摘要
2022年是国企改革三年行动的决胜之年，也是党中央提出完善以“管资本”
为主国有资产管理体制，组建若干国有资本投资运营公司的第九个年头。经过九
年的实践，中央层面 21家国有资本投资、运营公司的试点企业在优化国有资本
布局、推进战略性新兴产业培育等方面均取得了良好的成效。但不可忽视的是，
地方层面国有资本投资、运营公司的试点工作存在诸多问题：地方国资委授权放
权改革不彻底；试点企业法人治理结构不完善，专业化投资运营能力不足；资本
运作还未形成清晰高效的模式，难以实现国有资本布局优化目标。
基于此，本文提出研究问题：深圳市投资控股有限公司作为地方性国有资本
投资公司是怎样围绕优化国有资本布局，培育战略性新兴产业的功能定位进行运
作的，其运作的效果如何，形成了哪些可复制可推广的经验。本文主要对深投控
优化国有资本布局模式进行分析，研究发现其运营模式为：通过金融产业集群为
种子期中小微科技企业提供全生命周期金融服务，缓解科技企业融资约束，激发
企业创新活力；通过科技园区产业集群聚合创新资源，促进创新要素流动，促进
前瞻性未来产业集群化发展；通过科技产业集群加强产业链、供应链自主可控能
力，摆脱价值链低端锁定困境，提高价值链定位。进一步对深投控运营绩效进行
系统评价发现，其国有资本布局优化模式有效提高了国有资本流动性，保证了国
有资本的保值增值，实现了市场和社会的双重效益。最后，将其发展经验总结为
“创新授权经营体制，打造产业集群发挥协同发展优势，打造基金群股权投资模
式，实施‘主业+金融’的产融结合化发展，坚持国有资本有进有退原则”这五
个方面。
关键词：国有资本布局优化地方国有资本投资公司国有资本运营绩效评价
III

Research on State-owned Capital Optimization Layout Mode and
Performance of Local State-owned Capital Investment Company
——A Case Study of Shenzhen Investment Holdings
Abstract
2022 is the decisive year for the three-year reform of state-owned enterprises, and
it is also the ninth year that the Party Central Committee proposed to improve the
management system of state-owned assets focusing on "capital management" and to
establish several state-owned capital investment and operation companies. After nine
years of practice, 21 pilot enterprises of state-owned capital investment and operation
companies at the central level have achieved good results in optimizing the layout of
state-owned capital and promoting the cultivation of strategic emerging industries.
However, it cannot be ignored that there are many problems in the pilot work of
state-owned capital investment and operation companies at the local level: the reform
of local SASAC's authorization and decentralization is incomplete; the legal person
governance structure of the pilot enterprises is not perfect, and the professional
investment and operation capabilities are insufficient; capital operation has not yet
formed A clear and efficient model is difficult to achieve the goal of optimizing the
distribution of state-owned capital.
Based on this, this paper proposes a research question: As a local state-owned
capital investment company, how does Shenzhen Investment Holdings operate around
optimizing the layout of state-owned capital and cultivating the functional orientation
of strategic emerging industries? How is the company's operating performance? What
replicable and generalizable experiences have been formed. This paper mainly
analyzes the optimization mode of state-owned capital layout of Shenzhen Investment
Holdings. The research finds that its operation mode is: to provide full-life-cycle
financial services for seed-stage small, medium and micro technology companies
through financial industry clusters, ease financing constraints of technology
companies, and stimulate innovation vitality of enterprises ; Aggregate innovation
resources through industrial clusters in science and technology parks, promote the
flow of innovation elements, and promote the development of forward-looking future
IV

industrial clusters; strengthen the independent and controllable capabilities of
industrial chains and supply chains through technology industrial clusters, get rid of
the low-end lock-in dilemma of the value chain, and improve the value chain position.
A further systematic evaluation of the operation performance of Shenzhen Investment
Holdings found that its state-owned capital layout optimization model effectively
improved the liquidity of state-owned capital, ensured the preservation and
appreciation of state-owned capital, and realized the dual benefits of the market and
society. Finally,summarizes its development experience as "innovating the authorized
operation system, creating industrial clusters to give full play to the advantages of
coordinated development, creating an equity investment model for fund groups,
implementing the integration of industry and finance development of 'main business +
finance', and insisting that state-owned capital advances and retreats principles" these
five aspects.
Key words: optimization of state-owned capital layout; local state-owned capital
investment company; state-owned capital operation performance evaluation
V
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