【作者】 龚传洲；

【导师】 洪银兴；

【作者基本信息】 南京大学 ， 理论经济学， 2012， 博士

【摘要】 科技创新是一个科学技术商业化的过程,强调科学和技术在生产中的应用以获取经济效益和社会效益。在知识经济时代,科学研究强调科学知识和科学发现与经济的直接结合,与技术应用相互渗透,日益融合,已成为科技竞争的焦点。科技创新是社会经济发展的第一推动力,更是当今时代主题。面对全球科技创新浪潮,1995年,我国首次提出了“科教兴国”战略；2006年,我国正式提出了“增强自主创新能力,建设创新型国家”的发展战略；2011年,我国又指出,“促进科技和金融结合,是中国提高自主创新能力和建设创新型国家的战略选择”。显然,研究科技创新过程,揭示科技创新内在规律,设法解决创新的投融资难题,已经成为当前我国一个重大的理论和现实问题。完整的科技创新过程包含知识创新阶段、技术创新阶段和创新扩散阶段。知识创新重在科学知识的生产、传播和应用,为人类认识和改造世界提供新理论和新方法；技术创新重在科技成果的生产应用,以将科技潜在的生产力转化为现实的生产力；创新扩散重在产业的技术进步与升级,以促进高新技术产业的形成壮大。科技创新是一个复杂的动态系统,其自身的发展在于科技发展推力与市场需求拉力的有效结合,是一个历史演进的过程。科技创新的关键在于知识创新与技术创新的衔接,因而企业不仅要采用新技术,更要加强与大学和科研院所的联合研发,成为孵化高新技术的投资主体。对科技创新的风险收益分析表明,创新过程中会出现风险与收益的背离,创新者需要向社会进行大量融资。由于科技创新项目面临技术风险、市场风险、管理风险等多种风险,社会资金对创新融资的支持十分谨慎,这使得创新融资风险十分突出,投资收益也具有很大的不确定性。实际上,解决问题的关键在于遵循风险收益规律的要求,使得各种社会机构和个人通过资金纽带,为创新者分散和降低投融资风险,提高创新成功率,以形成一种风险共担、收益共享的机制。对于具体的创新者而言,其风险承担能力是有限的。倘若社会能替创新者分担风险,则无疑提高其承受能力,使其可以投资原先所无法承受的风险项目,或者增加创新项目,从而提升整个社会创新能力。为此,需要构建全社会对科技创新投融资风险的分担体系,并形成“官、产、学、研、金”一体化的运行机制。其中,政府的财政科技投入包括直接的财政资金投入支持和间接的税收优惠、政府采购等财政激励措施,其风险分担效应在于通过承担知识创新阶段投入的高风险,不断降低科技创新项目的风险,从而将创新活动推进到市场机制能充分发挥作用的领域内,引导和鼓励更多社会资本投资科技项目。金融系统具有风险配置的功能,能满足不同投资者投资创新项目时对流动性和收益率的不同要求。银行等金融机构通过管理风险来获取收益,具有风险的跨期配置功能,不仅可以为创新融资提供关系型贷款、知识产权质押贷款、政策性贷款以及开展金融租赁等服务,而且还可以利用债权治理机制改善创新管理,提高创新成功率。资本市场拥有信息揭示和量化评估优势,能提供多种投融资工具,具有风险的横向配置功能,股权治理机制也有利于对科研人员和管理者人力资本的激励和约束,促进创新成功。创新者根据自身的融资需求特点,可去股票市场、债券市场和风险投资市场获取资金支持,并分散投融资风险。对中国科技创新投融资支持体系的考察一方面通过回顾历史,总结了中国社会所实施的政策措施,肯定了其巨大的激励支持作用；另一方面,通过现状分析,又指出了当前存在的问题和不足。通过建立计量模型分析表明,科技创新需要长期持续的资金投入支持,金融机构的中长期贷款和政府的财政科技拨款对中国科技创新的支持作用巨大,而证券市场的支持作用则十分微弱。这说明,现阶段中国科技创新的资金供给还在相当大程度上依赖银行信贷资金,银行系统的科技贷款产品创新具有重大的现实意义,而证券市场围绕科技创新的投融资工具创新还有很长的路要走,还需要大力发展证券市场以分散创新投融资的高风险。基于前文的问题分析和计量模型结果,给出了相应的政策建议：一是加强政府对科技创新的领导规划职能,构建激励科技创新的法规制度环境；二是增加财政科技投入总量,优化财政科技投入结构,完善和落实科技创新的财税支持政策：三是逐步推进利率市场化改革,鼓励银行金融服务创新,促进中小金融机构发展；四是大力建设场外交易市场,探索债券融资新的形式,积极支持风险投资市场创新。更多还原

