loosen the "tight ring" and break the "fear of investing"
2024-08-31
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original title: loosen the "tight ring" and break the "fear of investing"
recently, chengdu hi-tech zone has taken a big step forward in the fault tolerance mechanism of state-owned venture capital funds. it has set a loss tolerance rate from 80% to 30% for policy funds such as seed, angel, venture capital, industrial investment, and m&a funds, which has attracted widespread attention from the investment community.
state-owned investment funds have always had a low tolerance for risk, as "maintaining and increasing value" is one of the assessment criteria for state-owned capital. this rigid requirement has objectively become a "tight ring" on the heads of state-owned venture capital institutions, and is also an important reason why some institutions "dare not invest."
this time, chengdu hi-tech zone has set a loss tolerance standard with a relatively high tolerance level nationwide, which shows its determination to solve the problem. taking the seed fund as an example, the fund is allowed to have a loss of no more than 80%. during the assessment, it is assessed according to the entire fund life cycle, and no assessment is made on the investment losses of individual projects. in the entire process of seed fund raising, investment, management, and exit, if the relevant person in charge fully performs his job duties in accordance with the regulations, even if the expected goals are not achieved or deviations and errors occur, he will be exempted from liability or have his liability reduced.
the development and growth of science and technology enterprises cannot be separated from the support of innovative capital. today, state-owned venture capital has become an important participant in my country's venture capital market, and has a strong guiding role in social capital. due to the implicit requirement of "only success is allowed, failure is not allowed", many state-owned institutions are prone to risk aversion when investing, and the phenomenon of "better to miss than to make a wrong investment" appears. some institutions even have the idea of "not investing is not bad, and less investment is less wrong".
obviously, this does not conform to the market-oriented laws of investment. investment is a market behavior. it is normal to have gains and losses. it is difficult to meet the requirements of return rate and book profit in the short term. we cannot set an assessment indicator, such as how much profit must be made and how much loss cannot be made. if overly strict risk control indicators and unrealistic accountability systems are imposed on state-owned investment, it will inevitably have a serious impact on investment activities and affect the timeliness and flexibility of state-owned investment decisions to a certain extent.
the tolerance for "exploratory mistakes" relieves state-owned venture capital institutions of their worries and helps them to "take action when it is time to do so". it is understood that many places have recently been exploring fault tolerance mechanisms and due diligence and compliance exemption mechanisms for state-owned venture capital. for example, guangdong province has proposed "not to use the preservation and appreciation of state-owned capital as the main assessment indicator", anhui province has refined and standardized the fault tolerance identification procedures for the audit of state-owned investment in science and technology enterprises, and dongcheng district of beijing has also clearly proposed specific circumstances for due diligence exemption in the performance evaluation of the guidance fund.
of course, in the exploration and practice of the fault-tolerance and exemption mechanism, we must also pay attention to strictly distinguishing between mistakes and dereliction of duty, daring to act and reckless behavior, subjective and objective, and avoid overly broad standards and circumstances for fault-tolerance and exemption, so as to both "cover the bottom line" for those who are brave enough to take responsibility and "open a side door" for those who act recklessly.
wherever the assessment baton points, resources will be allocated. we have reason to believe that the implementation of the fault tolerance and exemption mechanism can loosen the "tight ring" of state-owned venture capital institutions, cultivate and expand patient capital, guide capital to invest early, invest in small, invest in the long term, and invest in hard technology, and "boost" the formation of new quality productivity. (guan jingjing)
source: science and technology daily
