科创债与并购债双债并举:发展中国式高收益债支持中国式现代化  

Science-Innovation Bonds and M&A Bonds:Developing a High-Yield Bond Market to Support China's Modernization

作　　者：石晓军[1,2] 赵鹤森 田文君 谭松涛[1,2] SHI Xiaojun;ZHAO Hesen;TIAN Wenjun;TAN Songtao(School of Finance,RUC;China Financial Policy Research Center,RUC)

机构地区：[1]中国人民大学财政金融学院 [2]中国人民大学中国财政金融政策研究中心

出　　处：《金融市场研究》2023年第6期39-54,共16页Financial Market Research

基　　金：国家社会科学基金重点项目“构建金融有效支持实体经济着力点的体制机制研究”(21AZD028)。

摘　　要：发展中国式高收益债支持中国科创,要实现融资约束缓解和创新能力集聚创新链整合两大功能。本文首先分析中国现有孵化债、双创债(含可转债)和科创债的发展态势,认为应该补齐科创高收益债这个市场缺口;其次,结合国际经验分析,提出应着力发展中国科创并购债以解决中国科创中小企业风险投资退出堰塞湖问题;最后,详细讨论科创高收益债和并购债双债并举的三个关键要点(违约正常化、加深流动性和提高透明性),并提出相关政策建议。Developing a Chinese style high-yield bond market to support domestic science and innovation has two key requirements:the alleviation of financing constraints and the integration of innovation chains by aggregating innovation capabilities.China's existing incubation bonds,dual-innovation bonds(including convertible bonds),and science-innovation bonds fall short of the requirements of a high-yield market.Judging from international experience,China's M&A bond market is much too small to meet VC/PE exit requirements.This paper proposes developing M&A and high-yield bonds to promote science and innovation.It examines in detail three critical areas-normalizing default risk,deepening liquidity,and improving transparency--and offers related policy recommendations。

关 键 词：高收益债 科创债 并购债 中国式现代化 中国科创 

分 类 号：F832.51[经济管理—金融学] F271