Core Viewpoint - The article discusses the structural imbalance in China's science and technology bond market and the introduction of a "Technology Board" in the bond market to enhance support for technological innovation financing. Group 1: Exploration and Challenges of the Science and Technology Bond Market - The science and technology bond market in China began in 2016, with various bond products like innovation and entrepreneurship bonds, science and technology corporate bonds, and high-growth bonds being introduced over the years [2][3]. - As of March 2025, the cumulative issuance of science and technology corporate bonds and notes reached 2.66 trillion yuan, accounting for 95% of the total issuance in this market [3]. - The current market shows a significant concentration of issuers, with over 95% being state-owned enterprises, leaving private technology companies, especially small and medium-sized ones, with limited access to financing [4]. Group 2: Limitations of the Bond Market in Supporting Technological Innovation - The bond market's fixed income nature limits its ability to fully capture the growth potential of innovative companies, leading to a mismatch in risk and return profiles [11]. - Traditional credit tools prioritize low-risk, high-liquidity investments, which conflict with the high-risk nature of technological innovation financing [11]. - Empirical studies indicate that credit financing does not significantly promote innovation and may even suppress it, highlighting the inadequacy of the current bank-dominated financial structure in supporting technological advancements [8][10]. Group 3: Future Outlook and Recommendations for the Science and Technology Bond Market - The introduction of a "Technology Board" aims to support growth-stage and mature technology companies, which have different credit risk characteristics compared to early-stage firms [13]. - Enhancing information disclosure practices is crucial for reducing information asymmetry and improving investor confidence in technology firms [14][15]. - Implementing risk-sharing tools for technology innovation bonds can lower financing costs and support longer-term bond issuance for technology firms [16][17]. - Exploring a "commercial bank + investment bank" model could help banks better support technological innovation by diversifying their financing approaches [18].