风投业如何助力中国人工智能产业实现更好发展

Venture capital and its role in facilitating better development in China’s artificial intelligence industry

        袁冉东(香港中文大学(深圳) 前海国际事务研究院 深圳 518172)

         风险投资;人工智能;耐心资本;科技创新;产业发展

        venture capital(VC);artificial intelligence(AI);patient capital;technological innovation;industrial development

        风投业在推动人工智能（AI）产业发展中扮演着至关重要的角色。作为连接科技创新与产业化的关键纽带，风险投资不仅为初创企业提供资金支持，还能赋能企业战略规划、技术研发及市场拓展。然而，当前中国风投业在支持AI产业发展方面仍面临诸多挑战，包括国有资本与民间资本分工不合理、市场投融资行为的短期化倾向、“一哄而上”和“一哄而散”现象等问题。这些问题不仅影响了中国AI企业的成长路径，也限制了整个行业的技术突破和竞争力提升。文章旨在分析当前风投业在助力中国AI产业发展中的主要障碍，并提出针对性的政策建议，以推动风投体系更加高效、理性、可持续地支持AI产业升级。在系统剖析中国风投业的现状与主要问题的基础上，基于国内外经验，提出优化“三层资本”分工、改革国资风投基金管理、增强民间资本信心、引导长期投资、引入国际风投人才、借鉴美国OpenAI等企业成长路径等一系列政策措施，力求构建更具耐心、稳定性和战略性的风投生态，并通过DeepSeek案例探讨如何借助风投力量推动基础创新，从而实现中国AI全产业链的突破。通过以上分析，文章希望为中国AI产业发展提供更具战略性和可行性的风投优化方案，助力中国在人工智能科技与产业发展中取得更大突破。

        The venture capital (VC) industry plays a crucial role in advancing the development of the artificial intelligence (AI) sector. As a key bridge between technological innovation and industrialization, VC not only provides financial support to AI startups but also empowers them in strategic planning, technological research and development, and market expansion. However, China’s VC industry currently faces several challenges in supporting AI development, including an imbalance in the roles of state-owned and private capital, a short-term investment mindset, and the cyclical phenomenon of “herding” and abrupt market exits. These issues hinder the growth trajectories of Chinese AI enterprises and constrain the industry’s overall technological breakthroughs and competitiveness. This study aims to analyze the major obstacles preventing VC from effectively supporting China’s AI industry and propose targeted policy recommendations to foster a more efficient, rational, and sustainable VC ecosystem. By systematically examining the current state of China’s VC sector and its key challenges, and drawing from best international practices, this study puts forward a series of strategic measures. These include optimizing the division of labor among “three layers of capital”, reforming the management of state-owned VC funds, strengthening investor confidence in private capital, promoting long-term investment, attracting international VC talent, and learning from the growth trajectories of companies such as OpenAI in the United States. The study also explores the case of DeepSeek, illustrating how VC can drive fundamental AI innovation and enable breakthroughs across the entire AI industry chain. Through this analysis, the study aims to provide strategic and actionable recommendations for optimizing the VC landscape in China, thereby fostering a more resilient AI ecosystem and enhancing the country’s position in global AI technology and industry development.