Multiple measures taken to solve the financing difficulties of science and technology innovation enterprises-瞭望新时代网-瞭望时代，放眼世界

Multiple measures taken to solve the financing difficulties of science and technology innovation enterprises

2024-08-01

The Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese path to modernization proposed to deepen the reform of the financial system. Actively develop technology finance and strengthen high-quality financial services for major strategies, key areas, and weak links. Experts believe that banking institutions should continue to explore new models and paths of technology finance services, solve the financing difficulties and bottlenecks of science and technology innovation enterprises, and provide a continuous stream of financial momentum to accelerate the development of new quality productivity and promote high-quality development. Continuously releasing policy dividends to promote the organic integration of technology and finance, and promoting the development of new quality productivity in both directions, is particularly important for banking institutions. Li Peijia, head of the China Finance Team at the China Banking Research Institute, stated that accelerating the development of technology finance is a powerful action for banking institutions to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and is also a necessary path to stimulate innovation vitality and promote the development of new quality productivity. In the industry's view, currently, China's technology finance is developing rapidly and has initially established a diversified technology finance service system including venture capital, stock market, bond market, bank credit, etc. However, it still faces many difficulties and challenges in some fields. To build a mechanism that is in line with the development of technology finance, more attention should be paid to leveraging the role of banks in direct financing and improving their investment banking service capabilities. In recent years, banking institutions have actively explored the establishment of technology subsidiaries and pilot investment loan linkage to support innovative enterprises. However, due to limitations in capital adequacy ratio and requirements for asset quality assessment, banks have a low participation in equity capital investment, and the pilot effect of investment loan linkage is not satisfactory. Li Peijia believes that to accelerate the reform of the technology finance system in the banking industry, it is necessary to guide the early and small investment of financial vitality from the source, such as providing consulting and advisory services for the listing and financing of science and technology innovation enterprises, creating a new model of investment loan linkage, and forming a new situation of the integration of credit funds and equity capital. The reporter noticed that since the beginning of this year, the People's Bank of China, together with relevant departments, has launched a series of policy measures to support technological innovation. In April of this year, the People's Bank of China, together with the Ministry of Science and Technology and other departments, established a 500 billion yuan technology innovation and technological transformation re loan, of which 100 billion yuan is specifically used to support first-time loans for technology-based small and medium-sized enterprises in the start-up and growth stages, incentivizing financial institutions to invest more in early, small, and hard technology. Dong Ximiao, Chief Researcher of Zhaopin, stated that the Central Financial Work Conference has clearly placed technology finance at the forefront of the five major articles, and this year's Government Work Report has also included the content of five major articles on technology finance. All parties should accelerate the construction of a sound technology finance system, and financial institutions should seize the policy "dividend", improve their service capabilities as soon as possible, better serve technological innovation and technology-based enterprises, and promote China's ability to enhance independent technological innovation. Breaking through the pain points and difficulties of financing, reporters found in interviews that some banking institutions are unwilling to invest funds in science and technology innovation enterprises, and some are very cautious even if they invest credit resources, fearing risks. This phenomenon occurs from time to time when banks provide credit services to science and technology innovation enterprises. Upon investigation, Ye Yindan, a researcher at the Bank of China Research Institute, believes that science and technology innovation enterprises generally have characteristics such as light assets, lack of collateral, and high investment risks. Banks are usually more cautious due to risk considerations. In addition, science and technology innovation enterprises often lack sufficient credit records, making it difficult for banking institutions to accurately assess their credit status and repayment ability. This information asymmetry further increases the difficulty of financing. Cracking the difficulty of credit granting is an important prerequisite for unblocking the flow of credit and nourishing scientific and technological innovation enterprises. Experts believe that banks need to take multiple measures to break through financing pain points in order to provide high-quality financial services to some weak links. In practice, "silver tax interaction" can help technology companies solve financing difficulties. In Zhangjiakou City, Hebei Province, banking institutions and tax departments continue to deepen the "bank tax interaction" mechanism to benefit and assist enterprises, promote the development of science and technology innovation enterprises through tax credit "loans", and help solve problems such as financing difficulties, high financing costs, and poor capital