| 摘要: |
| 摘要：在推动创新驱动发展战略与金融服务实体经济深度融合、深化金融供给侧结构性改革的大背景下，金融支持科技创新工作意义重大，而科创债作为关键工具备受市场关注。基于Wind数据库2025年科创债发行与存量数据，采用定量统计和比较分析方法，对政策驱动下科创债的市场结构、发行特征与投资价值进行系统性研究。重点分析发行主体分布、期限结构、信用增信及融资成本等关键指标，并从发行人与投资者双视角评估科创债的融资效能与资产配置价值。研究发现：科创债市场呈现规模快速扩大、参与主体多元化、中长期债券占比上升等趋势；但仍存在条款设计同质化、中小企业融资受限、长期债券供给不足等问题。据此提出政策建议，主要包括：加强科创债条款与科创企业特点的适配性，丰富个性化条款设计；完善差异化增信机制和降低融资门槛与成本；持续引导中长期资金入市。 |
| 关键词: 关键词：科创债；金融创新；政策驱动；融资环境；投资价值 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家自然科学基金青年项目“数字化情境下顾客需求特征对服务跨国企业组织柔性能力与绩效的影响机制研究”（72302247）；广东省基础与应用基础研究基金面上项目“数字化情境下顾客需求异质性对跨国企业组织韧性与绩效的影响机制研究”（2025A1515011180）；深圳市哲学社会科学规划课题青年课题“‘一带一路’背景下数字化赋能深圳跨国企业协同创新网络构建与整体效能提升机制研究”（SZ2024C027）；深圳市基础研究专项（自然科学基金）面上项目“数字人力资本视角下顾客需求异质性对跨国企业创新与绩效的影响机制研究”（JCYJ20250604174532041）。 |
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| Development Characteristics and Investment Value of Sci-Tech Innovation Bonds Under Policy Drivers |
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CHENG Li
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(School of Business,Sun Yat-sen University)
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| Abstract: |
| Abstract：Against the backdrop of promoting innovation and deepening financial reforms,financial support for technological innovation is crucial.Sci-Tech Innovation Bonds,as a key instrument,have attracted considerable market attention.Based on Wind data on the issuance and outstanding volume of Sci-Tech Innovation Bonds in 2025,this study employs quantitative and comparative analysis to examine the market structure,issuance features,and investment value of these bonds under policy drivers.Key indicators such as issuer distribution,maturity structure,credit enhancement,and financing costs are analyzed,assessing the financing efficiency and asset allocation value from both issuer and investor perspectives.The findings reveal that the market is expanding rapidly with more diverse participants and increasing proportions of medium-and long-term bonds,yet challenges remain including homogeneous terms,limited SME financing,and a shortage of long-term bonds.Policy recommendations include enhancing the alignment of bond terms with the characteristics of sci-tech enterprises and enriching personalized covenant design;improving differentiated credit enhancement mechanisms to lower financing thresholds and costs;and continuously guiding medium-to long-term capital into the market. |
| Key words: Key words：Sci-Tech Innovation Bonds；Financial Innovation；Policy Driven；Financing Environment；Investment Value |
