Theoretical Weekly vigorously promotes the deep integration of technology and finance.
Vigorously promote the deep integration of technology and finance.
□ Zhang Guoting
If science and technology are established, the nation will be established, and if science and technology are strong, the country will be strong. General Secretary of the Supreme Leader pointed out: "The key to Chinese modernization lies in the modernization of science and technology." Accelerating the modernization of science and technology and realizing high-level scientific and technological self-reliance have always been the important contents of China’s modernization drive. Finance is the core of modern economy and the blood of real economy, and the development of scientific and technological innovation can not be separated from the full watering of financial living water. Financial support for scientific and technological innovation is the key to strengthen financial services to the real economy.
Promote scientific and technological credit of financial institutions.
Because science and technology enterprises are born with the characteristics of "three highs and one lightness" (high-tech, high-risk, high-yield and light assets), credit financing is easily blocked, which does not match the traditional financing supply system. Financing pressure is still the core problem that restricts the development of science and technology enterprises, especially small and medium-sized science and technology enterprises. Although with the promotion of a series of reforms, China has established a relatively complete financial service system for science and technology innovation, objectively speaking, it is still a financial supply structure dominated by indirect financing, showing problems such as insufficient efficiency of service science and technology innovation and many bottlenecks.
Financial institutions need to further optimize the product, market and service system according to the different needs of technology-based enterprises at different stages of development, and provide diversified relay financial services for technology-based enterprises throughout their life cycle. It is necessary to guide development and policy-oriented financial institutions to provide more long-term and low-cost financial support for the construction of major scientific and technological innovation platforms that meet the requirements within the scope of business and under the premise of controllable risks, and form a joint force with financial guidance investment funds. Encourage banking financial institutions to accelerate the development of life-cycle financial services for technology-based enterprises around the talent chain of innovation chain industrial chain. Commercial banks should strengthen their own product innovation, combine the development characteristics of new economic enterprises, and carry out hierarchical and differentiated design on credit, term, quota and mode according to the development stage of science and technology enterprises, so as to continuously innovate and enrich the credit product system supporting science and technology enterprises.
Strengthen multi-level capital market support
We will continue to improve the construction of a multi-level market system, steadily push forward the reform of the comprehensive registration system, and strengthen the interconnection of various sectors, including the regional equity market, the New Third Board, the North Stock Exchange, science and technology innovation board and the Growth Enterprise Market. Make full use of the advantages of various capital markets, comprehensively consider different characteristics such as industry, market value and financial indicators, and make different designs in different market segments to meet the financing needs of different business entities. We will steadily promote the structural transformation of investors and guide all kinds of pension funds, insurance funds and bank wealth management funds to flow to high-quality scientific and technological innovation enterprises. Optimize the delisting link, speed up the construction of the transfer mechanism, smooth the financing channels after delisting, and open multiple channels for innovative small and medium-sized enterprises to raise funds.
It is necessary to strengthen the support of multi-level capital markets for scientific and technological enterprises and give full play to the mechanism advantages of "risk sharing and income sharing" in supporting scientific and technological innovation. We should vigorously develop multi-level capital markets, standardize the development of venture capital and private equity investment, guide long-term funds into the venture capital field in an orderly manner, increase market tolerance and increase the proportion of equity financing. We will implement the step-by-step cultivation plan for listed reserve high-tech enterprises, guide high-quality high-tech enterprises to make reasonable listing plans, and seize the opportunity of registration system reform to raise funds for listing. We will promote local cities to improve the subsidy policies for the listing of science and technology enterprises, and focus on supporting the listing and financing of high-quality enterprises that meet the national and provincial strategic needs and break through key core technologies. Encourage listed technology-based enterprises to raise funds by issuing stocks or convertible bonds, and carry out mergers and acquisitions focusing on "strengthening the chain, extending the chain and supplementing the chain" in the industrial chain. Support and promote the Shanghai, Shenzhen and Beijing stock exchanges and professional securities service institutions to set up service bases and workstations in qualified cities or establish a designated contact system to provide accurate services for science and technology enterprises.
Strengthen the reform of bond marketization mechanism. Improve the credit support for technology enterprises, simplify the issuance and registration process, and support more technology enterprises to obtain sustained medium and long-term financing through issuing bonds. Innovate bond financing tools, enrich diversified bond financing products, promote the development of high-yield bond market, accelerate the development of asset securitization, and focus on supporting bond financing of scientific and technological innovative enterprises.
Cultivate venture capital market
Support and cultivate a more active venture capital market. Give full play to the support of angel investment, venture capital, private equity and other venture capital forces to innovative activities such as basic research, applied research and scientific and technological transformation, support venture capital institutions to deeply participate in the process of enterprise development and governance, provide high-quality enterprises with the knowledge, talents and professional skills needed for development, and improve the management level of enterprises. Further improve the relevant administrative regulations, implement differentiated supervision on different types of private equity funds, especially venture capital funds, smooth all links of private equity and venture capital funds, guide the standardized development of venture capital guidance funds and SME development funds, and promote the activation and play of SMEs’ innovation and entrepreneurial creativity.
