财经深一度丨增量扩面！债券市场“科技板”加速支持科技创新

Core Viewpoint - The launch of the "Technology Board" in the bond market has accelerated the support for technological innovation financing, with significant growth in the issuance of technology innovation bonds since its establishment on May 7, 2023 [1][2]. Group 1: Market Performance - From May 7 to the end of September, a total of 530 institutions issued technology innovation bonds amounting to 1,167.267 billion yuan, with 88 financial institutions contributing 319.67 billion yuan and 442 non-financial enterprises contributing 847.597 billion yuan [1]. - Approximately 280 entities in the interbank bond market have issued technology innovation bonds totaling 670 billion yuan, with nearly half of the technology enterprises issuing bonds with a maturity of 3 years or more, and equity investment institutions averaging a maturity of 5.8 years [1][2]. Group 2: Mechanism Innovation - The issuance of technology innovation bonds has been driven by innovations in disclosure requirements, rating systems, risk-sharing, and issuance mechanisms, which have reshaped the ecosystem for technology enterprises [2]. - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, has created a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to purchase these bonds and collaborating with local governments and market-based credit enhancement institutions [2]. Group 3: Rating System - Unlike traditional industry bonds that rely heavily on quantitative indicators such as total assets and net assets, the rating of technology innovation bonds requires a new rating methodology that incorporates key variables such as patent quality, R&D investment, technology maturity, industry attractiveness, and policy benefits into the rating function [3]. Group 4: Future Development - While the support for technology enterprises through technology innovation bonds has shown positive results, further development requires continuous collaboration among various stakeholders, including local governments, enterprises, investors, and intermediaries, to enhance the quality and efficiency of financing services for technological innovation [4].