政府投资基金赋能新质生产力的运行逻辑和优化路径  

The Operational Logic and Optimization Paths of Government Investment Funds in Empowering New-quality Productive Forces

作　　者：张晓旭 王励晴 Zhang Xiaoxu;Wang Liqing

机构地区：[1]东北财经大学公共管理学院 [2]国家发展改革委城市和小城镇改革发展中心 [3]国家发展改革委投资研究所

出　　处：《宏观经济研究》2025年第3期18-27,共10页Macroeconomics

摘　　要：政府投资基金作为创新性金融工具,在培育新质生产力、激发民间投资活力中具有战略意义,是应对新一轮科技革命、践行中国特色金融发展道路的重要抓手。本文基于理论分析和实践观察,系统探讨中国政府投资基金的运行逻辑与效能。理论层面,政府投资基金发展植根于中国特色社会主义市场经济,兼具政策导向和市场效率双重属性,已形成规模效应与制度优势。实践层面,政府投资基金通过开辟战略赛道、培育创新主体、贯通科技创新堵点、壮大耐心资本四重路径赋能新质生产力。然而,当前中国政府投资基金存在投向精准度不足,“募—投—管—退”循环不畅,机构专业能力有待提升,政策协同不足等现实问题。为此,建议聚焦四大投资方向优化布局,畅通资本市场、“科技—产业—金融”与国内外投资的良性循环,构建多层次、市场化、政策协同的保障体系,进一步提升政府投资基金服务国家战略的整体效能。As an innovative financial tool,government investment funds are of strategic significance in cultivating new quality productivity forces and stimulating the vitality of private investment,and it is an important hand to cope with the new round of scientific and technological revolution and practice the road of financial development with Chinese characteristics.Based on theoretical analysis and practical observation,this article systematically discusses the operation logic and effectiveness of Chinese government investment funds.At the theoretical level,the development of government investment funds is rooted in the socialist market economy with Chinese characteristics,with the dual attributes of policy orientation and market efficiency and has already formed a scale effect and institutional advantages.At the practical level,government investment funds have empowered new quality productivity forces through opening strategic tracks,cultivating innovative subjects,penetrating scientific and technological innovation blockages,and expanding patient capital.However,the current Chinese government investment funds have problems such as lack of precision in investment direction,poor circulation of‘raising-investing-managing-returning',professional capacity of institutions needs to be improved,and lack of policy synergy,etc.In this regard,it is recommended to focus on the optimization of the layout of the four major investment directions,smooth the virtuous cycle of the capital market,‘science and technology-industry-finance'and domestic and foreign investment,and build a multi-level,market-oriented and policy-coordinated guarantee system to further enhance the overall effectiveness of the government investment funds in serving the national strategy.

关 键 词：政府投资基金 新质生产力 市场化运作 政策协同 

分 类 号：F832.48[经济管理—金融学]