◇ 作者：钟言
◇ 本文原载《债券》2026年5月刊
科技创新是发展新质生产力的核心要素。债券市场“科技板”依托政策支持，运行成效显著，有效引导更多社会资本流向科技创新和新兴产业，拓宽企业融资渠道。为更好发挥债券市场“科技板”重要支撑作用，切实落实“十五五”规划，实现2035年建成科技强国战略目标，需进一步夯实基础性制度，培育良好市场生态，为债券市场“科技板”高质量发展提供坚实保障。
应加强顶层设计，明晰功能定位。“十五五”规划提出，我国全社会研发经费投入年均增长7%以上。科技创新资金需求凸显，仅依靠股权融资难以满足科技型企业全生命周期的巨额资金需求。债券市场“科技板”充分发挥债券市场直接融资主阵地作用，有效补齐直接融资体系在科技研发资金需求方面的结构性短板，实现股债双轮驱动。科技型企业在进入成长期与成熟期后，有大规模研发迭代、产能扩张及产业链并购重组等需求，更需要规模化、长久期的资金支撑。相较于信贷市场，债券市场在融资体量、资金成本与期限结构上具备显著优势，能够有效匹配科技型企业在这一阶段的融资需求。未来，可进一步厘清“投贷债”各类金融工具的功能边界与适用场景，推动多元金融产品协同联动、优势互补，精准对接科技创新领域相关主体全生命周期融资需求。
应优化运行规则，健全基础制度。自债券市场“科技板”推出以来，我国已通过拓宽发行主体、创新融资工具、优化发行交易流程、完善增信与风险分担机制、引导资源配置等多维度政策举措，支持科技型企业及科创主体融资，持续强化金融对科技创新领域的支撑作用。但当前债券市场“科技板”发展存在科技含量下降、债券期限短期化等趋势，需进一步完善基础性制度体系，规范科技创新债券发行交易等活动。为此，一方面，应持续优化科技型企业发债标准，提高债券市场“科技板”的科技含量；加强募集资金用途监管，确保债券募集资金用于科技创新领域。另一方面，应健全监管制度体系，围绕鼓励中长期资本入市的政策导向，优化资管机构考核机制，适度放宽保险资金投资评级限制，运用财政补贴、税收优惠等政策工具，引导社保基金、企业年金等长期资金投资债券市场“科技板”，有效匹配科技创新领域长周期、高成长特性，夯实债券市场“科技板”平稳运行基础。
展望“十五五”，立足科技自立自强战略目标，我国金融体系将持续锚定服务科技创新主线，纵深推进科技金融改革创新，持续深化债券市场“科技板”建设，不断增强科技创新债券融资制度的包容性、灵活性与适配性，加快构建同科技创新相适应的科技金融体制，全面满足新质生产力的发展需求，为经济社会高质量发展持续注入金融动能。
Consolidating Foundations and Building a High-quality “Tech Board” of the Bond Market
Zhong Yan
Technological innovation is the core element for developing new productive forces． Supported by favorable policies， the Tech Board of the bond market has delivered remarkable results． It effectively channels social capital into sci-tech innovation and emerging industries， and broadens financing channels for enterprises． To further leverage the supporting role of the bond market Tech Board， implement the 15th Five-Year Plan， and realize the goal of becoming a leader in science and technology by 2035， it is necessary to further improve fundamental systems， foster a sound market ecosystem， and provide solid foundations for the high-quality development of the bond market Tech Board．
It is suggested to strengthen top-level design and clarify functional positioning． The 15th Five-Year Plan sets a target of an average annual growth of over 7% in R&D investment． Against the surging capital demand for sci-tech innovation， equity financing alone cannot meet the massive funding needs of tech enterprises throughout their entire life cycle． As a major platform for direct financing， the bond market Tech Board can address the structural imbalance in funding sci-tech R&D， and fuel development via both equity and bond financing． Upon entering the growth and mature stages， tech enterprises face large-scale R&D iteration， capacity expansion， and industrial chain mergers and restructurings， which require large-scale， long-term capital support． Compared with loans， bonds boast advantages in funding scale， costs and term structure， making them well-suited to the financing needs of tech enterprises at these stages． Going forward， it is suggested to define the functional boundaries and applicable scenarios of various financial instruments， enhance coordination and complementation among diverse financial products， and precisely cater to the full-life-cycle financing needs of entities engaged in sci-tech innovation．
It is suggested to optimize operational rules and improve basic systems． Since its launch， the Tech Board has supported financing for tech enterprises and innovation entities through a host of policy measures： expanding the scope of issuers， innovating financing instruments， streamlining issuance and trading procedures， improving credit enhancement and risk-sharing mechanisms， and guiding resource allocation． These efforts have steadily strengthened financial support for sci-tech innovation． Nevertheless， the Tech Board currently faces challenges such as declining sci-tech content and a trend toward shorter bond tenors． It is imperative to refine the fundamental institutional framework， and standardize the issuance and trading of sci-tech innovation bonds． On one hand， it is necessary to optimize bond issuance criteria for tech enterprises， raise the sci-tech content of the Tech Board， and enhance supervision over the use of proceeds． On the other hand， it is suggested to improve the regulatory system． Aligned with the policy direction of encouraging medium and long-term capital， efforts can be made to improve assessment mechanisms for asset managers， properly relax rating restrictions on insurance fund investments， and adopt policy tools such as fiscal subsidies and tax incentives， to guide long-term capital including social security funds and corporate annuities to invest in the Tech Board． This will better match the long-cycle and high-growth features of sci-tech innovation and consolidate the foundation for stable market operation．
Looking ahead to the 15th Five-Year Plan period， with the strategic goal of enhanced sci-tech strength， the financial system will continue to serve sci-tech innovation， deepen reforms and innovation in technology finance， advance the development of the bond market Tech Board， and enhance the inclusiveness， flexibility and adaptability of bond financing for sci-tech innovation． This will accelerate the development of a technology finance system compatible with sci-tech innovation， accommodate the development needs of new productive forces， and inject continuous financial momentum into high-quality economic and social development．
This article was first published on Bond Monthly （ May． 2026）．Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．
