Abstract: Technological finance is an organic integration of technological innovation activities and financial innovation activities. It is a series of institutional innovation behaviors triggered by technological innovation activities. The article analyzes the current characteristics and existing problems of science and technology finance in my country, and proposes that the healthy and rapid development of science and technology finance with Chinese characteristics should be promoted from the aspects of government policy and system innovation, financial system innovation, technology bank operating model innovation, and innovation in training methods for science and technology and finance compound talents. .
Keywords: science and technology finance; science and technology system innovation; financial system innovation
CLC classification number: F830 Document identification code: A Article number: 1004-1494 (2012) 04-0060 -05
Comprehensively promoting the industrialization of scientific and technological innovation is a requirement for scientific and technological work in the implementation of the "Twelfth Five-Year Plan" national strategy and economic transformation. It is also the core task of giving full play to the leading role of science and technology in supporting the economy. Science and technology finance has become a systematic and innovative arrangement of a series of financial tools, financial systems, financial policies and financial services that promote technological development, achievement transformation and the development of high-tech industries. Technological finance is the combination of the first productive force and the first driving force, and its goal is to achieve the first competitiveness.
Technology finance is a financial activity in which financial capital focuses on technological innovation, especially the incubation of innovation results into new technologies and the promotion of high-tech industrialization. Science and technology financial cooperation can effectively solve the problem of fund shortage in the process of transformation and industrialization of scientific and technological achievements, and promote the rapid growth of technology-based small and medium-sized enterprises. In recent years, with the vigorous promotion of the country, the construction of my country's science and technology finance system has taken an important step. Some pilot cities have a lot to learn from and promote in terms of overall planning, institutional mechanisms, and financial innovation in the field of science and technology finance. Highlights of promotion. Zhejiang Province has made an overall plan to promote the integration of science and technology and finance, and has clarified the "six components" of "fiscal funding subsidies, venture capital investment, bank technology loans, technology guarantee support, technology insurance compensation, and intellectual property pledge loans." "One Piece" work idea [1]. Zhongguancun's "Mutual Aid Plan" mainly provides financing support to member companies through three forms: entrusted loans, provision of guarantees, and provision of counter-guarantees. In April 2010, the Beijing Municipal Government also established the Zhongguancun Development Group. The group's key breakthrough is to promote the transformation and industrialization of major scientific and technological achievements through equity investment. This is also a new attempt to organically combine state-owned capital with scientific and technological resources. It also realizes the direct and active investment of large-scale funds arranged by the system into innovative enterprises [2]. In December 2010, Shanghai officially launched the “Shanghai Performance Guarantee Insurance Loan for Technology-based Small and Medium-sized Enterprises”, which was the first domestic “bank and insurance company” to jointly participate in loan products [3].
1. The basic characteristics of my country’s science and technology finance
The difference between high-tech industries and traditional industries determines the inherent characteristics of science and technology finance. We will deeply understand the characteristics of technological finance from the following three perspectives.
(1) Tangible assets and intangible assets coexist, and intangible assets are often higher than tangible assets
We know that in the early stages of establishment, traditional enterprises are equipped with tangible assets such as factories, machines, and equipment. Fixed assets, investment in an enterprise always increase with the increase of tangible or intangible capital. Once the enterprise suffers uncertainty such as loss or bankruptcy, the investment can be recovered through asset disposal. Technology-based small and medium-sized enterprises are quite different. Technology-based small and medium-sized enterprises have little capital and small tangible assets. They usually own intangible assets such as intellectual property rights, patents, inventions, and even creative conceptual models, and intangible assets are often higher than tangible assets. Judging from the science and technology statistics in the past five years, the average ratio of new fixed assets of science and technology enterprises to the annual output value is less than 5. In the early stages of growth, technology-based small and medium-sized enterprises do not have enough fixed physical assets as guarantees, and their ability to obtain guarantees is weak. They do not meet the loan approval conditions of traditional commercial banks. Financing difficulties have become a major bottleneck for technology-based enterprises. This requires commercial banks that mainly focus on deposits and loans to change their traditional credit models based on the characteristics of technology-based enterprises.
(2) High risk, high growth and high return coexist
High risk. The high-tech industry has a complete industrial chain, which includes different development stages such as scientific and technological development, achievement transformation and industrialization. The characteristics of high-tech industries such as high innovation, high difficulty, and knowledge-intensiveness determine that it has higher risks than traditional industries at every stage:
1. The technological innovation projects themselves are difficult, Complexity such as immaturity and unmatched equipment, coupled with the uncertainty of technological prospects, technical effects, and technical stability, technical risks cannot be underestimated;
2. In the current situation of incomplete guarantee system and credit system in my country Under the current situation, technology-based small and medium-sized enterprises that are asset-light enterprises lack both operational performance records and complete financial accounting systems. Information transparency is not high, and there are credit risks;
3. Because technology products and services have Due to the characteristics of rapid technological update, short life cycle and innovative products, market variables are unpredictable and market risks deserve great attention;
4. In the process of innovation and development, high-tech enterprises have difficulties due to the quality of managers and strategic decision-making. There are immature and imperfect characteristics in terms of level, management system, corporate governance, etc., and the management risks of enterprises are relatively high;
5. With the development of economic globalization and integration, the country’s economic situation and Industrial policy adjustments will be greatly affected by world economic development, as evidenced by the world financial crisis triggered by the U.S. subprime mortgage crisis in 2008, which also brought great social risks to technology companies, especially export-oriented high-tech companies. Therefore, compared with traditional enterprises, high-tech enterprises have greater uncertainties in technology, credit, market, management, society and other aspects. The 10-year survival rate of high-tech companies in the United States is between 5 and 10. The probability of a new venture successfully going public is 6/1,000,000. The 5-year survival rate of Chinese technology companies is less than 10 [4]. The existence of these risks has brought great security problems to technology-based small and medium-sized enterprises through loan financing, which is also the key reason why major commercial banks are unwilling to get involved.
High growth potential. As the scale of technology-based small and medium-sized enterprises continues to expand and grow rapidly, business operations become increasingly stable, and social credibility is gradually established. It has technological leadership and independent intellectual property rights, and its products or services have high added value. Once the product innovation is successful, as people are more interested in the new With the continuous improvement of product recognition, demand will often increase exponentially. High-tech industries can easily gain market competitive advantages and achieve sustained and rapid growth. The assets and sales revenue of successful high-tech enterprises can increase by dozens of dollars in a few years. times or even hundreds of times.
High returns. Compared with traditional enterprises that focus on machine production, high-tech enterprises are more engaged in the research, development, innovation and application of technology. Once successful, they will gain obvious market advantages and obtain higher economic benefits and benefits than traditional enterprises. Social benefits, their income will grow explosively, especially for high-tech enterprises in high-growth fields such as communications, information technology, and bioengineering. Apple has increased its efforts in technological innovation, and has continuously developed and launched new products that are well received by consumers, leaving its competitors far behind. According to the latest report, its global market share of smartphones (iphone series, etc.) has reached 19.1, and its operating income has surged. The profits brought about by the monopoly of technological products are beyond the reach of traditional enterprises. This is why the high-tech industry has always been a fertile ground for many entrepreneurs.