地方政府引导基金区域模式比较研究——以苏州、合肥、上海和深圳为例
A Comparative Study on Regional Models of Local Government Guided Funds—Taking Suzhou, Hefei, Shanghai and Shenzhen as Examples

地方政府引导基金对我国经济发展至关重要，苏州、合肥、上海和深圳模式颇具代表性。合肥由政府主导，围绕战略性新兴产业投资，实现产业发展与国资增值，面临决策和竞争挑战；上海聚焦高端制造业，基金与园区协同，推动产业升级，有资源和金融等风险；苏州依托园区，全生命周期布局，发展硬科技，面临产业同质和土地紧张问题；深圳“财政 + 国资”驱动，培育新兴产业，存在资源整合和人才竞争难题。各地模式各有特色，其他地区可借鉴经验，定位自身，完善管理与政策，推动基金发展。
Local government guidance funds are crucial to China’s economic development, and the models of Suzhou, Hefei, Shanghai and Shenzhen are quite representative. Hefei, led by the government, focuses on investment in strategic emerging industries to achieve industrial development and national capital appreciation, and faces decision-making and competition challenges. Shanghai focuses on high-end manufacturing, the fund and the park cooperate to promote industrial upgrading, and there are resources and financial risks; Suzhou relies on the park, the whole life cycle layout, the development of hard science and technology, faced with the problem of industrial homogeneity and land tension; Shenzhen is driven by “finance + state-owned assets” to cultivate emerging industries, and there are problems in resource integration and talent competition. Each region has its own model, and other regions can learn from experience to position themselves, improve management and policies, and promote the development of the fund.