民企发债难“破冰”，江苏民企发行科创债占比高出全国平均值一倍

Core Insights - The difficulty for private enterprises in issuing bonds has been alleviated in Jiangsu, with over 25% of issued technology innovation bonds attributed to private enterprises, significantly higher than the national average of 11.59% [2][3] Group 1: Current Situation of Private Enterprises in Bond Issuance - Private enterprises face challenges in bond issuance due to low ratings and market recognition, leading to high financing costs [2] - As of August 2025, the cumulative issuance scale of technology innovation bonds reached 3.69 trillion yuan, with private enterprises accounting for only 11.59% of the total issuance [3] Group 2: Factors Affecting Participation of Private Enterprises - The low participation of private enterprises in the technology innovation bond market is attributed to weak qualifications, insufficient market valuation systems, and limited policy support [4] - Private enterprises often lack prominent technology innovation attributes and effective collateral, which hinders their ability to issue bonds [4] Group 3: Solutions Implemented in Jiangsu - Jiangsu has adopted a strategy to enhance credit support and improve risk-sharing mechanisms to facilitate bond issuance for private enterprises [5] - The establishment of a provincial credit enhancement company aims to provide credit support for bond financing, thereby reducing financing costs and optimizing the financing structure for private enterprises [5][6] Group 4: Impact of Risk-Sharing Tools - Risk-sharing tools provide credit enhancement for bond issuance, enabling private equity investment institutions to access financing channels and support seed funding for more enterprises [6] - In Jiangsu, two projects supported by national risk-sharing tools have seen significant reductions in comprehensive financing costs, demonstrating improved market recognition [6][7] Group 5: Additional Support Initiatives - Jiangsu has established a service center for technology finance to provide comprehensive support for technology innovation bonds, enhancing the overall service ecosystem for private enterprises [7]