科技金融支持企业科技创新的理论逻辑、现实问题和实践路径——兼论政策性科技金融和商业性科技金融  

Theoretical Logic,Practical Problems and Practical Path of Science and Technology Finance to Support Enterprises'Science and Technology Innovation:An Overview of Policy-based and Commercial Science and Technology Finance

作　　者：霍伟东 吕晨炜 李媛媛[1] 薄澜[2] Huo Weidong;Lyu Chenwei;Li Yuanyuan;Bo Lan(School of Finance and Trade;Sunwah International Business School,Liaoning University,Shenyang 110136,China)

机构地区：[1]辽宁大学金融与贸易学院,辽宁沈阳110136 [2]辽宁大学新华国际商学院,辽宁沈阳110136

出　　处：《科技管理研究》2025年第5期31-40,共10页Science and Technology Management Research

基　　金：国家社会科学基金项目“政府投资平台企业债务风险新特征及多元化解研究”(22BGL055)。

摘　　要：科技金融通过整合金融资源支持企业全生命周期的科技创新,并推动创新产业的高质量发展。界定政策性与商业性科技金融的内涵,指出前者依托政府信用和财政支持,主要面向种子期与创立期企业,承担弥补市场失灵、降低融资风险的重要职责;后者则以市场机制为主,更适用于发展期与成熟期企业,通过股权、债权及并购重组等方式满足企业扩张和创新需求。目前,科技金融领域存在业务模式混淆、结构失衡及产品供需不足等现实问题。建议明确两类科技金融的功能定位,建立配套的信贷使用标准和风险监管机制,并构建涵盖风险投资、科技信贷与科技保险在内的全生命周期金融服务生态。通过完善金融支持体系、优化资源配置及强化风险管理,可有效破解融资难题,推动科技成果转化和产业升级,形成可持续的发展模式。Science and technology finance supports the scientific and technological innovation of the whole life cycle of enterprises through the integration of financial resources,and promotes the high-quality development of innovative industries.It is pointed out that the former,relying on government credit and financial support,mainly targets enterprises in the seed stage and start-up stage,and bears the important responsibility of making up for market failures and reducing financing risks.The latter is mainly based on the market mechanism,which is more suitable for enterprises in the development stage and mature stage,and meets the expansion and innovation needs of enterprises through equity,debt,mergers and acquisitions and reorganization.At present,there are practical problems in the field of science and technology finance,such as business model confusion,structural imbalance and insufficient supply and demand of products.It is suggested to clarify the functional positioning of the two types of science and technology finance,establish supporting credit usage standards and risk supervision mechanisms,and build a full-life cycle financial service ecosystem covering venture capital,science and technology credit and science and technology insurance.By improving the financial support system,optimizing resource allocation and strengthening risk management,we can effectively solve the financing problem,promote the transformation of scientific and technological achievements and industrial upgrading,and form a sustainable development model.

关 键 词：科技金融 政策性科技金融 商业性科技金融 企业科技创新 

分 类 号：F832[经济管理—金融学] G301[文化科学]