政府引导基金与股权财政转型:政策创新与实践路径  

Government-Directed Funds and the Transformation of Equity Finance:Policy Innovation and Practical Pathways

作　　者：张义斌 刘臣祥 ZHANG Yibin;LIU Chenxiang(Nanzhang County State-owned Capital Investment Group Co.,Ltd.,Xiangyang 441000,China)

机构地区：[1]南漳县国有资本投资集团有限公司,襄阳441000

出　　处：《中国证券期货》2025年第2期63-68,共6页Securities & Futures of China

摘　　要：面对传统“土地财政”模式增长乏力的困境,中国地方政府正加速向“股权财政”转型,以政府引导基金为核心工具,通过资本运作撬动社会资本,驱动产业升级与经济高质量发展。本文结合南漳县实践案例及行业数据,系统剖析股权财政的逻辑优势与转型必然性,揭示政府引导基金“杠杆撬动、长期收益、产业导向”的核心价值,并以合肥“以投带引”模式为例,验证其在产业集群培育中的有效性。文章进一步指出当前政府引导基金发展面临的瓶颈,包括隐性债务风险、绩效管理短板、县级基金盲目扩张等,并提出分级审批、市场化遴选、强化投后管理等政策优化路径。研究强调,随着《关于促进政府投资基金高质量发展的指导意见》(以下简称“2025国办1号文”)的落地,政府引导基金将进入规范化与高质量发展新阶段,其功能定位从“招商引资”转向“政策目标综合实现”,未来需在合规性、市场化与产业导向间寻求平衡,为全国统一大市场建设及经济结构升级提供长效动能。The traditional“land-based fiscal”model in China is facing diminishing growth,prompting local governments to accelerate the transition to a“equity-based fiscal”model.With government-guided funds as a core tool,local governments are leveraging capital operations to attract social capital,drive industrial upgrading,and promote high-quality economic development.This article,drawing on the practical case of Nanzhang County and industry data,systematically analyzes the logical advantages and inevitability of this fiscal transformation.It reveals the core value of government-guided funds in terms of“leverage,long-term returns,and industrial orientation,”and uses Hefei’s“investment-driven attraction”model as an example to validate its effectiveness in cultivating industrial clusters.The paper further identifies current bottlenecks in the development of funds,including hidden debt risks,shortcomings in performance management,and the blind expansion of county-level funds.It proposes policy optimization paths such as tiered approval,market-based selection,and enhanced post-investment management.The study emphasizes that with the implementation of the“Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds”(hereinafter referred to as the“2025 State Council No.1 Document”),government-guided funds will enter a new stage of standardization and high-quality development.The functional positioning of these funds will shift from“attracting investment”to“comprehensive achievement of policy goals.”In the future,a balance must be sought between compliance,marketization,and industrial orientation,providing long-term momentum for the construction of a unified national market and the upgrading of the economic structure.

关 键 词：政府引导基金 股权财政 基金招商 财政资本化 高质量发展 

分 类 号：F812.7[经济管理—财政学]