体球网


政府引导基金“动刀”子基金“國家队”撬动社会资本受阻

37只子基金、管理人不乏知名创投、收回承诺出资逾百亿元……

一则由深创投于9月12日在其官网发布的通知,激起行业内一片涟漪。这则通知公示了深圳市政府投资引导基金清理子基金及缩减规模子基金名单,这也是全国首例政府引导基金集中公示清理子基金或缩减参透子基金规模。

ZHENGZAIJINXINGZIJIJINQINGLIHESUOJIANGUIMOGONGZUODEZHENGFUYINDAOJIJINBINGFEIDUCIYIJIA。YIWEIHUANANDEDIFANGZHENGFUYINDAOJIJINNEIBURENSHICHENG,QIZHENGFUYINDAOJIJINZAIGUOLEYINIANCHENGNUOQIYIHOU,YEZAILUXUDUIJIJINJINXINGQINGLI。

9YUE18RI,GUANLISHENZHENZHENGFUYINDAOJIJINDESHENCHUANGTOUBIAOSHI,CICIQINGLIGONGZUO,SHIWEILETIXINGQITAZIJIJINJIAKUAISHELI、CHUZIHETOUZIJINDU,TONGSHIYESHIWEILEHUISHOUSHENZHENSHIYINDAOJIJINWUXIAORENJIAOCHUZIE,QIESHITIGAOSHENZHENSHIYINDAOJIJINZIJINSHIYONGXIAOLV。

YIWEIXINGYERENSHIGAOSUJINGJIGUANCHABAOJIZHE,SHOUZIGUANXINGUILUODIDENGJIANGUANQUYANYINSUYINGXIANG,CIQIANZHENGFUYINDAOJIJINDEZHONGYAOZIJINLAIYUANBEIQIEDUAN,JIEGOUHUAFANGSHIQIAODONGYINXINGZIJINSHOUDAOXIANZHI,MUZINANWENTIJIANGJIXUZUAIZHENGFUYINDAOJIJINFAZHAN。

在此背景下,万亿规模的政府引导基金如何才能更有效地撬动社会资本,成为了业界关注的焦点。

SHOUXIANQINGLIGONGSHI

体球网SHANGSHUTONGZHIXIANSHI,CICISHENZHENSHIZHENGFUYINDAOJIJINQINGLIJISUOJIANSHEJI37ZHIZIJIJIN,BUSHAOZHIMINGCHUANGTOUJIGOUYUNZUODEJIJINHERANZAILIE,RUHOUPOKEJIGUQUANTOUZI、JISHIZICHAN、TONGCHUANGJINXIUDENG。JUTIERYAN,BEIQINGLIDE25ZHIZIJIJINSHEJIJIJINZONGGUIMOWEI646YIYUAN,ZHENGFUYINDAOJIJINSHOUHUICHENGNUOCHUZIJINEYUE140YIYUAN。LINGWAIHAIYOU12ZHIZIJIJINBEISUOJIANGUIMO,ZHIYUSUOJIANDECHENGNUOCHUZIJINE,SHENCHUANGTOUNEIBURENSHIBIAOSHIZANWEIZUOJUTITONGJI。

ZAIBEIQINGLIDEZIJIJINMINGDANLI,CHUXIANLELIANGZHIBAIYIGUIMOJIJIN,JISHENZHENHOUPOGAOKEJICHANYEJIJINHESHENZHENSHIGAOTEJIARUIPENGTOUZIHEHUOQIYE,SHENZHENSHIZHENGFUYINDAOJIJINDUIZHEILIANGZHICHANPINSHOUHUICHENGNUOZIJINDA50YIYUAN。

清理子基金是深圳市引导基金的日常工作,但此次对该情况予以集中公示尚属首次。深创投在9月18日发布公告称,此次被清理的子基金包括两种情况,一是由于子基金社会出资人未募集到位,导致基金逾期未能设立;二是由于子基金管理团队、投资策略或政策法规等发生重大变化,子基金自行放弃设立或放弃申请深圳市引导基金出资,如盈富泰克新兴产业创业投资引导基金等。

