This article is from the public number:Investment (ID: pedaily2012), author: Ren Qian, Liu whole, from the title figure: vision China
The 4 trillion government guidance fund is welcoming historical changes.
Recently, the Ministry of Finance issued the Ministry of FinanceAbout the 1st Session of the 13th National Committee of the CPPCC National Committee No. 1891 (Taxation Finance No. 168) Reply to the Proposal (hereinafter referred to as “Response Letter”), disclosed the Ministry of Finance replied to the National Committee of the Chinese People’s Political Consultative Conference Committee Zhang Jin’s “On the promotion of government investment fund concentration, better play a guiding role The specific content of the proposal.
Zhang Jin is a member of the National Committee of the Chinese People’s Political Consultative Conference and the chairman of the Board of Directors of the Cedar Holding Group. He once pointed out that the government guided the fund’s ills during the two sessions and made recommendations. Today, the Ministry of Finance officially responded: Consider appropriate establishment of government investment funds, strict control of the establishment of funds.
In addition, the reply letter also talks about the government-led assessment system, “will establish a performance evaluation index system that meets the characteristics of government investment funds, take into account policy objectives and economic benefits, and implement the fund’s overall process performance. Management, strengthen the use of performance evaluation results.”
In this regard, an industry veteran told the investment community that the appropriate withdrawal of the government investment fund establishment authority is to improve the quality of government investment funds, avoid the homogenization and fragmentation of funds, and standardize the guiding funds. It is more favorable. However, as the size of the government-guided fund is reduced, it may be difficult to raise funds for small and medium-sized GPs to some extent.
A “moving knife” triggered by a proposal: consider the appropriate authority to set up a government investment fund
It all started with a proposal seven months ago.
In March of this year, Zhang Jin, a member of the National Committee of the Chinese People’s Political Consultative Conference and Chairman of the Board of Directors of the Cedar Holdings Group, pointed out that the government’s guiding funds have blossomed in the past few years, but behind the comprehensive blowout of quantity and scale, the government investment fund policy objectivesFrequently out of touch with market demand, some funds are caught in the dilemma of “not getting in and not going out”.
Today, the Ministry of Finance responded to these proposals one by one and disclosed the progress of some of the work.
First, regarding the moderate centralization of the fund’s layout, the Ministry of Finance stated that the Interim Measures for the Administration of Government Investment Funds stipulated that “the financial departments at all levels should control the establishment of government investment funds, and must not be in the same industry or Repeated establishment of funds in the field”. In actual work, it is also explicitly required that the financial departments at all levels comprehensively consider the policy objectives, overall funding needs, financial affordability and other factors to strictly control the number of funds, and clean up the established funds to prevent cross-repetition.
In response to the suggestion, the Ministry of Finance indicated that it will seriously consider the revision of the Interim Measures for the Administration of Government Investment Funds. Appropriately set the authority for the establishment of government investment funds, strictly control the establishment of funds, improve the fund Coordinate and coordinate mechanisms to promote the moderate concentration of fund layout.
Secondly, on the issue of strengthening resources and strengthening synergies, the “Guiding Opinions on Financial Capital Injection of Government Investment Funds to Support Industrial Development” stipulates that “the government investment funds should be used reasonably to focus on supporting key industries, and industry leading enterprises can invest through industry. Direct investment by the fund to achieve key breakthroughs and leapfrog development in the industry.”
Next, the Ministry of Finance will promote the government’s investment funds to strengthen overall cooperation, play a policy guiding role, support and strengthen the industry, promote the coordinated development of the industry chain, optimize the industrial layout, and strengthen the industry focus, Support key industry leaders Enterprises are bigger and stronger.
Third, regarding the assessment system, the Ministry of Finance said that in recent years, government investment funds at all levels have accelerated the work of building a performance appraisal system. The Ministry of Finance, together with the relevant departments, took the lead in formulating the Interim Measures for Performance Management and the Implementation Plan for Performance Evaluation, and the performance evaluation of local government investment funds was also promoted simultaneously. The financial departments of Beijing, Hunan, Jiangsu, Shandong, and Shenzhen all carried out performance evaluation work on government investment funds.
Next, the Ministry of Finance will improve the relevant systems in light of the research results, establish a performance evaluation index system that is consistent with the characteristics of government investment funds, take into account policy objectives and economic benefits, implement the performance management of the fund’s entire process, and strengthen the results of performance evaluation. use.
Is the geometry affected by GP?
Then, considering the government’s guidance fund’s authority, it will guide the government’s funds.And what effect does the GP have?
