◇ 作者：钟言
◇ 本文原载《债券》2025年6月刊
党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。2025年4月，中共中央政治局会议强调，创新推出债券市场“科技板”。近日，债券市场“科技板”正式落地，标志着我国多层次债券市场建设取得重要进展，债券市场对科技创新及经济高质量发展的支持加速推进。
政策驱动，债券市场“科技板”应时而生。近年来，科技金融加快发展，对健全债券市场服务科技创新发展的支持机制提出了更高要求。科技创新债券成为构建同科技创新相适应的科技金融体制的关键抓手。2025年5月，中国人民银行与中国证监会联合发布关于支持发行科技创新债券有关事宜的公告；科技部等七部门印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》；中国人民银行等四部门联合召开科技金融工作交流推进会。一揽子政策举措有力推动债券市场“科技板”落地见效，在拓宽科技创新企业融资渠道、激发科技创新动力和市场活力、助力培育新质生产力等方面具有积极意义。
创新升级，债券市场“科技板”前景广阔。2015年以来，创新创业公司债券、科创票据等品种陆续推出，助力科技创新发展。相比而言，近期债券市场“科技板”进一步促进了金融与科技深度融合。一方面，扩大发行主体范围，不仅鼓励科技型企业募集资金，也支持金融机构发挥专业优势，运用募集资金专项支持科技创新领域，还允许专业股权投资机构发行长期限债券融资，推动实现股债联动，培育耐心资本、长期资本。另一方面，完善配套机制，从发行方式、信息披露、信用评级、风险分担等方面，健全与科技创新融资特点相适应的配套规则体系，助力为科技创新领域筹集长周期、低利率、易使用的资金。
市场踊跃，债券市场“科技板”成效初显。相关政策发布后，市场各方积极响应。一方面，自律组织陆续发布科技创新债券配套规则，市场基础设施机构为科技创新债券提供专门服务，并减免相关服务费用，全力支持债券市场“科技板”启航。另一方面，债券市场“科技板”首批科技创新债券火热发行。发行主体中，金融机构涵盖政策性银行、商业银行、证券公司等；科技型企业既有国有企业，也有民营企业；多家市场活跃的股权投资机构募资用于科技创新领域的基金出资或股权投资。此外，还引入多元化增信措施，创新风险分担机制，助力筹集长周期、低利率资金。
展望未来，债券市场“科技板”有望在各方携手推进下，增量扩容，优化机制，释放强劲发展动能，为支持科技创新、培育新质生产力、助力科技强国建设注入源源不断的金融动能。
“Technology Board” in the Bond Market Empowers New Developments of Technology-oriented Finance Business
Zhong Yan
The Third Plenary Session of the 20th CPC Central Committee called for accelerating the development of a multi-tiered bond market and establishing a technology finance system aligned with sci-tech innovation． The Political Bureau of the CPC Central Committee emphasized at its meeting in April 2025 that it was imperative to launch an innovative “technology board” in the bond market． Recently， the “technology board” was officially launched， marking significant progress toward a multi-tier bond market． The bond market is accelerating its support for sci-tech innovation and high-quality economic growth．
Driven by policies， the “technology board” has emerged as the times require． The accelerating growth of technology finance in recent years entails stronger bond market support for sci-tech innovation． At present， sci-tech innovation bonds are a key instrument in establishing a technology finance system aligned with sci-tech innovation． In May 2025， the People’s Bank of China （PBOC） and the China Securities Regulatory Commission （CSRC） jointly issued an announcement on supporting the issuance of sci-tech innovation bonds． Seven regulatory authorities including the Ministry of Science and Technology （MOST） issued the Policy Measures for Accelerating the Development of a Technology Finance System and Effectively Supporting High-standard Self-reliance and Self-strengthening in Science and Technology． Four regulators including the PBOC held a meeting to discuss how to advance technology finance work． These policies and measures set the stage for the “technology board” to debut in the bond market， as a crucial move to expand the financing channels for sci-tech innovators， unleash the momentum and market vitality for sci-tech innovation， and fuel the development of new quality productive forces．
Enhanced innovation ushers in bright prospects for the “technology board” ． Since 2015， a flurry of debt securities， including the innovative and entrepreneurial corporate bonds and sci-tech innovation notes， have been launched． On the top of that， the recent debut of the “technology board” in the bond market marked an even deeper integration of finance and technology． On the one hand， the broader range of issuers not only encourages tech firms to raise funds， but also supports financial institutions to earmark bond proceeds for sci-tech innovation． Also， professional equity investment institutions are allowed to issue long-term bonds， thereby combining equity with debt instruments to foster patient capital． On the other hand， a complete set of supporting rules for financing sci-tech innovation will be in place in terms of issuance methods， information disclosure， credit rating and risk sharing， thereby supporting sci-tech innovation with long-term， low-cost， and easily available funds．
With active market participation， the “technology board” has delivered initial results． The relevant policies have received positive response from market participants． On the one hand， self-regulatory organizations have released supporting rules for sci-tech innovation bonds． Market infrastructures are providing specialized services for sci-tech innovation bonds at concessionary fee rates． They are fully supporting the “technology board” in the bond market． On the other hand， the first sci-tech innovation bonds have been issued on the “technology board”． Among the issuers， financial institutions include policy banks， commercial banks and securities companies， while tech firms include both state-owned enterprises and private businesses． A number of active equity investment institutions have raised funds for their capital contributions or equity investments in the field of sci-tech innovation． In addition， a variety of credit enhancement measures have been used， allowing innovative risk-sharing mechanisms to support long-term and low-interest funds．
Looking ahead， the “technology board” of the bond market is expected to see a larger scale and a refined mechanism to unleash momentum of robust development， and inject an ongoing financial impetus to sci-tech innovation， new quality productive forces as well as the scientific and technological development．
