协同演进视角下的科技金融赋能

Core Viewpoint - The Northeast region of China, recognized as the "industrial cradle" of the new China, is strategically positioned to cultivate new productive forces due to its significant educational and scientific resources, including 11.3% of the national scientific and educational resources, 28 national key laboratories, and a talent pool of 2.3 million skilled workers. The 2023 Central Financial Work Conference prioritized "technology finance" as a key focus, providing a fundamental guideline for the Northeast to overcome transformation bottlenecks [1][5]. Theoretical Framework: Three-dimensional Collaborative Evolution - The empowerment of new productive forces through technology finance is a systematic project led by central strategy, implemented by local policies, and responded to by market innovations. The three-dimensional collaborative evolution framework reveals the dynamic adaptation of these three elements throughout the industrial lifecycle, offering a new perspective on understanding the development of technology finance in Northeast China [2][4]. Framework Core Dimensions - Central Government: Provides strategic guidance and institutional supply through top-level design, offering inclusive policies and common technical support, establishing unified national market rules [3]. - Local Government: Creates scenarios and gathers resources through differentiated policies, building risk-sharing mechanisms and information platforms to promote the geographical concentration of financial and technological resources [3]. - Market Entities: Respond to policy signals through technological innovation and product iteration, achieving the industrialization of technological achievements, with capital completing full-cycle allocation driven by profit motives [3]. Stage Adaptability Collaborative Characteristics - The interaction among the three entities is dynamic, evolving through the "startup phase, growth phase, and maturity phase" of new productive force cultivation, forming a closed-loop collaborative system of "strategy-execution-feedback" [4]. Practical Outcomes: Breakthroughs and Data Evidence in Northeast Technology Finance - The Northeast region has begun to form a collaborative effect based on the three-dimensional framework, achieving substantial progress in policy systems, financing channels, and ecological cultivation, laying a solid foundation for the cultivation of new productive forces [5]. Central-Local Policy Collaboration - The central top-level design and local characteristic policies effectively respond to each other, with the central government implementing targeted policies such as technology innovation re-loans and venture capital tax incentives, while local governments establish a policy system that integrates provincial and municipal characteristics [6]. Local-Market Factor Collaboration - Local governments are building platforms to promote resource aggregation, with market-oriented financing channels continuously expanding. The loan balance for technology enterprises in Northeast China increased from 420 billion yuan in 2021 to 680 billion yuan in the first half of 2024, with an annual growth rate of 17.8% [7]. Ecological Collaboration Cultivation - Local governments are improving ecological infrastructure, significantly enhancing market entity participation. Information platforms and risk-sharing mechanisms are being established, with notable increases in financing events and amounts raised [8]. Core Bottlenecks: Deep Deconstruction of Collaborative Imbalance - Despite progress, Northeast technology finance faces three imbalances: ineffective central policy transmission, insufficient local mechanism innovation, and limited market entity vitality, leading to inefficient matching of financial resources and innovation demands [9]. Central-Local Collaboration Imbalance - There is a mismatch between central inclusive policies and local actual needs, with policy transmission efficiency being insufficient. The average capital adequacy ratio of provincial policy guarantee institutions in Northeast China is only 12.3%, significantly lower than the 18.7% in the Yangtze River Delta [10]. Local-Market Collaboration Imbalance - Local government platforms are disconnected from market demands, with issues of information asymmetry and lack of risk-sharing. The interconnectivity rate of enterprise databases in Northeast China is below 30%, compared to 85% in Suzhou [11]. Market-Central Feedback Imbalance - The innovative demands of market entities lack effective feedback mechanisms to policy optimization, resulting in a lag in policy responses to grassroots practices. The proportion of state-owned venture capital in Northeast China is 68%, which is 23 percentage points higher than in the Yangtze River Delta [12]. International Comparison: Collaborative Models and Experience Extraction - Global innovation hubs have optimized their three-dimensional collaborative mechanisms, forming technology finance ecosystems that adapt to the laws of technological innovation, providing important references for Northeast China [14]. Silicon Valley: Market-Driven Collaborative Ecology - Silicon Valley's model emphasizes private venture capital, with the federal government supporting basic research and local governments focusing on ecological building, while market entities lead capital supply [15][16]. Israel: Government-Guided Collaborative Model - Israel's model features national risk coverage, local technology transfer, and market global expansion, breaking down capital entry barriers and focusing on the last mile of technology transfer [17]. Yangtze River Delta: Government-Market Linked Collaborative Sample - The Yangtze River Delta constructs a model of central strategic guidance, local digital empowerment, and market multi-dimensional collaboration, adapting to regional industrial characteristics [18]. Quantitative Assessment: Empirical Evaluation of Policy Collaboration Effects - The PMC index model evaluates the collaborative quality of Northeast technology finance policies, revealing that while the average score is 6.7 (out of 10), there are significant shortcomings in collaboration [19][20]. Path to Resolution: Innovative Solutions for Three-dimensional Collaborative Empowerment - To address the bottlenecks in Northeast technology finance, it is essential to build collaborative mechanisms from three dimensions: central-local transmission, local-market connection, and market-central feedback [21][22][23]. Conclusion - The core of empowering Northeast new productive forces through technology finance lies in achieving collaborative evolution among the central government, local governments, and market entities. While a preliminary framework for policy collaboration has been established, challenges remain in transmission, connection, and feedback. Systematic innovation is required to enhance the collaborative chain, ultimately transforming the region's rich scientific and educational resources into productive advantages [26].