战略性新兴产业融资模式安排的理论逻辑与政策框架——基于外部性、不确定性及错配视角的研究

Theoretical Logic and Policy Framework of Financing Patterns for Strategic Emerging Industries:Based on Externality,Uncertainty and Mismatches

战略性新兴产业具有的战略性以及新兴性特征,导致其具有经济学意义上的正外部性和不确定性,由此造成该产业类别的金融需求特征与传统融资模式不兼容,以及模式、风险、期限上的错配。在金融需求决定金融供给的基本机制下,需要通过理论创新对传统融资模式进行改造或创造新型融资模式,以适应战略性新兴产业的金融需求。本文运用软预算约束模型(DM模型)和金融工程原理,分析推理适应战略性新兴产业发展特点的融资模式安排的理论逻辑,设计相应的政策框架,并针对调研中所获得的当前金融支持战略性新兴产业发展的创新举措及不足之处,提出政策建议。

Traditional financing patterns mismatch with the demand of funds from strategic emerging indus-tries, since these industries have significant positive externalities and confront great uncertainty. As financial de-mand determines financial supply, in order to meet the financial demand of strategic emerging industry, it is neces- sary to innovate theories on reforming traditional financing patterns or creating new financial supply modes. This pa- per applies the soft budget constraint model （ DM Model） and financial engineering principles to analyze the finan- cing patterns which fit the strategic emerging industries and proposes policy suggestions accordingly. In this process, this paper also comments the financial innovations to support the strategic emerging industries and discus-ses their flaws from the newest survey and provides suggestions to perfect them.