国有企业科技金融实践模式分析及启示

Analysis of SOE Sci-tech Finance Practical Model

国有企业开展科技金融实践是提升国有企业科技创新能力、增强企业价值的必要手段。我国科技金融经过几十年发展,目前参与主体多元,实践模式多样,政策体系不断完善。将国有企业科技金融实践模式分为国有非金融企业主导、国有金融企业主导、政府主导3种模式。国有非金融企业主导模式能确保主导公司的控制力和执行力,但金融风险和成本相对较高;国有金融企业主导模式可依据运营方式进一步分为科技金融服务平台、公司运营两种方式;政府主导模式是由地方政府部门发挥主导作用,带有政策性色彩。基于以上分析,指出国有企业开展科技金融实践应利用各种金融资源和金融工具,拓展融资渠道,为科技创新活动提供全链条、多元化融资服务,促进科技成果转化,实现新兴业务跨越式发展。

Sci-tech finance practiced by the State-owned enterprise(SOE)is an indispensable method to improve SOE sci-tech innovation ability and raise the corporate value.Following decades of development,China’s sci-tech finance is composed of a multiple of elements at the present time with a variety of practical forms and the system of policies continually perfected.This paper divides the SOE sci-tech finance practical model into three patterns–dominated by State-owned non-finance enterprises,dominated by State-owned finance enterprises and dominated by the government.The pattern dominated by State-owned non-finance enterprises can ensure the controlling and execution powers of the dominant company,but the financial risks and costs are high.The pattern dominated by State-owned finance enterprises can be further divided into the sci-tech finance service platform and corporate operation.The pattern dominated by the government allows the local governmental departments to play a dominant role,with the characteristics of policy.Based on the above-mentioned analysis,this paper points out that,so far as sci-tech finance practice is concerned,the State-owned enterprises should take advantage of various financial resources and financial tools to expand the fund-raising channels,provide full-chain multielement financial services for technological innovation,and promote transformation of technological achievements,bringing about significant development of the emerging business.