The development of new industries, is a person, financial, and material stock of resources, incremental reallocation of resources, re-combination process of innovation. Among them, the re-allocation of financial resources is a key hub of the financial system, location of living. Our existing financial market system, financial system, financial instruments system, financial service system, as well as interoperability between the financial sector would be difficult to develop new industries that provide comprehensive, effective and efficient financial support. Optimize the financial environment should include three main connotations: the first is that financial institutions can into the system and product mix, particularly in small, innovative enough to be rich in resources, financial institutions; followed must have innovation and vitality, and development of different types of growth for different stage business needs of the diverse financial instruments and products; also represent the most advanced market economies the most active economic form - the capital market can play in this system plays a key role to play hub, levers, driving effect. To nurture and develop new industries, we must deepen the financial system from multiple levels of innovation, the financial resources to speed up the boot configuration to the new industries, and other resources on this basis led to the accumulation of new industries.
first to develop GEM and venture capital, focusing on growth of direct finance system, to mobilize civil society gathering surplus capital to new industries.
GEM starts, the demonstration effect of listed companies has become the biggest business drivers, emerging entrepreneurs - Venture - Venture Capital - GEM . This is the laboratory scientists to move directly promoting enterprise, innovation and active participation of private capital enthusiasm. The capacity to attract high-risk equity capital supply. In addition, some companies take the lead in the enterprise market will lead to thousands of active norms, beginning of the venture capital market, according to the standard constraints on, for entrepreneurship, innovation enterprises bigger and stronger norms laid the basis for the operation.
China's venture capital industry has become the fastest-growing new industry. According to Qing dynasties Venture Capital Research Center, since 2006, venture capital to accelerate growth, the annual increase of 30%. In Shenzhen, Zhongguancun and other places, began as a technology venture capital investment and financing of the main channel. Venture capital to continue to strongly support the current development of the industry, promote industry self-regulation, promoting the formation of industry service standards.
With the increase in the overall level of national income while the rich-poor gap there, few people grasp the huge amount of wealth. To these resources, innovation and entrepreneurial resources into entrepreneurial resources, great potential. Present in the strict sense of the scale of angel investing 10 billion yuan will, while the U.S. has reached 200 billion U.S. dollars. Zhongguancun, Shenzhen, Zhejiang, driven by the local government established by local entrepreneurs, or . At the policy level, you can consider the formation of angel investors to provide more preferential measures.
Second, the development of specialized small and medium, new financial institutions to focus on a more flexible financial system for the financial industry to penetrate new industries and create more point.
new industry total demand for financial services giant, requires a high degree of heterogeneity, prevalence of financial system does not match with the same phenomenon. Only financial institutions to promote professionalism, segmentation, diversification, a more colorful and more flexible financial system to be able to ensure the safety and efficiency in the premise of meeting these diverse, multi-stage financial services needs.
Zhejiang China and Thailand banks always adhere to the a high efficiency, strict control, the risk of small small business credit service model. As of 2009 12 at the end, small business loans were 8.985 billion yuan, accounting for the line of the 81.77% of the loan balance, the vast majority are single loan of 100 yuan. Hangzhou, Zhejiang Science and Technology specially set up bank branches, clear high-tech enterprise located in the service, while the bank's assessment indicators, provisions and other distinguished from other branches. Some large commercial banks are also setting up a dedicated investment banking or SME Credit, responsible for services in key high-tech enterprises, SMEs, and to establish mechanisms and capital market Unicom.
developed countries in Europe, technology leasing forty years of development history, is a business model with high maturity, more than 30% of the research and production test needs to be met through technological lease. In China, the technology is still relatively small-scale leasing, corporate demand for research equipment leasing through science and technology to achieve less than 1%.
Third, through the development of non-standardized products, extensive line of financial products, financial support for emerging industries to provide effective product carrier.
standardized financial instruments, risk-return structure, difficult and innovative companies to match the risk-return characteristics. In the U.S., Silicon Valley Bank to service start-up of the SME Bank from the past is the business closed, and gradually turned into high-yield low-risk business, where innovation is an important tool for customers to obtain loans of stock call options, in the provision of loans line of credit with the customers and the related credit services negotiations, it is usually required in the form of equity warrants to obtain the right to purchase shares of the client. China, in recent years, some commercial banks have also introduced a
In practice, launched in 2009 in Hangzhou small corporate bond trust fund, CITIC Securities products designed for small and medium Ji He notes, on the use of a technology. In India and other countries have also developed a financing tool for SME clusters in the package of assets, credit enhancement, product pricing, risk matches, we shall adopt new financial technology.
