资本市场促进高新技术产业发展研究
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摘要
当今世界,高技术产业带动结构调整和经济持续快速增长已成为全世界经济发展的大趋势和新潮流。我国要加大力度发展具有自主知识产权的高新技术产业,以增强我国综合国力和国际竞争力,迎接世界经济全球化、区域经济一体化、贸易投资自由化和跨国公司抢占中国市场的挑战。
大力发展高新技术企业亟需资本市场的支持。央行最新调查数据表明,目前银行贷款仍是我国中小企业融资的主要渠道,而对高新技术企业来说,通过银行贷款获取资金支持并非易事,通过其他间接融资筹得资金更是难上加难。据统计,经国家认定的高新技术企业上市数量只占我国上市公司总量的1%左右。根据作者对高新技术企业的一份调查数据也显示,60%的企业认为银行贷款是企业的主要融资渠道。在吸纳风险投资方面,只有大约10%-20%的企业表示已获得风险投资,即使获得风险投资也有一半的企业认为风险投资额度过低不能满足发展需要,相应地大部分企业没有获得任何形式的风险投资。显然我国高新技术产业化融资渠道主要集中于银行贷款,而创业投资尚无力提供大规模融资。
基于调研结果,作者认为我国多层次资本市场有待完善,金融产品创新水平也亟待提高。我们应该着手解决三个层面的问题：其一是尽快建立区域性产权市场,为创投企业退出和金融产品创新提供机制保证；其二则是顺应发展趋势,针对高新技术产业化银行贷款进行证券化操作,通过发行高新技术产业化债券,一方面可以提高银行资产的变现能力,另一方面也为区域性产权市场提供合理的金融工具,进一步刺激区域性金融市场的发展；其三则是各级政府应采取有力措施,保障区域性金融市场和相关金融产品创新的健康发展。最终促使高新技术产业化融资渠道大为扩展,融资能力日趋强大。
本研究从多个视角、跨不同学科对资本市场促进高新技术产业化进行了系统研究。本课题研究方法的选择遵循以下原则：理论分析与实证研究相结合、定性研究与定量研究相结合、国内情况与国际接轨相结合、前瞻性与可操作性相结合。
主要创新如下：
(1)本论文利用系统论、经济控制论等观点,分析资本市场促进高新技术发展的各影响因素分析,将解决高新技术产业化融资困境的手段不再局限于政策性的金融支持机制,而是要通过资本市场实现高新技术产业化过程中的资源最优配置。
(2)通过23个省市的面板数据,分析了产权市场、风险投资和高新技术发展的互相依存和促进关系。提出了中等城市建立区域性产权市场的构想,并且论证了建立的可行性和创建途径。提出了区域性金融体系的创新的路径,论证了建立以上海为中心的区域一体化产权交易市场的可能性和对策。
(3)借鉴了国外的经验,结合中国实际,设计了符合中国国情的“高新技术产业化债券”,用随机模拟方法证明其在财务技术上是可行,并且其风险由于企业数量的增加完全可以控制在银行和资本市场投资者可以接受的幅度之内。这为促进高新技术产业发展的金融产品创新提供了新的思路。
本论文的作用和意义在于对丰富我国高新技术产业理论、资本市场理论的内涵具有重要价值；本论文的研究成果可给我国各级政府科学地制定促进高新技术产业发展的各项扶植政策提供科学决策的依据；本论文提出的构建区域产权交易市场等方面的建议具有很强的可操作性。一旦应用于实践,将大大拓宽高新技术产业化的融资渠道,有力促进我国高新技术产业的发展。
总之,本课题研究成果对我国高新技术产业的发展具有积极影响,可带来重要的经济与社会效益。
Nowadays, high-tech industries are driving the structure of adjustment and maintaining the sustained economic growth which has been the general trend of development of the world economy. To enhance national strength and international competitiveness, and to meet a series of challenges such as economic globalization, regional economic integration, trade and investment liberalization and multinational company controlling market, thus, China should intensify development with independent intellectual property rights of the high-tech industries.
