当代金融研究2026，Vol.9Issue(2)：59-73,15.DOI:10.20092/j.cnki.ddjryj.2026.02.005
科技金融的风险分担机制与治理路径
Performance Governance Driving Risk Sharing in Technology Finance
摘要
Abstract
In addressing key technological breakthroughs,the critical role of technol-ogy finance lies not in the supply of funds,but in how high-uncertainty projects are allowed to fail.This paper frames the issue around risk identification,risk pricing,loss absorption,and failure resolution,comparing the incentive structures and spill-over channels of government guidance funds,policy/commercial guarantees,tech-nology insurance,and the loan-equity linkage mechanism,while also defining their applicable boundaries.The findings reveal that funds excel in post-investment gov-ernance and exit recycling but are hindered by bureaucratic preferences and blocked exits;guarantees are effective in bridging credit but weaken risk-sharing and fee discipline,leading to entrenched soft budgets;insurance can disperse tail risks but is limited by insurability data and claims friction;loan-equity linkage improves the risk-return matching,but under capital constraints and valuation fluctuations,it may amplify pro-cyclical resonance.Policy implications suggest the need for unified project ledgers and hierarchical loss sequencing,clear delineation between fiscal and financial boundaries,enhanced exit mechanisms and stress testing,and the integra-tion of spillover costs and failure reviews into performance constraints.关键词
科技金融/风险分担/政府引导基金/担保/保险Key words
Technology Finance/Government Guidance Funds/Guarantees/Insur-ance/Loan-equity Linkage分类
管理科学引用本文复制引用
宁小花,邓珂..科技金融的风险分担机制与治理路径[J].当代金融研究,2026,9(2):59-73,15.基金项目
北京市教育科学"十四五"规划2023年度青年专项课题"新文科建设背景下数字赋能的财经类拔尖创新人才'贯通—融合'培养模式研究"(CDCA23134). （CDCA23134）
