新型“投贷结合”支持我国专精特新企业高质量发展研究  

Research on the High Quality Development of Technology-oriented and Innovative Enterprises Based on the“Combination of Investment and Loan”

作　　者：高敬军[1] 范志清[1] Gao Jingjun;Fan Zhiqing

机构地区：[1]国家开发银行天津市分行

出　　处：《开发性金融研究》2024年第2期74-85,共12页Development Finance Research

摘　　要：中小企业是我国科技创新的重要参与主体,是推动我国经济、产业发展的重要力量。专精特新企业作为中小企业中经济效益好、创新能力强、发展潜力大的代表性企业,得到了国家政策的重点支持。金融如何更有效地支持专精特新企业发展,具有现实而深刻的意义。本文以科技型专精特新企业的金融支持为研究对象,在分析专精特新企业发展特征、融资特征的基础上,对专精特新企业的现金流特点进行了研究,并结合专精特新企业的特征和资金需求特点,对当前能满足企业研发需求和权益性资金需求的金融产品(研发贷款、投贷联动、政策性基金)的特点和不足进行了论述。在此基础上,本文借鉴政策性基金、投贷联动理念,设计提出了采用“专精特新产业基金+配套融资”模式,通过专精特新产业基金为企业提供股权融资,并对获得基金的项目给予配套中长期贷款,从而支持专精特新企业高质量发展,为创新支持科技型专精特新企业开辟出一条有效的新路径。Small and medium-sized enterprises(SMEs)play a crucial role in China’s technological innovation,which are an important force in driving the country’s economic and industrial development.As a representative enterprise in the SMEs,technology-oriented and innovative enterprises possess notable economic benefits,strong innovative capabilities,and great potential for development.These enterprises receive significant support from national policies.The effective support of technology-oriented and innovative enterprises by the financial sector carries significant practical and profound implications.This paper focuses on examining the financial support for technology-oriented and innovative enterprises.By analyzing the developmental and financing characteristics of these enterprises,this paper investigates the characteristics and shortcomings of current financing channels and products(research and development loans,investment-loan linkage,and policy funds)of technology-oriented and innovative enterprises.Building upon this foundation,this study draws insights from policy-oriented funds and the concept of investment-loan linkage to propose a model known as the“Specialized and Innovative Industry Fund+Project Loans”,which utilizes technology-oriented and innovative industry funds to provide equity financing for enterprises,while also offering medium to long-term loans for projects receiving fund support.This product aims to facilitate the high-quality development of technology-oriented and innovative enterprises and to establish an effective new avenue for supporting innovation in technology-oriented and innovative enterprises.

关 键 词：专精特新企业 专精特新产业投资基金 配套中长期贷款 新型投贷结合 

分 类 号：F276.3[经济管理—企业管理] F832[经济管理—国民经济]