进一步推动科创债服务科技创新——以混合科创票据为例  

Promoting Science and Technology Innovation--With Hybrid Sci-Tech Innovation Notes

作　　者：姜涛 郭志强 周云程 JIANG Tao;GUO Zhiqiang;ZHOU Yuncheng(Dept Capital Markets,China Securities)

机构地区：[1]中信建投证券债务资本市场部

出　　处：《金融市场研究》2025年第4期16-25,共10页Financial Market Research

摘　　要：做好金融支持科技创新工作是落实创新驱动发展战略和金融服务实体经济的重要着力点,也是深化金融供给侧结构性改革的重要内容。科创债是金融支持科技创新工作的重要工具。本文梳理了科创债的发展现状,对科创债发债中遇到的瓶颈进行了分析,建议以混合科创票据为抓手,通过灵活的条款设计(如收益分成、转股联动)、优化私募发行机制、培育高收益债券市场、标准化转股流程及应用区块链技术提升透明度等措施,增强股债混合产品对发行人和投资人的吸引力,从而促使科创债更好地发挥科创债服务科技创新能力。Ensuring adequate financial support for technological innovation is a key focus of the innovation-driven development strategy and the delivery of financial services to the real economy.It is also critical to deepening the supply-side structural reform of finance.Sci-tech innovation bonds are an important part of financial support for science and technology innovation work.This paper examines the development of sci-tech innovation bonds and analyzes the bottlenecks encountered in their issuance.It also suggests that hybrid sci-tech innovation notes be used as a starting point to enhance the attractiveness of hybrid stock and bond products through such measures as flexible terms(e.g.,revenue sharing and conversion linkage),optimizing the private placement issuance mechanism,encouraging the high-yield bond market,standardizing the bond conversion process,and applying blockchain technology to enhance transparency.This in turn would allow sci-tech bonds to more effectively promote innovation in science and technology.

关 键 词：科创债 混合科创票据 科技金融 股债联动 

分 类 号：F832.5[经济管理—金融学]