A senior person who specializes in government guidance funds told the investment community that the threshold for setting up government-guided funds will increase, and the number of establishments will be reduced. Previous local departments (such as agriculture, technology, investment, finance, etc.) The establishment of government guidance funds will be possible to focus on overall planning. But in this case, it may increase the difficulty of fundraising for GP.
The head of a management agency with a background of government shareholders in Tianjin also told the investment community that in fact, the government-guided funds in the market are already over-supplied, and they are also facing a lot of investment pressure. After tightening, they will be more standardized for the guiding funds. It is beneficial.
She said frankly, “The top 10 or even the top 5 GPs on the market don’t care about the guidance fund application. We have to compete with 10 to thousands of GPs, and the guidance funds demand varies from place to place, leading us to go. It is not easy to apply, but if you really evaluate this indicator, the GP that the guiding fund can support should be greatly reduced.”
The head of an early investment institution in Beijing feels this. “This will increase the barrier to entry for GPs; it may increase the difficulty of current fundraising, and some small organizations will face survival risks. In the long run, the funds will gather a lot. Departments, the right to speak continues to increase.”
Undoubtedly, strict control of the (government-led) fund establishment means that the number of subsequent establishments will decrease, with the number Reduction, the screening criteria for guiding funds are expected to be more uniform.
Government guidance fund big assessment, after doing so many years, the transcript will be
With the explosive growth of the number and scale of central and local government guidance funds, how to evaluate the implementation effect of government guidance funds has gradually become the focus of government authorities.
In fact, China’s guiding funds started late, and the performance evaluation related policies have undergone a process of gradual improvement from scratch. Judging from the national top-level design documents, the initial provisions on the performance evaluation of the guiding fund are relatively rough, and the subsequent evaluation content is gradually refined.
At this stage, the Ministry of Finance and the National Development and Reform Commission have successively issued documents on the performance evaluation of the government’s guiding funds. The important systems include the Ministry of Finance’s “Guiding Opinions on Financial Investment Funding for Government Investment Funds to Support Industry Development”([2015] 1062), Development and Reform Commission “Notice on Doing a Good Job in the Performance Evaluation of Government Assets Investment Funds” (Change and Reform Finance [2018] No. 1043).
In recent years, with the importance and implementation of the performance evaluation work of the government-guided funds at all levels, the Zero2IPO Research Center has also actively provided services for the performance evaluation of many national, provincial and municipal government-level guidance funds. And play a role as a think tank to help establish and implement performance evaluation work. According to past practice, most government guidance funds still have these problems.
First, the performance evaluation system has not been established or is not yet sound. It is understood that at present, only the financial departments of Beijing, Hunan, Jiangsu, Shandong, Zhejiang, Shenzhen, Foshan, Hengqin and other places have carried out performance evaluation work on government investment funds, and most government guidance funds have not yet established performance appraisal. The system only requires the implementation of performance appraisal in the fund management method. It is not clear how to assess it.
Second, performance evaluation work has not been implemented or is not sufficiently in-depth. Some regional government guidance funds have room for adjustment in the process of approving the establishment of sub-funds, the rationality and uniformity of the criteria for selecting managers, and the scientific nature of the selection mechanism, resulting in the fund manager’s ability experience and funds. Problems such as matching occur, sub-fund operations are blocked or even liquidated in advance.
In addition, due to the failure to establish a regular performance evaluation mechanism, the fund manager’s policy objectives, investment and operation compliance, risk control effectiveness, financial and capital use normativeness, etc. In terms of problems, the establishment of a timely stop-loss mechanism and a dynamic adjustment mechanism for fund management has led to inefficient government-led funds.
It should be pointed out that some local government guidance funds have “heavy investment, light management” or “heavy expenditure, light performance”. The effectiveness of fund use and performance concept are not deep enough, and there are financial funds inefficient or even Invalid use, precipitation of funds, excessive idle funds and other issues.
Third, the performance evaluation application system needs to be established. Some government guidance funds in China have tried and explored the incentive and restraint mechanism for fund managers. However, due to strict financial supervision, incentives, especially incentives, have not been fully reflected, which directly leads to most of the current regions. The application of government guidance funds in performance evaluation resultsThe system is still immature, and the interaction and correlation between performance evaluation results and policy adjustments are not strong. It is necessary to trigger our thinking on the application of government guidance fund performance evaluation to encourage and constrain the reverse promotion of fund professional management and benignity. Operation, further improve the utilization efficiency of the guiding funds, the realization of policy objectives, and the leap-forward development of local economy and industry.
This article is from the public number: investment community (ID: pedaily2012) , Author: Ren Qian, Liu whole