金融活水“润”科创：打造创新企业成长的制度引擎

Core Viewpoint - The development of the technology finance system in China has made significant progress, yet challenges such as financing difficulties and high costs for technology-based SMEs remain unresolved, necessitating improved financial empowerment mechanisms [1] Group 1: Theoretical Mechanisms of Financial Empowerment - The evolution of credit mechanisms is crucial for addressing financing challenges, requiring a shift from traditional asset-based evaluations to models that incorporate R&D investment, market prospects, and intellectual property [2] - The concept of "patient capital" aligns with the long cycles of technological innovation, emphasizing the need for long-term investment that tolerates extended return periods [3] - A systemic integration of finance and technology is essential, advocating for a financial system that supports all stages of the innovation chain [4] Group 2: Practical Pathways for Technology Finance Support - Credit support has evolved with specialized institutions and innovative products, including long-term loans tailored to R&D cycles [5] - Technology insurance products are being developed to mitigate risks associated with high uncertainty in tech activities, providing a safety net for innovative enterprises [6] - Capital markets are being enhanced to facilitate direct financing for tech firms, with regulatory adjustments allowing unprofitable companies to issue stocks [7] - Knowledge property financing is gaining traction, enabling tech firms to leverage intangible assets for loans, significantly benefiting SMEs [8] - Government-led venture capital funds are mobilizing social capital towards tech innovation, focusing on early-stage investments [9] - Financial infrastructure and regulatory frameworks are being strengthened to support sustainable development in technology finance [10] Group 3: Existing Issues and Improvement Strategies - There are significant barriers in policy implementation, market supply-demand mismatches, and insufficient financial products tailored to tech innovation needs [11][12] - Recommendations include enhancing policy execution, creating intelligent financial service platforms to reduce information asymmetry, and improving risk-sharing mechanisms [13][14] - Financial institutions are encouraged to develop innovative products that cater to the diverse needs of tech enterprises, ensuring access to appropriate financing tools at various growth stages [15]