评级导引,债市赋能:共助科创企业融资新局  

Empowering the Bond Market:The New Financing Landscape for Science and Technology Enterprises

作　　者：朱荣恩 张明海 ZHU Rong'en;ZHANG Minghai(Shanghai New Century Credit Rating&Investment Services Co.)

机构地区：[1]上海新世纪资信评估投资服务有限公司

出　　处：《金融市场研究》2025年第4期26-37,共12页Financial Market Research

摘　　要：内生驱动、协同创新和基础坚实是中国式科技创新的时代特征。各类主体在战略引领和政策引导下,基于坚实的物质与人才基础并通过协调创新,可降低个体层面的创新风险。债券市场赋能科技创新应结合创新主体的基本信用与价值特征,注重与长期资本的协同,进行债务融资产品的设计;拓展项目债券发债主体范围,全域赋能科技创新事业。信用评级机构应在构建科创型企业信用评级技术标准的基础上,进一步拓宽项目债券评级思路并不断优化、完善评级技术标准,更好地服务各类科技创新主体债券市场融资。建议建立以债券违约损失率为核心的评级质量综合评价机制,引导市场参与各方重视债券及募投项目的分析与评估。Chinese-style science and technology innovation is internally driven,has a solid foundation,and relies on collaborative efforts.Combined with strategic leadership and policy guidance this can result in reduced innovation risk.The bond market also has an important role to play in spurring innovation.It needs to combine basic credit assessment standards with long-term capital requirements and design suitable debt financing products that can help drive innovation.It also should expand the scope of project bond issues to include a far broader range of science and technology innovation.Credit rating agencies should,on the basis of constructing technical standards for ratings of science and innovation-oriented enterprises,further broaden the idea of project bond rating and continuously improve the rating technical standards.This paper recommends the establishment of a comprehensive evaluation mechanism for rating quality centered on bond default loss rates to guide all market participants in evaluating bonds and investment projects.

关 键 词：科技创新 债券市场 信用评级 

分 类 号：F832.5[经济管理—金融学]