To vigorously develop high-tech enterprises needs the support of capital market. Data from recent survey by People's Bank of China indicated that the bank loans are still the main channel of financing for the small and medium-sized enterprises in China. However, to the high-tech enterprises, it is difficult to obtain the capital support by the bank loans. Furthermore, it is brutally hard to get loan though the other indirect financing channel. According to statistics, the quantity of listed high-tech enterprises by the national recognition of the number listed companies in China only about 1% of the total. According to the author's survey of the high-tech enterprises, data also show that 60% of enterprise think that bank loans are enterprise's main channels of financing. In absorbing VC investment, only about 10% to 20% of enterprises said, they have received it. Even if the enterprises who have got VC investment, also half of them think VC investment are lower, cannot meet development needs, correspondingly most enterprises not getting any forms of VC. Obviously, high-tech industrialization financing channel mainly focused on bank loans, and venture capital investment is still unable to provide large funds.
Based on the research results, we believe that our country needs to improve multi-level capital market, the financial product innovation also urgently need to improve. The author think we'll have to solve three levels of problem:first is to establish regional property market, to provide ensured mechanisms of VC enterprise exit and innovative financial products. Second, to meet the developing trend for hi-tech industrialization, for bank loans, issue high tech industrialization bonds, on the one hand may improve bank assets liquidation ability, on the other hand also for regional capital markets to provide reasonable financial tools, and further stimulate the development of regional financial markets; Third, government entities at all levels shall adopt effective measures to safeguard development obout regional financial markets and related financial product innovation to develop healthily. Ultimately, high-tech industrialization financing channel will be more expansive, financing capability more powerful.
This research from different perspectives, across different disciplines to research the capital markets promoting high-tech industrialization systematically. This topic choice of research method follows the following principles:combining normative theory analysis and empirical research together, combining qualitative research and quantitative research together, domestic situation and the international community together, forward-looking and operability together. Following is main innovation aspects.:
(1) This paper, by systematic theory, economic control theory, analyzes each affecting factor of capital market promoting the high-tech industrialization, and believe that financing means in high-tech industrialization, no longer is restricted to policy support in bank loans, but capital markets. They could realize the optimal configuaration of resoures in high-tech industrialization process. The governments have main effect in whole system.
(2) This paper analize the relationship of interdependent and mutually reinforcing among equity market, venture capital and high-tech development with 23 provinces and cities panel data. And it presents to establish regional property market in a medium-sized city such as Ningbo, analyzes its feasibility and ways. Puts forward innovative path of regional financial system, demonstrates the possibility of property right trading market, propose to construct a regional common integration property right market taking Shanghai as the center of this regional integration market and at last gives countermeasure.
(3) This paper by referring foreign experience, considering the reality of China, design "high tech industrialization bonds" in the accord with the situation of China, with random simulation meathod, author prove its is technically viable in finance, and indicates its risk completely can be control within the range of acceptance in banks and the capital market investors, due to the increase in the number of enterprises. This provides new ideas of financial product innovation in order to promote the development of high-tech industry.
Function and significance:
(1) This paper has important value for enriching the country's hi-tech industry theory, capital market theory connotation.
(2) The purpose of the research is to give our government entities at all levels to provide the assistance of scientific decision for promoting hi-tech industry development policy.
(3) This topic proposes constructing regional property transactions market and suggestion has a strong operability. Once applied, it will greatly broaden the financing channels of high-tech and new-tech industrialization, promote the development of China's high-technology industries.
In short, this topic research will result in positive impact of China's high-tech industry development, and can bring important economic and social benefits.
