6万亿政府产业基金迎来“复盘时刻”：旧项目算不清，新钱就不敢动
闫峻发表于暗涌Waves的文章，讨论政府产业基金进入复盘阶段后，过去投入的资金、订单与产业资源是否真正沉淀为企业可持续、可被后续资本接手的能力。
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当新增政府产业资本放缓后，真正需要复盘的，是过去投入的资金、订单和产业资源，最终有没有沉淀成企业自身的能力，并让下一家资本愿意接力。
As new government-backed capital slows, the harder question is what earlier funding, orders and industrial resources actually left inside portfolio companies.
Originally published by 暗涌Waves. The linked page is a publicly accessible attributed copy that preserves the article title, byline and original-source attribution.
Originally published by 暗涌Waves