中国国际经济交流中心副理事长王一鸣：直接融资更加匹配科技创新

Group 1 - The core viewpoint emphasizes the need for financial services that match the complexity of technological innovation, advocating for direct financing through equity and stocks over traditional bank loans to better integrate technology and capital [1] - It is highlighted that technology, industry, and finance operate independently yet are inherently connected, with financial support being crucial for both technological and industrial innovation, particularly through capital markets [1] - The financial system's core function is to disperse and allocate risks, which is essential for innovation to transition from scientific research to large-scale industrialization, as single innovation entities often struggle to bear all risks alone [1] Group 2 - A shift towards a "technology-industry-finance" cycle is proposed, advocating for a transition from a debt-based financial support system to one primarily based on equity to better leverage the capital market's hub function [1] - The exploration of a "loan-equity linkage" model is suggested, encouraging banks to collaborate with external investment institutions under controlled risk conditions, which can significantly share risks and enhance banks' understanding of loan enterprises' operations [1] - Several pathways to support the development of new productive forces are proposed, including the development of intellectual property pledge financing, establishing a technology board in the bond market, expanding venture capital, supporting sci-tech enterprises through equity markets, and enhancing the role of technology in financial services [2]