大力发展高新技术企业亟需资本市场的支持。央行最新调查数据表明,目前银行贷款仍是我国中小企业融资的主要渠道,而对高新技术企业来说,通过银行贷款获取资金支持并非易事,通过其他间接融资筹得资金更是难上加难。据统计,经国家认定的高新技术企业上市数量只占我国上市公司总量的1%左右。根据作者对高新技术企业的一份调查数据也显示,60%的企业认为银行贷款是企业的主要融资渠道。在吸纳风险投资方面,只有大约10%-20%的企业表示已获得风险投资,即使获得风险投资也有一半的企业认为风险投资额度过低不能满足发展需要,相应地大部分企业没有获得任何形式的风险投资。显然我国高新技术产业化融资渠道主要集中于银行贷款,而创业投资尚无力提供大规模融资。
基于调研结果,作者认为我国多层次资本市场有待完善,金融产品创新水平也亟待提高。我们应该着手解决三个层面的问题：其一是尽快建立区域性产权市场,为创投企业退出和金融产品创新提供机制保证；其二则是顺应发展趋势,针对高新技术产业化银行贷款进行证券化操作,通过发行高新技术产业化债券,一方面可以提高银行资产的变现能力,另一方面也为区域性产权市场提供合理的金融工具,进一步刺激区域性金融市场的发展；其三则是各级政府应采取有力措施,保障区域性金融市场和相关金融产品创新的健康发展。最终促使高新技术产业化融资渠道大为扩展,融资能力日趋强大。
本研究从多个视角、跨不同学科对资本市场促进高新技术产业化进行了系统研究。本课题研究方法的选择遵循以下原则：理论分析与实证研究相结合、定性研究与定量研究相结合、国内情况与国际接轨相结合、前瞻性与可操作性相结合。
主要创新如下：
(1)本论文利用系统论、经济控制论等观点,分析资本市场促进高新技术发展的各影响因素分析,将解决高新技术产业化融资困境的手段不再局限于政策性的金融支持机制,而是要通过资本市场实现高新技术产业化过程中的资源最优配置。
(2)通过23个省市的面板数据,分析了产权市场、风险投资和高新技术发展的互相依存和促进关系。提出了中等城市建立区域性产权市场的构想,并且论证了建立的可行性和创建途径。提出了区域性金融体系的创新的路径,论证了建立以上海为中心的区域一体化产权交易市场的可能性和对策。
(3)借鉴了国外的经验,结合中国实际,设计了符合中国国情的“高新技术产业化债券”,用随机模拟方法证明其在财务技术上是可行,并且其风险由于企业数量的增加完全可以控制在银行和资本市场投资者可以接受的幅度之内。这为促进高新技术产业发展的金融产品创新提供了新的思路。
本论文的作用和意义在于对丰富我国高新技术产业理论、资本市场理论的内涵具有重要价值；本论文的研究成果可给我国各级政府科学地制定促进高新技术产业发展的各项扶植政策提供科学决策的依据；本论文提出的构建区域产权交易市场等方面的建议具有很强的可操作性。一旦应用于实践,将大大拓宽高新技术产业化的融资渠道,有力促进我国高新技术产业的发展。
总之,本课题研究成果对我国高新技术产业的发展具有积极影响,可带来重要的经济与社会效益。
Nowadays, high-tech industries are driving the structure of adjustment and maintaining the sustained economic growth which has been the general trend of development of the world economy. To enhance national strength and international competitiveness, and to meet a series of challenges such as economic globalization, regional economic integration, trade and investment liberalization and multinational company controlling market, thus, China should intensify development with independent intellectual property rights of the high-tech industries.
To vigorously develop high-tech enterprises needs the support of capital market. Data from recent survey by People's Bank of China indicated that the bank loans are still the main channel of financing for the small and medium-sized enterprises in China. However, to the high-tech enterprises, it is difficult to obtain the capital support by the bank loans. Furthermore, it is brutally hard to get loan though the other indirect financing channel. According to statistics, the quantity of listed high-tech enterprises by the national recognition of the number listed companies in China only about 1% of the total. According to the author's survey of the high-tech enterprises, data also show that 60% of enterprise think that bank loans are enterprise's main channels of financing. In absorbing VC investment, only about 10% to 20% of enterprises said, they have received it. Even if the enterprises who have got VC investment, also half of them think VC investment are lower, cannot meet development needs, correspondingly most enterprises not getting any forms of VC. Obviously, high-tech industrialization financing channel mainly focused on bank loans, and venture capital investment is still unable to provide large funds.
Based on the research results, we believe that our country needs to improve multi-level capital market, the financial product innovation also urgently need to improve. The author think we'll have to solve three levels of problem:first is to establish regional property market, to provide ensured mechanisms of VC enterprise exit and innovative financial products. Second, to meet the developing trend for hi-tech industrialization, for bank loans, issue high tech industrialization bonds, on the one hand may improve bank assets liquidation ability, on the other hand also for regional capital markets to provide reasonable financial tools, and further stimulate the development of regional financial markets; Third, government entities at all levels shall adopt effective measures to safeguard development obout regional financial markets and related financial product innovation to develop healthily. Ultimately, high-tech industrialization financing channel will be more expansive, financing capability more powerful.
