推动不动产金融向动产金融转变 □ 围绕"十五五"期间企业要素结构和资产结构的新变化，金融机构要加快打通新要素确权入表、估值定价、流通交易、投资配置的全链条，推动金融服务模式加速 从不动产金融向动产金融转变：一是加快推进新要素新资产的确权入表；二是创新多维评估框架，提升对新要素新资产的估值定价能力；三是以推进全国统一大市 场建设为引领加快动产要素市场化改革；四是进一步丰富动产新要素的投资工具 提升金融服务实体经济效能的关键在于精准把握实体经济要素结构和资产结构的变化。近年来，我国产业加速向智能化、绿色化、融合化转型发展，企业要素 和资产结构呈现显著转变趋势：从以传统要素和不动产为主，逐步转向以创新要素和动产资产为核心，技术、数字、绿色资源、管理为代表的新要素和新资产正成 为驱动企业高质量发展的新动力。长期以来，金融体系在服务土地、房地产等不动产领域已形成了一套相对成熟的服务体系。但是，以质押物、稳定现金流为基础 的传统金融服务体系已难以适配企业以新要素、新资产为主导的新经营模式。 "十五五"时期，金融机构要加快推进经营理念和服务模式的深刻变革，推动金融体系从不动产金融向动产金融转型，打通新要素财务化、资本化、证 ...

聚焦"十五五"战略目标 全面提升金融服务效能（三） 杨成长、袁宇泽、龚 芳 "十五五"期间，我国经济发展模式将加速从传统要素驱动转向创新要素驱动，技术、数据、 绿色等动产新要素逐步取代土地、设备等传统要素，成为企业资产结构的核心。这一深刻变革对 以抵押物和稳定现金流为基础的传统金融服务模式构成挑战，亟须推动金融体系向动产金融转型 "十四五"期间，金融体系围绕完善要素市场化配置体制机制、推进创新要素发展，进行了大 量积极有益的探索。但整体来看，当前金融体系在服务新要素资产方面仍面临"入表难、定价 难、投资难"三大难题，需在下一阶段深化改革中重点突破 围绕"十五五"期间企业要素结构和资产结构的新变化，金融机构要加快打通新要素确权入 表、估值定价、流通交易、投资配置的全链条，推动金融服务模式加速从不动产金融向动产金融 转变：一是加快推进新要素新资产的确权入表；二是创新多维评估框架，提升对新要素新资产的 估值定价能力；三是以推进全国统一大市场建设为引领加快动产要素市场化改革；四是进一步丰 富动产新要素的投资工具 提升金融服务实体经济效能的关键在于精准把握实体经济要素结构和资产结构的变化。近年 来，我国产业加速向智能化 ...

□ 杨成长袁宇泽龚芳 □ "十五五"期间，我国经济发展模式将加速从传统要素驱动转向创新要素驱动，技术、数据、绿色等动 产新要素逐步取代土地、设备等传统要素，成为企业资产结构的核心。这一深刻变革对以抵押物和稳定 现金流为基础的传统金融服务模式构成挑战，亟须推动金融体系向动产金融转型 □ "十四五"期间，金融体系围绕完善要素市场化配置体制机制、推进创新要素发展，进行了大量积极有 益的探索。但整体来看，当前金融体系在服务新要素资产方面仍面临"入表难、定价难、投资难"三大难 题，需在下一阶段深化改革中重点突破 □ 围绕"十五五"期间企业要素结构和资产结构的新变化，金融机构要加快打通新要素确权入表、估值定 价、流通交易、投资配置的全链条，推动金融服务模式加速从不动产金融向动产金融转变：一是加快推 进新要素新资产的确权入表；二是创新多维评估框架，提升对新要素新资产的估值定价能力；三是以推 进全国统一大市场建设为引领加快动产要素市场化改革；四是进一步丰富动产新要素的投资工具 提升金融服务实体经济效能的关键在于精准把握实体经济要素结构和资产结构的变化。近年来，我国产 业加速向智能化、绿色化、融合化转型发展，企业要素和资产结构 ...

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance during the "15th Five-Year Plan" period, driven by the shift towards innovation-driven economic development and the increasing importance of new factors such as technology, data, and green resources [1][2]. Group 1: Economic Transition and Financial Service Adaptation - The economic development model in China is shifting from traditional factor-driven growth to innovation-driven growth, necessitating a transformation in financial services to accommodate new asset structures [1][4]. - The financial system has faced challenges in serving new asset types, particularly in terms of recognition, pricing, and investment, which need to be addressed in the next reform phase [1][7]. - Financial institutions must enhance their capabilities to recognize, value, and trade new factors and assets, moving towards a service model that supports movable asset finance [2][14]. Group 2: Challenges in Serving New Factors and Assets - The current financial system encounters three main challenges in serving new factors: difficulties in asset recognition, valuation, and investment [7][8]. - New factors like technology and data face significant hurdles in terms of clear ownership and accounting standards, complicating their financial recognition [8][9]. - Valuation of new factors is complicated due to their lack of stable cash flows and market comparables, making traditional valuation methods less effective [10][11]. Group 3: Strategies for Financial Service Improvement - Financial institutions are encouraged to develop a modern financial system that accurately reflects the changes in asset structures due to technological, digital, and green transformations [15][16]. - A multi-dimensional evaluation framework should be established to enhance the valuation and pricing capabilities for new factors and assets [17][18]. - The construction of a unified market for new factors is essential to facilitate the trading and circulation of technology, data, and green assets [19][20]. Group 4: Investment Tools and Financial Products - There is a need to diversify investment tools for movable new factors, encouraging the growth of patient capital and innovative financial products that align with the characteristics of new assets [22][23]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on credit evaluation systems that leverage business data and branch information [24].