服务科技自立自强 资本市场迈上新台阶——写在科创板运行三周年之际

时至今日,科创板已平稳运行三周年。三年来,科创板坚守“硬科技”定位,服务创新驱动发展,探索注册制这项资本市场重大改革,为一批批科创企业叩开了资本市场大门,推动资本市场服务科技自立自强迈上新台阶。截至2022年7月22日,科创板上市公司数量已增至439家,IPO融资金额超6400亿元,总市值超过5.5万亿元。     

直达科创企业货币政策工具创设及“几家抬”框架构建——基于双循环新发展格局下的分析

当前科创企业整体呈现出“轻资产、高成长、高风险”特征,使得其在经营发展中面临着较为突出的“融资难、融资贵”问题。在双循环新发展格局下可探索采用一定的货币政策工具,引导资金更多投向科创企业。通过对比分析美联储主街贷款计划(MSLP)和我国央行推出的普惠小微企业信用贷款支持计划(CLSP),结合科创企业知识产权质押融资业务的特征,提出创设直达科创企业的货币工具——科创企业知识产权质押贷款支持计划(PLSP),计划包含四个主要创新点,旨在提升商业银行科创贷款的投放意愿并精准投放贷款。构建了涉及人民银行、知识产权局、地方政府、商业银行、中介机构五方主体的科创企业金融工具“几家抬”框架,旨在通过社会各方的共同努力,有效缓解科创企业融资难、融资贵问题。     

“共同成长计划”打造“皖”美科创

<正>随着经济发展，科技创新型小微企业在满足社会就业需求及优化产业结构等方面不断发挥着重要作用，科创企业的快速成长为我国科技发展奠定了重要基础。党的二十大报告指出，“必须坚持科技是第一生产力、人才是第一资源、创新是第一动力”。自2022年建设科创金融改革试验区以来，合肥市积极联合上海、南京、杭州、嘉兴市共同探索科创金融改革，首创实施“共同成长计划”这一科创金融领域的重点改革措施，并取得了积极成效。近日，记者赴合肥了解科创金融发展变化，记录同成长共收益的“皖”美科创之路。     

我国商业银行支持科创企业的探索与实践

科技是国家强盛之基,创新是民族逬步之魂:通过对我国部分商业银行支持科技创新企业(以下简称“科创企业”)发展的专题调研,笔者发现:近年来我国商业银行从体制创新、制度创新、产品创新等多个维度支持科创企业的发展,呈现出“组织形式差异化、金融产品多元化,技术方法专业化”的趋势,由于科创企业大部分属于中小企业,商业银行通过产品和服务创新,进一步解决科创企业的融资需求,不仅有助于实现业务领域和潜能的拓展,同时对于推动普惠金融的发展,服务好实体经济也具有重要意义。     

科创票据的政策沿革、发展现状与对策建议

<正>2022年5月,中国银行间市场交易商协会升级推出科创票据,其作为面向科创企业的创新债券品种,在债市支持科技创新发展上起到了突出的示范作用。站在科创票据推出一周年时点,文章对科创票据发展现状进行梳理,总结其发展特点,并就进一步完善科创债券市场建设、更好服务国家战略提出相关政策建议。     

城商行支持科创企业发展的重点、难点与创新

<正>党的十八大以来,以习近平同志为核心的党中央高度重视科技创新工作,将创新摆在我国现代化建设全局中的核心位置,全面部署实施创新驱动发展战略,创新成为新时代高质量发展的鲜明主题和澎湃动力。本文分析了城商行支持科创企业发展的重点,并提出推进城商行支持科创企业发展的创新方向。支持科创企业发展是城商行的使命所在科创企业是推动创新发展的重要力量,其繁荣发展离不开金融“活水”,     

数字科创金融发展：实现新时期金融强国的突破路径

2023年10月召开的中央金融工作会议将科技金融发展作为新时期金融强国的重要内容之一。科创金融作为科技金融的一个细分产品线被专项提出列为政策支持重点,这一方面说明了当前发展科创金融的重要性,另一方面也表明科创金融尚不能完全满足科创企业的发展需求。文章基于现有研究,指出科创金融的发展呈现出高风险、高创新、高成长、高技术等特点,提出应必须充分应用数字技术手段,赋能科创金融的发展。需要大力推动数字科创金融生态圈的建设,为科创金融提供良好的生态环境。要有效控制科创金融风险,加强银行、证券、保险等各类金融企业的金融资源协调,推动投贷联动,并试点科创专营银行。提升科创金融监管的精度,以实现科创金融发展的新突破。通过数字科创金融的成长,推动科创企业的高质量发展。数字科创金融将为科创企业提供更多融资渠道和创新金融产品,促进科技成果的转化和产业化。同时,数字科创金融还将提升科创企业的融资效率和风险管理能力,为其创造更有利的发展环境。在新时期的金融发展中,数字科创金融的发展将成为实现金融强国目标的重要路径之一。     

提升科创板会计信息披露质量的对策研究

科创板的“注册制”原则要求企业“以信息披露为核心”,为此,证监会和上交所针对科创板发布了一系列信息披露规章制度,在信息披露审核要求、信息披露内容等方面,形成了科创板差异化的会计信息披露制度体系。本文概括梳理了科创板现行信息披露制度特征,详细分析了科创板会计信息披露现状及现存问题,为提升科创板会计信息披露质量提出解决对策。     

关于商业银行股权投资支持科创企业模式的思考北大核心

商业银行是支持科创企业创新发展的主要金融力量，本文在分析了美国、英国等主要创新型国家商业银行支持科创企业的经验做法和中国商业银行股权投资模式与问题的基础上，对商业银行股权投资的“生态圈”模式进行了设计，并从商业银行在股权投资的募、投、管、退以及产品创新与数字化融入等环节对“生态圈”的运行逻辑进行了详细阐释。商业银行在股权投资“生态圈”中亦可获得内外资源整合、投资能力提升、风控能力巩固、业务规模扩大等收益。本文通过对商业银行股权投资“生态圈”的设计构建，以期为商业银行在股权投资支持科创企业创新发展上提供经验借鉴与创新思路。     

科创金融发展路径探索——以山东省为例

<正>高质量发展的核心是创新发展,为科创企业提供更优的发展环境和更强的要素保障,是我国落实创新驱动发展战略的重要任务。科创与金融加速融合是培育战略新兴产业、加快产业转型升级的重要举措,对充分释放科技创新活力、提高金融服务“含金量”、优化金融杠杆对科创领域的科学支撑,具有积极促进作用。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.