随着社会转型深化与公众利益诉求多元化,公益创投作为政府购买服务的形式之一,成为弥补中国政府公共服务供给能力不足的典型策略。在实践探索过程中,逐步呈现出政府主导模式、企业主导模式、基金会主导模式和多元主体参与模式等不同发展路径。文章聚焦中国南部地区的广州、佛山和中山市三地公益创投实践,分析各自的具体做法、成效与经验模式。文章通过对三地不同模式的比较以及考察城市公益慈善事业在实施公益创投前后的变化,结合其所处的政治经济社会背景,分析了公益创投发挥作用的机理与成效,最后针对以政府为主导的公益创投实践模式提出了优化建议。 With the deepening of social transformation and the diversification of public interest demands, venture philanthropy as one of the forms of government procurement services has become a typical strategy to make up for the insufficient capacity of the Chinese government in supplying public services. In the course of practice and exploration, different development paths such as government-led mode, business-led mode, foundation-led mode and multivendor mode of participation gradually emerge. The article focuses on the practice of philanthropy in the three regions of Guangzhou, Foshan and Zhongshan in southern China and analyzes their specific practices, results and experience models. By comparing the different modes of the three places and examining the changes of urban philanthropy before and after the implementation of venture philanthropy, the article analyzes the mechanism and effect of philanthropic philanthropy playing in light of its political, economic and social background. Finally, As the leading public venture capital practice model put forward the optimization proposal.