【Abstract】 Science and technology innovation is the commercialization of science and technology, and centers on the application of science and technology in industries to acquire economic and social benefits. In our knowledge-based economy age, scientific knowledge and findings are inclined to the direct combination of economy, infiltrate technology each other and merge together day by day, and the scientific research is the focus point in the competition of science and technology. The science and technology innovation is the first driving power of accelerating the development of economy, and becomes the topic subject of our age. Faced with the wave of science and technology innovation around the world, China first set the strategy of "developing the country by relying on science and education" in1995. In2006, China formally put forward the development strategy of "strengthening autonomous innovation ability and building innovative country". In2011, China forward pointed out that "encouraging the integration of finance and science&technology should be Chinese strategic election in order to promote autonomous innovation ability and build innovative country". It is obvious that one of the important theoretical and practical problems faced with China is to discover the inherent law by exploring the process of innovation, and try to solve the difficult problem of encouraging financing supports for investing in innovation projects.The whole process of science and technology innovation contains the period of knowledge innovation, the period of technology innovation, and the period of innovation diffusion. The knowledge innovation focuses on the production, spread and application of knowledge, and thus supplies us with new theories and methods for knowing and changing the world. The technology innovation stresses the practical use of scientific and technological achievements in order to convert the potential power into the real productive force. The diffusion of innovation emphasizes the technological advance and upgrade in industries to boost the forming and expanding of new high-tech industries. Science and technology innovation is a complicated dynamic system, and is propelled by combining the pushing power form the development of science and technology and the pulling force from market demands. It takes on a history of evolution. The key segment of the innovation is the connection of knowledge innovation and technology innovation, and the enterprise need not only adopt new technologies, but also strengthen the joint researches with universities and research institutes. In other words, the enterprise should be the primary investors in incubating new and high technologies. A risk-return analysis of the innovation process denotes that the risk and return don’t match with each other all the time and enterprise must get huge amounts of financial supports from the society when investing in innovation projects. However, social financial supports are hardly available because of the risks such as technology risk, market risk and management risk faced by innovation projects. This means the financing risk is very high, and therefore the return from the investment in innovation project is largely uncertain. Actually, the key point in solving the problem shows that we should build a mechanism of risk-sharing and return-sharing according to the requirements of the law risk-return, which means that the social organizations and persons can disperse and reduce innovators’ investing and financing risks, and improve the success rate of innovation through the way of money input.The innovators’ tolerance of risks is finite and limited. If the society share the risks with them, they can improve their bearability of risks, undertake technology projects which they are unable to, and invest more technology projects. There is no doubt that the society can improve innovation ability by sharing risks. Therefore, we should construct a social investing and financing system for supporting science and technology innovation, and try to form an integrative operational mechanism of "government, enterprise, university, research institute, and finance system". Among them, the government mainly takes the huge risks in the period of knowledge innovation. The fiscal expenditure on science and technology includes the direct fiscal support such as fiscal appropriation for science and technology and indirect fiscal support such as tax preference and government procurement, and can help cutting the investing cost of innovation projects. By gradually reducing the risks, the government may finally utilize market mechanism to lead and encourage more social investments in technological projects. Financial system possesses the function of allocating risks, and can satisfy different demands of liquidity and rate of return from different investors when they invest in innovation projects. A financial organization such as banks is able to make gains from managing risks, and therefore bears the function of intertemporal smoothing risk sharing. Banks can not only supply innovators with relationship lending, intellectual property mortgage lending, policy-based lending and financing lease, but also help innovators to improve their management of innovation by means of credit claim corporate governance mechanism, which is conducive to increasing the success rate of innovation. Capital market has the advantage of information revealing and quantitative assessing, and can supply different investment instruments. It bears the function of cross-sectional risk sharing, and the share ownership governance mechanism may propel and discipline the scientific staff and governors in a way of human capital. The innovators may go to stock market, bond market and venture capital market to raise money, and to disperse risks according to their different financing demands.We make an inspection on Chinese investing and financing system for supporting innovation. On the one hand, we affirm the policies and measures for promoting and sustaining innovation by summing up historical experience. On the other hand, we point out the existing problems by analyzing the present innovation situation. By building an econometric model, we make an analysis of Chinese investing and financing system for supporting science and technology innovation. The outcomes of the model show that innovation demands a long and persistent input of money, and medium and long term loans and fiscal appropriation for science and technology both play important roles, while securities market makes a little contribution to innovation. The present money supply of innovation relies largely on credit funds from banks, so new forms of credit loans for science and technology projects are practically important. Chinese securities market doesn’t provide enough investment instruments to disperse the high risks in innovation projects and still has a long way to go. On the basis of former analyses, we make following suggestions. Firstly, China should strengthen government function of leading and programming science and technology innovation, and construct an environment of law and institution for inspiring innovation. Secondly, China should increase fiscal expenditure on science and technology, optimize the structure of fiscal expenditure on science and technology, and modify and implement fiscal policies and measures for promoting innovation. Thirdly, China should advance the interest rate marketization reform step by step, seek new forms of financial services from banks, and accelerate the development of medium and small financial institutions. Lastly, China should vigorously build the over-the-counter market, explore new ways of financing forms from bond market, and energetically back the innovation in venture capital market.更多还原