“金融有为”地方纵横谈丨以科技风险分担为核心的科技产业金融循环模式

Core Insights - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, aiming to enhance the role of the market in resource allocation while improving government functions [1][2] - Financial markets are identified as crucial for capitalizing and securitizing resources, with local governments encouraged to develop unique financial service systems based on regional conditions and industrial structures [1][2] Group 1: Financial Market Development - The plan highlights the need for local governments to explore financial service systems that cater to local characteristics, focusing on five development models: regional financial centers, technology industry financial cycles, government investment banking, new financial service elements, and local specialty financial services [1] - The integration of technology, industry, and finance is essential for driving innovation, with local governments tasked with creating mechanisms to share risks associated with technological advancements [3][4] Group 2: Role of Local Governments - Local governments are encouraged to provide foundational support for major technological research and development, recognizing that early-stage innovation often requires stable funding that the market alone cannot provide [4] - Establishing government-led funds and investment initiatives is crucial to attract social capital into areas deemed high-risk or difficult to evaluate [4][7] Group 3: Shenzhen's Experience - Shenzhen serves as a model for creating a synergistic system of technology, capital investment, and industrial transformation, demonstrating effective integration of financial and technological services [5][6] - The city has developed a comprehensive service system that connects technology achievements with capital markets, enhancing the ability to assess and commercialize technological innovations [6][8] - Shenzhen's government investment fund system operates on a model of "government guidance, market operation, risk sharing, and profit sharing," which has successfully supported numerous technology enterprises and led to a significant number of companies going public [7][8]