西安交通大学学报（社会科学版）2025，Vol.45Issue(5)：1-15,15.DOI:10.15896/j.xjtuskxb.202505001
科技金融40年:理论基础、政策工具与瓶颈突破
Forty Years of Sci-Tech Finance:Theoretical Foundations,Policy Instruments,and Bottleneck Breakthroughs
摘要
Abstract
Science-and-technology finance(STF)is a core instrument for advancing China's innovation-driven development strategy and is ranked first among the Chinese"Five Major Articles"in financial work.It provides essential support for national science and technology innovation and for industrial upgrading.From a policy-instrument perspective,this paper divides STF into three categories,including environmental,supply-side,and demand-side,and systematically reviews their forty-year development and theoretical foundations.Environmental policies draw on the regional innovation systems framework,institutional economics,and the theory of entrepreneurship.Supply-side policies are rooted in endogenous growth theory,innovation-incentive theory,and capital-structure theory.Demand-side policies are based on demand-pull innovation and diffusion-of-innovation theories.Together,these strands form the theoretical basis of STF. Using emblematic cases and related empirical studies,including Zhongguancun,Qianhai,the"863 Program",Specialized,Sophisticated,Distinctive and Innovative(SSDI)enterprises,the ChiNext market,and technology credit,this paper reaches the following findings.Environmental policies have been effective in optimizing the innovation ecology and in promoting regional coordination.Nonetheless,persistent problems remain,including uneven regional allocation of resources,insufficient incentives for intermediary service providers,and limited coverage of incentive policies.Supply-side policies such as government subsidies,tax relief,and qualification recognition have effectively leveraged corporate R&D investment,but they face challenges of structural imbalance,low efficiency,and inadequate matching to the enterprise life cycle.Demand-side policies have broadened financing channels through technology credit,ChiNext and other market instruments,and technology insurance,yet they face the twin bottlenecks of"insufficient accessibility"and"limited effectiveness",reflected in shallow coverage,high costs,and weak risk-sharing.In the international comparison,the study summarizes the successful experiences of the United States,Germany,Japan,Israel,Singapore,and Korea,each representing distinct models.The paper argues that China should proceed from its national conditions and build a science-and-technology finance system with Chinese characteristics,one that integrates international experience with domestic realities. On this basis,this paper proposes optimization paths for the three policy categories.Environmental policies should act on three fronts:regional coordination to reduce spatial mismatches,upgrading of platform carriers to strengthen innovation functions,and factor assurance to stabilize key inputs.Supply-side policies should adopt tiered matching,risk sharing,and dynamic evaluation,so that instruments align with firm life cycles and avoid both under-coverage and inefficient allocation.Demand-side policies should advance through coordinated progress along credit,capital markets,and risk protection,with differentiated designs that reflect industry characteristics and asset structures.Looking ahead,the paper identifies four priority directions for breakthroughs in STF.First,patient capital should be expanded and dynamically matched to enterprise life cycles to bridge early-stage financing gaps.Second,financial-tool innovation should be aligned with the development of new-quality productive forces,including digitalization,intelligent transformation,and green upgrading.Third,SSDI enterprises should receive precise and targeted support,with financing structures mapped to the attributes of"Specialized,Sophisticated,Distinctive and Innovative".Fourth,a precision"drip-irrigation"policy loop should be established that integrates identification,staged disbursement,monitoring,correction,and orderly exit.At the same time,attention should be paid to emerging risks,including model and data risks in digital finance,incentive distortions,and external shocks. The theoretical contribution of the paper lies in its systematic integration of the STF policy framework with its economic foundations.Empirically,it enriches micro-level evidence on how policies affect firms.In practice,it provides operational policy references for government departments seeking to optimize the financial-support system and raise the conversion rate of scientific and technological achievements.These recommendations have direct significance for promoting new quality productive forces and for advancing Chinese modernization.关键词
科技金融/政策工具/科技企业/科技创新/企业融资/研发投入/耐心资本Key words
science and technology finance/policy instruments/technology firms/technological innovation/corporate financing/R&D investment/patient capital分类
管理科学引用本文复制引用
熊熊,陈庆冲,张雨萌..科技金融40年:理论基础、政策工具与瓶颈突破[J].西安交通大学学报（社会科学版）,2025,45(5):1-15,15.基金项目
国家自然科学基金项目(72141304) （72141304）
科技部重点研发项目(2022YFC3303304). （2022YFC3303304）
