connect venture capital with innovative projects, enhancing the overall investment environment [6][7] Group 4: Government Guidance and Policy Support - The Action Plan outlines the need for a mechanism to evaluate the consistency of macro policies before implementing significant regulations affecting venture capital [6][7] - It aims to create a favorable financial ecosystem that supports technological innovation and venture capital development [6][7]

智通财经5月16日电，广东省人民政府办公厅印发广东省进一步促进创业投资高质量发展行动方案，积 极推荐突破关键核心技术的科技型企业纳入上市融资、债券发行、并购重组绿色通道。充分发挥沪深交 易所主板、科创板、创业板和全国中小企业股份转让系统（北交所）、区域性股权市场及其"专精特 新"专板功能，拓宽并购重组退出渠道。支持科技型企业进行境外上市备案，畅通外币创业投资基金退 出渠道。积极支持符合条件的创业投资机构申请实物分配股票试点。支持发展并购基金和创业投资二级 市场基金，依法依规支持广东区域性股权市场等开展股权投资和创业投资基金份额转让试点。 广东：积极支持符合条件的创业投资机构申请实物分配股票试点 ...

智通财经5月16日电，广东省人民政府办公厅近日印发《广东省进一步促进创业投资高质量发展行动方 案》，其中提出，落实和完善国资创业投资管理制度，完善国有资金出资、考核、容错、退出相关政策 措施。按照建立国有企业履行战略使命评价的要求，健全符合创业投资行业特点和发展规律的国资创业 投资管理制度，探索按照整个基金生命周期进行考核，建立健全尽职合规责任豁免和激励约束等机制。 广东：完善国有资金出资、考核、容错、退出相关政策措施 ...

欢迎加入投资界读者群 打造全国创业投资高地。 作者 I 吴琼 报道 I 投资界前哨 四川发力了。 以下文章来源于投资界前哨 ，作者吴琼 投资界前哨 . 做投资界最新动态的瞭望者 主动参与出资；防止重复投资和无序竞争。鼓励各级国资加大配资力度， 单一国资对创 业投资基金的出资比例可提高至70% ，特殊情况下允许国资、财政出资部分先行设立运 行。 投资端，四川高校、科研机构众多，相关部门将通过挖掘推送重点项目、打造线上对接 平台、建立线下对接机制等措施，加大机构项目对接，促进资本赋能实体经济，支持科 技成果转化和创新创业。 针对国资"不敢投"难题，四川致力于松绑创业投资基金考核，营造敢投愿投氛围。 一方 面 ， 完 善 风 险 容 忍 与 容 错 免 责 机 制 。 政 府 引 导 基 金 和 国 资 基 金 投 资 损 失 容 忍 率 最 高 60% ， 对 于 投 资 种 子 期 企 业 或 未 来 产 业 的 基 金 ， 可 进 一 步 提 高 至 80%； 单 个 企 业 （ 项 目）最高允许100%亏损。 值得一提的是，去年7月，成都高新区已经率先有类似尝试。本次措施则进一步提出，不 简单以单个项目或单 ...

Group 1 - The core viewpoint of the articles emphasizes the improvement of the entrepreneurial support system in China, which aims to enhance the quality of entrepreneurship and promote high-quality employment [1][2][3] - The recent policy document outlines a comprehensive framework for entrepreneurship, focusing on various stages of investment and management, and aims to attract long-term capital into the venture capital sector [1] - Local governments are implementing supportive measures, such as allowing college graduates to register companies with zero down payment and providing free office space for startups [1] Group 2 - Despite the positive developments, entrepreneurs still face multiple challenges, including excessive government intervention, regulatory gaps, and discrimination against small and private enterprises [2] - The effectiveness of entrepreneurship training and activities is questioned due to a lack of evaluation mechanisms, and there is a persistent issue of financing difficulties for startups [2] - The articles suggest that to further enhance the entrepreneurial ecosystem, it is essential to streamline government-market relations, establish dynamic evaluation mechanisms for training programs, and promote regional collaboration [3]