政府投资基金的运行成效与改革展望  

Performance and Reform Prospects of Government Investment Funds

作　　者：汪德华[1,2] 杨璐 WANG De-hua;YANG Lu(Faculty of Applied Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China;National Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100006,China;School of Public Policy&Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]中国社会科学院大学应用经济学院,北京102488 [2]中国社会科学院财经战略研究院,北京100006 [3]清华大学公共管理学院,北京100084

出　　处：《经济问题》2025年第2期1-11,共11页On Economic Problems

基　　金：国家自然科学基金面上项目“积极财政政策的经济效应”(72073140);中国社会科学院创新工程项目“现代财税体制建设与中国式现代化”(2023CJYA02-A002);中国社会科学院重大创新项目“深化财税体制改革的重大问题研究”。

摘　　要：作为一类偏重市场化运转的新型政府投融资工具,政府投资基金通过支持战略性新兴产业和关键技术领域,推动了中国产业链的升级和区域经济的协调发展。然而,由于其兼具政策性和市场化的双重属性,政府投资基金在实际运作中面临诸多挑战,包括政策目标与市场机制之间的冲突、对民间资本的“挤出效应”、对产能过剩的潜在助推作用、缺乏容错机制以及绩效评价体系不完善等问题。按照二十届三中全会提出的“更好发挥政府投资基金作用”的改革要求,未来应通过确保政府投资基金与经济需求相契合、避免挤占社会资本、强化对新增有效投资的撬动作用、建立容错机制和科学的绩效评价体系、辅以前瞻性市场研究并加强审计与治理能力等手段,进一步提升政府投资基金的运作效率,确保其在推动国家经济高质量发展中的长效作用。As a type of new government financing and investment instruments tool that leans towards market oriented operations,government investment funds have facilitated the upgrading of China’s industrial chains and the coordinated development of regional economies by supporting strategic emerging industries and key technologi-cal sectors.However,given their dual attributes of policy-driven and market-oriented functions,government in-vestment funds face numerous challenges in practice.These include conflicts between policy objectives and market mechanisms,the“crowding-out effect”on private capital,potential contributions to excess capacity,a lack of fault-tolerant mechanisms,and an underdeveloped performance evaluation system.In line with the reform mandate from the third plenary session of the 20th Central Committee of the Communist Party of China to“better leverage the role of government investment funds”,future efforts should aim to enhance the operational efficiency of govern-ment investment funds by ensuring that government investment funds meet economic needs,avoiding the crowd out of social capital,strengthening the leverage effect on new effective investment,establishing a fault-tolerant mechanism and a scientific performance evaluation system,supplemented by forward-looking market research,and strengthening audit and governance capabilities.To ensure its long-term role in promoting the high-quality de-velopment of the national economy.

关 键 词：政府投资基金 投融资改革 容错机制 

分 类 号：F283[经济管理—国民经济]