中国才是世界最大的风投公司

西方投资者们正在谨慎地减少对初创公司的投资，并且认为独角兽公司的黄金时代已经结束，但与此相反，中国政府支持的风投基金，却募集了全球规模最大的创业投资资金。

其资金规模有多大呢？异常庞大！——2015年风投公司对中国初创公司的投资总额为322亿美元，2016年的风投基金规模几乎是这一金额的10倍。

据 Zero2IPO报道，为了加快中国经济从重工业向消费拉动型经济转型，中国政府支持的风险投资基金在2015年募集了1.5万亿元，约合2,310亿美元。

这些基金管理的资产规模增加了两倍，达到3380亿美元，相当于2015年世界其他风险投资公司筹集资金总额的五倍。资金来源主要为税收收入或国家支持的贷款。这些资金将注入中国780个风投基金。

政府希望通过鼓励创业帮助拉动市场，但并非所有人都认为这一计划能够奏效。

启明创投（Qiming Venture Partners ）创始人盖里•瑞斯彻告诉彭博社：“中国政府幻想着，只要给人们提供资金，就能培养出成功的企业家。但结果可能是政府蒙受灾难性的损失。”

瑞斯彻的观点有一定的道理：目前这些基金都属于试验性质，中国政府并没有确立管理这780个基金及其投资的标准方法。

但有一点可以确定：投资管理公司若今年的投资规模不足，明年管理的资金很有可能会缩水。对于这种情况，上海戈壁创投（Gobi Partners）的合伙人徐晨认为，这可能鼓励不负责任的投资。

但这也意味着，不仅独角兽公司，那些默默无闻的小公司也有机会获得投资。

2015年夏天的股市崩溃，让陷入恐慌但资金充裕的中国投资者，转向了创业投资。如今，中国科技初创公司的估值已经达到高点。投资者希望，逃离股市、转而投资初创公司能够带来更高的回报。（财富中文网）

译者：刘进龙/汪皓

While investors in the West have carefully trimmed their stakes in startups and announced the end of the golden age of unicorns, China’s government-backed venture capital funds have amassed the world’s biggest startup pool, reports Bloomberg.

And it’s enormous—reaching almost 10 times the amount spent by venture capital firms on Chinese startups in 2015: $32.2 billion.

In bid to ease the slowing Chinese economy into a consumer-based rather than heavy industry-focused one, the country reportedly raised about 1.5 trillion yuan, or $231 billion, in state-backed venture funds through 2015, according to Zero2IPO.

That tripled its assets under management to $338 billion. The money, which is almost five times the amount raised by any other venture firm in the world in 2015, comes mostly from tax revenues or state backed loans, and is funneled into some 780 funds across the country.

The government is riding on the hope that entrepreneurship will help boost the market, but not everyone agrees the plan will work.

“They have a fantasy that if they give everyone money they’ll create entrepreneurs,” Gary Rieschel, the founder of Qiming Venture Partners told Bloomberg. “What it will result in is catastrophic losses for the government.”

Rieschel’s comments could have some merit: the funds are experimental and China has no standardized method for its 780 funds to be managed or funded.

One thing is sure though: investment managers who don’t spend enough funding could potentially see a smaller amount to manage the next year. And that could incentivize irresponsible spending, said Ken Xu, a partner at Shanghai-based Gobi Partners.

But it could also mean that untested names, rather than unicorns, might get their chance.

Chinese tech startups valuations are already high following the summer stock market rout that sent panicked, albeit wealthy, Chinese investors toward the startup space. The hope was for higher returns than what they would’ve gained from the volatile stock markets.