Article(id=1322239913874019227, tenantId=1146029695717560320, journalId=1146120045056339983, issueId=1322239906936640344, articleNumber=null, orderNo=null, doi=10.12404/j.issn.1002-980X.J26041901, pmid=null, cstr=null, oa=null, hot=null, price=null, onlineType=0, articleFormat=0, articleType=null, articleTypeStr=null, receivedDate=1776528000000, receivedDateStr=2026-04-19, revisedDate=null, revisedDateStr=null, acceptedDate=null, acceptedDateStr=null, onlineDate=1793176161496, onlineDateStr=2026-10-28, pubDate=1782316800000, pubDateStr=2026-06-25, doiRegisterDate=null, doiRegisterDateStr=null, onlineIssueDate=1793176161496, onlineIssueDateStr=2026-10-28, onlineJustAcceptDate=null, onlineJustAcceptDateStr=null, onlineFirstDate=null, onlineFirstDateStr=null, sourceXml=null, magXml=null, createTime=1793176161496, creator=13701087609, updateTime=1793176161496, updator=13701087609, issue=Issue{id=1322239906936640344, tenantId=1146029695717560320, journalId=1146120045056339983, year='2026', volume='45', issue='6', pageStart='1', pageEnd='145', issueExtLink='null', onlineDate='null', pubDate='1782316800000', pubDateStr='2026-06-25', beforeIssueId=null, nextIssueId=null, price=null, status=1, issueComplete=1, articleOrder=1, issueType=-1, specialIssue=null, createTime=1793176159842, creator='13701087609', updateTime=1793176159842, updator='13701087609', preIssue=null, nextIssue=null, articleTotal=null, ext=null, issueFiles=null, downloadFileDto=null}, startPage=1, endPage=14, ext={EN=ArticleExt(id=1322239915677569948, articleId=1322239913874019227, tenantId=1146029695717560320, journalId=1146120045056339983, language=EN, title=Government Investment Funds: Theory, Stylized Facts with Chinese Characteristics and Research Prospects, columnId=1149284495141983177, journalTitle=Journal of Technology Economics, columnName=Macro Technology Economics, runingTitle=null, highlight=null, articleAbstract=

Government investment funds leverage fiscal capital to guide and mobilize private capital toward key sectors. They have become a core component of the science and technology finance system and an important instrument for local governments to cultivate emerging industries and attract investment. The development history of Chinese government investment funds and their operational model of "fundraising, investing, managing, and exiting" are introduced. A micro-level database was constructed, covering the establishment of more than 1,900 government investment funds, over 20000 equity investment events, and more than 6,000 exit events. Several stylized facts are documented. Since 2014, when the central government began to restrict irregular preferential policies adopted by local governments, including tax incentives, fiscal subsidies, and land concessions, government investment funds have expanded rapidly as an alternative tool for promoting regional industrial development. Strong local investment preferences are exhibited by local government funds. The overall industry allocation of fund investments is dispersed, yet convergence in strategic emerging industries generates the risk of low level redundant construction. Exit channels are relatively limited and are significantly affected by the IPO policies of the China Securities Regulatory Commission. Regional disparities are widening, and central and western provinces display the characteristics of numerous establishments, difficult exits, and low returns. Several future research directions are proposed from the perspectives of sample selection, research orientation, risk assessment, and performance evaluation. A factual basis and directional insights are provided for regulating local governments' economic promotion behavior, advancing the high-quality development of government investment funds, and cultivating patient capital under a model that combines an effective market with a proactive government.

, authors=Zhifan Lin¹, Zishen Tang², authorsList=Zhifan Lin, Zishen Tang, authorCompany=null, correspAuthors=Zishen Tang, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1322239915895673757, articleId=1322239913874019227, tenantId=1146029695717560320, journalId=1146120045056339983, language=CN, title=政府投资基金：理论、中国特色事实与研究展望, columnId=1147991617132294261, journalTitle=技术经济, columnName=宏观技术经济, runingTitle=null, highlight=null, articleAbstract=

政府投资基金通过财政出资引导、撬动社会资本投向关键领域，成为科技金融体系的核心载体，也是地方政府培育新兴产业及招商引资的重要工具。本文在介绍中国政府投资基金发展史及“募投管退”运作模式基础上，构建涵盖1900余支政府投资基金设立、逾2万笔股权投资事件和六千余条退出事件的微观数据库，刻画其典型事实：①始于2014年中央对地方政府不规范的税收、财政补贴、土地等优惠政策的约束，政府投资基金作为促进区域产业发展的替代工具快速扩张；②地方政府基金投资呈强烈的本地偏好；③基金投资的行业整体布局分散，但在战略性新兴产业的趋同有低水平重复建设风险；④基金退出渠道单一且受证监会IPO政策的影响较大；⑤区域分化加剧，中西部省份呈“设立多、退出难、回报低”的特征。本文进而从样本选择、研究视角、风险评估、绩效评价等方面探讨若干研究方向，以期为规范地方政府经济促进行为、推动政府投资基金高质量发展、在有效市场与有为政府相结合模式下培育耐心资本提供事实基础与方向启示。

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林志帆（1989—），北京师范大学湾区国际商学院副教授，博士研究生导师，研究方向：财税政策、中国资本市场、政府投资基金；

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林志帆（1989—），北京师范大学湾区国际商学院副教授，博士研究生导师，研究方向：财税政策、中国资本市场、政府投资基金；

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journalId=1146120045056339983, articleId=1322239913874019227, language=CN, orderNo=6, keyword=耐心资本)], refs=[Reference(id=1322239917959271358, tenantId=1146029695717560320, journalId=1146120045056339983, articleId=1322239913874019227, doi=null, pmid=null, pmcid=null, year=null, volume=null, issue=null, pageStart=null, pageEnd=null, url=null, language=null, rfNumber=[1], rfOrder=0, authorNames=null, journalName=null, refType=null, unstructuredReference=陈雨露，蓝焕琪，马勇．金融创新、金融结构与企业创新［J］．经济研究，2025，60（3）：38-53．, articleTitle=null, refAbstract=null), Reference(id=1322239918034768831, tenantId=1146029695717560320, journalId=1146120045056339983, articleId=1322239913874019227, doi=null, pmid=null, pmcid=null, year=null, volume=null, issue=null, pageStart=null, pageEnd=null, url=null, language=null, rfNumber=[2], rfOrder=1, authorNames=null, journalName=null, refType=null, unstructuredReference=高昊宇．培育壮大耐心资本与中国科技创新［J］．人民论坛，2024（16）：28-31．, articleTitle=null, refAbstract=null), 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