体球网BEISUOJIANGUIMODEJIJINZEWEIZIJIJINDEQIANYUEGUIMOXIAOYUSHENZHENSHIYINDAOJIJINTOUZIJUECEGUIMO,SHENZHENSHIYINDAOJIJINZAIGAIZIJIJINDERENJIAOCHUZIEXIANGYINGSUOJIAN,QIEMUQIANGAIZIJIJINSHANGWEIYOUSHIZHIXINGMUZIJINZHAN。“CICIQINGLIGONGZUOYIFANGMIANSHIWEILETIXINGQITAZIJIJINJIAKUAISHELI、CHUZIHETOUZIJINDU,LINGYIFANGMIANSHIWEILEHUISHOUSHENZHENSHIYINDAOJIJINWUXIAORENJIAOCHUZIE,QIESHITIGAOSHENZHENSHIYINDAOJIJINZIJINSHIYONGXIAOLV。”SHENCHUANGTOUTOULU。

体球网SHENZHENSHIYINDAOJIJINTOUZIGONGSIZONGJINGLI、SHENCHUANGTOUFUZONGCAIJIANGYUCAIBIAOSHI,2018NIANSHENCHUANGTOUYEZHENDUIZIJIJINZUOLEQINGLIGONGZUO,DANGSHIHEMEIYIGEXIANGGUANJIJINGUANLIRENDOUJINXINGLEGOUTONG,DANDANGSHIBINGWEIGONGSHI。YOUYUDANGSHISHEHUIZIJINMUJIXIANGDUIRONGYI,BEIQINGLIDEZIJIJINXIANGDUIJIAOSHAO。

体球网“ZHEIBUSHIWEIYIYIPIBEICHULIDEJIJIN,CIQIANSUIWEIGONGSHIDANYEYOUGUO,CIHOUYIBUHUIDUANJUE。MINGNIANWOMENHAIHUIANZHAOGUIDINGDUIBUHEGEDEJIJINZAICIJINXINGQINGLIHESUOJIANGUIMO。”JIANGYUCAICHENG。

TATONGSHIBIAOSHI,ZHEIZHISHIDANZHIJIJINBEIQINGLIHUOSUOJIANGUIMO,BINGBUYIWEIZHEDUIXIANGGUANJIJINGUANLITUANDUIDEFOUDING,BUHUIYINGXIANGYOUXIUJIJINGUANLIRENHOUXUSHENQINGZHENGFUYINDAOJIJINCHUZI。“ZHEIXIEJIGOUCIQIANNENGTONGGUOZHENGFUYINDAOJIJINSHENPI,ZAIYIDINGCHENGDUSHANGJIUYIJINGZHENGMINGLETAMENDESHILI。HOUXU,RUGUOTAMENYIRANXIWANGSHENQINGZHENGFUYINDAOJIJIN,KEYILAIZHONGXINZOUCHENGXU,WOMENHUIANZHAOGUIDINGJINXINGSHENPI。”

“DONGDAO”BEIHOU

子基金被清理或缩减规模背后,是目前政府引导基金落地运作过程中面临问题的集中体现,即在资本体球网寒冬的背景下,政府引导基金撬动社会资本参与的难度越来越大。“这主要是因为大部分政府引导基金依赖社会资本,财政资金占比不足50%,且政府资金是最后进入的,在市场资金紧俏的大环境下,政府引导基金难以落地。”一位华南地方政府引导基金内部人士表示。

RUCIYILAI,YEDAOZHIZHENGFUYINDAOJIJINZHENGTIGUIMOZENGSUKAISHIXIAHUA。SHUJUXIANSHI,2018NIANWOGUOZHENGFUYINDAOJIJINMUBIAOGUIMOJIAO2017NIANXIADIELE42.54%。JINNIANSHICHANGQINGKUANGZEGENGBULEGUAN,XINSHEJIJINSHULIANGHEMUBIAOGUIMOJUNDAFUXIAHUA,YIDIEHUIZHI2014NIANSHUIPING。

SHENCHUANGTOUCENGTOULU,CHUANGTOUJIGOUZAIXIANGSHENCHUANGTOUSHENQINGLEZHENGFUYINDAOJIJINZHIHOU,DAOQUNIANNIANDIHAIYOUYU20%DEZIJIJINCHENGLIBULE,SUIRANJIANGYUCAIBIAOSHIZHIZHIJINRIGAISHUJUYEMEIYOUFEICHANGXIANZHUDETISHENG,DANDANGQIANSHEHUIMUZINANDEXIANZHUANGYICHENGWEISHEHUIGONGSHI,BUSHAOZHIMINGJIGOUDEGEBIECHANPINYECHUXIANLEMUZINANDEWENTI。

体球网DANRUGUOBASHIJIANLAHUIDAOLIANGNIANQIAN,YOUSHILINGYIFANJINGXIANGLE。