This research from different perspectives, across different disciplines to research the capital markets promoting high-tech industrialization systematically. This topic choice of research method follows the following principles:combining normative theory analysis and empirical research together, combining qualitative research and quantitative research together, domestic situation and the international community together, forward-looking and operability together. Following is main innovation aspects.:
(1) This paper, by systematic theory, economic control theory, analyzes each affecting factor of capital market promoting the high-tech industrialization, and believe that financing means in high-tech industrialization, no longer is restricted to policy support in bank loans, but capital markets. They could realize the optimal configuaration of resoures in high-tech industrialization process. The governments have main effect in whole system.
(2) This paper analize the relationship of interdependent and mutually reinforcing among equity market, venture capital and high-tech development with 23 provinces and cities panel data. And it presents to establish regional property market in a medium-sized city such as Ningbo, analyzes its feasibility and ways. Puts forward innovative path of regional financial system, demonstrates the possibility of property right trading market, propose to construct a regional common integration property right market taking Shanghai as the center of this regional integration market and at last gives countermeasure.
(3) This paper by referring foreign experience, considering the reality of China, design "high tech industrialization bonds" in the accord with the situation of China, with random simulation meathod, author prove its is technically viable in finance, and indicates its risk completely can be control within the range of acceptance in banks and the capital market investors, due to the increase in the number of enterprises. This provides new ideas of financial product innovation in order to promote the development of high-tech industry.
Function and significance:
(1) This paper has important value for enriching the country's hi-tech industry theory, capital market theory connotation.
(2) The purpose of the research is to give our government entities at all levels to provide the assistance of scientific decision for promoting hi-tech industry development policy.
(3) This topic proposes constructing regional property transactions market and suggestion has a strong operability. Once applied, it will greatly broaden the financing channels of high-tech and new-tech industrialization, promote the development of China's high-technology industries.
In short, this topic research will result in positive impact of China's high-tech industry development, and can bring important economic and social benefits.
引文
1中国高技术产业发展年鉴2010,北京理工大学出版社
2李红艳,R&D经费支出占国内生产总值(GDP)比重,2011.8
3 OECD,Main Science and Technology Indicators,2008.4
4国家中长期科学和技术发展规划纲要,2006
5顾海,《高新技术产业化论》,河海大学出版社,2000.12
6章亚南：高新技术产业比较分析,经济师,2003.6
7陈怀梅：看看人家的多层次资本市场,特别关注2003.12
8阙紫康：《多层次资本市场发展的理论与经验》,上海交通大学出版社,2007.1
9肖爱民：论日本模式湖南行政学报,2006.5
10顾海：《高新技术产业化论》2000
11胡耀亭：韩国衍生金融市场的创新及启示,借鉴与启示,2006.1
12陈开全,兰飞燕：《高新技术产业与资本市场》,北京大学出版社,1999.4
13中国高技术产业发展年鉴2011,和中国高技术产业统计年鉴2010,并经计算所得,以下数据相同。
14该数据为2010年全国高技术制造业累计完成总产值,资料来源,中国高技术产业发展年鉴2011。
19 R&D投入与绩效相关关系实证研究,王烨、游春,财会通讯,2009.4
23白钦先、常海中.“中国公司债券市场发展瓶颈及化解之道”[J]《西南金融》2006年第2期
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2李红艳,R&D经费支出占国内生产总值(GDP)比重,2011.8
3 OECD,Main Science and Technology Indicators,2008.4
4国家中长期科学和技术发展规划纲要,2006
5顾海,《高新技术产业化论》,河海大学出版社,2000.12
6章亚南：高新技术产业比较分析,经济师,2003.6
7陈怀梅：看看人家的多层次资本市场,特别关注2003.12
8阙紫康：《多层次资本市场发展的理论与经验》,上海交通大学出版社,2007.1
9肖爱民：论日本模式湖南行政学报,2006.5
10顾海：《高新技术产业化论》2000
11胡耀亭：韩国衍生金融市场的创新及启示,借鉴与启示,2006.1
12陈开全,兰飞燕：《高新技术产业与资本市场》,北京大学出版社,1999.4
13中国高技术产业发展年鉴2011,和中国高技术产业统计年鉴2010,并经计算所得,以下数据相同。
14该数据为2010年全国高技术制造业累计完成总产值,资料来源,中国高技术产业发展年鉴2011。
19 R&D投入与绩效相关关系实证研究,王烨、游春,财会通讯,2009.4
23白钦先、常海中.“中国公司债券市场发展瓶颈及化解之道”[J]《西南金融》2006年第2期
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