Promote venture capital institutions to invest early, small and hard technology. Promote the coordinated development of various government investment funds, and guide social capital to invest more in key technical fields and start-up technology-based enterprises in our province. Encourage social capital to unite with national and provincial laboratories, national technology innovation centers, universities, scientific research institutes, manufacturing innovation centers, science parks, leading enterprises in the industry and specialized small and medium-sized enterprises, etc., and support original core technologies, cutting-edge disruptive technological breakthroughs and transformation into real productivity with the mode of "public welfare funding+equity investment". Establish and improve the investment decision-making, performance appraisal, market-oriented selection and employment, employee incentives, fault tolerance and exemption systems of state-owned venture capital institutions, and promote them to better play the key role of early investment, small investment and hard technology. Optimize the performance evaluation methods of government investment funds in the field of innovation and entrepreneurship, implement differentiated classification assessment, and pay attention to overall efficiency evaluation. The provincial science and technology projects will give some subsidies to venture capital institutions that invest in science and technology enterprises in the seed stage and start-up stage of the province according to their actual investment. Support social capital to set up angel investment funds and cultivate and expand angel investors.
Strengthen institutional and institutional innovation
To achieve high-level scientific and technological self-reliance, innovative institutional mechanisms are essential. Highlight institutional innovation, accelerate the construction of an all-factor, all-chain organization system of science and technology innovation financial institutions, guide and cultivate a group of banks, securities companies, insurance companies, equity investment management institutions and local financial organizations that specialize in serving all kinds of science and technology innovation entities, and create a stable, continuous and accurate investment and financing ecology from the supply side of policy systems.
Vigorously promote the construction of social credit system, strengthen credit supervision, establish the supervision mechanism of pre-credit commitment, in-process credit classification supervision and post-credit punishment, and fundamentally solve the problem of financing difficulty and expensive financing for SMEs caused by asymmetric information between banks and enterprises and imperfect credit mechanism. Improve the risk sharing and compensation mechanism of science and technology credit, promote financing guarantee institutions to improve their business models, build a risk sharing mechanism with banking financial institutions, and expand the guarantee scale and coverage of loans to science and technology enterprises. Promote intellectual property pledge financing to improve quality and efficiency, improve intellectual property evaluation, registration and management services, guide banking financial institutions to optimize intellectual property pledge loan products and service models according to the characteristics of technology-based enterprises, and expand the scale of intellectual property pledge financing business. Promote the reasonable and appropriate opening of scientific and technological public information resources.
Give play to the leading role of provincial financial science and technology funds, build a linkage mechanism to support scientific and technological innovation, and support the rapid development of a number of start-up science and technology enterprises with outstanding potential in key national and provincial development fields. Overall financial support for scientific and technological innovation, science and technology, finance and other related departments to establish a linkage mechanism, strengthen policy coordination and information sharing, and promote the effectiveness of various measures in technology and finance.
Improve the comprehensive service system
We will build a collaborative innovation platform for Industry-University-Research’s investment and investment, establish and improve a normalized investment and financing docking mechanism for scientific and technological innovation and an enabling service mechanism for the development of scientific and technological enterprises, and promote the allocation of high-quality financial resources to the scientific and technological field. We will build a comprehensive service platform connecting the technology market and the capital market, and provide services such as technology trading, technology shareholding, equity financing and technology merger and acquisition, so as to improve the tradeability and transformation efficiency of scientific and technological achievements. Optimize the assessment, dynamic adjustment and long-term incentive mechanism of technology and finance service center system, and promote the service extension of technology and finance. Guide insurance institutions to provide support and guarantee for scientific and technological innovation, support insurance funds to help the development of scientific and technological enterprises through equity, creditor’s rights, combination of stock and debt, funds and other means, and provide all-round guarantee for key core technology research and transformation of scientific and technological achievements.
In-depth promotion of regional financial opening innovation and digital finance construction will further promote the opening-up of the service industry and the implementation of various opening measures in the comprehensive pilot financial field, and carry out the pilot projects of qualified overseas limited partners (QFLP) and qualified domestic limited partners (QDLP) in an orderly manner, accelerate the convergence of domestic and foreign high-quality financial elements, and serve scientific and technological innovation and entrepreneurship. At the same time, explore the data sharing and circulation mechanism under the premise of safety and compliance, effectively tap the value of data, create new models and scenarios through financial technology empowerment, and improve the availability of financing for science and technology enterprises. Strengthen financial support for scientific and technological innovation risk management, in accordance with the principles of marketization and rule of law, compact the risk management responsibilities of all parties, and strictly abide by the bottom line that no systematic financial risks will occur. Promote the deep application of technologies such as big data, artificial intelligence and blockchain in the financial field, and provide assistance for financial support for technological innovation and risk prevention and control.
[The author is a professor of public management teaching and research department of Shandong Provincial Party School (Shandong Administration College)]
Reporting/feedback