上海财经大学刘莉亚：银行风控逻辑与科创企业长周期需求出现结构性错配，建议构建多元化科创金融体系

Group 1: Event Overview - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai at the Expo Park [1] - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - Shenneng Group serves as the global partner for the conference, focusing on sustainable development and industrial upgrades in Shanghai [1] Group 2: Financial System Challenges - Liu Liya, Vice President of Shanghai University of Finance and Economics, highlighted a structural mismatch between traditional banking's risk assessment and the uncertainty of tech innovation companies [3] - In Q2 2025, bank-led financial support for tech innovation reached 3.46 trillion, with tech innovation bonds at 1.38 trillion, indicating a reliance on banks for financing [3] - The mismatch arises as banks seek guaranteed returns and collateral, while tech companies face high uncertainty and long cycles [3] Group 3: Bond Market Issues - The structural contradiction is evident in the tech innovation bond market, where low-risk commercial banks dominate, leading to shorter bond durations and a lack of high-yield options [4] - This situation fails to meet the long-term, high-risk financing needs of tech innovation companies [4] - Liu Liya suggests creating a tech innovation financial mechanism to foster win-win scenarios for innovators and investors, promoting risk-sharing and attracting social and international capital [4]