我国资本市场支持科技创新的成效、困境及政策建议  

The Effect,Predicament and Policy Suggestions of China's Capital Market in Supporting Scientific and Technological Innovation

作　　者：徐玉德 李昌振 Xu Yude;Li Changzhen

机构地区：[1]中国财政科学研究院 [2]中国财政科学研究院研究生院 [3]山东女子学院

出　　处：《财政科学》2022年第5期15-30,共16页Fiscal Science

基　　金：财政部会计名家培养工程项目(2018)阶段性成果。

摘　　要：资本市场作为推动科技、资本和实体经济高水平循环的重要枢纽,能够有效促进科技和资本的融合,健全创新资本快速形成和有效循环的体制机制。随着我国多层次资本市场体系及基础制度的逐步完善,资本市场服务科技创新的能力迅速提升。但是我国多层次资本市场体系建设及发行、交易、并购等基础功能仍需完善,服务科技创新的广度和深度还有待提升。深入分析我国资本市场支持企业科技创新面临的现实困境,有助于化解科技型企业与资本市场深度融合的难点,为科技企业高效融资、加快成长和创新发展提供有力支撑,进而引领经济发展向创新驱动转型。As an important hub to promote the high-level circulation of science and technology,the capital and the real economy,the capital market can effectively promote the integration of science and technology and capital,and improve the system and mechanism for the rapid formation and effective circulation of innovation capital.With the gradual improvement of China's multi-level capital market system and the basic system,the ability of the capital market to serve technological innovation has rapidly improved.However,the construction of China's multi-level capital market system and its basic functions such as issuance,trading,and mergers and acquisitions still need improving,and the breadth and depth of its service for technology innovation still needs bettering.An in-depth analysis of the practical difficulties faced by China's capital market in supporting scientific and technological innovation of enterprises will help resolve the difficulties of deep integration of scientific and technological enterprises with the capital market,provide strong support for efficient financing,accelerated growth and innovative development of scientific and technological enterprises,and lead the economic development to be driven by innovation.

关 键 词：资本市场 科技创新 基础制度体系 

分 类 号：F832.5[经济管理—金融学]