金融服务新质生产力:机制、路径与对策

How Finance Can Better Support the Development of New Quality Productive Forces

“金融活经济活,金融稳经济稳”,金融对发展新质生产力有着重要的支持作用。与此同时,新质生产力的特征对金融体系提出了四方面新的要求:一是新质生产力的特点是创新,中小科创企业主导创新的客观现实要求金融服务介入的时点更早;二是新质生产力由技术群体性突破而催生,以融合发展的产业体系为实现载体,多样化技术和产业发展趋势要求金融支持实体经济的方式更多元;三是新质生产力“新”在数据要素重构生产函数并极大地丰富了劳动资料和劳动对象,要求金融业提高数字化程度与之适配;四是新质生产力发展将引发生产要素配置方式的调整,这要求资本市场制度改革进一步深化。但是,目前金融体系在融资结构、服务能力、产品供给和体制机制等方面存在的问题影响了金融支持新质生产力发展的力度和深度。对此,本文提出以下建议:一是进一步增强资本市场长期吸引力,切实提高直接融资比例;二是以复合人才队伍建设、估值体系优化等为基石,提高金融支持科技创新的综合服务水平;三是以丰富金融产品为抓手,提高金融服务科技创新的普惠性和精准度;四是以畅通创投退出渠道、扩大长期资金来源为主攻方向,优化创业投资发展的制度环境。

Finance plays an important role in supporting the development of new-quality productive forces.At the same time,the characteristics of the new quality productivity have created four new requirements for the financial system.First,new quality productivity is characterized by innovation,and the objective reality that innovation is dominated by small-and medium-sized science and technology enterprises requires the financial services at an earlier stage of development.Second,the new quality productivity is generated by technological breakthroughs.Moreover,the diversification of the technological and industrial development trends require more diversified financial support.Third,the new quality productivity requires the financial industry to adopt a greater degree of digitization to keep pace.Fourth,the development of the new quality of productivity will lead to the adjustment of the mode of allocation of factors of production,which in turn requires a further deepening of the reform of the capital market system.This paper makes several suggestions such as enhancing the long term attractiveness of the capital market and effectively increasing the proportion of direct financing.It also calls for the cultivation of financial talent,the enrichment of financial products and the clearing of exit mechanisms for venture capital investors.