turnover for science and technology innovation enterprises. Chen Zhanyong, General Manager of Sibigou Air Cooling Technology (Zhangjiakou) Co., Ltd., said, "Our company has obtained a loan of 10 million yuan from banking institutions through 'Bank Tax Interaction', which not only alleviates the company's financing difficulties, but also provides guarantees for technology research and product innovation. From the perspective of financing paths for science and technology innovation enterprises, banking institutions need to unblock information barriers between banks and enterprises, accelerate the construction of a diversified credit evaluation system, innovate development ideas from credit business, and break down information barriers between banks and enterprises Ye Yindan believes that it is necessary to continuously expand and utilize multiple channels, continuously improve the accuracy of risk assessment and credit decision-making, and achieve efficient allocation of financial resources. In addition, banking institutions also need to innovate financial products and provide financing services that match the development stages of science and technology innovation enterprises. Jiangxi Huapai Optoelectronics Technology Co., Ltd., located in Quannan County, Jiangxi Province, is a high-tech enterprise specializing in the research and production of optical glass protective screens. The chairman of the company, Wu Chunwen, stated that the process from technology research and development, achievement transformation to product production cannot be separated from a large amount of capital investment. The local government has established a communication platform between government, banks, and enterprises to introduce financial subsidy policies for enterprises. Banks have issued exclusive financing products such as "Ganjian Science and Technology Innovation Loan" to enterprises, solving their financing difficulties. Chen Hao, Senior Researcher in Financial Regulation at Xingye Research Company, stated that in the future, commercial banks should combine the financing characteristics of science and technology innovation enterprises, break down barriers between banks and enterprises, focus on enhancing their ability to provide intellectual property pledge loans and credit loans to technology-based enterprises, develop new types of science and technology innovation loan products, and promote the deep integration of technology and finance. Improving comprehensive financial services and technological innovation in financial services should not be limited to credit resource support. It is also necessary to further expand the channels of financial services, enrich service measures, truly connect the "Ren Du Er Mai" of capital circulation, and provide financial support for the high-quality development of the real economy. The Party Committee of the State Administration of Financial Supervision and Administration recently held an enlarged meeting to convey and study the spirit of the Third Plenary Session of the 20th CPC Central Committee. The meeting mentioned that it is necessary to deeply understand and grasp the theme of further comprehensively deepening reform, focus on serving Chinese path to modernization, constantly improve the ability and level of financial services, unblock the "capital capital asset" cycle, and provide a strong financial guarantee for Chinese path to modernization. Li Peijia believes that to facilitate the circulation of "funds capital assets", on the one hand, it is necessary to build a "firewall" for industrial capital and financial capital, prevent financial generalization, and strengthen policy constraints and guidance on the integration of industry and finance. On the other hand, we need to accelerate the cultivation of long-term capital, guide more medium and long-term funds such as insurance funds and enterprise annuities to enter the capital market, and encourage them to increase long-term investments. From the perspective of banks, the key to accelerating the development of technology finance is to improve the adaptability of credit funds to technology enterprises, and provide comprehensive financial services including matching, investment banking, credit, etc. for technology enterprises at different stages of development throughout their entire life cycle, process chain, and scenario. Regarding the current situation where many early-stage science and technology innovation enterprises hope to obtain financial services in terms of capital, Li Mingxiao, Director of the Policy Research Department of the State Administration of Financial Supervision and Administration, recently stated that under the premise of legal compliance and controllable risks, the State Administration of Financial Supervision actively supports relevant banks and financial asset investment companies to carry out business cooperation, fully leveraging the two mechanisms and advantages of equity financing and debt financing, actively exploring diversified technology innovation financial service models, encouraging banks and venture capital funds to strengthen docking, standardize the development of "loan+external direct investment" business, and promote a virtuous cycle of "capital capital asset" for enterprises. Industry experts believe that developing diversified equity financing and accelerating the development of multi-level bond markets are also conducive to supporting the development of technology enterprises. Dong Ximiao stated that in order to comprehensively and effectively meet the demand for financial services in technological innovation, direct financing should be vigorously developed, and the stock and bond markets should be further supported and serviced, continuously increasing the proportion of direct financing for technological innovation and technology-based enterprises. (New Society)

Edit：NingChangRun Responsible editor：LiaoXin

Source：Econom Daily

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