central bank: focus on improving these "three proportions"
2024-09-07
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after the central financial work conference placed science and technology finance at the top of the “five major articles”, how to do this work well has become the top priority of the financial industry.
at the "promoting high-quality development" press conference on september 5, the people's bank of china responded to relevant questions and stated that "it will anchor the goal of building a strong country in science and technology, build a science and technology financial system that is compatible with scientific and technological innovation, and guide financial capital to invest early, invest in small projects, invest in the long term, and invest in hard technology."
there is no doubt about the importance of doing a good job in science and technology finance. whether it is the cultivation and development of strategic emerging industries or the transformation and upgrading of traditional industries, they are inseparable from the guarantee of capital elements. at the same time, increasing efforts to support scientific and technological innovation is also an inevitable choice for finance itself to achieve high-quality development. the financial system must conform to the strategic needs, stage characteristics and structural characteristics of economic and social development, take supporting scientific and technological innovation as an important direction for optimizing the financing structure, and achieve its own development by meeting the needs of the times.
however, technological innovation is complex and diverse, and technology companies are at different stages of their life cycle, with different financial needs. objectively speaking, there is a certain degree of mismatch between the funding needs of technological innovation and the traditional financial supply mode. we must speed up the improvement of the financial support policy system and supporting mechanisms, enrich financial tools, comprehensively enhance the ability of financial institutions and financial markets to serve technological innovation, and accelerate the construction of a technology financial system that is compatible with technological innovation.
in this regard, the meeting also put forward a number of suggestions, among which the central bank proposed to deepen the structural reform of the financial supply side, focusing on improving the "three proportions".
the first proportion is to increase the proportion of direct financing in social financing. technological innovation is a long-term activity with high investment and high risk. the characteristics of equity financing of "sharing risks and sharing benefits" naturally adapt to the financing needs of technological innovation. we must give full play to the functions of the science and technology innovation board, the growth enterprise market, the beijing stock exchange, the new third board, and regional equity markets, and promote the deepening and implementation of the registration system reform to meet the equity financing needs of technology-based enterprises of different categories and different life cycle stages. in addition, we must further enrich the financing products of the capital market, improve the incentive and constraint mechanism, comprehensively enhance the ability, intensity and level of technology financial services, and provide full-chain, full-life cycle, and diversified relay financial services for technology-based enterprises and various technological innovation activities.
the second proportion is to increase the proportion of early and small investments in equity financing. in order to achieve this goal, institutions must dare to invest, be willing to invest, and be able to invest. in this regard, on the one hand, in response to the lack of venture capital involvement in innovation links such as cutting-edge research and achievement transformation, we will strengthen the management of government investment funds such as the achievement transformation guidance fund, guide social capital to invest more in key technology fields and start-up technology companies, open up new fields and new tracks, and create new momentum and new advantages; on the other hand, we must focus on promoting the high-quality development of the venture capital industry, unblock the entire chain of "raising funds, investing, managing and exiting", especially broaden the sources of venture capital and exit channels, enhance the comprehensive service capabilities of venture capital institutions, give full play to the guiding role of government investment funds, accurately serve seed-stage and start-up technology companies, and improve the convenience of foreign capital in conducting equity investment and venture capital in china.
the third proportion is to increase the proportion of science and technology innovation loans in various loans. at present, my country's overall financial structure is still dominated by indirect financing such as bank loans. adjusting and optimizing the credit investment structure has become an important aspect of increasing the breadth and intensity of financial support for science and technology innovation. we should make good use of structural monetary policy tools such as re-lending to guide financial institutions to support qualified science and technology innovation with greater efforts.innovative enterprisesat the same time, we must encourage banks to establish a relatively independent centralized science and technology finance business management mechanism, improve policy arrangements such as credit quota management, internal funds transfer pricing, and performance appraisal, explore the establishment of a clear standard due diligence exemption system, vigorously support scientific and technological innovation, and gradually form a credit structure that is compatible with the construction of a strong country in science and technology. guide banks to build risk assessment models and business processes that are compatible with them, and focus on solving problems such as information asymmetry and mismatch between credit returns and risks.
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