sci-tech finance; enterprise; technological innovation; innovation chain
S&T and Financing Integration Framework and Proposal
China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of highquality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the financial system boldly, such as exploring the establishment of a national policy-oriented science and technology bank, and establishing a lifetime sponsor system on the "New Third Board". Third, it proposes to further clarify the functional positioning of government venture capital funds, cultivate "patient" capital, and guide social capital to invest in science and technology, small, early, and long-term projects. Finally, the study suggests that the innovation-oriented policy environment should be optimized to provide a strong guarantee for the combination of science, technology and finance.
Bulletin of Chinese Academy of Sciences
1 房汉廷. 科技金融本质探析. 中国科技论坛, 2015, (5):5-10.
Fang H T. Essence of sci-tech finance. Forum on Science and Technology in China, 2015, (5):5-10. (in Chinese)
2 国家统计局社会科技和文化产业统计司, 科学技术部战略规划司. 中国科技统计年鉴2021. 北京:中国统计出版社, 2021.
Department of Social, Science and Technology, and Cultural Statistics National Bureau of Statistic, Department of Strategy and Planning Ministry of Science and Technology. China Statistical Yearbook on Science and Technology 2021.
Beijing:China Statistics Press, 2021. (in Chinese)
3 胡志坚, 解鑫, 贾敬敦, 等. 中国创业投资发展报告2021. 北京:科学技术文献出版社, 2022.
Hu Z J, Xie X, Jia J D, et al. Venture Capital Development in China 2021.
Beijing:Science and Technology Documentation Press, 2022. (in Chinese)
4 张俊芳. 中美两国风险投资行业比较分析及启示. 世界科技研究与发展, 2018, 40(1):104-112.
Zhang J F. Comparative research on Chinese and American venture capital industry and revelation. World Sci-Tech R & D, 2018, 40(1):104-112. (in Chinese)
5 祁豆豆. 科创板:"科创之花"铺就高质量发展之路. 上海证券报, 2022-03-01(02). Qi D D. The Science and Technology Innovation Board:"Flower of science and technology innovation" paves the way for high-quality development. Shanghai Securities News, 2022-03-01(02). (in Chinese)
6 朱莉妍. 探究我国科技保险高质量发展路径. (2022- 04-20)[2022-8-21]. https://www.financialnews.com.cn/bx/bxsd/202204/t20220420_244483.html. Zhu L Y. Exploring the high quality development path of science and technology insurance in China. (2022-04- 20)[2022-8-21]. https://www.financialnews.com.cn/bx/bxsd/202204/t20220420_244483.html. (in Chinese)
7 李希义, 邓天佐. 硅谷银行支持高科技企业发展的成功模式及其原因探秘. 中国科技产业, 2011, (10):31-33.
Li X Y, Deng T Z. The successful mode of Silicon Valley Bank in supporting the development of high-tech enterprises and its reasons. Science & Technology Industry of China, 2011, (10):31-33. (in Chinese)
8 范文仲, 吴婕. 德国在金融服务科技创业企业方面的经验和启示. 国际金融, 2015, (12):3-8.
Fan W Z, Wu J. Germany's experience and enlightenment in financial service technology start-ups. International Finance, 2015, (12):3-8. (in Chinese)
9 薛薇, 李峰, 彭春燕. 我国支持风险投资的税收政策研究. 税务研究, 2016, (7):116-120.
Xue W, Li F, Peng C Y. Research on tax policy supporting venture capital in China. Taxation Research, 2016, (7):116- 120. (in Chinese)
10 中国科学技术发展战略研究院, 中国科技金融促进会, 上海市科学学研究所. 中国科技金融生态年度观察2020. 上海:上海交通大学出版社, 2020.
Chinese Academy of Science and Technology for Department, China Association for the Promotion of Sci-Tech Finance, Shanghai Institute for Science of Science. The Annual Report on the Eco-System of Science and Technology Finance in China 2020.
Shanghai:Shanghai Jiao Tong University Press, 2020. (in Chinese)
XUE, Wei; HU, Beibei; and WEI, Shijie
"Deepen Combination of Science, Technology and Finance to Empower Enterprises to Carry out High-quality Innovation,"
Bulletin of Chinese Academy of Sciences (Chinese Version): Vol. 37
, Article 3.
Available at: https://bulletinofcas.researchcommons.org/journal/vol37/iss9/3