【摘要】 政府投资基金作为财政资金市场化运作的关键工具，在服务国家战略、驱动产业转型中发挥核心作用。本文基于“有为政府”与“有效市场”协同视角，系统梳理了政府投资基金高质量发展的做法成效以及现实困境，旨在构建高质量发展的优化路径。研究发现：我国政府投资基金历经初创探索期—规模扩张期—质量提升期，在推动产业升级、弥补市场失灵、促进区域协调发展等方面取得显著成效，但也面临内部管理失效、外部资源配置矛盾等困境。为此政府投资基金需深化内部治理，优化委托代理与监管，加强政策协同，同时优化外部生态，构建社会资本共生机制，提升项目管理效能，推动政企分离等外部改善路径，以明晰政府与市场边界。更多还原

【Abstract】 As the key tool of financial capital market operation, government investment fund plays a core role in serving national strategy and driving industrial transformation. Based on the collaborative perspective of "active government" and "efficient market", this paper systematically sorts out the practice effects and practical difficulties of high-quality development of government investment funds, aiming to build an optimal path for high-quality development. The research finds that: after the start-up and exploration period, scale expansion period and quality improvement period, China’s government investment fund has achieved remarkable results in promoting industrial upgrading, making up for market failure, promoting regional coordinated development and other aspects, but it also faces difficulties such as internal management failure and external resource allocation contradiction. Therefore, government investment funds need to deepen internal governance, optimize principal-agent and supervision, enhance policy coordination, and at the same time optimize the external ecosystem,build a symbiotic mechanism for social capital, improve project management efficiency, and promote external improvement paths such as the separation of government and enterprises, so as to clarify the boundary between government and market.更多还原