智库策论丨畅通“科技—产业—金融”良性循环的系统路径

Core Viewpoint - Building a virtuous cycle of "technology-industry-finance" is crucial for overcoming key technological challenges and accelerating the cultivation of new productive forces, thereby gaining strategic advantages in global competition [1] Group 1: Importance of the Cycle - The three major tasks outlined in the 20th National Congress and the 14th Five-Year Plan are the construction of a modern industrial system, high-level technological self-reliance, and the establishment of a strong financial nation [1] - The interconnection between technology, industry, and finance is essential for high-quality development and achieving strategic goals [1] Group 2: Challenges in the Cycle - The cycle from industry to finance faces dual challenges of "information asymmetry" and "capability mismatch," where a lack of effective information sharing mechanisms hinders financial institutions from understanding the true value and core needs of enterprises [2] - Financial institutions struggle with recognizing and servicing complex industries, leading to a "dare not invest, cannot invest" dilemma due to a shortage of professionals who understand both industry technology and financial tools [2] Group 3: Financial to Technology Cycle Issues - The cycle from finance to technology encounters contradictions of "mismatch in risk duration" and "capital structure imbalance," where traditional banking practices conflict with the high-risk, long-cycle nature of technological innovation [3] - The capital market has structural shortcomings, with insufficient early-stage capital and a tendency for investments to shift towards later stages, leaving startups in critical need of funding [3] Group 4: Recommendations for Improvement - In the "technology-industry" cycle, a market-oriented mechanism for value discovery and risk-sharing should be established, including a professional technology transfer system and a public risk-sharing platform for early-stage projects [4] - The "industry-finance" cycle should enhance information collaboration and financial service capabilities by creating a national-level integrated digital infrastructure and encouraging financial institutions to adopt a research-driven service model [5][6] - For the "finance-technology" cycle, it is essential to cultivate long-term "patient capital," reform capital markets, and adjust legal and regulatory frameworks to support innovative financial service models [7]