发改委：已会同财政部向地方下达今年第四批690亿元超长期特别国债支持消费品以旧换新资金。至此，全年3,000亿元中央资金已全部下达。将进一步组织地方合理把握工作节奏，完善资金使用计划，均衡有序支出补贴资金。1-8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销售额超过2万亿元。 ...

Core Viewpoint - The "Invest First, Equity Later" model is becoming a significant method for promoting the transformation of scientific and technological achievements and attracting investment, addressing the limitations of traditional financing methods in matching the needs of early-stage technology projects [1][2]. Group 1: Fiscal Support for Technology Transformation - In 2023, national fiscal science and technology expenditure reached nearly 1.2 trillion yuan, with local fiscal technology expenditure accounting for over 66% [2]. - Traditional subsidy models face challenges such as information asymmetry, low fund utilization efficiency, and insufficient motivation for transformation [2][3]. - Various forms of fiscal subsidy mechanisms have been established to stimulate R&D investment and the vitality of technology transformation [3]. Group 2: Types of Subsidy Funds - Subsidy funds include pre-subsidy, post-subsidy, and reward subsidies, differing in timing, basis, and purpose [4]. Group 3: Limitations of Subsidy Funds - Pre-subsidy funds lack flexibility in usage, often requiring strict adherence to predetermined plans, which may not adapt to market changes [8]. - The "scattergun" approach in subsidy distribution leads to insufficient targeting and precision in funding allocation [9][10]. - Current subsidy policies favor larger enterprises, leaving small and medium-sized enterprises with limited support [11]. - Subsidy funds often lack long-term support and empowerment for projects [14]. Group 4: Fund Investment - Fund investment enhances market-oriented operations and provides more precise support for high-potential projects, especially benefiting small technology enterprises [15]. - Fund investment offers flexibility in fund allocation, professional project selection, and additional support services [16]. Group 5: Limitations of Fund Investment - Local fiscal conditions significantly impact the support capacity of fund investments, with a notable decline in local government fund budgets [17]. - The lack of comprehensive due diligence and liability exemption clauses reduces the enthusiasm of all parties involved [18]. - Low participation from social capital complicates the establishment of early-stage funds [20]. - Performance evaluation and fund duration constraints limit long-term support for early-stage projects [21]. Group 6: "Invest First, Equity Later" Model - This model focuses on "technology-rich, capital-poor" startups, providing phased support for transforming research achievements into productive forces [22]. - The model allows for a sustainable cycle of fiscal fund usage, enhancing efficiency and management oversight throughout the enterprise lifecycle [22][23]. Group 7: Implementation of the Model - The operational process of the model is divided into project initiation, implementation, and equity management stages, creating a closed-loop management system [26]. - The project initiation phase is primarily managed by technology departments, while investment entities handle fund disbursement and project evaluation [27][32]. Group 8: Recommendations for Promoting the Model - Utilize existing subsidy funds as pilot funding sources to alleviate fiscal pressure [36][37]. - Clearly define responsibilities between technology departments and market-oriented investment institutions to enhance operational efficiency [38][39]. - Establish a mechanism for rolling support from exit profits to improve fund utilization efficiency [40][41]. - Implement due diligence and audit supervision systems to stimulate participation from all stakeholders [44].