西方投資者們正在謹(jǐn)慎地減少對(duì)初創(chuàng)公司的投資,，并且認(rèn)為獨(dú)角獸公司的黃金時(shí)代已經(jīng)結(jié)束，但與此相反,，中國(guó)政府支持的風(fēng)投基金,，卻募集了全球規(guī)模最大的創(chuàng)業(yè)投資資金。

其資金規(guī)模有多大呢,？異常龐大,！——2015年風(fēng)投公司對(duì)中國(guó)初創(chuàng)公司的投資總額為322億美元，2016年的風(fēng)投基金規(guī)模幾乎是這一金額的10倍,。

據(jù) Zero2IPO報(bào)道,，為了加快中國(guó)經(jīng)濟(jì)從重工業(yè)向消費(fèi)拉動(dòng)型經(jīng)濟(jì)轉(zhuǎn)型，中國(guó)政府支持的風(fēng)險(xiǎn)投資基金在2015年募集了1.5萬(wàn)億元,，約合2,310億美元,。

這些基金管理的資產(chǎn)規(guī)模增加了兩倍，達(dá)到3380億美元,，相當(dāng)于2015年世界其他風(fēng)險(xiǎn)投資公司籌集資金總額的五倍,。資金來(lái)源主要為稅收收入或國(guó)家支持的貸款。這些資金將注入中國(guó)780個(gè)風(fēng)投基金,。

政府希望通過(guò)鼓勵(lì)創(chuàng)業(yè)幫助拉動(dòng)市場(chǎng),，但并非所有人都認(rèn)為這一計(jì)劃能夠奏效。

啟明創(chuàng)投（Qiming Venture Partners ）創(chuàng)始人蓋里?瑞斯徹告訴彭博社：“中國(guó)政府幻想著,，只要給人們提供資金,，就能培養(yǎng)出成功的企業(yè)家。但結(jié)果可能是政府蒙受災(zāi)難性的損失,?！?/p>

瑞斯徹的觀點(diǎn)有一定的道理：目前這些基金都屬于試驗(yàn)性質(zhì)，中國(guó)政府并沒(méi)有確立管理這780個(gè)基金及其投資的標(biāo)準(zhǔn)方法,。

但有一點(diǎn)可以確定：投資管理公司若今年的投資規(guī)模不足,，明年管理的資金很有可能會(huì)縮水,。對(duì)于這種情況，上海戈壁創(chuàng)投（Gobi Partners）的合伙人徐晨認(rèn)為,，這可能鼓勵(lì)不負(fù)責(zé)任的投資,。

但這也意味著，不僅獨(dú)角獸公司,，那些默默無(wú)聞的小公司也有機(jī)會(huì)獲得投資,。

2015年夏天的股市崩潰，讓陷入恐慌但資金充裕的中國(guó)投資者,，轉(zhuǎn)向了創(chuàng)業(yè)投資,。如今，中國(guó)科技初創(chuàng)公司的估值已經(jīng)達(dá)到高點(diǎn),。投資者希望,，逃離股市、轉(zhuǎn)而投資初創(chuàng)公司能夠帶來(lái)更高的回報(bào),。（財(cái)富中文網(wǎng)）

譯者：劉進(jìn)龍/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.