以股债联动为抓手进一步激发科创活力

Core Viewpoint - The recent policy initiative by multiple government departments emphasizes the importance of capital markets in supporting technological innovation, aiming to enhance the "technology-industry-finance" cycle and stimulate innovation vitality [1] Group 1: Stock-Debt Linkage - Stock-debt linkage facilitates a diversified financing structure for companies, allowing for tailored capital solutions based on their development stages, such as equity financing for high-risk startups and bond financing for mature firms [1][2] - This linkage is expected to lower the trial-and-error costs associated with technological innovation by providing better funding support and risk-sharing mechanisms [2] Group 2: Financing Data and Trends - As of the end of 2024, there are 1,767 companies listed on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with 581 of these companies raising nearly 1 trillion yuan in total financing [3] - From 2021 to 2024, the issuance of Sci-Tech bonds has significantly increased, with amounts of 16.66 billion yuan, 102.84 billion yuan, 364.54 billion yuan, and 613.686 billion yuan respectively, cumulatively providing over 1 trillion yuan in financing support to 335 companies, with the proportion of these bonds in total corporate bonds rising from 0.4% to 15.53% [3] Group 3: Support for Disruptive Innovation - The stock-debt linkage is anticipated to enhance the support for disruptive technological innovations, which require substantial R&D investment and stable financial backing [4] - This approach is expected to attract patient capital that understands technology, thereby fostering the development of groundbreaking technologies that are crucial for high-quality economic growth [4]