新质生产力背景下政府引导基金退出机制的优化路径

Study on Optimizing the Exit Mechanism of Government Guided Funds Under the Background of New Quality Productive Forces

在培育和发展新质生产力背景下,政府引导基金退出机制在实际操作中面临着诸多挑战,现有“提前退出”等制度安排着重保护政府出资人利益,可能引发其与社会资本投资者和普通合伙人之间的利益失衡。为最大限度地发挥政府引导基金对社会资本的引导效应,优化政府引导基金的退出机制应从多方利益平衡的视角出发,兼顾考虑社会资本投资者和普通合伙人的群体利益,支持新兴产业发展的社会公共利益。政府引导基金退出机制的优化路径应该基于利益平衡视角,从理念、机制、渠道这3个方面着手:各地政府引导基金从理念上应进一步明确政府引导基金退出的条件,从机制上应完善相关容错机制和尽职免责机制,积极试点畅通政府引导基金的退出渠道。

Under the background of cultivating and developing new quality productive forces,the exit mechanism of government-guided funds faces many challenges in actual operation,and the existing institutional arrangements,such as“early exit”,focus on protecting the interests of government contributors,which may lead to an imbalance of interests between them and social capital investors and general partners.In order to maximize the effect of government-guided funds on social capital,the exit mechanism of government-guided funds should be optimized from the perspective of balancing the interests of multiple parties,taking into account the group interests of social capital investors and general partners,as well as the social public interest of supporting the development of emerging industries.Based on the analysis of the perspective of balance of interests,this paper proposes the optimization path of the exit mechanism of government-guided funds from three aspects:firstly,the concept of government-guided funds around the world should further clarify the conditions for the exit of government-guided funds,and secondly,the mechanism should improve the relevant fault-tolerance mechanism and due diligence and responsibility exemption mechanism,and thirdly,it should actively pilot and smooth the exit channels of government-guided funds.