债券“科技板”他山之石：从海外经验看我国科创债市场建设（发展历程篇）

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The development of science and technology innovation bonds (Sci - tech bonds) in the US, Japan, and Europe is mainly driven by relevant industrial policies, economic fundamentals, and the improvement of the bond market. In contrast, China has established a separate Sci - tech bond sector in the bond market and clearly regulates the Sci - tech attributes of issuers and projects. - Although China's Sci - tech bond market is still in its early stage of development globally, with continuous policy support, it is expected to expand rapidly in terms of market volume and align with mature overseas markets in terms of market structure [3]. Summary by Directory 1. US Sci - tech Bond Development History - 1950s - 1960s: The US Small Business Administration (SBA) established the Small Business Investment Company (SBIC) program in 1958 to support small innovative enterprises [1][10]. - 1970s - 1980s: There was a boom in high - yield bond issuance. Start - ups in emerging industries mainly issued high - yield bonds for leveraged buyouts, with most Sci - tech enterprises in the high - yield bond market being electronic communication, computer hardware, and software start - ups [1][12]. - 1990s: The US information technology developed rapidly. The 144A rule issued by the SEC in 1990 improved the liquidity and pricing efficiency of Sci - tech bonds. The development of risk - management derivatives such as CDS promoted the large - scale and mature development of the high - yield bond market, and start - ups in Sci - tech industries such as new energy vehicles, computers, and communications rose [1][15]. - Early 2000s: After the burst of the Internet bubble, the issuance of Sci - tech bonds in the communication and semiconductor industries declined, but the biomedical field became a new growth point for Sci - tech bond issuance from 2000 - 2005 [1]. - 2008 - 2015: After the financial crisis, in a low - interest - rate environment, technology companies at various stages issued long - term low - interest bonds, and the issuance of Sci - tech bonds continued to rise [1]. - Since 2015: With the strengthening of bond market supervision in the US, the supporting systems for Sci - tech bonds have gradually improved, promoting Sci - tech enterprise bonds to become an important part of the US credit bond market [1]. 2. Japanese Sci - tech Bond Development History - Late 1970s - early 1980s: Japan's economic growth slowed down, and the government increased support for the information and electronics industries. After a series of financial liberalization measures, the Sci - tech bond market became active [1][20]. - Late 1980s: To mitigate the impact of exchange - rate fluctuations, Japan increased support for export industries such as electronics. Emerging industries turned to bond issuance for financing, but the number of issuances did not increase significantly due to the under - development of the capital market [21]. - Early 1990s: After the economic bubble burst, the Japanese government protected high - tech industries. In 1996, the corporate bond issuance market was fully liberalized, but the real - estate crisis led to a preference for high - rated bonds among investors, and the Sci - tech bond market was sluggish [22]. - Since the 21st century: In a low - interest - rate environment, Japanese technology companies prefer bank loans or issuing bonds in the international market, and the Sci - tech bond market has remained sluggish [22]. 3. European Sci - tech Bond Development History - Before the 21st century: Due to differences in fiscal policies and industrial structures among EU member states, the bond market was fragmented, and the issuance of Sci - tech bonds was limited [25]. - After the 21st century: With the acceleration of the EU bond market integration process and the implementation of the Lisbon Strategy in 2000, the bond market showed more interest in high - tech and high - growth enterprises, and the issuance of Sci - tech bonds became more active [25]. - Since 2010: The establishment of the European Private Placement Platform (ECPP) in 2015 provided a simple financing channel for start - up high - tech enterprises. The European Central Bank's Pandemic Emergency Purchase Programme (PEPP) in 2020 increased the issuance of Sci - tech bonds [2][26]. 4. Comparison of Policy Trends between Overseas and Domestic Sci - tech Bonds - In the US, Japan, and Europe, there is no separate "Sci - tech bond" sector in the bond market guided by policies. The development of Sci - tech bonds is mainly driven by industrial policies, economic cycles, and bond - market improvement. In China, a separate Sci - tech bond sector has been established, with clear regulations on the Sci - tech attributes of issuers and projects [3]. - The US Sci - tech bond market has a relatively long history of development and is now an important part of the credit bond market. In Japan and Europe, the development of Sci - tech bonds started later. In recent years, the issuance of European Sci - tech bonds has been increasing, while the Japanese market has been sluggish. China's Sci - tech bond market is in the stage of continuous innovation and market upgrading [29][30][31].