Abstract:
Cultivating and developing new quality productive forces requires expanding the scale of patient capital. From both theoretical and practical perspectives, private equity funds relatively align with the standards of patient capital. However, the current mechanism between government parent funds and sub-funds needs to be improved. To encourage sub-funds to grow into patient capital that accords with the innovation cycle, government guidance funds must enhance their "patience, " establishing mechanisms for fault-tolerant liability exemption and performance incentives for sub-funds. Based on this, the paper adopts a goal-oriented theory to design a "patience" evaluation system survey questionnaire. Based on large-scale offline and online survey data, the study constructs a "patience" evaluation system for government guidance funds, scoring and ranking 1000 local government guidance funds. It also examines the relationships between the "patience" of government guidance funds and the number of regional sub-funds, the number of early- and mid-stage investment projects, and the number of companies listed on the STAR Market. The findings reveal that sufficient fiscal revenue supports the funding scale and "patience" of government guidance funds, boosting the amount of regional equity financing and the quality of science and technology innovation. Moreover, the presence of more high-quality and high-tech enterprises further incentivizes government guidance funds to increase their funding scale and "patience, " leading to a positive feedback loop. In addition, this article deduces the principle of liability exemption for managers' due diligence and compliance from the legal perspective of partnership relationships and compliance systems. It recommends that government guidance funds adopt "patience" as a performance evaluation metric and treat sub-funds funded by different sources equitably, promoting the high-quality development of sub-funds and science and technology innovation enterprises.
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