政府资金与社会资本对高风险高回报项目投入机制研究——基于多国案例的分析

Research of Investment Mechanism of Government Funds and Social Capital in High-risk/High-return Projects:Based on Case Analysis of Many Countries

全球主要科技强国高度重视对高风险高回报类型技术,充分发挥政府资金的杠杆效应和引导作用,引导社会资本对优质项目或具有发展潜力的科技型中小企业实施投资,促使社会资金在科技创新中发挥更大的作用。按照高风险高回报项目技术实用化和产品化的不同可能性,各国政府资金引导和撬动社会资本的多元化投入机制各不相同,主要包括政府出资遴选培育颠覆性技术,成熟后引入社会资本跟投;政府出资遴选颠覆性技术,并实施股权投资,吸引社会资本的共同投资;以及政府资金联合社会资本共同实施项目的遴选和资助等。对比不同资金投入策略的优缺点和适用性,可以为中国相关科技管理决策提供借鉴。

The world’s great power in science and technology attach great importance to high-risk/high-return technologies,by giving full play to the leverage effect and guiding role of government funds,guide social capital to invest in high-quality projects or high-tech SMEs with development potential,and promote social capital to play a greater role in scientific and technological innovation.According to the different possibilities of technology application and productization of high-risk/high-return projects,the diversified investment mechanisms of government funds to guide and leverage social capital are different in different countries,mainly including government funding to select and cultivate disruptive technologies,and introduce social capital to follow investment after maturity.Government funds to select disruptive technologies,and implements equity investment to attract joint investment from social capital;and the selection and funding of projects jointly implemented by government funds and social capital.Comparing the advantages,disadvantages and applicability of different capital investment,strategies can provide reference for relevant science and technology management decisions in China.