in recent years, many local governments have actively explored the use of industrial investment funds to guide the investment of private capital. in just a few years, they have generated a scale of several trillion yuan, playing a decisive role in supporting innovation and entrepreneurship, and industrial transformation and upgrading.
however, it should also be noted that due to the rapid development of industrial funds and uneven regional development, problems such as insufficient marketization of investment decisions, unstable management team and inadequate post-investment management exist to some extent.
to solve these problems, better play the role of funds, promote industrial development, the most fundamental is to strengthen the professional construction of industrial investment funds, mainly to achieve three goals.
first, it is conducive to high-quality investment. emerging industry projects are characterized by long investment time, high investment intensity and high uncertainty of investment results. an equity investment in an industrial project requires at least months or years of follow-up research. first, study the prospects of the project. whether the scale of the industry is large enough, whether the development prospect is good enough, whether the technical route is leading, how the competition situation and many other problems need professional research and judgment, otherwise it is easy to cause investment failure due to technology iteration, repeated investment and limited industry development. second, whether the investment price is reasonable. price disobedience leads to "good projects" that are not necessarily "good investments." "good investment" has high requirements on whether the financial due diligence is sufficient, whether the structural design is reasonable and whether the risk control measures are perfect. thirdly, whether the commercial terms are reasonable or not. many important legal provisions are buried deep in the contract text, such as transaction preconditions that may invalidate the project investment, or individual clauses such as drag and sell rights that may lead to passive sale of project equity, which are highly professional.
second, it is conducive to post-investment management and exit. a common practice in the investment industry is "thinking ahead, thinking back first", that is, before making an investment decision, we should figure out the exit path and way. completing investments is only the beginning of the investment management lifecycle, not the end of the process. is different from the use of fiscal funds transfer, effective project management can not only with an expert commenting process compliance can be achieved, the need for a specialized government industrial investment fund management team for several years or even ten years continuous track, supervise the implementation of investment terms, corporate governance mechanism, and seize the fleeting market opportunities from the operation.
third, it is conducive to creating a cultural and social atmosphere that tolerates failure and encourages innovation. a number of documents issued by the central and local governments have explicitly stated that investment should be tolerant of failure and encourage innovation. however, in practice, some places tend to go to the extremes of over-cautious investment resulting in poor results or reckless investment. the professional entrusted management of industrial investment fund can solve this problem and give full play to the advantages of long-term management mechanism. meanwhile, government departments can introduce scientific assessment mechanism and entrusted management mechanism for professional teams, so as to achieve equal rights and responsibilities, stimulate the drive of professional teams and improve management efficiency.
relying on real projects, iif is significantly higher than "pepper" industrial subsidies or over-developed or redundant infrastructure projects in terms of investment effectiveness. in the current complex international economic situation, it is more necessary for industrial investment fund managers to practice their internal skills, focus on professional construction, and promote high-quality development of china's real economy through high-quality investment.
source: economic daily