“Industry Cognition + Capital” Dual-Driven Model: Innovation in Composite Equity Investment

Abstract

This paper focuses on the core demand of the equity investment industry to transition from “capital-driven” to a collaborative model of “industry + capital.” Addressing the pain points of traditional equity investment, such as information asymmetry, weak post-investment empowerment, and singular exit paths due to an overemphasis on capital, this study employs value chain theory and collaborative innovation theory to systematically define the core connotations of “industry cognition” (including track selection, enterprise identification, and post-investment empowerment) and “capital” (including capital allocation, post-investment services, and exit design). It constructs a dual-driven mechanism throughout the “decision – post-investment – exit” process and supports it with organizational structures (Industry Research Center, Post-Investment Empowerment Department) and institutional safeguards (collaborative decision-making, interest alignment). Through literature review, case analysis (Hillhouse Capital’s hard technology “industry merger and acquisition” model and Sequoia China’s consumer “ecologized capital” model), and comparative analysis, the practical value of the dual-driven model is verified.