Fourth, to address similar intellectual property assessment, pricing, trading, and other special items of professional services and effective use of information resources focusing on such issues, the establishment of an efficient, professional system of financial intermediation services, investment and financing docking solution
how to solve the problem of information asymmetry, is a new industry financial support of the short board.
IP pledge loan application process difficult in practice. One important reason is that bank loans are difficult to resolve intellectual property pledged large number of professional issues, particularly the valuation of risks and legal risks. IP rating agencies need professional assessment of the concept of intellectual property rights have an accurate grasp of the pledge. Currently there are rating agencies began to establish a
Some Development of intermediate services, some commercial banks, using their own customer management and information superiority, as recommended by venture capital projects, financial advisory fees charged by banks or venture capital investment based on business conditions after the re-provision of credit. This approach promoted the direct and indirect financial Unicom, financial services, improve the efficiency of financial services for banks to improve credit quality and risks, provides a new channel, to achieve the enterprise, banking, venture capital win-win situation.
Fifth, government guidance funds, industry-focused investment fund, for the government and the market wheel drive configuration of financial resources to new industries to provide more effective mechanism or carrier.
financial resources to break the traditional pattern of support for emerging industries, innovative use of financial instruments. Focuses on leveraging market-based incentive and restraint mechanisms, to play the leverage of government funds, the guiding role. The functions of government according to market method, the selection of specialized agencies in accordance with international best practice management of industrial funds, rather than their own business, which makes the quality of public finances and efficiency of capital investment more secure.
from the practice in recent years, government guidance funds, industry funds showed faster development momentum. Preliminary statistics from last year, the national, provincial industry funds more than 40 only, the fund target size of 2,000 billion yuan. Early growth stage for major investment or strategic emerging industries, small businesses and micro enterprises as the main investment target of industry funds, government funds should play in which the guide, lead role. Meanwhile, the fund operational performance assessment, but also different from other types of funds should take the standard. Also based on various industries and different industry clusters within the region, enterprises cluster development trends, tailored to multiple specialized industry fund, industry fund to promote the formation of several different industries, different regions of the collaborative development of new industry cluster effect. Urgent need to develop private equity funds, industry funds the standards of conduct, industry guidelines, the management approach.
six elements focus on the integration of financial resources and to vigorously promote the financial support of the various subsystems coordination, cooperation mechanisms.
a single element, a single sector, individual policies can not fundamentally solve the problem of financing technology companies. To do government, industry, academia, research, gold , venture capital fund of funds, buyout funds industry, science and technology security, science and technology insurance, collection of bonds, financing, leasing and other innovative products, tools integration, Can even be considered around the
In practice, Shenzhen, Zhongguancun, Sichuan and other local commercial banks, the sponsor institution, trust, venture capital institutions, credit guarantee institutions and insurance companies, financial cooperation, scientific and technological innovation to build alliances, to provide comprehensive financial solution. Industrial and Commercial Bank of China launched the
seven soft environment is focused on the financial ecology, dilute the concept of geographical space industrial park, to financial innovation, financial service system to promote new industries based on the formation of clusters.
traditional industrial park service to focus more on infrastructure, policy support and so on. Not appropriate to simply adopt one or two decades ago ring set High Park, Development Zone, the practice, and focus on the use of market-based screening, aggregation mechanism, the enhanced focus on soft factors.
example, in Hangzhou, led by the security company, financial institutions play their respective advantages, involved in different aspects and point selection. The first round of screening is mainly based angel fund, the final stage, mainly banks, the main sponsor. Fund to invest in the 29 innovative companies have covered the modern media, information services, animation and game, education and training, design services, 20 sub-cultural and creative industries sectors. This financial innovation as a link to promote the emerging industry clusters.
, of course, because of the special nature of the development of new industries, face greater risks of financial innovation, financial innovation requires a more comprehensive risk control system more flexible and achieve financial innovation and financial stability, financial risk control ability of unity, so as to guarantee the sustainability of financial innovation.
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