【深度】财政资金“先投后股”与技术经理人“服务换股权”的融合设想

Core Viewpoint - The article emphasizes the integration of "pre-investment and post-equity" and "service-for-equity" models as complementary paths to enhance the efficiency of technology transfer and commercialization, proposing a framework that combines government funding guidance, professional service empowerment, and market capital support [5][12]. Group 1: Limitations of Single Models and Necessity for Integration - The "pre-investment and post-equity" model addresses early-stage funding gaps by allowing fiscal funds to be converted into equity under certain conditions, but it is insufficient alone to solve systemic issues in technology commercialization [6]. - The "service-for-equity" model incentivizes technical managers to exchange deep, ongoing services for equity, fostering long-term partnerships, but faces challenges such as weak payment capabilities of early projects and lack of standardized valuation for services [6][7]. Group 2: Logical Basis for Integration - Both models aim to tackle early-stage commercialization challenges, adhering to principles of long-termism and risk-sharing, transitioning from "blood transfusion" to "blood production" support models [8]. - The "pre-investment and post-equity" model focuses on the timing and conditions of funding, while the "service-for-equity" model emphasizes the quantification and return paths of non-financial resources, creating a comprehensive support system [8]. - The combination of government funding's error-tolerance mechanism and the technical manager's deep involvement reduces systemic and operational risks, enhancing overall project success rates [8]. Group 3: Design of the Integration Framework - The integration model consists of a "dual equity system" and "process-embedded" approach [10]. - The "dual equity system" establishes two types of equity: "fund equity" for fiscal fund conversion and "service equity" for technical managers based on pre-agreed service milestones [10]. - The "process-embedded" approach integrates specialized services into key stages of the "pre-investment and post-equity" process, enhancing project quality from the initial evaluation to post-investment management [11]. Group 4: Conclusion - The integration of "pre-investment and post-equity" with "service-for-equity" is a crucial institutional innovation for advancing technology commercialization, creating a resilient ecosystem that aligns government funding, technical expertise, and market demands [12].