多层次债券市场支持服务科技创新的路径研究

Core Viewpoint - The article emphasizes the importance of technology finance as a key element in developing new productive forces, highlighting the need for a multi-tiered bond market to support technology innovation in China [2][21]. Development History and Current Status of China's Sci-Tech Bond Market - The development of China's sci-tech bond market can be divided into two phases: the foundational institutional construction period (2015-2022) and the formation of specialized systems (2022-present) [3][4][5]. - As of February 2025, the total issuance of sci-tech bonds reached 2.38 trillion yuan, with a significant increase in issuance scale in 2024 [7]. - The market is characterized by a concentration of financing in state-owned enterprises, with approximately 89.56% of funds directed towards them, while private enterprises account for only about 10% [8]. Structural Issues in the Sci-Tech Bond Market - The participation of low-rated issuers is severely imbalanced, with high-rated entities (AAA and AA+) making up 95.82% of the issuance scale, leaving less than 1.55% for AA and below [8]. - The financing terms are relatively short, with over 90% of issuances being within five years, although there has been a notable increase in longer-term issuances in 2024 [9]. Multi-Tiered Bond Market Support Path Design - The establishment of a multi-tiered capital financing system that integrates equity and debt is essential for addressing the financing challenges faced by technology enterprises [10][11]. - Innovations in financial products, risk-sharing mechanisms, and liquidity enhancement strategies are proposed to create a supportive ecosystem for the sci-tech bond market [13][18]. Recommendations for Improvement - The article suggests the introduction of differentiated financial products tailored to various stages of technology enterprises, such as renewable sci-tech bonds and supply chain sci-tech bonds [13][14]. - It also emphasizes the need for government-led risk-sharing mechanisms and the establishment of specialized credit enhancement institutions to support technology enterprises [16][17]. Conclusion and Future Outlook - The article concludes that while significant progress has been made in establishing a multi-tiered bond market, structural issues remain, particularly regarding the dominance of state-owned enterprises and the challenges faced by private firms [21]. - Future efforts should focus on institutional innovation and risk management to enhance the efficiency of the bond market, ultimately supporting the development of new productive forces in China [21].