21世纪经济报道 赵娜 报道 同样是在谈"激励"与"容错"，国有投资机构如今最关心的问题，已经从"有没有"转向"如何建得好、用 得实"。 LP投顾发布的《2025国有投资机构激励与尽职免责（容错）机制调研报告》（以下简称《报告》）显 示，股权投资市场国资机构的容错机制建立率在2025年出现回落，与此同时，支持设定固定容亏率的受 访机构占比却明显增多——一降一升之间，折射出的是国资机构对风险边界、问责压力与投资激励的再 平衡。 过去五年，国资机构容错机制建立率经历了从初步普及到深度反思的一轮周期。调研数据显示，已建立 容错机制的受访机构比例从2020年的52.5%稳步攀升至2024年的63.16%；2025年，这一比例调整为 41.91%，同时49.52%的机构处于筹备研究阶段。 究竟应如何理解容错机制建立率下降？"容错机制建立率的'回撤'迹象表明，行业已经走出了单纯追求 机制覆盖率的阶段，转而进入对制度有效性和可操作性的深度反思与实质性建设期。"LP投顾研究团队 认为，国资机构在容错机制建设方面正从"流于形式的原则性条款"走向"精细化的制度设计"。 这一转向，与风险容忍度的变化相互呼应。《报告》显示，相比数年 ...

Core Insights - The report highlights the internal conflict faced by state-owned investment institutions between the rigid requirement of "preserving and increasing value" and the encouragement of innovation through a fault-tolerant mechanism [2][3] Group 1: Performance Assessment Changes - The performance assessment system for state-owned investment institutions is undergoing significant structural adjustments, with policy functions now surpassing financial returns for the first time [3] - In 2025, the weight of financial return indicators in performance assessments is expected to drop to 48.57%, falling below policy-related indicators such as investment progress and fundraising tasks [3] - This shift indicates a transition in the role of state-owned investment institutions from balancing policy effects and economic benefits to serving national strategies and local industrial development [3] Group 2: Fault-Tolerant Mechanism Development - The establishment of fault-tolerant mechanisms has evolved from mere coverage to a focus on effectiveness and operability, with institutions recognizing the need for detailed institutional designs [4] - A significant 67.62% of surveyed institutions believe that the uncertainty in the definition and scope of fault-tolerant mechanisms by disciplinary inspection departments is the biggest barrier to implementation [4] - The lack of clear, unified, and operable execution guidelines is also a major concern, with 65.71% of institutions highlighting this issue [4] Group 3: Risk Tolerance and Quantification - There has been a notable shift in the industry's attitude towards setting risk thresholds, with a majority now seeking clear, quantifiable loss tolerance ratios as a basis for compliance exemptions [5][6] - For early-stage investments, 28.57% of institutions are willing to accept loss ratios between 50% and 70%, while for later-stage investments, 46.67% believe loss ratios should be limited to between 20% and 50% [5] Group 4: Incentive Mechanism Challenges - Although 86.66% of institutions have established performance assessment systems, only 42.86% have corresponding incentive mechanisms, with financial incentives being limited [7] - The core issues identified in the incentive mechanisms include insufficient motivation and a lack of flexibility, making it difficult to attract and retain key talent [7] Group 5: Investment Environment Outlook - The investment environment for 2025 appears cautious, with only 45.71% of institutions planning to initiate or participate in new fund establishments [8] - A significant 91.43% of institutions identify "difficult exit channels" as the primary challenge, which severely impacts key performance indicators and the ability to raise new funds [8] Group 6: Recommendations for Improvement - The report suggests establishing a coordinating role for state asset regulatory departments to promote a unified review mechanism and reduce uncertainties from multiple regulations [9] - It also calls for the creation of a clear "positive list" for due diligence actions and the establishment of a long-term assessment system based on the entire lifecycle of funds [9]

Core Insights - The article highlights the transformation of state-owned investment institutions from mere "fund providers" to "industry cultivators," emphasizing their role as "patient capital" in supporting high-tech and emerging industries [1][4] - The report released by LP CLUB focuses on the incentive and error-tolerance mechanisms for state-owned investment institutions, aiming to ignite team vitality and alleviate investment concerns through effective incentives and error tolerance [1][4] Group 1: Industry Background - State-owned capital has increasingly dominated the private equity investment landscape, particularly in strategic sectors like hard technology, advanced manufacturing, and biomedicine, positioning these institutions as a "ballast" [4] - The policy trend for 2024-2025 indicates a shift towards "strategic focus, mechanism relaxation, and standard refinement," with an emphasis on quality improvement over mere scale expansion [4] - State-owned investment institutions face dual challenges of maintaining baseline security while fostering team motivation, necessitating the establishment of effective incentive and error-tolerance systems [4][20] Group 2: Research Highlights - The report is based on empirical data from 33 institutions, primarily from East and South China, with 79% managing between 2 to 50 billion yuan [7] - Key findings reveal that while 82% of institutions have incentive mechanisms, they are often limited in diversity and effectiveness, with 67% relying on basic salary and performance bonuses [11][16] - Only 30% of institutions have established error-tolerance mechanisms, with many lacking formal documentation and facing long recognition periods [20][24] Group 3: Case Studies - The report includes in-depth analyses of successful local cases, such as the Guangzhou Development Zone Science and Technology Innovation Fund, which allows for a 100% loss tolerance to stimulate early-stage investments [12][27] - The Shanghai state-owned venture capital fund has raised over 600 billion yuan, focusing on strategic emerging industries and implementing a multi-dimensional evaluation system for fund performance [33] Group 4: Recommendations and Future Outlook - The report suggests optimizing incentive mechanisms by diversifying tools and extending evaluation periods to align with the long-term nature of venture capital [36] - It emphasizes the need for clearer error-tolerance standards and improved efficiency in recognition processes to enhance investment courage [38][40] - The establishment of a supportive ecosystem through industry associations and third-party services is recommended to bolster the operational framework of state-owned investment institutions [41]