科技金融仍需结构性调整 业内建议探索接力投资模式

Group 1 - The forum discussed the need for innovative financial models to support the full lifecycle financing needs of technology enterprises, from startup to maturity, and to develop green financial products and services for diverse financing demands in green industries [1] - There are structural issues in China's technology finance despite recent advancements, with a need to gradually increase the proportion of equity financing, which requires not only more IPOs but also a robust VC/PE market [1] - Key challenges in technology finance include the uncertainty in industrializing technological achievements, the traditional financial focus on cash flow and financial metrics, and the comprehensive financial needs of the innovation chain that are often met with singular financial products [1][2] Group 2 - A systematic, integrated technology finance ecosystem is necessary, involving various financial institutions and products to support technology enterprises at different stages of growth, with clear responsibilities among regulators, markets, and policies [2] - Financial institutions must shift from a supply-driven approach to a demand-driven one, adapting their product offerings to meet the specific needs of technology innovation at various lifecycle stages [2] - The insurance sector, represented by China Life, is exploring innovative investment models like the S Fund to overcome barriers in early-stage investments, aligning long-term capital with the high-risk nature of technology enterprises [3] Group 3 - China Life Group's S Fund investment model allows for early and small investments in technology enterprises, facilitating a partnership with government-led funds to enhance the effectiveness of public capital while adhering to prudent investment principles [3] - Financial institutions can support startups and technology projects through equity investments, venture capital, and green bonds, aiding their transition from laboratory to large-scale commercial application [3]